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
Date of reporting period: 06/30/2006
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Highways/Railways 12.0%
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Tobacco Settlement Payments 10.7
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General Obligation 10.7
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Hospital/Health Care 9.9
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Electric Utilities 8.3
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Airlines 7.4
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Water Utilities 5.8
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Marine/Aviation Facilities 4.7
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Adult Living Facilities 3.8
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Multifamily Housing 3.8
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2006, and are based on the total market value of investments.
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CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 13.5%
AA 23.9
A 8.9
BBB 28.8
BB 4.0
B 5.1
CCC 1.7
Not Rated 14.1
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2006, and are dollar-weighted based on the total market value of
investments. As of that date, no securities held by the Fund were rated lower
than CCC. 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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13 | ROCHESTER FUND MUNICIPALS
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. THIS SEMIANNUAL REPORT MUST
BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF OPPENHEIMER ROCHESTER
FUND MUNICIPALS. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS.
FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.8000.525.7048, OR
VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY
BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 5/15/86. 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
agreement with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
14 | 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 June 30, 2006.
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
15 | 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.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(1/1/06) (6/30/06) JUNE 30, 2006
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Class A Actual $1,000.00 $1,020.40 $3.66
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Class A Hypothetical 1,000.00 1,021.17 3.66
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Class B Actual 1,000.00 1,016.50 8.08
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Class B Hypothetical 1,000.00 1,016.81 8.08
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Class C Actual 1,000.00 1,016.50 7.98
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Class C Hypothetical 1,000.00 1,016.91 7.98
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Class Y Actual 1,000.00 1,020.90 3.11
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Class Y Hypothetical 1,000.00 1,021.72 3.11
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 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended June 30, 2006 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 0.73%
- ---------------------------
Class B 1.61
- ---------------------------
Class C 1.59
- ---------------------------
Class Y 0.62
16 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS June 30, 2006 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--100.9%
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NEW YORK--85.5%
$ 125,000 Albany County Airport Authority 5.500% 12/15/2019 $ 129,599
- ------------------------------------------------------------------------------------------------------------------------------
1,035,000 Albany County IDA (Albany College of Pharmacy) 5.375 12/01/2024 1,060,285
- ------------------------------------------------------------------------------------------------------------------------------
1,700,000 Albany County IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,758,038
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605,000 Albany County IDA (Wildwood Programs) 4.900 07/01/2021 595,405
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885,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 903,408
- ------------------------------------------------------------------------------------------------------------------------------
1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,450,871
- ------------------------------------------------------------------------------------------------------------------------------
2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,498,573
- ------------------------------------------------------------------------------------------------------------------------------
400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 405,052
- ------------------------------------------------------------------------------------------------------------------------------
870,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 904,295
- ------------------------------------------------------------------------------------------------------------------------------
4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,098,717
- ------------------------------------------------------------------------------------------------------------------------------
3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,916,276
- ------------------------------------------------------------------------------------------------------------------------------
2,485,000 Albany IDA (Hampton Plaza) 6.250 03/15/2018 2,518,771
- ------------------------------------------------------------------------------------------------------------------------------
900,000 Albany IDA (New Covenant Charter School) 7.000 05/01/2025 863,163
- ------------------------------------------------------------------------------------------------------------------------------
1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,293,211
- ------------------------------------------------------------------------------------------------------------------------------
1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,766,811
- ------------------------------------------------------------------------------------------------------------------------------
2,510,000 Albany Parking Authority 5.625 07/15/2020 2,635,550
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Albany Parking Authority 5.625 07/15/2025 2,092,540
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1,770,000 Albany Parking Authority 1 7.050 2 11/01/2017 969,624
- ------------------------------------------------------------------------------------------------------------------------------
5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,757,570
- ------------------------------------------------------------------------------------------------------------------------------
920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 920,294
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2023 10,002
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 3,024,270
- ------------------------------------------------------------------------------------------------------------------------------
2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 3,173,213
- ------------------------------------------------------------------------------------------------------------------------------
10,055,000 Amherst IDA (Daemen College) 6.125 10/01/2031 11,137,421
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Amherst IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 26,262
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,189,960
- ------------------------------------------------------------------------------------------------------------------------------
650,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 651,534
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Bethany Retirement Home 7.450 02/01/2024 40,122
- ------------------------------------------------------------------------------------------------------------------------------
810,000 Bethlehem Water System 5.250 03/01/2018 847,649
- ------------------------------------------------------------------------------------------------------------------------------
855,000 Bethlehem Water System 5.375 03/01/2019 899,845
- ------------------------------------------------------------------------------------------------------------------------------
905,000 Bethlehem Water System 5.375 03/01/2020 951,273
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955,000 Bethlehem Water System 5.500 03/01/2021 1,014,076
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505,000 Bethlehem Water System 5.500 03/01/2022 535,901
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1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,083,041
- ------------------------------------------------------------------------------------------------------------------------------
900,000 Bleeker Terrace HDC 8.750 07/01/2007 911,655
- ------------------------------------------------------------------------------------------------------------------------------
580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 628,517
- ------------------------------------------------------------------------------------------------------------------------------
6,445,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 6,448,094
- ------------------------------------------------------------------------------------------------------------------------------
1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,282,575
- ------------------------------------------------------------------------------------------------------------------------------
2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,499,448
- ------------------------------------------------------------------------------------------------------------------------------
65,000 Broome County IDA (University Plaza) 5.000 08/01/2025 65,079
17 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,030,000 Broome County IDA (University Plaza) 5.000% 08/01/2036 $ 3,013,517
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Broome County IDA (University Plaza) 5.100 08/01/2030 1,004,100
- ------------------------------------------------------------------------------------------------------------------------------
1,250,000 Broome County IDA (University Plaza) 5.100 08/01/2036 1,257,263
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Broome County IDA (University Plaza) 5.200 08/01/2030 3,036,780
- ------------------------------------------------------------------------------------------------------------------------------
4,450,000 Broome County IDA (University Plaza) 5.200 08/01/2036 4,478,080
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Bushnell Basin Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 2,996,220
- ------------------------------------------------------------------------------------------------------------------------------
915,000 Canton Human Services Initiatives 5.700 09/01/2024 958,737
- ------------------------------------------------------------------------------------------------------------------------------
1,155,000 Canton Human Services Initiatives 5.750 09/01/2032 1,206,917
- ------------------------------------------------------------------------------------------------------------------------------
600,000 Capital District Youth Center 6.000 02/01/2017 616,686
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Carnegie Redevel. Corp. 1 7.000 09/01/2021 501,635
- ------------------------------------------------------------------------------------------------------------------------------
4,295,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,376,133
- ------------------------------------------------------------------------------------------------------------------------------
1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,497,816
- ------------------------------------------------------------------------------------------------------------------------------
2,900,000 Chautauqua County IDA
(Jamestown Community College) 5.250 08/01/2028 2,950,460
- ------------------------------------------------------------------------------------------------------------------------------
640,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 656,666
- ------------------------------------------------------------------------------------------------------------------------------
3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,518,306
- ------------------------------------------------------------------------------------------------------------------------------
1,900,000 Chautauqua County IDA
(Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,971,440
- ------------------------------------------------------------------------------------------------------------------------------
95,000 Chautauqua Utility District 5.000 06/01/2023 96,071
- ------------------------------------------------------------------------------------------------------------------------------
105,000 Chautauqua Utility District 5.000 06/01/2025 105,444
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 2,513,100
- ------------------------------------------------------------------------------------------------------------------------------
915,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 919,795
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,000,420
- ------------------------------------------------------------------------------------------------------------------------------
1,455,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,455,611
- ------------------------------------------------------------------------------------------------------------------------------
1,225,000 Chemung County IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,222,611
- ------------------------------------------------------------------------------------------------------------------------------
1,515,000 Chemung County IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,519,454
- ------------------------------------------------------------------------------------------------------------------------------
6,160,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 5,976,555
- ------------------------------------------------------------------------------------------------------------------------------
6,395,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 6,320,179
- ------------------------------------------------------------------------------------------------------------------------------
4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,831,784
- ------------------------------------------------------------------------------------------------------------------------------
1,700,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,745,305
- ------------------------------------------------------------------------------------------------------------------------------
2,905,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 2,908,835
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Cohoes GO 6.200 03/15/2012 35,931
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.200 03/15/2013 25,626
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2014 25,618
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2015 25,580
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2016 25,548
- ------------------------------------------------------------------------------------------------------------------------------
1,725,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,751,513
- ------------------------------------------------------------------------------------------------------------------------------
3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,423,222
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Corinth IDA (International Paper Company) 5.850 12/01/2020 30,881
- ------------------------------------------------------------------------------------------------------------------------------
5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,507,472
- ------------------------------------------------------------------------------------------------------------------------------
155,000 Dutchess County IDA
(Astor Learning Center Civic Facility) 5.150 11/01/2024 158,680
18 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 120,000 Dutchess County IDA (Bard College) 5.750% 08/01/2030 $ 127,391
- ------------------------------------------------------------------------------------------------------------------------------
3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,508,820
- ------------------------------------------------------------------------------------------------------------------------------
900,000 Dutchess County IDA (St. Francis Hospital) 7.500 03/01/2029 975,105
- ------------------------------------------------------------------------------------------------------------------------------
2,310,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,447,422
- ------------------------------------------------------------------------------------------------------------------------------
5,635,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 5,951,405
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Dutchess County IDA (Vassar College) 5.350 09/01/2040 25,948
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County Water & Wastewater Authority 5.400 2 06/01/2027 363,240
- ------------------------------------------------------------------------------------------------------------------------------
3,315,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,490,496
- ------------------------------------------------------------------------------------------------------------------------------
1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,475,338
- ------------------------------------------------------------------------------------------------------------------------------
1,400,000 East Rochester Hsg. Authority
(Genesee Valley Nursing Home) 5.200 12/20/2024 1,452,290
- ------------------------------------------------------------------------------------------------------------------------------
2,570,000 East Rochester Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,659,333
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,011,680
- ------------------------------------------------------------------------------------------------------------------------------
4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,220,389
- ------------------------------------------------------------------------------------------------------------------------------
365,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 366,507
- ------------------------------------------------------------------------------------------------------------------------------
2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,396,636
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 Erie County IDA (Charter School Applied Tech) 6.750 06/01/2025 3,865,240
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 Erie County IDA (Charter School Applied Tech) 6.875 06/01/2035 6,720,210
- ------------------------------------------------------------------------------------------------------------------------------
1,960,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,617,941
- ------------------------------------------------------------------------------------------------------------------------------
2,915,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,736,485
- ------------------------------------------------------------------------------------------------------------------------------
35,000,000 Erie County IDA (Great Lakes) 7.500 12/01/2025 33,164,250
- ------------------------------------------------------------------------------------------------------------------------------
11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 12,791,158
- ------------------------------------------------------------------------------------------------------------------------------
3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,952,512
- ------------------------------------------------------------------------------------------------------------------------------
2,250,000 Erie County IDA (Orchard Park) 6.000 11/15/2036 2,316,353
- ------------------------------------------------------------------------------------------------------------------------------
75,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 77,087
- ------------------------------------------------------------------------------------------------------------------------------
9,600,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,857,280
- ------------------------------------------------------------------------------------------------------------------------------
3,170,000 Erie County Sewer District 5.000 06/01/2029 3,252,515
- ------------------------------------------------------------------------------------------------------------------------------
2,630,000 Erie County Sewer District 5.000 12/01/2030 2,696,434
- ------------------------------------------------------------------------------------------------------------------------------
1,360,000 Erie County Sewer District 5.000 12/01/2035 1,388,111
- ------------------------------------------------------------------------------------------------------------------------------
2,700,000 Erie County Tobacco Asset Securitization Corp. 5.000 06/01/2045 2,586,276
- ------------------------------------------------------------------------------------------------------------------------------
72,000,000 Erie County Tobacco Asset Securitization Corp. 3 5.990 2 06/01/2047 5,654,880
- ------------------------------------------------------------------------------------------------------------------------------
135,000,000 Erie County Tobacco Asset Securitization Corp. 3 6.490 2 06/01/2050 7,646,400
- ------------------------------------------------------------------------------------------------------------------------------
150,000,000 Erie County Tobacco Asset Securitization Corp. 6.750 2 06/01/2055 5,071,500
- ------------------------------------------------------------------------------------------------------------------------------
1,024,000,000 Erie County Tobacco Asset Securitization Corp. 3 7.650 2 06/01/2060 18,411,520
- ------------------------------------------------------------------------------------------------------------------------------
3,340,000 Erie County Tobacco Asset Securitization Corp. RITES 5.419 4 06/01/2038 3,097,483
- ------------------------------------------------------------------------------------------------------------------------------
9,305,000 Erie County Tobacco Asset Securitization Corp. RITES 5.419 4 06/01/2038 8,629,364
- ------------------------------------------------------------------------------------------------------------------------------
21,250,000 Erie County Tobacco Asset Securitization Corp. RITES 3 5.419 4 06/01/2045 19,459,900
- ------------------------------------------------------------------------------------------------------------------------------
14,940,000 Erie County Tobacco Asset Securitization Corp. RITES 5.419 4 06/01/2045 13,681,454
- ------------------------------------------------------------------------------------------------------------------------------
28,610,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2038 27,571,171
- ------------------------------------------------------------------------------------------------------------------------------
2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,431,307
- ------------------------------------------------------------------------------------------------------------------------------
45,000 Essex County IDA (Moses Ludington Nursing Home) 6.200 02/01/2030 48,335
19 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375% 02/01/2050 $ 5,377,350
- ------------------------------------------------------------------------------------------------------------------------------
115,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 117,060
- ------------------------------------------------------------------------------------------------------------------------------
975,000 Essex County IDA
(North Country Community College Foundation) 5.000 06/01/2020 948,753
- ------------------------------------------------------------------------------------------------------------------------------
320,000 Essex County IDA
(North Country Community College Foundation) 5.000 06/01/2020 311,386
- ------------------------------------------------------------------------------------------------------------------------------
1,235,000 Essex County IDA
(North Country Community College Foundation) 5.200 06/01/2025 1,214,660
- ------------------------------------------------------------------------------------------------------------------------------
410,000 Essex County IDA
(North Country Community College Foundation) 5.200 06/01/2025 403,247
- ------------------------------------------------------------------------------------------------------------------------------
1,100,000 Essex County IDA
(North Country Community College Foundation) 5.300 06/01/2035 1,076,845
- ------------------------------------------------------------------------------------------------------------------------------
3,750,000 Essex County IDA Solid Waste Disposal
(International Paper Company) 5.200 12/01/2023 3,729,038
- ------------------------------------------------------------------------------------------------------------------------------
4,440,000 Essex County IDA Solid Waste Disposal
(International Paper Company) 5.200 03/01/2028 4,362,078
- ------------------------------------------------------------------------------------------------------------------------------
1,850,000 Essex County IDA Solid Waste Disposal
(International Paper Company) 5.500 08/15/2022 1,874,346
- ------------------------------------------------------------------------------------------------------------------------------
1,625,000 Essex County IDA Solid Waste Disposal
(International Paper Company) 5.500 10/01/2026 1,658,849
- ------------------------------------------------------------------------------------------------------------------------------
5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 5,899,078
- ------------------------------------------------------------------------------------------------------------------------------
900,000 Franklin County IDA
(North Country Community College Foundation) 5.200 06/01/2025 885,177
- ------------------------------------------------------------------------------------------------------------------------------
260,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 261,045
- ------------------------------------------------------------------------------------------------------------------------------
3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,911,013
- ------------------------------------------------------------------------------------------------------------------------------
1,315,000 Green Island Power Authority 5.125 12/15/2024 1,310,148
- ------------------------------------------------------------------------------------------------------------------------------
2,795,000 Green Island Power Authority 6.000 12/15/2020 2,957,222
- ------------------------------------------------------------------------------------------------------------------------------
1,695,000 Green Island Power Authority 6.000 12/15/2025 1,785,615
- ------------------------------------------------------------------------------------------------------------------------------
840,000 Hempstead GO 5.000 07/01/2020 843,570
- ------------------------------------------------------------------------------------------------------------------------------
1,025,000 Hempstead GO 5.000 07/01/2021 1,027,675
- ------------------------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead GO 5.000 07/01/2022 1,271,664
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,622,600
- ------------------------------------------------------------------------------------------------------------------------------
310,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 329,583
- ------------------------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,372,311
- ------------------------------------------------------------------------------------------------------------------------------
3,550,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 3,568,460
- ------------------------------------------------------------------------------------------------------------------------------
18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,274,541
- ------------------------------------------------------------------------------------------------------------------------------
1,875,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 1,859,925
- ------------------------------------------------------------------------------------------------------------------------------
9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 9,105,563
- ------------------------------------------------------------------------------------------------------------------------------
9,285,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 9,848,507
- ------------------------------------------------------------------------------------------------------------------------------
2,490,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,523,242
- ------------------------------------------------------------------------------------------------------------------------------
5,690,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,690,512
- ------------------------------------------------------------------------------------------------------------------------------
4,750,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,813,413
- ------------------------------------------------------------------------------------------------------------------------------
12,480,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 12,646,608
20 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,355,000 Hempstead IDA (South Shore YJCC) 6.750% 11/01/2024 $ 6,177,950
- ------------------------------------------------------------------------------------------------------------------------------
6,270,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 6,215,388
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Herkimer County IDA (Folts Adult Home) 5.500 03/20/2040 3,241,500
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Herkimer County IDA
(Herkimer County College Foundation) 6.250 08/01/2034 1,038,420
- ------------------------------------------------------------------------------------------------------------------------------
1,285,000 Herkimer County IDA
(Herkimer County College Foundation) 6.400 11/01/2020 1,343,609
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Herkimer County IDA
(Herkimer County College Foundation) 6.500 11/01/2030 2,082,280
- ------------------------------------------------------------------------------------------------------------------------------
250,000 Herkimer Hsg. Authority 7.150 03/01/2011 251,023
- ------------------------------------------------------------------------------------------------------------------------------
990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 995,079
- ------------------------------------------------------------------------------------------------------------------------------
1,255,000 Hudson IDA (Hudson Fabrics) 6.750 11/01/2024 1,271,114
- ------------------------------------------------------------------------------------------------------------------------------
145,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 147,393
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 1,015,680
- ------------------------------------------------------------------------------------------------------------------------------
8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 8,613,900
- ------------------------------------------------------------------------------------------------------------------------------
820,000 Islip IDA (Leeway School) 9.000 08/01/2021 822,370
- ------------------------------------------------------------------------------------------------------------------------------
18,545,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 19,445,360
- ------------------------------------------------------------------------------------------------------------------------------
1,315,000 Islip Res Rec, Series E 5.750 07/01/2021 1,419,385
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Islip Res Rec, Series E 5.750 07/01/2023 1,080,080
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,128,670
- ------------------------------------------------------------------------------------------------------------------------------
2,915,000 L.I. Power Authority RITES 8.497 4 09/01/2028 3,379,010
- ------------------------------------------------------------------------------------------------------------------------------
260,000 L.I. Power Authority, Series A 5.000 09/01/2027 264,360
- ------------------------------------------------------------------------------------------------------------------------------
78,755,000 L.I. Power Authority, Series A 5.125 12/01/2022 80,971,166
- ------------------------------------------------------------------------------------------------------------------------------
24,130,000 L.I. Power Authority, Series A 5.125 09/01/2029 24,489,054
- ------------------------------------------------------------------------------------------------------------------------------
60,000 L.I. Power Authority, Series A 5.125 09/01/2029 61,127
- ------------------------------------------------------------------------------------------------------------------------------
44,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 46,494,218
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 L.I. Power Authority, Series B 5.000 12/01/2035 5,060,250
- ------------------------------------------------------------------------------------------------------------------------------
86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 89,885,765
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2012 116,468
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2013 118,136
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2014 120,108
- ------------------------------------------------------------------------------------------------------------------------------
3,830,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 3,984,272
- ------------------------------------------------------------------------------------------------------------------------------
4,360,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,531,304
- ------------------------------------------------------------------------------------------------------------------------------
750,000 Madison County IDA
(Morrisville State College Foundation) 5.000 06/01/2028 767,348
- ------------------------------------------------------------------------------------------------------------------------------
1,100,000 Madison County IDA
(Morrisville State College Foundation) 5.000 06/01/2032 1,121,076
- ------------------------------------------------------------------------------------------------------------------------------
1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,335,589
- ------------------------------------------------------------------------------------------------------------------------------
5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,677,540
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 30,134
- ------------------------------------------------------------------------------------------------------------------------------
690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 719,774
- ------------------------------------------------------------------------------------------------------------------------------
3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,914,540
21 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 310,000 Middletown IDA (YMCA) 6.250% 11/01/2009 $ 300,474
- ------------------------------------------------------------------------------------------------------------------------------
1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,154,751
- ------------------------------------------------------------------------------------------------------------------------------
210,000 Monroe County COP 8.050 01/01/2011 213,824
- ------------------------------------------------------------------------------------------------------------------------------
645,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 675,992
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Monroe County IDA (Cloverwood Senior Living) 6.750 05/01/2023 40,354
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Cloverwood Senior Living) 6.875 05/01/2033 803,720
- ------------------------------------------------------------------------------------------------------------------------------
1,116,959 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,124,565
- ------------------------------------------------------------------------------------------------------------------------------
950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 924,540
- ------------------------------------------------------------------------------------------------------------------------------
4,325,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 3,558,913
- ------------------------------------------------------------------------------------------------------------------------------
5,435,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 4,517,029
- ------------------------------------------------------------------------------------------------------------------------------
805,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 806,586
- ------------------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,287,454
- ------------------------------------------------------------------------------------------------------------------------------
4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,120,683
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2022 993,730
- ------------------------------------------------------------------------------------------------------------------------------
1,250,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2025 1,222,725
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,039,680
- ------------------------------------------------------------------------------------------------------------------------------
5,005,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2027 5,203,598
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 101,295
- ------------------------------------------------------------------------------------------------------------------------------
685,000 Monroe County IDA (Melles Griot) 9.500 12/01/2009 694,378
- ------------------------------------------------------------------------------------------------------------------------------
597,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 597,155
- ------------------------------------------------------------------------------------------------------------------------------
2,525,000 Monroe County IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,495,306
- ------------------------------------------------------------------------------------------------------------------------------
4,330,000 Monroe County IDA (Piano Works) 3 7.625 11/01/2016 4,430,673
- ------------------------------------------------------------------------------------------------------------------------------
2,890,000 Monroe County IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,905,375
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,062,940
- ------------------------------------------------------------------------------------------------------------------------------
1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,516,099
- ------------------------------------------------------------------------------------------------------------------------------
2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,263,628
- ------------------------------------------------------------------------------------------------------------------------------
3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,179,427
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Summit at Brighton) 5.375 07/01/2032 988,400
- ------------------------------------------------------------------------------------------------------------------------------
3,660,000 Monroe County IDA (Summit at Brighton) 5.500 07/01/2027 3,711,826
- ------------------------------------------------------------------------------------------------------------------------------
965,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 973,675
- ------------------------------------------------------------------------------------------------------------------------------
2,745,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,741,761
- ------------------------------------------------------------------------------------------------------------------------------
12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 13,467,480
- ------------------------------------------------------------------------------------------------------------------------------
650,000,000 Monroe County Tobacco Asset Securitization Corp.
(TASC) 3 7.700 2 06/01/2061 10,614,500
- ------------------------------------------------------------------------------------------------------------------------------
2,165,000 Monroe Newpower Corp. 5.500 01/01/2034 2,233,934
- ------------------------------------------------------------------------------------------------------------------------------
580,000 Monroe Newpower Corp. 5.625 01/01/2026 602,823
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 494,575
- ------------------------------------------------------------------------------------------------------------------------------
3,275,000 Mount Vernon IDA (Macedonia Towers) 5.200 12/01/2033 3,239,466
- ------------------------------------------------------------------------------------------------------------------------------
2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,348,496
- ------------------------------------------------------------------------------------------------------------------------------
2,600,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,646,358
22 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,100,000 MTA DRIVERS 5.129% 4 05/15/2013 $ 1,732,584
- ------------------------------------------------------------------------------------------------------------------------------
14,200,000 MTA RITES 7.423 4 11/15/2025 15,566,040
- ------------------------------------------------------------------------------------------------------------------------------
1,910,000 MTA RITES 7.423 4 11/15/2028 2,057,758
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 MTA RITES 7.423 4 11/15/2030 10,740,600
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 MTA RITES 7.423 4 11/15/2030 5,370,300
- ------------------------------------------------------------------------------------------------------------------------------
2,890,000 MTA RITES 7.423 4 11/15/2030 3,104,033
- ------------------------------------------------------------------------------------------------------------------------------
7,500,000 MTA RITES 7.423 4 11/15/2031 8,014,050
- ------------------------------------------------------------------------------------------------------------------------------
2,125,000 MTA RITES 7.423 4 11/15/2032 2,265,973
- ------------------------------------------------------------------------------------------------------------------------------
2,220,000 MTA Service Contract RITES 7.923 4 01/01/2024 2,515,260
- ------------------------------------------------------------------------------------------------------------------------------
15,895,000 MTA Service Contract, Series A 5.125 01/01/2024 16,423,509
- ------------------------------------------------------------------------------------------------------------------------------
132,950,000 MTA Service Contract, Series A 5.125 01/01/2029 135,874,900
- ------------------------------------------------------------------------------------------------------------------------------
20,000,000 MTA Service Contract, Series A 5.750 07/01/2031 21,646,400
- ------------------------------------------------------------------------------------------------------------------------------
33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 34,213,688
- ------------------------------------------------------------------------------------------------------------------------------
20,000 MTA, Series A 5.000 11/15/2032 20,363
- ------------------------------------------------------------------------------------------------------------------------------
42,295,000 MTA, Series A 5.125 11/15/2031 43,296,546
- ------------------------------------------------------------------------------------------------------------------------------
25,000 MTA, Series B 5.000 01/01/2031 25,408
- ------------------------------------------------------------------------------------------------------------------------------
54,900,000 MTA, Series B 5.000 11/15/2031 55,449,549
- ------------------------------------------------------------------------------------------------------------------------------
20,080,000 MTA, Series B 5.250 11/15/2032 20,754,086
- ------------------------------------------------------------------------------------------------------------------------------
34,845,000 MTA, Series E 5.250 11/15/2031 35,839,825
- ------------------------------------------------------------------------------------------------------------------------------
23,500,000 MTA, Series F 5.000 11/15/2030 23,723,015
- ------------------------------------------------------------------------------------------------------------------------------
126,990,000 MTA, Series F 5.000 11/15/2035 127,880,200
- ------------------------------------------------------------------------------------------------------------------------------
802,824 Municipal Assistance Corp. for Troy 5.730 2 07/15/2021 400,336
- ------------------------------------------------------------------------------------------------------------------------------
1,218,573 Municipal Assistance Corp. for Troy 5.740 2 01/15/2022 591,958
- ------------------------------------------------------------------------------------------------------------------------------
975,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 1,052,386
- ------------------------------------------------------------------------------------------------------------------------------
2,975,000 Nassau County IDA (ALIA-ACLD) 6.250 09/01/2022 3,048,274
- ------------------------------------------------------------------------------------------------------------------------------
225,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 240,212
- ------------------------------------------------------------------------------------------------------------------------------
350,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 377,780
- ------------------------------------------------------------------------------------------------------------------------------
5,830,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 6,238,858
- ------------------------------------------------------------------------------------------------------------------------------
3,325,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 3,553,261
- ------------------------------------------------------------------------------------------------------------------------------
1,740,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 1,878,104
- ------------------------------------------------------------------------------------------------------------------------------
290,000 Nassau County IDA (ALIA-FREE) 7.125 06/01/2012 312,371
- ------------------------------------------------------------------------------------------------------------------------------
2,145,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,315,249
- ------------------------------------------------------------------------------------------------------------------------------
4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,315,082
- ------------------------------------------------------------------------------------------------------------------------------
6,415,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 6,973,169
- ------------------------------------------------------------------------------------------------------------------------------
890,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 951,099
- ------------------------------------------------------------------------------------------------------------------------------
685,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 732,025
- ------------------------------------------------------------------------------------------------------------------------------
220,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 237,461
- ------------------------------------------------------------------------------------------------------------------------------
525,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 566,669
- ------------------------------------------------------------------------------------------------------------------------------
2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,417,034
- ------------------------------------------------------------------------------------------------------------------------------
5,240,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 5,392,327
- ------------------------------------------------------------------------------------------------------------------------------
3,410,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 3,509,129
23 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,875,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750% 05/01/2047 $ 6,045,786
- ------------------------------------------------------------------------------------------------------------------------------
6,450,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 6,637,502
- ------------------------------------------------------------------------------------------------------------------------------
9,155,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 9,421,136
- ------------------------------------------------------------------------------------------------------------------------------
3,860,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,077,511
- ------------------------------------------------------------------------------------------------------------------------------
3,535,000 Nassau County IDA (New York Water Service Corp.) 5.000 12/01/2035 3,567,911
- ------------------------------------------------------------------------------------------------------------------------------
2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,309,213
- ------------------------------------------------------------------------------------------------------------------------------
2,759,599 Nassau County IDA (Sharp International) 1,5 7.375 12/01/2007 276
- ------------------------------------------------------------------------------------------------------------------------------
1,752,588 Nassau County IDA (Sharp International) 1,5 7.375 12/01/2007 175
- ------------------------------------------------------------------------------------------------------------------------------
2,527,212 Nassau County IDA (Sharp International) 1,5 7.875 12/01/2012 253
- ------------------------------------------------------------------------------------------------------------------------------
1,597,663 Nassau County IDA (Sharp International) 1,5 7.875 12/01/2012 160
- ------------------------------------------------------------------------------------------------------------------------------
2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,055,310
- ------------------------------------------------------------------------------------------------------------------------------
23,980,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,018,848
- ------------------------------------------------------------------------------------------------------------------------------
765,000 Nassau County IDA, Series A-A 6.000 07/02/2021 767,578
- ------------------------------------------------------------------------------------------------------------------------------
7,965,000 Nassau County IDA, Series A-B 6.000 07/01/2021 7,991,842
- ------------------------------------------------------------------------------------------------------------------------------
715,000 Nassau County IDA, Series A-C 6.000 07/01/2021 717,410
- ------------------------------------------------------------------------------------------------------------------------------
815,000 Nassau County IDA, Series A-D 6.000 07/01/2021 817,747
- ------------------------------------------------------------------------------------------------------------------------------
1,675,000 Nassau County Interim Finance Authority 5.125 11/15/2021 1,699,572
- ------------------------------------------------------------------------------------------------------------------------------
2,985,000 Nassau County Tobacco Settlement Corp. 5.000 06/01/2035 2,889,570
- ------------------------------------------------------------------------------------------------------------------------------
45,000,000 Nassau County Tobacco Settlement Corp. 5.125 06/01/2046 44,025,300
- ------------------------------------------------------------------------------------------------------------------------------
20,000,000 Nassau County Tobacco Settlement Corp. 5.820 2 06/01/2046 1,771,600
- ------------------------------------------------------------------------------------------------------------------------------
75,975,000 Nassau County Tobacco Settlement Corp. 6.000 2 06/01/2046 6,349,991
- ------------------------------------------------------------------------------------------------------------------------------
895,215,000 Nassau County Tobacco Settlement Corp. 6.400 2 06/01/2060 26,373,034
- ------------------------------------------------------------------------------------------------------------------------------
40,000,000 Nassau County Tobacco Settlement Corp. 7.350 2 06/01/2060 797,200
- ------------------------------------------------------------------------------------------------------------------------------
20,000,000 Nassau County Tobacco Settlement Corp. RITES 5.595 4 06/01/2046 19,133,600
- ------------------------------------------------------------------------------------------------------------------------------
7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,489,496
- ------------------------------------------------------------------------------------------------------------------------------
3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,496,145
- ------------------------------------------------------------------------------------------------------------------------------
4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,490,558
- ------------------------------------------------------------------------------------------------------------------------------
6,195,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 6,451,225
- ------------------------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,998,231
- ------------------------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,998,231
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,066,420
- ------------------------------------------------------------------------------------------------------------------------------
13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,241,578
- ------------------------------------------------------------------------------------------------------------------------------
6,235,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,448,050
- ------------------------------------------------------------------------------------------------------------------------------
3,670,000 New Rochelle IDA (Soundview Apartments) 5.375 04/01/2036 3,717,490
- ------------------------------------------------------------------------------------------------------------------------------
4,800,000 Newark-Wayne Community Hospital 5.875 01/15/2033 4,806,816
- ------------------------------------------------------------------------------------------------------------------------------
2,360,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,362,218
- ------------------------------------------------------------------------------------------------------------------------------
3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,419,691
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,583,055
- ------------------------------------------------------------------------------------------------------------------------------
5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,549,580
- ------------------------------------------------------------------------------------------------------------------------------
850,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 850,315
- ------------------------------------------------------------------------------------------------------------------------------
6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,787,495
24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 20,000 Niagara County Tobacco Asset Securitization Corp. 5.750% 05/15/2022 $ 20,649
- ------------------------------------------------------------------------------------------------------------------------------
1,370,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,437,171
- ------------------------------------------------------------------------------------------------------------------------------
6,255,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,561,683
- ------------------------------------------------------------------------------------------------------------------------------
145,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.000 04/01/2028 145,112
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625 04/01/2029 26,168
- ------------------------------------------------------------------------------------------------------------------------------
715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 749,005
- ------------------------------------------------------------------------------------------------------------------------------
1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,603,640
- ------------------------------------------------------------------------------------------------------------------------------
3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,231,833
- ------------------------------------------------------------------------------------------------------------------------------
260,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 263,211
- ------------------------------------------------------------------------------------------------------------------------------
3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,623,347
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Nunda GO 8.000 05/01/2010 27,963
- ------------------------------------------------------------------------------------------------------------------------------
76,030,000 NY Convention Center Devel. Corp. (Hotel Unit Fee) 3 5.000 11/15/2044 76,888,379
- ------------------------------------------------------------------------------------------------------------------------------
315,000 NY Counties Tobacco Trust I 6.500 06/01/2035 333,346
- ------------------------------------------------------------------------------------------------------------------------------
1,295,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 1,363,752
- ------------------------------------------------------------------------------------------------------------------------------
3,880,000 NY Counties Tobacco Trust I (TASC) RITES 7.490 4 06/01/2028 4,498,006
- ------------------------------------------------------------------------------------------------------------------------------
2,960,000 NY Counties Tobacco Trust I RITES 3 7.150 4 06/01/2035 3,304,781
- ------------------------------------------------------------------------------------------------------------------------------
9,615,000 NY Counties Tobacco Trust I RITES 7.236 4 06/01/2042 10,889,949
- ------------------------------------------------------------------------------------------------------------------------------
14,900,000 NY Counties Tobacco Trust II RITES 6.500 4 06/01/2035 15,483,633
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NY Counties Tobacco Trust II RITES 8.102 4 06/01/2043 5,372,850
- ------------------------------------------------------------------------------------------------------------------------------
12,950,000 NY Counties Tobacco Trust II RITES 8.102 4 06/01/2043 13,915,682
- ------------------------------------------------------------------------------------------------------------------------------
245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 256,473
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 6,745,830
- ------------------------------------------------------------------------------------------------------------------------------
500,000 NY Counties Tobacco Trust IV 5.000 06/01/2042 479,480
- ------------------------------------------------------------------------------------------------------------------------------
131,335,000 NY Counties Tobacco Trust IV 5.920 2 06/01/2050 8,560,415
- ------------------------------------------------------------------------------------------------------------------------------
304,690,000 NY Counties Tobacco Trust IV 6.390 2 06/01/2055 12,446,587
- ------------------------------------------------------------------------------------------------------------------------------
608,700,000 NY Counties Tobacco Trust IV 3 6.820 2 06/01/2060 14,554,017
- ------------------------------------------------------------------------------------------------------------------------------
82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 06/01/2041 62,298,225
- ------------------------------------------------------------------------------------------------------------------------------
82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 15,709,650
- ------------------------------------------------------------------------------------------------------------------------------
12,300,000 NY Counties Tobacco Trust IV RITES 5.419 4 06/01/2042 11,290,539
- ------------------------------------------------------------------------------------------------------------------------------
10,210,000 NY Counties Tobacco Trust IV RITES 5.419 4 06/01/2042 9,372,065
- ------------------------------------------------------------------------------------------------------------------------------
5,725,000 NY Counties Tobacco Trust IV RITES 5.419 4 06/01/2045 5,242,726
- ------------------------------------------------------------------------------------------------------------------------------
8,700,000 NY Counties Tobacco Trust IV RITES 5.419 4 06/01/2045 7,967,112
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 NY Counties Tobacco Trust IV RITES 5.419 4 06/01/2045 1,373,640
- ------------------------------------------------------------------------------------------------------------------------------
212,995,000 NY Counties Tobacco Trust V 6.040 2 06/01/2038 30,667,020
- ------------------------------------------------------------------------------------------------------------------------------
523,325,000 NY Counties Tobacco Trust V 6.150 2 06/01/2050 34,110,324
- ------------------------------------------------------------------------------------------------------------------------------
643,195,000 NY Counties Tobacco Trust V 6.850 2 06/01/2055 24,364,227
- ------------------------------------------------------------------------------------------------------------------------------
3,845,000,000 NY Counties Tobacco Trust V 7.850 2 06/01/2060 63,480,950
- ------------------------------------------------------------------------------------------------------------------------------
8,650,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 8,468,869
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 0.000 6 03/15/2029 20,870
25 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 NYC GO 5.000% 03/15/2021 $ 5,072
- ------------------------------------------------------------------------------------------------------------------------------
11,115,000 NYC GO 5.000 03/01/2023 11,321,739
- ------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 03/01/2024 6,098,760
- ------------------------------------------------------------------------------------------------------------------------------
14,900,000 NYC GO 5.000 04/01/2024 15,169,541
- ------------------------------------------------------------------------------------------------------------------------------
9,305,000 NYC GO 5.000 08/01/2024 9,471,280
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2024 5,085,650
- ------------------------------------------------------------------------------------------------------------------------------
5,650,000 NYC GO 5.000 09/01/2024 5,747,350
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 03/01/2025 25,302
- ------------------------------------------------------------------------------------------------------------------------------
11,250,000 NYC GO 5.000 04/01/2025 11,435,963
- ------------------------------------------------------------------------------------------------------------------------------
17,515,000 NYC GO 5.000 06/01/2025 17,808,902
- ------------------------------------------------------------------------------------------------------------------------------
5,700,000 NYC GO 5.000 08/01/2025 5,793,081
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 09/01/2025 5,078,700
- ------------------------------------------------------------------------------------------------------------------------------
3,205,000 NYC GO 5.000 11/01/2025 3,251,697
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 04/01/2026 3,041,190
- ------------------------------------------------------------------------------------------------------------------------------
22,025,000 NYC GO 5.000 04/01/2026 22,354,714
- ------------------------------------------------------------------------------------------------------------------------------
6,965,000 NYC GO 5.000 06/01/2026 7,070,868
- ------------------------------------------------------------------------------------------------------------------------------
9,210,000 NYC GO 5.000 08/01/2026 9,346,308
- ------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC GO 5.000 08/01/2027 3,645,000
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 5.000 08/01/2028 2,527,425
- ------------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 5.000 08/15/2028 110,584
- ------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 11/01/2028 6,058,680
- ------------------------------------------------------------------------------------------------------------------------------
395,000 NYC GO 5.000 03/15/2029 397,358
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 03/15/2029 20,262
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC GO 3 5.000 06/01/2029 8,090,160
- ------------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 5.000 10/15/2029 110,961
- ------------------------------------------------------------------------------------------------------------------------------
46,660,000 NYC GO 5.000 03/01/2030 47,121,001
- ------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC GO 5.000 04/01/2030 20,196,200
- ------------------------------------------------------------------------------------------------------------------------------
40,070,000 NYC GO 5.000 06/01/2030 40,461,885
- ------------------------------------------------------------------------------------------------------------------------------
36,840,000 NYC GO 5.000 08/01/2030 37,194,769
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.000 08/01/2030 2,020,100
- ------------------------------------------------------------------------------------------------------------------------------
16,905,000 NYC GO 5.000 06/01/2031 17,068,979
- ------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.000 03/01/2033 60,385
- ------------------------------------------------------------------------------------------------------------------------------
55,475,000 NYC GO 5.000 06/01/2033 55,929,340
- ------------------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 5.000 10/15/2033 115,795
- ------------------------------------------------------------------------------------------------------------------------------
12,455,000 NYC GO 5.000 12/01/2033 12,552,398
- ------------------------------------------------------------------------------------------------------------------------------
48,550,000 NYC GO 5.000 11/01/2034 48,899,075
- ------------------------------------------------------------------------------------------------------------------------------
30,000,000 NYC GO 3 5.000 03/01/2035 30,218,400
- ------------------------------------------------------------------------------------------------------------------------------
26,670,000 NYC GO 5.000 04/01/2035 26,865,491
- ------------------------------------------------------------------------------------------------------------------------------
5,400,000 NYC GO 5.000 08/01/2035 5,440,932
- ------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.100 11/01/2019 61,679
- ------------------------------------------------------------------------------------------------------------------------------
5,285,000 NYC GO 5.100 08/15/2027 5,389,273
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,860,000 NYC GO 5.250% 08/01/2021 $ 1,902,427
- ------------------------------------------------------------------------------------------------------------------------------
3,710,000 NYC GO 5.250 10/15/2021 3,870,532
- ------------------------------------------------------------------------------------------------------------------------------
265,000 NYC GO 5.250 08/15/2023 273,067
- ------------------------------------------------------------------------------------------------------------------------------
535,000 NYC GO 5.250 08/01/2024 548,605
- ------------------------------------------------------------------------------------------------------------------------------
33,485,000 NYC GO 5.250 06/01/2027 34,521,696
- ------------------------------------------------------------------------------------------------------------------------------
4,460,000 NYC GO 5.250 06/01/2028 4,612,621
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 09/15/2033 1,032,920
- ------------------------------------------------------------------------------------------------------------------------------
1,750,000 NYC GO 5.375 08/01/2017 1,789,025
- ------------------------------------------------------------------------------------------------------------------------------
17,705,000 NYC GO 5.375 12/01/2026 18,554,663
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.375 03/01/2027 20,874
- ------------------------------------------------------------------------------------------------------------------------------
515,000 NYC GO 5.375 08/01/2027 531,253
- ------------------------------------------------------------------------------------------------------------------------------
1,115,000 NYC GO 5.375 03/15/2028 1,156,456
- ------------------------------------------------------------------------------------------------------------------------------
55,790,000 NYC GO 5.375 06/01/2032 57,845,304
- ------------------------------------------------------------------------------------------------------------------------------
11,500,000 NYC GO 3 5.500 08/01/2020 12,222,890
- ------------------------------------------------------------------------------------------------------------------------------
11,860,000 NYC GO 5.500 08/01/2021 12,583,341
- ------------------------------------------------------------------------------------------------------------------------------
1,255,000 NYC GO 5.500 06/01/2028 1,313,496
- ------------------------------------------------------------------------------------------------------------------------------
4,160,000 NYC GO 5.500 12/01/2031 4,394,790
- ------------------------------------------------------------------------------------------------------------------------------
4,675,000 NYC GO 5.500 11/15/2037 4,798,654
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.750 02/01/2020 5,081
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.750 03/01/2020 1,619,445
- ------------------------------------------------------------------------------------------------------------------------------
1,400,000 NYC GO 5.875 08/01/2024 1,423,408
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.950 08/01/2014 5,229
- ------------------------------------------------------------------------------------------------------------------------------
12,880,000 NYC GO 6.000 01/15/2021 14,124,466
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.150 2 10/01/2012 30,883
- ------------------------------------------------------------------------------------------------------------------------------
200,000 NYC GO 6.340 2 05/15/2012 156,938
- ------------------------------------------------------------------------------------------------------------------------------
335,000 NYC GO 6.350 05/15/2014 351,616
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.000 02/01/2010 20,049
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.250 08/15/2024 15,039
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.750 08/15/2028 5,023
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS 0.000 6 08/01/2025 95,523
- ------------------------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 7.970 4 08/12/2010 840,130
- ------------------------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 8.717 4 09/01/2011 840,164
- ------------------------------------------------------------------------------------------------------------------------------
1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,062,922
- ------------------------------------------------------------------------------------------------------------------------------
4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,131,153
- ------------------------------------------------------------------------------------------------------------------------------
282,811 NYC HDC (Bay Towers) 6.500 08/15/2017 297,458
- ------------------------------------------------------------------------------------------------------------------------------
358,602 NYC HDC (Bridgeview III) 6.500 12/15/2017 377,170
- ------------------------------------------------------------------------------------------------------------------------------
1,010,525 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,062,890
- ------------------------------------------------------------------------------------------------------------------------------
143,959 NYC HDC (Candia House) 6.500 06/15/2018 151,399
- ------------------------------------------------------------------------------------------------------------------------------
238,823 NYC HDC (Contello III) 7.000 12/15/2018 251,247
- ------------------------------------------------------------------------------------------------------------------------------
849,088 NYC HDC (Court Plaza) 6.500 08/15/2017 893,062
- ------------------------------------------------------------------------------------------------------------------------------
2,798,686 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,943,714
27 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 65,012 NYC HDC (Essex Terrace) 6.500% 07/15/2018 $ 68,372
- ------------------------------------------------------------------------------------------------------------------------------
385,012 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 404,894
- ------------------------------------------------------------------------------------------------------------------------------
310,157 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 326,220
- ------------------------------------------------------------------------------------------------------------------------------
6,470,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 6,373,856
- ------------------------------------------------------------------------------------------------------------------------------
3,380,000 NYC HDC (Multifamily Hsg.) 4.850 11/01/2025 3,310,440
- ------------------------------------------------------------------------------------------------------------------------------
2,685,000 NYC HDC (Multifamily Hsg.) 5.000 11/01/2037 2,645,101
- ------------------------------------------------------------------------------------------------------------------------------
3,185,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 3,150,825
- ------------------------------------------------------------------------------------------------------------------------------
8,500,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 8,783,220
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,060,450
- ------------------------------------------------------------------------------------------------------------------------------
10,470,000 NYC HDC (Multifamily Hsg.), Series A 3 5.600 11/01/2042 10,747,036
- ------------------------------------------------------------------------------------------------------------------------------
14,250,000 NYC HDC (Multifamily Hsg.), Series B 3,7 5.350 05/01/2049 14,233,470
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC HDC (Multifamily Hsg.), Series C 5.050 11/01/2036 5,025,900
- ------------------------------------------------------------------------------------------------------------------------------
330,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 337,834
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,006,630
- ------------------------------------------------------------------------------------------------------------------------------
11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 3 4.950 11/01/2033 11,201,630
- ------------------------------------------------------------------------------------------------------------------------------
2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,170,451
- ------------------------------------------------------------------------------------------------------------------------------
1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,333,460
- ------------------------------------------------------------------------------------------------------------------------------
3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,364,980
- ------------------------------------------------------------------------------------------------------------------------------
15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 15,424,695
- ------------------------------------------------------------------------------------------------------------------------------
15,000,000 NYC HDC (Progress of Peoples Devel.) 3 4.950 05/15/2036 14,810,100
- ------------------------------------------------------------------------------------------------------------------------------
516,686 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 516,686
- ------------------------------------------------------------------------------------------------------------------------------
192,762 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 202,795
- ------------------------------------------------------------------------------------------------------------------------------
700,379 NYC HDC (Seaview Towers) 6.500 01/15/2018 736,575
- ------------------------------------------------------------------------------------------------------------------------------
290,094 NYC HDC (St. Martin Tower) 6.500 11/15/2018 305,127
- ------------------------------------------------------------------------------------------------------------------------------
1,333,075 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,401,355
- ------------------------------------------------------------------------------------------------------------------------------
181,087 NYC HDC (Town House West) 6.500 01/15/2018 181,087
- ------------------------------------------------------------------------------------------------------------------------------
199,536 NYC HDC (Westview Apartments) 6.500 10/15/2017 209,870
- ------------------------------------------------------------------------------------------------------------------------------
2,750,000 NYC HDC, Series C 5.000 11/01/2026 2,763,063
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,023,790
- ------------------------------------------------------------------------------------------------------------------------------
5,875,000 NYC Health & Hospital Corp. RITES 7.454 4 02/15/2020 6,454,040
- ------------------------------------------------------------------------------------------------------------------------------
1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,129,293
- ------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,554,568
- ------------------------------------------------------------------------------------------------------------------------------
33,335,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 34,030,701
- ------------------------------------------------------------------------------------------------------------------------------
20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 21,403,654
- ------------------------------------------------------------------------------------------------------------------------------
305,000 NYC IDA (Allied Metal) 6.375 12/01/2014 308,495
- ------------------------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 960,182
- ------------------------------------------------------------------------------------------------------------------------------
3,250,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,134,495
- ------------------------------------------------------------------------------------------------------------------------------
2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,381,146
- ------------------------------------------------------------------------------------------------------------------------------
29,935,000 NYC IDA (American Airlines) 3 5.400 07/01/2020 27,348,616
- ------------------------------------------------------------------------------------------------------------------------------
38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 38,423,444
- ------------------------------------------------------------------------------------------------------------------------------
331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 383,010,012
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 NYC IDA (American National Red Cross) 5.000% 02/01/2036 $ 1,019,420
- ------------------------------------------------------------------------------------------------------------------------------
485,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 485,320
- ------------------------------------------------------------------------------------------------------------------------------
4,620,000 NYC IDA (Atlantic Paste & Glue Company) 3 6.625 11/01/2019 4,678,535
- ------------------------------------------------------------------------------------------------------------------------------
1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,202,294
- ------------------------------------------------------------------------------------------------------------------------------
535,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 551,746
- ------------------------------------------------------------------------------------------------------------------------------
1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,774,945
- ------------------------------------------------------------------------------------------------------------------------------
155,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 153,004
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,413,795
- ------------------------------------------------------------------------------------------------------------------------------
10,705,000 NYC IDA (Berkeley Carroll School) 3 6.100 11/01/2028 10,400,122
- ------------------------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,725,775
- ------------------------------------------------------------------------------------------------------------------------------
1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,094,316
- ------------------------------------------------------------------------------------------------------------------------------
4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,428,173
- ------------------------------------------------------------------------------------------------------------------------------
41,645,000 NYC IDA (British Airways) 3 5.250 12/01/2032 39,365,769
- ------------------------------------------------------------------------------------------------------------------------------
26,470,000 NYC IDA (British Airways) 3 7.625 12/01/2032 29,792,779
- ------------------------------------------------------------------------------------------------------------------------------
85,695,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 85,161,120
- ------------------------------------------------------------------------------------------------------------------------------
143,510,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 143,731,005
- ------------------------------------------------------------------------------------------------------------------------------
21,050,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 3 6.200 10/01/2022 22,383,939
- ------------------------------------------------------------------------------------------------------------------------------
16,205,000 NYC IDA (Calhoun School) 3 6.625 12/01/2034 16,853,038
- ------------------------------------------------------------------------------------------------------------------------------
4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,329,701
- ------------------------------------------------------------------------------------------------------------------------------
2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,875,748
- ------------------------------------------------------------------------------------------------------------------------------
1,280,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 1,271,488
- ------------------------------------------------------------------------------------------------------------------------------
2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,218,640
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,554,825
- ------------------------------------------------------------------------------------------------------------------------------
9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,753,216
- ------------------------------------------------------------------------------------------------------------------------------
2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,587,239
- ------------------------------------------------------------------------------------------------------------------------------
2,975,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,074,811
- ------------------------------------------------------------------------------------------------------------------------------
2,040,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,046,895
- ------------------------------------------------------------------------------------------------------------------------------
1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,494,053
- ------------------------------------------------------------------------------------------------------------------------------
3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 3,147,768
- ------------------------------------------------------------------------------------------------------------------------------
3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 4,028,901
- ------------------------------------------------------------------------------------------------------------------------------
1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,580,812
- ------------------------------------------------------------------------------------------------------------------------------
1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,836,747
- ------------------------------------------------------------------------------------------------------------------------------
1,110,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,120,523
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 1,533,255
- ------------------------------------------------------------------------------------------------------------------------------
4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 5,185,545
- ------------------------------------------------------------------------------------------------------------------------------
380,000 NYC IDA (Dioni) 6.000 11/01/2007 382,056
- ------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,687,084
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,098,020
- ------------------------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,576,890
- ------------------------------------------------------------------------------------------------------------------------------
7,315,000 NYC IDA (Friends Seminary School) 3 7.125 09/15/2031 7,818,418
- ------------------------------------------------------------------------------------------------------------------------------
3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,432,454
29 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,265,000 NYC IDA (Gateway School of NY) 6.500% 11/01/2019 $ 2,396,370
- ------------------------------------------------------------------------------------------------------------------------------
14,350,000 NYC IDA (General Motors Corp.) 5.125 12/30/2023 12,278,721
- ------------------------------------------------------------------------------------------------------------------------------
1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,875,376
- ------------------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,776,672
- ------------------------------------------------------------------------------------------------------------------------------
2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,218,348
- ------------------------------------------------------------------------------------------------------------------------------
260,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 261,446
- ------------------------------------------------------------------------------------------------------------------------------
2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,269,103
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 995,380
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,032,090
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,075,450
- ------------------------------------------------------------------------------------------------------------------------------
1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,633,601
- ------------------------------------------------------------------------------------------------------------------------------
805,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 883,616
- ------------------------------------------------------------------------------------------------------------------------------
1,010,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,104,415
- ------------------------------------------------------------------------------------------------------------------------------
1,035,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,038,726
- ------------------------------------------------------------------------------------------------------------------------------
4,500,000 NYC IDA (Liberty-7 World Trade Center) 1 6.750 03/01/2015 4,847,310
- ------------------------------------------------------------------------------------------------------------------------------
16,600,000 NYC IDA (Liberty-IAC/Interactive Corp.) 3 5.000 09/01/2035 16,623,074
- ------------------------------------------------------------------------------------------------------------------------------
3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,134,777
- ------------------------------------------------------------------------------------------------------------------------------
390,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 382,145
- ------------------------------------------------------------------------------------------------------------------------------
2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,889,277
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,047,380
- ------------------------------------------------------------------------------------------------------------------------------
23,000,000 NYC IDA (Magen David Yeshivah) 3 5.700 06/15/2027 24,032,010
- ------------------------------------------------------------------------------------------------------------------------------
680,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 686,854
- ------------------------------------------------------------------------------------------------------------------------------
3,960,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 4,055,159
- ------------------------------------------------------------------------------------------------------------------------------
19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,837,891
- ------------------------------------------------------------------------------------------------------------------------------
1,450,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,462,775
- ------------------------------------------------------------------------------------------------------------------------------
4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,757,236
- ------------------------------------------------------------------------------------------------------------------------------
3,200,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 3,066,816
- ------------------------------------------------------------------------------------------------------------------------------
2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,265,331
- ------------------------------------------------------------------------------------------------------------------------------
375,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 376,879
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYC IDA (NYU) 5.000 07/01/2041 25,215
- ------------------------------------------------------------------------------------------------------------------------------
290,000 NYC IDA (Paradise Products) 7.125 11/01/2007 292,793
- ------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYC IDA (Paradise Products) 3 8.250 11/01/2022 4,664,337
- ------------------------------------------------------------------------------------------------------------------------------
470,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 476,331
- ------------------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 173,108
- ------------------------------------------------------------------------------------------------------------------------------
3,780,000 NYC IDA (Petrocelli Electric) 3 8.000 11/01/2017 3,907,575
- ------------------------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 979,649
- ------------------------------------------------------------------------------------------------------------------------------
6,410,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 6,454,614
- ------------------------------------------------------------------------------------------------------------------------------
34,050,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 34,241,702
- ------------------------------------------------------------------------------------------------------------------------------
2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,255,590
- ------------------------------------------------------------------------------------------------------------------------------
1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,923,294
- ------------------------------------------------------------------------------------------------------------------------------
930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 991,771
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
- ------------------------------------------------------------------------------------------------------------------------------
$ 4,100,000 NYC IDA (PSCH) 6.375% 07/01/2033 $ 4,337,882
- ------------------------------------------------------------------------------------------------------------------------------
6,800,000 NYC IDA (Reece School) 3 7.500 12/01/2037 6,706,636
- ------------------------------------------------------------------------------------------------------------------------------
2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,268,421
- ------------------------------------------------------------------------------------------------------------------------------
2,615,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,519,134
- ------------------------------------------------------------------------------------------------------------------------------
8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 8,324,601
- ------------------------------------------------------------------------------------------------------------------------------
1,030,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,030,711
- ------------------------------------------------------------------------------------------------------------------------------
4,085,000 NYC IDA (Sahadi Fine Foods) 3 6.750 11/01/2019 4,016,658
- ------------------------------------------------------------------------------------------------------------------------------
875,000 NYC IDA (Services for the Underserved/
Young Adult Institute Obligated Group) 5.000 07/01/2026 864,106
- ------------------------------------------------------------------------------------------------------------------------------
4,380,000 NYC IDA (Showman Fabricators) 3 7.500 11/01/2028 4,373,693
- ------------------------------------------------------------------------------------------------------------------------------
3,420,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,496,129
- ------------------------------------------------------------------------------------------------------------------------------
1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,586,829
- ------------------------------------------------------------------------------------------------------------------------------
4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,586,847
- ------------------------------------------------------------------------------------------------------------------------------
345,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 345,397
- ------------------------------------------------------------------------------------------------------------------------------
7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,457,869
- ------------------------------------------------------------------------------------------------------------------------------
5,115,000 NYC IDA (St. Bernard's School) 3 7.000 12/01/2021 5,295,764
- ------------------------------------------------------------------------------------------------------------------------------
1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,550,713
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,099
- ------------------------------------------------------------------------------------------------------------------------------
4,495,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,539,501
- ------------------------------------------------------------------------------------------------------------------------------
1,485,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,507,023
- ------------------------------------------------------------------------------------------------------------------------------
585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 590,019
- ------------------------------------------------------------------------------------------------------------------------------
1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,294,265
- ------------------------------------------------------------------------------------------------------------------------------
910,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 870,015
- ------------------------------------------------------------------------------------------------------------------------------
2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,370,706
- ------------------------------------------------------------------------------------------------------------------------------
5,245,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2020 5,500,064
- ------------------------------------------------------------------------------------------------------------------------------
7,750,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2021 8,120,915
- ------------------------------------------------------------------------------------------------------------------------------
11,390,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2024 11,873,506
- ------------------------------------------------------------------------------------------------------------------------------
380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 394,759
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,026,200
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (The Child School) 3 7.550 06/01/2033 10,494,700
- ------------------------------------------------------------------------------------------------------------------------------
375,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 397,211
- ------------------------------------------------------------------------------------------------------------------------------
3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 4,009,224
- ------------------------------------------------------------------------------------------------------------------------------
300,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 305,136
- ------------------------------------------------------------------------------------------------------------------------------
1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,128,053
- ------------------------------------------------------------------------------------------------------------------------------
4,325,000 NYC IDA (Touro College) 6.350 06/01/2029 4,480,787
- ------------------------------------------------------------------------------------------------------------------------------
4,485,000 NYC IDA (Ulano) 3 6.900 11/01/2019 4,399,964
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,031,100
- ------------------------------------------------------------------------------------------------------------------------------
845,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 858,275
- ------------------------------------------------------------------------------------------------------------------------------
9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 10,099,145
- ------------------------------------------------------------------------------------------------------------------------------
3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,812,354
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYC IDA (Utleys) 6.625 11/01/2006 39,929
31 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,335,000 NYC IDA (Utleys) 7.375% 11/01/2023 $ 1,301,732
- ------------------------------------------------------------------------------------------------------------------------------
365,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 370,906
- ------------------------------------------------------------------------------------------------------------------------------
2,965,000 NYC IDA (Van Blarcom Closures) 3 8.000 11/01/2017 3,108,536
- ------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC IDA (Visy Paper) 3 7.800 01/01/2016 20,477,800
- ------------------------------------------------------------------------------------------------------------------------------
70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 71,365,035
- ------------------------------------------------------------------------------------------------------------------------------
1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 1,831,454
- ------------------------------------------------------------------------------------------------------------------------------
435,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 446,532
- ------------------------------------------------------------------------------------------------------------------------------
1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,631,226
- ------------------------------------------------------------------------------------------------------------------------------
5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 6,031,996
- ------------------------------------------------------------------------------------------------------------------------------
2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,903,538
- ------------------------------------------------------------------------------------------------------------------------------
3,370,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 3,445,522
- ------------------------------------------------------------------------------------------------------------------------------
6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,353,054
- ------------------------------------------------------------------------------------------------------------------------------
1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,602,166
- ------------------------------------------------------------------------------------------------------------------------------
9,000,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 10,120,140
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 10,144,300
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 65,982
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 50,755
- ------------------------------------------------------------------------------------------------------------------------------
39,985,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 40,511,602
- ------------------------------------------------------------------------------------------------------------------------------
15,085,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 15,297,246
- ------------------------------------------------------------------------------------------------------------------------------
14,025,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 14,251,223
- ------------------------------------------------------------------------------------------------------------------------------
200,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 202,516
- ------------------------------------------------------------------------------------------------------------------------------
7,655,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 7,768,217
- ------------------------------------------------------------------------------------------------------------------------------
1,100,000 NYC Municipal Water Finance Authority 5.000 06/15/2037 1,115,917
- ------------------------------------------------------------------------------------------------------------------------------
850,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 861,314
- ------------------------------------------------------------------------------------------------------------------------------
675,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 682,668
- ------------------------------------------------------------------------------------------------------------------------------
4,600,000 NYC Municipal Water Finance Authority 3 5.000 06/15/2039 4,657,546
- ------------------------------------------------------------------------------------------------------------------------------
10,480,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 10,611,105
- ------------------------------------------------------------------------------------------------------------------------------
16,120,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 16,354,868
- ------------------------------------------------------------------------------------------------------------------------------
820,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 833,423
- ------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 30,612
- ------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 30,673
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 25,481
- ------------------------------------------------------------------------------------------------------------------------------
20,545,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 20,972,336
- ------------------------------------------------------------------------------------------------------------------------------
650,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 673,017
- ------------------------------------------------------------------------------------------------------------------------------
530,000 NYC Municipal Water Finance Authority 5.400 2 06/15/2019 272,553
- ------------------------------------------------------------------------------------------------------------------------------
12,750,000 NYC Municipal Water Finance Authority DRIVERS 7.128 4 06/15/2013 13,350,398
- ------------------------------------------------------------------------------------------------------------------------------
2,930,000 NYC Municipal Water Finance Authority RITES 7.364 4 06/15/2032 3,068,179
- ------------------------------------------------------------------------------------------------------------------------------
7,850,000 NYC Municipal Water Finance Authority RITES 7.423 4 06/15/2034 8,240,930
- ------------------------------------------------------------------------------------------------------------------------------
14,425,000 NYC Municipal Water Finance Authority RITES 3 7.444 4 06/15/2026 15,385,417
- ------------------------------------------------------------------------------------------------------------------------------
2,805,000 NYC Municipal Water Finance Authority RITES 7.464 4 06/15/2027 2,971,617
- ------------------------------------------------------------------------------------------------------------------------------
11,860,000 NYC Municipal Water Finance Authority RITES 7.533 4 06/15/2034 12,484,548
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 4,500,000 NYC Municipal Water Finance Authority RITES 7.533% 4 06/15/2038 $ 4,694,490
- ------------------------------------------------------------------------------------------------------------------------------
11,210,000 NYC Municipal Water Finance Authority RITES 7.864 4 06/15/2032 11,924,301
- ------------------------------------------------------------------------------------------------------------------------------
3,555,000 NYC Municipal Water Finance Authority RITES 7.923 4 06/15/2021 3,829,375
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC Municipal Water Finance Authority RITES 7.923 4 06/15/2030 5,291,300
- ------------------------------------------------------------------------------------------------------------------------------
18,240,000 NYC Municipal Water Finance Authority RITES 7.954 4 06/15/2030 19,302,662
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC Municipal Water Finance Authority RITES 7.964 4 06/15/2030 5,291,300
- ------------------------------------------------------------------------------------------------------------------------------
6,875,000 NYC Municipal Water Finance Authority ROLs 7.588 4 06/15/2031 7,381,413
- ------------------------------------------------------------------------------------------------------------------------------
16,675,000 NYC Municipal Water Finance Authority ROLs 7.588 4 06/15/2036 17,661,493
- ------------------------------------------------------------------------------------------------------------------------------
10,025,000 NYC Municipal Water Finance Authority ROLs 7.588 4 06/15/2037 10,605,448
- ------------------------------------------------------------------------------------------------------------------------------
7,875,000 NYC Municipal Water Finance Authority ROLs 7.588 4 06/15/2039 8,232,998
- ------------------------------------------------------------------------------------------------------------------------------
4,935,000 NYC Municipal Water Finance Authority ROLs 7.588 4 06/15/2039 5,237,516
- ------------------------------------------------------------------------------------------------------------------------------
4,500,000 NYC Municipal Water Finance Authority ROLs 7.608 4 06/15/2039 4,725,180
- ------------------------------------------------------------------------------------------------------------------------------
50,000,000 NYC Transitional Finance Authority (Future Tax),
Series B 5.000 08/01/2031 50,908,000
- ------------------------------------------------------------------------------------------------------------------------------
2,150,000 NYC Transitional Finance Authority RITES 7.454 4 08/15/2027 2,352,315
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 53,327
- ------------------------------------------------------------------------------------------------------------------------------
17,923,280 NYS Certificate of Lease 1 5.875 01/02/2023 18,414,198
- ------------------------------------------------------------------------------------------------------------------------------
1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,842,151
- ------------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 364,228
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,559,055
- ------------------------------------------------------------------------------------------------------------------------------
14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,658,257
- ------------------------------------------------------------------------------------------------------------------------------
8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,835,831
- ------------------------------------------------------------------------------------------------------------------------------
2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,983,987
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 5.000 07/01/2023 5,123
- ------------------------------------------------------------------------------------------------------------------------------
1,895,000 NYS DA (City University) 5.250 07/01/2031 2,010,690
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,662,525
- ------------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,298,550
- ------------------------------------------------------------------------------------------------------------------------------
5,005,000 NYS DA (Dept. of Health) 7 5.000 07/01/2031 5,085,781
- ------------------------------------------------------------------------------------------------------------------------------
525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 540,262
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,357
- ------------------------------------------------------------------------------------------------------------------------------
6,790,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2027 7,012,848
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,021,770
- ------------------------------------------------------------------------------------------------------------------------------
3,970,000 NYS DA (Hospital for Special Surgery) 5.000 08/15/2033 4,043,564
- ------------------------------------------------------------------------------------------------------------------------------
140,915,000 NYS DA (Insured Hospital) 5.530 2 08/15/2036 27,915,262
- ------------------------------------------------------------------------------------------------------------------------------
38,650,000 NYS DA (Interfaith Medical Center) 3 5.400 02/15/2028 39,661,857
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,035,710
- ------------------------------------------------------------------------------------------------------------------------------
10,300,000 NYS DA (Kaleida Health) 5.050 02/15/2025 10,510,326
- ------------------------------------------------------------------------------------------------------------------------------
3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,520,346
- ------------------------------------------------------------------------------------------------------------------------------
1,410,000 NYS DA (L.I. University) 5.250 09/01/2028 1,446,759
- ------------------------------------------------------------------------------------------------------------------------------
235,000 NYS DA (L.I. University) 5.250 09/01/2028 242,847
- ------------------------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,672,651
33 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 20,000 NYS DA (Lakeside Memorial Hospital) 6.000% 02/01/2021 $ 20,223
- ------------------------------------------------------------------------------------------------------------------------------
1,710,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.375 07/01/2020 1,737,582
- ------------------------------------------------------------------------------------------------------------------------------
9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES 6.408 4 02/01/2038 10,036,296
- ------------------------------------------------------------------------------------------------------------------------------
10,730,000 NYS DA (Memorial Sloan-Kettering) 5.000 07/01/2035 10,911,659
- ------------------------------------------------------------------------------------------------------------------------------
3,115,000 NYS DA (Menorah Home & Hospital) RITES 7.834 4 08/01/2038 3,309,501
- ------------------------------------------------------------------------------------------------------------------------------
5,825,000 NYS DA (Menorah Home) RITES 8.023 4 08/01/2038 6,160,986
- ------------------------------------------------------------------------------------------------------------------------------
11,500,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2030 11,672,385
- ------------------------------------------------------------------------------------------------------------------------------
23,900,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2035 24,157,403
- ------------------------------------------------------------------------------------------------------------------------------
3,660,000 NYS DA (Mental Health) 5.000 02/15/2033 3,693,269
- ------------------------------------------------------------------------------------------------------------------------------
4,625,000 NYS DA (Mental Health) RITES 7.464 4 02/15/2023 5,073,440
- ------------------------------------------------------------------------------------------------------------------------------
3,770,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,900,140
- ------------------------------------------------------------------------------------------------------------------------------
4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.375 07/01/2029 4,427,280
- ------------------------------------------------------------------------------------------------------------------------------
2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2,672,879
- ------------------------------------------------------------------------------------------------------------------------------
6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2025 7,545,657
- ------------------------------------------------------------------------------------------------------------------------------
11,000,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 11,218,790
- ------------------------------------------------------------------------------------------------------------------------------
11,750,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 11,942,230
- ------------------------------------------------------------------------------------------------------------------------------
2,375,000 NYS DA (Montefiore Medical) RITES 9.423 4 08/01/2038 2,820,598
- ------------------------------------------------------------------------------------------------------------------------------
6,400,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 5.500 07/01/2026 6,452,352
- ------------------------------------------------------------------------------------------------------------------------------
6,800,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.000 07/01/2014 7,167,948
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.500 07/01/2017 3,210,810
- ------------------------------------------------------------------------------------------------------------------------------
27,420,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.500 07/01/2025 29,202,574
- ------------------------------------------------------------------------------------------------------------------------------
8,820,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.625 07/01/2019 9,461,214
- ------------------------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.750 07/01/2020 16,155,150
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 5,040,900
- ------------------------------------------------------------------------------------------------------------------------------
2,850,000 NYS DA (Municipal Health Facilities) RITES 1 7.464 4 01/15/2023 3,126,564
- ------------------------------------------------------------------------------------------------------------------------------
4,665,000 NYS DA (North Shore Long Island Jewish Group) 5.500 05/01/2033 4,864,662
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,023,380
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,206,940
- ------------------------------------------------------------------------------------------------------------------------------
6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 6,077,054
- ------------------------------------------------------------------------------------------------------------------------------
7,600,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,527,116
- ------------------------------------------------------------------------------------------------------------------------------
4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,352,999
- ------------------------------------------------------------------------------------------------------------------------------
650,000 NYS DA (NY & Presbyterian Hospital) 5.000 08/01/2032 656,767
- ------------------------------------------------------------------------------------------------------------------------------
6,950,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,328,358
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (NY Methodist Hospital) 5.250 07/01/2033 2,037,920
- ------------------------------------------------------------------------------------------------------------------------------
438,581 NYS DA (Our Lady of Mercy Medical Center)
Computer Lease 1 6.200 08/15/2006 438,129
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,035,000 NYS DA (Providence Rest) 5.000% 07/01/2035 $ 6,012,067
- ------------------------------------------------------------------------------------------------------------------------------
2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,739,852
- ------------------------------------------------------------------------------------------------------------------------------
3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 3,194,147
- ------------------------------------------------------------------------------------------------------------------------------
580,000 NYS DA (Sarah Neuman Nursing Home) 5.450 08/01/2027 600,068
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2022 55,277
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 27,424
- ------------------------------------------------------------------------------------------------------------------------------
20,495,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 21,406,003
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 1,002,470
- ------------------------------------------------------------------------------------------------------------------------------
415,000 NYS DA (Special Act School Districts) 6.000 07/01/2019 419,876
- ------------------------------------------------------------------------------------------------------------------------------
2,470,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,532,862
- ------------------------------------------------------------------------------------------------------------------------------
905,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 947,064
- ------------------------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,796,393
- ------------------------------------------------------------------------------------------------------------------------------
2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,052,091
- ------------------------------------------------------------------------------------------------------------------------------
2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,668,081
- ------------------------------------------------------------------------------------------------------------------------------
101,800,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 101,226,866
- ------------------------------------------------------------------------------------------------------------------------------
1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,530,766
- ------------------------------------------------------------------------------------------------------------------------------
3,910,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,022,413
- ------------------------------------------------------------------------------------------------------------------------------
2,095,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 2,168,136
- ------------------------------------------------------------------------------------------------------------------------------
7,030,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,248,352
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,615,025
- ------------------------------------------------------------------------------------------------------------------------------
26,070,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,756,162
- ------------------------------------------------------------------------------------------------------------------------------
3,310,000 NYS DA P-Floats 7.533 4 02/01/2028 3,573,344
- ------------------------------------------------------------------------------------------------------------------------------
1,565,000 NYS DA RITES 6.672 4 12/01/2025 1,675,364
- ------------------------------------------------------------------------------------------------------------------------------
4,415,000 NYS DA RITES 6.672 4 12/01/2035 4,619,326
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA RITES 10.427 4 02/01/2012 6,798,300
- ------------------------------------------------------------------------------------------------------------------------------
715,000 NYS DA, Series B 6.650 08/15/2030 805,004
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 102,419
- ------------------------------------------------------------------------------------------------------------------------------
4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 3 5.400 07/15/2021 4,322,068
- ------------------------------------------------------------------------------------------------------------------------------
7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,970,925
- ------------------------------------------------------------------------------------------------------------------------------
2,365,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,501,934
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (United Waterworks) 5.150 03/01/2034 25,251
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 3 8.822 4 04/01/2020 7,803,950
- ------------------------------------------------------------------------------------------------------------------------------
16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 3 9.868 4 07/01/2026 17,285,172
- ------------------------------------------------------------------------------------------------------------------------------
210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 219,555
- ------------------------------------------------------------------------------------------------------------------------------
80,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 81,432
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,017,900
- ------------------------------------------------------------------------------------------------------------------------------
23,000,000 NYS ERDA (LILCO) 3 5.300 11/01/2023 23,448,270
- ------------------------------------------------------------------------------------------------------------------------------
315,000 NYS ERDA (LILCO) 5.300 10/01/2024 320,982
- ------------------------------------------------------------------------------------------------------------------------------
3,485,000 NYS ERDA (NIMO) RITES 8.064 4 11/01/2025 3,909,403
- ------------------------------------------------------------------------------------------------------------------------------
3,625,000 NYS ERDA (RG&E) Residual Certificates 10.900 4 09/01/2033 4,411,553
- ------------------------------------------------------------------------------------------------------------------------------
2,950,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 2,951,800
35 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 NYS HFA (Friendship) 5.100% 08/15/2041 $ 1,000,810
- ------------------------------------------------------------------------------------------------------------------------------
1,200,000 NYS HFA (Fulton Manor) 6.100 11/15/2025 1,232,316
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (General Hsg.) 6.600 11/01/2008 15,321
- ------------------------------------------------------------------------------------------------------------------------------
1,550,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 1,527,200
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,016
- ------------------------------------------------------------------------------------------------------------------------------
745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 753,798
- ------------------------------------------------------------------------------------------------------------------------------
1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,365,808
- ------------------------------------------------------------------------------------------------------------------------------
1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,715,198
- ------------------------------------------------------------------------------------------------------------------------------
1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,102,635
- ------------------------------------------------------------------------------------------------------------------------------
2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,900,355
- ------------------------------------------------------------------------------------------------------------------------------
2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,114,133
- ------------------------------------------------------------------------------------------------------------------------------
3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,325,725
- ------------------------------------------------------------------------------------------------------------------------------
2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,104,237
- ------------------------------------------------------------------------------------------------------------------------------
1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,249,385
- ------------------------------------------------------------------------------------------------------------------------------
1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,425,525
- ------------------------------------------------------------------------------------------------------------------------------
1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,266,561
- ------------------------------------------------------------------------------------------------------------------------------
1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,785,550
- ------------------------------------------------------------------------------------------------------------------------------
1,170,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,202,830
- ------------------------------------------------------------------------------------------------------------------------------
3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,280,448
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,027,770
- ------------------------------------------------------------------------------------------------------------------------------
1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,740,660
- ------------------------------------------------------------------------------------------------------------------------------
2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,180,335
- ------------------------------------------------------------------------------------------------------------------------------
90,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 90,099
- ------------------------------------------------------------------------------------------------------------------------------
1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,320,710
- ------------------------------------------------------------------------------------------------------------------------------
4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,812,941
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 40,044
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,528
- ------------------------------------------------------------------------------------------------------------------------------
725,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 744,343
- ------------------------------------------------------------------------------------------------------------------------------
1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,285,710
- ------------------------------------------------------------------------------------------------------------------------------
760,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 775,785
- ------------------------------------------------------------------------------------------------------------------------------
2,735,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 2,738,391
- ------------------------------------------------------------------------------------------------------------------------------
5,570,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,713,149
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 5,012
- ------------------------------------------------------------------------------------------------------------------------------
5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,446,224
- ------------------------------------------------------------------------------------------------------------------------------
315,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 323,014
- ------------------------------------------------------------------------------------------------------------------------------
2,740,000 NYS HFA (NH&HC) RITES 8.064 4 11/01/2016 2,800,225
- ------------------------------------------------------------------------------------------------------------------------------
480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 487,085
- ------------------------------------------------------------------------------------------------------------------------------
525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 532,749
- ------------------------------------------------------------------------------------------------------------------------------
565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 573,339
- ------------------------------------------------------------------------------------------------------------------------------
605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 613,930
- ------------------------------------------------------------------------------------------------------------------------------
655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 664,668
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 780,000 NYS HFA (Nonprofit Hsg.) 8.400% 11/01/2014 $ 791,513
- ------------------------------------------------------------------------------------------------------------------------------
835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 847,325
- ------------------------------------------------------------------------------------------------------------------------------
900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 913,284
- ------------------------------------------------------------------------------------------------------------------------------
990,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,004,612
- ------------------------------------------------------------------------------------------------------------------------------
1,060,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,075,646
- ------------------------------------------------------------------------------------------------------------------------------
460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 466,790
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,095,500
- ------------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,081
- ------------------------------------------------------------------------------------------------------------------------------
5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,785,584
- ------------------------------------------------------------------------------------------------------------------------------
5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,706,275
- ------------------------------------------------------------------------------------------------------------------------------
255,000 NYS HFA (Service Contract) 6.500 03/15/2025 259,032
- ------------------------------------------------------------------------------------------------------------------------------
305,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 305,299
- ------------------------------------------------------------------------------------------------------------------------------
1,540,000 NYS HFA (Tiffany Gardens) 4.900 08/15/2025 1,542,941
- ------------------------------------------------------------------------------------------------------------------------------
3,210,000 NYS HFA (Tiffany Gardens) 5.125 08/15/2037 3,204,832
- ------------------------------------------------------------------------------------------------------------------------------
320,000 NYS LGSC (SCSB) 1 7.250 12/15/2011 328,368
- ------------------------------------------------------------------------------------------------------------------------------
810,000 NYS LGSC (SCSB) 1 7.375 12/15/2016 835,580
- ------------------------------------------------------------------------------------------------------------------------------
980,000 NYS LGSC (SCSB) 1 7.750 12/15/2021 1,030,441
- ------------------------------------------------------------------------------------------------------------------------------
1,045,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 1,046,662
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 65,510
- ------------------------------------------------------------------------------------------------------------------------------
960,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 961,709
- ------------------------------------------------------------------------------------------------------------------------------
740,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 741,362
- ------------------------------------------------------------------------------------------------------------------------------
645,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 647,038
- ------------------------------------------------------------------------------------------------------------------------------
530,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 550,405
- ------------------------------------------------------------------------------------------------------------------------------
195,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 196,071
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 40,864
- ------------------------------------------------------------------------------------------------------------------------------
1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,706,272
- ------------------------------------------------------------------------------------------------------------------------------
350,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 351,232
- ------------------------------------------------------------------------------------------------------------------------------
5,875,000 NYS Medcare (St. Peter's Hospital) 5.375 11/01/2020 5,909,898
- ------------------------------------------------------------------------------------------------------------------------------
7,140,000 NYS Thruway Authority RITES 7.454 4 01/01/2025 7,737,761
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS UDC (Correctional Facilities) 6.310 2 01/01/2013 3,578
- ------------------------------------------------------------------------------------------------------------------------------
5,480,000 Oneida County IDA (Bonide Products) 3 6.250 11/01/2018 5,419,775
- ------------------------------------------------------------------------------------------------------------------------------
830,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 820,505
- ------------------------------------------------------------------------------------------------------------------------------
450,000 Oneida County IDA
(Mohawk Valley Handicapped Services) 5.300 03/15/2019 460,548
- ------------------------------------------------------------------------------------------------------------------------------
740,000 Oneida County IDA
(Mohawk Valley Handicapped Services) 5.350 03/15/2029 754,201
- ------------------------------------------------------------------------------------------------------------------------------
1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,209,944
- ------------------------------------------------------------------------------------------------------------------------------
1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,076,925
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,197,440
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,157,380
- ------------------------------------------------------------------------------------------------------------------------------
295,000 Onondaga County IDA (Central New York
Charter School for Math & Science) 5 8.500 01/01/2032 102,982
37 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 475,000 Onondaga County IDA (Coltec Industries) 7.250% 06/01/2008 $ 481,066
- ------------------------------------------------------------------------------------------------------------------------------
770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 773,496
- ------------------------------------------------------------------------------------------------------------------------------
1,390,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,395,769
- ------------------------------------------------------------------------------------------------------------------------------
7,280,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,328,485
- ------------------------------------------------------------------------------------------------------------------------------
4,710,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 4,921,244
- ------------------------------------------------------------------------------------------------------------------------------
11,500,000 Onondaga County IDA (Solvay Paperboard) 3 6.800 11/01/2014 11,938,610
- ------------------------------------------------------------------------------------------------------------------------------
67,200,000 Onondaga County IDA (Solvay Paperboard) 3 7.000 11/01/2030 69,951,168
- ------------------------------------------------------------------------------------------------------------------------------
750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 763,853
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Onondaga County IDA Sewage Waste Facilities
(Anheuser-Busch Companies) 6.250 12/01/2034 527,505
- ------------------------------------------------------------------------------------------------------------------------------
52,669,598 Onondaga County Res Rec 0.000 6 05/01/2022 28,687,550
- ------------------------------------------------------------------------------------------------------------------------------
41,580,000 Onondaga County Res Rec 5.000 05/01/2015 39,605,782
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,656,350
- ------------------------------------------------------------------------------------------------------------------------------
2,310,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,429,358
- ------------------------------------------------------------------------------------------------------------------------------
2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,197,990
- ------------------------------------------------------------------------------------------------------------------------------
2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,748,983
- ------------------------------------------------------------------------------------------------------------------------------
5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 5,655,068
- ------------------------------------------------------------------------------------------------------------------------------
2,685,000 Orange County IDA (Kingston Manufacturing) 1 8.000 11/01/2017 1,350,099
- ------------------------------------------------------------------------------------------------------------------------------
295,000 Orange County IDA
(Orange Mental Retardation Properties) 7.800 07/01/2011 297,690
- ------------------------------------------------------------------------------------------------------------------------------
1,715,000 Orange County IDA
(St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,784,698
- ------------------------------------------------------------------------------------------------------------------------------
6,330,000 Orange County IDA
(St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,573,009
- ------------------------------------------------------------------------------------------------------------------------------
2,235,000 Orange County IDA
(St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,320,802
- ------------------------------------------------------------------------------------------------------------------------------
7,650,000 Orange County IDA (Tuxedo Place) 1 7.000 08/01/2032 5,746,374
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Tuxedo Place) 1 7.000 08/01/2033 1,876,800
- ------------------------------------------------------------------------------------------------------------------------------
2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,856,797
- ------------------------------------------------------------------------------------------------------------------------------
3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,372,470
- ------------------------------------------------------------------------------------------------------------------------------
6,860,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 6,954,942
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Otsego County IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,122,370
- ------------------------------------------------------------------------------------------------------------------------------
10,890,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,512,662
- ------------------------------------------------------------------------------------------------------------------------------
537,716 Peekskill IDA (Karta) 9.000 07/01/2010 545,712
- ------------------------------------------------------------------------------------------------------------------------------
1,515,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 1,540,907
- ------------------------------------------------------------------------------------------------------------------------------
1,770,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,809,117
- ------------------------------------------------------------------------------------------------------------------------------
53,290,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 55,123,176
- ------------------------------------------------------------------------------------------------------------------------------
2,795,000 Port Authority NY/NJ (Delta Air Lines) 1 6.950 06/01/2008 2,767,413
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 3,070,170
- ------------------------------------------------------------------------------------------------------------------------------
7,385,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 7,517,856
- ------------------------------------------------------------------------------------------------------------------------------
46,420,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 47,177,574
- ------------------------------------------------------------------------------------------------------------------------------
6,400,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 6,503,232
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 20,000,000 Port Authority NY/NJ RITES 7.367% 4 09/15/2013 $ 21,187,200
- ------------------------------------------------------------------------------------------------------------------------------
50,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 52,315,569
- ------------------------------------------------------------------------------------------------------------------------------
8,150,000 Port Authority NY/NJ, 108th Series 5.875 01/15/2017 8,311,370
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 35,280
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 120th Series 5.750 10/15/2026 1,030,800
- ------------------------------------------------------------------------------------------------------------------------------
4,775,000 Port Authority NY/NJ, 121st Series 5.125 10/15/2030 4,877,949
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 30,157
- ------------------------------------------------------------------------------------------------------------------------------
75,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 75,651
- ------------------------------------------------------------------------------------------------------------------------------
9,525,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,573,101
- ------------------------------------------------------------------------------------------------------------------------------
120,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 122,636
- ------------------------------------------------------------------------------------------------------------------------------
210,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 214,337
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 127th Series 5.200 12/15/2027 25,832
- ------------------------------------------------------------------------------------------------------------------------------
7,015,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 7,233,307
- ------------------------------------------------------------------------------------------------------------------------------
495,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2026 505,742
- ------------------------------------------------------------------------------------------------------------------------------
35,100,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2038 35,548,578
- ------------------------------------------------------------------------------------------------------------------------------
16,105,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 16,464,786
- ------------------------------------------------------------------------------------------------------------------------------
19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 20,086,771
- ------------------------------------------------------------------------------------------------------------------------------
22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 24,222,415
- ------------------------------------------------------------------------------------------------------------------------------
1,430,000 Port Authority NY/NJ, 137th Series 5.125 07/15/2030 1,465,965
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 Port Authority NY/NJ, 140th Series 5.000 12/01/2034 5,099,350
- ------------------------------------------------------------------------------------------------------------------------------
18,040,000 Port Authority NY/NJ, 141st Series 3 5.000 09/01/2027 18,297,250
- ------------------------------------------------------------------------------------------------------------------------------
47,910,000 Port Authority NY/NJ, 143rd Series 5.000 10/01/2030 48,329,692
- ------------------------------------------------------------------------------------------------------------------------------
27,535,000 Port Authority NY/NJ, 143rd Series 5.000 04/01/2036 27,708,195
- ------------------------------------------------------------------------------------------------------------------------------
2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevel. Corp.) 6.000 08/01/2032 2,901,153
- ------------------------------------------------------------------------------------------------------------------------------
1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,040,805
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2036 1,540,800
- ------------------------------------------------------------------------------------------------------------------------------
22,400,000 Rensselaer County IDA (Rensselaer Polytechnical Institute) 5.000 03/01/2036 22,681,344
- ------------------------------------------------------------------------------------------------------------------------------
2,125,000 Rensselaer County Tobacco Asset
Securitization Corp. RITES 8.107 4 06/01/2035 2,249,865
- ------------------------------------------------------------------------------------------------------------------------------
2,430,000 Rensselaer County Tobacco Asset
Securitization Corp. RITES 8.107 4 06/01/2043 2,611,205
- ------------------------------------------------------------------------------------------------------------------------------
5,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 5,129
- ------------------------------------------------------------------------------------------------------------------------------
18,975,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 19,128,318
- ------------------------------------------------------------------------------------------------------------------------------
1,580,000 Riverhead IDA (Michael Reilly Design) 8.875 08/01/2021 1,510,069
- ------------------------------------------------------------------------------------------------------------------------------
15,120,000 Rochester Hsg. Authority (Crossroads Apartments) 3 7.700 01/01/2017 15,343,776
- ------------------------------------------------------------------------------------------------------------------------------
6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,833,592
- ------------------------------------------------------------------------------------------------------------------------------
1,195,000 Rockland County IDA (Crystal Run Village/
Rockland County Assoc. for the
Learning Disabled Obligated Group) 4.900 07/01/2021 1,176,047
- ------------------------------------------------------------------------------------------------------------------------------
30,000,000 Rockland County Tobacco Asset Securitization Corp. 5.880 2 08/15/2045 2,684,700
- ------------------------------------------------------------------------------------------------------------------------------
441,000,000 Rockland County Tobacco Asset Securitization Corp. 7.620 2 08/15/2060 7,871,850
39 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,075,000 Rockland County Tobacco Asset
Securitization Corp. RITES 7.705% 4 08/15/2035 $ 3,260,853
- ------------------------------------------------------------------------------------------------------------------------------
3,360,000 Rockland County Tobacco Asset
Securitization Corp. RITES 7.705 4 08/15/2043 3,617,746
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Sanford Town GO 5.250 04/15/2015 20,899
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Sanford Town GO 5.250 04/15/2016 20,937
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2017 26,046
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2018 25,958
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2019 25,839
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2020 25,741
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2021 30,748
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2022 30,631
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2023 30,515
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2024 30,399
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Sanford Town GO 5.250 04/15/2025 35,331
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Sanford Town GO 5.250 04/15/2026 35,224
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2027 40,237
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2028 40,176
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2029 40,134
- ------------------------------------------------------------------------------------------------------------------------------
45,000 Sanford Town GO 5.250 04/15/2030 45,014
- ------------------------------------------------------------------------------------------------------------------------------
45,000 Sanford Town GO 5.250 04/15/2031 44,903
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Sanford Town GO 5.250 04/15/2032 49,870
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Sanford Town GO 5.250 04/15/2033 49,818
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Sanford Town GO 5.250 04/15/2034 54,749
- ------------------------------------------------------------------------------------------------------------------------------
60,000 Sanford Town GO 5.250 04/15/2035 59,599
- ------------------------------------------------------------------------------------------------------------------------------
60,000 Sanford Town GO 5.250 04/15/2036 59,593
- ------------------------------------------------------------------------------------------------------------------------------
970,000 Saratoga County IDA (ARC) 8.400 03/01/2013 973,026
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Saratoga County IDA (Saratoga Hospital/
Saratoga Care/Benedict Community Health Center) 5.125 12/01/2033 3,057,330
- ------------------------------------------------------------------------------------------------------------------------------
1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,749,499
- ------------------------------------------------------------------------------------------------------------------------------
3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,456,261
- ------------------------------------------------------------------------------------------------------------------------------
188,000 Schroon Lake Fire District 1 7.250 03/01/2009 188,493
- ------------------------------------------------------------------------------------------------------------------------------
175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 175,999
- ------------------------------------------------------------------------------------------------------------------------------
8,390,000 SONYMA RITES 7.303 4 10/01/2034 7,860,759
- ------------------------------------------------------------------------------------------------------------------------------
2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,515,937
- ------------------------------------------------------------------------------------------------------------------------------
21,155,000 SONYMA, Series 29 5.450 10/01/2031 21,545,521
- ------------------------------------------------------------------------------------------------------------------------------
7,400,000 SONYMA, Series 35 4.800 10/01/2030 7,238,606
- ------------------------------------------------------------------------------------------------------------------------------
6,395,000 SONYMA, Series 65 5.850 10/01/2028 6,555,003
- ------------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 66 5.700 10/01/2027 20,511
- ------------------------------------------------------------------------------------------------------------------------------
18,750,000 SONYMA, Series 67 3 5.800 10/01/2028 19,128,750
- ------------------------------------------------------------------------------------------------------------------------------
3,495,000 SONYMA, Series 69 5.400 10/01/2019 3,561,265
- ------------------------------------------------------------------------------------------------------------------------------
4,095,000 SONYMA, Series 69 5.500 10/01/2028 4,150,774
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,010,000 SONYMA, Series 69 RITES 6.788% 4 10/01/2028 $ 3,092,023
- ------------------------------------------------------------------------------------------------------------------------------
12,655,000 SONYMA, Series 71 5.400 04/01/2029 12,812,681
- ------------------------------------------------------------------------------------------------------------------------------
35,000 SONYMA, Series 71 5.400 04/01/2029 35,436
- ------------------------------------------------------------------------------------------------------------------------------
9,805,000 SONYMA, Series 71 RITES 6.588 4 04/01/2029 10,049,243
- ------------------------------------------------------------------------------------------------------------------------------
5,500,000 SONYMA, Series 73 RITES 8.604 4 10/01/2028 5,786,220
- ------------------------------------------------------------------------------------------------------------------------------
1,725,000 SONYMA, Series 73-A 5.300 10/01/2028 1,747,442
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 77 5.150 04/01/2029 100,706
- ------------------------------------------------------------------------------------------------------------------------------
10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,332,916
- ------------------------------------------------------------------------------------------------------------------------------
460,000 SONYMA, Series 82 5.650 04/01/2030 461,780
- ------------------------------------------------------------------------------------------------------------------------------
5,955,000 SONYMA, Series 97 5.500 04/01/2031 6,075,291
- ------------------------------------------------------------------------------------------------------------------------------
2,480,000 SONYMA, Series 106 5.100 04/01/2023 2,512,091
- ------------------------------------------------------------------------------------------------------------------------------
14,865,000 SONYMA, Series 133 3,7 5.050 10/01/2026 14,974,258
- ------------------------------------------------------------------------------------------------------------------------------
300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 302,904
- ------------------------------------------------------------------------------------------------------------------------------
1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,329,715
- ------------------------------------------------------------------------------------------------------------------------------
2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,436,763
- ------------------------------------------------------------------------------------------------------------------------------
2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,896,499
- ------------------------------------------------------------------------------------------------------------------------------
3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,729,813
- ------------------------------------------------------------------------------------------------------------------------------
1,295,000 Suffolk County IDA (ACLD) 6.000 12/01/2019 1,309,815
- ------------------------------------------------------------------------------------------------------------------------------
530,000 Suffolk County IDA (ALIA-ACDS) 7.125 06/01/2017 566,385
- ------------------------------------------------------------------------------------------------------------------------------
315,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 318,408
- ------------------------------------------------------------------------------------------------------------------------------
1,310,000 Suffolk County IDA (ALIA-ACLD) 6.500 03/01/2018 1,343,995
- ------------------------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 800,748
- ------------------------------------------------------------------------------------------------------------------------------
285,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 303,636
- ------------------------------------------------------------------------------------------------------------------------------
480,000 Suffolk County IDA (ALIA-ADD) 7.125 06/01/2017 512,952
- ------------------------------------------------------------------------------------------------------------------------------
440,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 472,925
- ------------------------------------------------------------------------------------------------------------------------------
1,370,000 Suffolk County IDA (ALIA-DDI) 6.375 06/01/2014 1,420,690
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County IDA (ALIA-DDI) 7.500 09/01/2015 107,483
- ------------------------------------------------------------------------------------------------------------------------------
700,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 725,900
- ------------------------------------------------------------------------------------------------------------------------------
1,750,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 1,864,433
- ------------------------------------------------------------------------------------------------------------------------------
3,965,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 4,237,197
- ------------------------------------------------------------------------------------------------------------------------------
560,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 566,059
- ------------------------------------------------------------------------------------------------------------------------------
600,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 639,234
- ------------------------------------------------------------------------------------------------------------------------------
1,110,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,186,202
- ------------------------------------------------------------------------------------------------------------------------------
1,945,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 2,035,520
- ------------------------------------------------------------------------------------------------------------------------------
265,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 284,830
- ------------------------------------------------------------------------------------------------------------------------------
330,000 Suffolk County IDA (ALIA-L.I. Head Injury Assoc.) 6.375 06/01/2014 334,389
- ------------------------------------------------------------------------------------------------------------------------------
715,000 Suffolk County IDA (ALIA-L.I. Head Injury Assoc.) 6.950 12/01/2014 761,754
- ------------------------------------------------------------------------------------------------------------------------------
275,000 Suffolk County IDA (ALIA-L.I. Head Injury Assoc.) 7.500 09/01/2015 295,578
- ------------------------------------------------------------------------------------------------------------------------------
600,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 606,492
- ------------------------------------------------------------------------------------------------------------------------------
1,685,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,795,182
- ------------------------------------------------------------------------------------------------------------------------------
1,355,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,448,021
41 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 745,000 Suffolk County IDA (ALIA-NYS ARC) 7.500% 09/01/2015 $ 800,748
- ------------------------------------------------------------------------------------------------------------------------------
400,000 Suffolk County IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 433,900
- ------------------------------------------------------------------------------------------------------------------------------
595,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 639,524
- ------------------------------------------------------------------------------------------------------------------------------
710,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 763,129
- ------------------------------------------------------------------------------------------------------------------------------
235,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 237,543
- ------------------------------------------------------------------------------------------------------------------------------
1,040,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,108,006
- ------------------------------------------------------------------------------------------------------------------------------
785,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 837,399
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 537,415
- ------------------------------------------------------------------------------------------------------------------------------
370,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 394,194
- ------------------------------------------------------------------------------------------------------------------------------
850,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 908,353
- ------------------------------------------------------------------------------------------------------------------------------
590,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 634,150
- ------------------------------------------------------------------------------------------------------------------------------
7,293,119 Suffolk County IDA (Camelot Village) 1,5 7.900 11/01/2031 59,804
- ------------------------------------------------------------------------------------------------------------------------------
720,000 Suffolk County IDA (Catholic Charities) 6.000 10/01/2020 719,172
- ------------------------------------------------------------------------------------------------------------------------------
195,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 202,808
- ------------------------------------------------------------------------------------------------------------------------------
2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,737,232
- ------------------------------------------------------------------------------------------------------------------------------
245,000 Suffolk County IDA (DDI) 6.000 12/01/2019 247,803
- ------------------------------------------------------------------------------------------------------------------------------
650,000 Suffolk County IDA (DDI) 6.000 10/01/2020 649,253
- ------------------------------------------------------------------------------------------------------------------------------
670,000 Suffolk County IDA (DDI) 6.000 10/01/2020 669,230
- ------------------------------------------------------------------------------------------------------------------------------
520,000 Suffolk County IDA (DDI) 6.250 03/01/2009 519,480
- ------------------------------------------------------------------------------------------------------------------------------
5,025,000 Suffolk County IDA (DDI) 7.250 03/01/2024 5,030,327
- ------------------------------------------------------------------------------------------------------------------------------
8,940,000 Suffolk County IDA (DDI) 8.750 03/01/2023 9,012,325
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Suffolk County IDA (Dowling College) 5.000 06/01/2036 1,989,160
- ------------------------------------------------------------------------------------------------------------------------------
2,470,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,470,667
- ------------------------------------------------------------------------------------------------------------------------------
3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,273,988
- ------------------------------------------------------------------------------------------------------------------------------
1,835,000 Suffolk County IDA (Family Residences) 6.000 12/01/2019 1,855,992
- ------------------------------------------------------------------------------------------------------------------------------
1,345,000 Suffolk County IDA (Family Services League) 5.000 11/01/2027 1,359,997
- ------------------------------------------------------------------------------------------------------------------------------
830,000 Suffolk County IDA (Family Services League) 5.000 11/01/2034 835,403
- ------------------------------------------------------------------------------------------------------------------------------
160,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 165,354
- ------------------------------------------------------------------------------------------------------------------------------
2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,290,263
- ------------------------------------------------------------------------------------------------------------------------------
2,600,000 Suffolk County IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,791,620
- ------------------------------------------------------------------------------------------------------------------------------
3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,994,289
- ------------------------------------------------------------------------------------------------------------------------------
285,000 Suffolk County IDA (Independent Group Home Living) 6.000 12/01/2019 288,260
- ------------------------------------------------------------------------------------------------------------------------------
1,460,000 Suffolk County IDA (Independent Group Home Living) 6.000 10/01/2020 1,458,321
- ------------------------------------------------------------------------------------------------------------------------------
2,950,000 Suffolk County IDA (Jefferson's Ferry) 5.000 11/01/2028 2,928,229
- ------------------------------------------------------------------------------------------------------------------------------
13,760,000 Suffolk County IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 14,015,798
- ------------------------------------------------------------------------------------------------------------------------------
4,065,000 Suffolk County IDA (L.I. Network Community Services) 7.550 02/01/2034 4,188,495
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 Suffolk County IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 7,927,360
- ------------------------------------------------------------------------------------------------------------------------------
1,865,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,851,814
- ------------------------------------------------------------------------------------------------------------------------------
635,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 630,511
- ------------------------------------------------------------------------------------------------------------------------------
3,225,000 Suffolk County IDA (New Interdisciplinary School) 6.750 12/01/2019 3,276,568
- ------------------------------------------------------------------------------------------------------------------------------
845,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 4.875 01/01/2008 840,082
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 8,750,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300% 01/01/2013 $ 8,534,225
- ------------------------------------------------------------------------------------------------------------------------------
18,825,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 18,114,356
- ------------------------------------------------------------------------------------------------------------------------------
680,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 680,313
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,111,420
- ------------------------------------------------------------------------------------------------------------------------------
2,850,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,146,942
- ------------------------------------------------------------------------------------------------------------------------------
4,800,000 Suffolk County IDA (Pederson-Krager Center) 7.200 02/01/2035 4,867,584
- ------------------------------------------------------------------------------------------------------------------------------
185,000 Suffolk County IDA (Pederson-Krager Center) 7.625 04/01/2010 195,353
- ------------------------------------------------------------------------------------------------------------------------------
2,545,000 Suffolk County IDA (Pederson-Krager Center) 8.125 04/01/2030 2,698,922
- ------------------------------------------------------------------------------------------------------------------------------
1,260,000 Suffolk County IDA (Rimland Facilities) 1 4.875 8 12/01/2009 1,244,426
- ------------------------------------------------------------------------------------------------------------------------------
550,000 Suffolk County IDA (Suffolk Hotels) 6.000 10/01/2020 549,368
- ------------------------------------------------------------------------------------------------------------------------------
2,245,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 2,270,683
- ------------------------------------------------------------------------------------------------------------------------------
3,350,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 3,460,517
- ------------------------------------------------------------------------------------------------------------------------------
1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,688,769
- ------------------------------------------------------------------------------------------------------------------------------
1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,361,389
- ------------------------------------------------------------------------------------------------------------------------------
825,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 855,434
- ------------------------------------------------------------------------------------------------------------------------------
4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,158,271
- ------------------------------------------------------------------------------------------------------------------------------
1,020,000 Suffolk County IDA (WORCA) 6.000 10/01/2020 1,018,827
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County Water Authority 5.125 06/01/2026 51,215
- ------------------------------------------------------------------------------------------------------------------------------
4,995,000 Sullivan County IDA (Center for Discovery) 5.625 06/01/2013 4,980,115
- ------------------------------------------------------------------------------------------------------------------------------
6,705,000 Sullivan County IDA (Center for Discovery) 6.000 06/01/2019 6,678,515
- ------------------------------------------------------------------------------------------------------------------------------
4,900,000 Sullivan County IDA (Center for Discovery) 6.500 06/01/2025 4,883,977
- ------------------------------------------------------------------------------------------------------------------------------
4,700,000 Sullivan County IDA (Center for Discovery) 6.950 02/01/2035 4,777,409
- ------------------------------------------------------------------------------------------------------------------------------
2,225,000 Sullivan County IDA (Center for Discovery) 7.250 02/01/2012 2,330,243
- ------------------------------------------------------------------------------------------------------------------------------
9,965,000 Sullivan County IDA (Center for Discovery) 7.750 02/01/2027 10,620,199
- ------------------------------------------------------------------------------------------------------------------------------
8,535,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,374,030
- ------------------------------------------------------------------------------------------------------------------------------
235,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 232,037
- ------------------------------------------------------------------------------------------------------------------------------
6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,887,207
- ------------------------------------------------------------------------------------------------------------------------------
6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 6,865,067
- ------------------------------------------------------------------------------------------------------------------------------
245,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 246,575
- ------------------------------------------------------------------------------------------------------------------------------
2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,293,940
- ------------------------------------------------------------------------------------------------------------------------------
145,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 147,845
- ------------------------------------------------------------------------------------------------------------------------------
2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,306,528
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Syracuse IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 891,790
- ------------------------------------------------------------------------------------------------------------------------------
16,760,000 Syracuse IDA (James Square) 7.200 2 08/01/2025 4,529,558
- ------------------------------------------------------------------------------------------------------------------------------
725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 778,476
- ------------------------------------------------------------------------------------------------------------------------------
2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,193,398
- ------------------------------------------------------------------------------------------------------------------------------
75,000 Taconic Hills Central School District at Craryville 5.000 06/15/2026 76,547
- ------------------------------------------------------------------------------------------------------------------------------
7,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 7,994,175
- ------------------------------------------------------------------------------------------------------------------------------
13,825,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 14,668,187
- ------------------------------------------------------------------------------------------------------------------------------
3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 3,868,500
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2007 40,711
43 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 60,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800% 02/01/2028 $ 65,679
- ------------------------------------------------------------------------------------------------------------------------------
525,000 Tonawanda Senior Citizen Hsg. Corp. 6.500 12/01/2010 529,011
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 25,269
- ------------------------------------------------------------------------------------------------------------------------------
18,940,000 Triborough Bridge & Tunnel Authority 3 5.000 11/15/2032 19,222,774
- ------------------------------------------------------------------------------------------------------------------------------
8,265,000 Triborough Bridge & Tunnel Authority RITES 7.423 4 01/01/2027 8,813,135
- ------------------------------------------------------------------------------------------------------------------------------
4,190,000 Triborough Bridge & Tunnel Authority RITES 7.423 4 01/01/2032 4,435,366
- ------------------------------------------------------------------------------------------------------------------------------
5,400,000 Triborough Bridge & Tunnel Authority, Series A 5.000 11/15/2035 5,507,082
- ------------------------------------------------------------------------------------------------------------------------------
57,750,000 TSASC, Inc. (TFABs) RITES 3 5.759 4 06/01/2034 54,279,803
- ------------------------------------------------------------------------------------------------------------------------------
74,545,000 TSASC, Inc. (TFABs) RITES 6.033 4 06/01/2042 69,862,083
- ------------------------------------------------------------------------------------------------------------------------------
7,335,000 TSASC, Inc. (TFABs) RITES 6.033 4 06/01/2042 6,874,215
- ------------------------------------------------------------------------------------------------------------------------------
33,750,000 TSASC, Inc. (TFABs) ROLs 9 6.152 4 06/01/2042 32,336,550
- ------------------------------------------------------------------------------------------------------------------------------
995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,026,870
- ------------------------------------------------------------------------------------------------------------------------------
1,805,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,820,433
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,108,280
- ------------------------------------------------------------------------------------------------------------------------------
1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,498,973
- ------------------------------------------------------------------------------------------------------------------------------
3,005,000 Ulster County Tobacco Asset Securitization Corp. 0.000 6 06/01/2040 2,535,950
- ------------------------------------------------------------------------------------------------------------------------------
2,865,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 2,989,971
- ------------------------------------------------------------------------------------------------------------------------------
2,175,000 Ulster County Tobacco Asset Securitization Corp. 1 6.250 06/01/2025 2,311,177
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 2,030,280
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Upper Mohawk Valley Regional Water Finance Authority 5.125 10/01/2026 25,531
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Utica GO 6.100 01/15/2013 528,480
- ------------------------------------------------------------------------------------------------------------------------------
3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,837,692
- ------------------------------------------------------------------------------------------------------------------------------
375,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 5.875 06/01/2018 361,301
- ------------------------------------------------------------------------------------------------------------------------------
10,800,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 6.125 06/01/2038 10,099,512
- ------------------------------------------------------------------------------------------------------------------------------
2,590,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,594,947
- ------------------------------------------------------------------------------------------------------------------------------
300,000 Westchester County Healthcare Corp., Series A 5.875 11/01/2025 303,099
- ------------------------------------------------------------------------------------------------------------------------------
1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,925,090
- ------------------------------------------------------------------------------------------------------------------------------
90,000 Westchester County IDA (Children's Village) 5.375 03/15/2019 91,205
- ------------------------------------------------------------------------------------------------------------------------------
4,290,000 Westchester County IDA (Children's Village) 6.000 06/01/2022 4,412,136
- ------------------------------------------------------------------------------------------------------------------------------
1,215,000 Westchester County IDA (Clearview School) 7.250 01/01/2035 1,259,250
- ------------------------------------------------------------------------------------------------------------------------------
1,300,000 Westchester County IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,318,538
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,142,980
- ------------------------------------------------------------------------------------------------------------------------------
1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,596,660
- ------------------------------------------------------------------------------------------------------------------------------
3,325,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,266,979
- ------------------------------------------------------------------------------------------------------------------------------
820,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 827,577
- ------------------------------------------------------------------------------------------------------------------------------
1,275,000 Westchester County IDA
(Living Independently for the Elderly) 5.375 08/20/2021 1,336,455
- ------------------------------------------------------------------------------------------------------------------------------
3,035,000 Westchester County IDA
(Living Independently for the Elderly) 5.400 08/20/2032 3,166,871
- ------------------------------------------------------------------------------------------------------------------------------
1,580,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,616,530
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 1,050,430
- ------------------------------------------------------------------------------------------------------------------------------
1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,793,448
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 130,000 Westchester County IDA (Westchester Airport Assoc.) 5.950% 08/01/2024 $ 130,189
- ------------------------------------------------------------------------------------------------------------------------------
2,590,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,643,950
- ------------------------------------------------------------------------------------------------------------------------------
76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000 6 07/15/2039 78,632,645
- ------------------------------------------------------------------------------------------------------------------------------
300,000 Westchester County Tobacco Asset Securitization Corp. 5.125 06/01/2038 294,438
- ------------------------------------------------------------------------------------------------------------------------------
4,250,000 Westchester County Tobacco Asset Securitization Corp. 5.669 4 06/01/2038 4,092,410
- ------------------------------------------------------------------------------------------------------------------------------
21,325,000 Westchester County Tobacco Asset
Securitization Corp. RITES 5.669 4 06/01/2038 20,534,269
- ------------------------------------------------------------------------------------------------------------------------------
675,000 Westchester County Tobacco Asset
Securitization Corp. RITES 5.669 4 06/01/2038 649,971
- ------------------------------------------------------------------------------------------------------------------------------
6,325,000 Westchester County Tobacco Asset
Securitization Corp. RITES 5.669 4 06/01/2045 6,053,088
- ------------------------------------------------------------------------------------------------------------------------------
13,340,000 Westchester County Tobacco Asset
Securitization Corp. RITES 7.001 4 06/01/2045 12,479,837
- ------------------------------------------------------------------------------------------------------------------------------
1,400,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,505,742
- ------------------------------------------------------------------------------------------------------------------------------
3,750,000 Yates County IDA (SSMH) 5.650 02/01/2039 3,945,375
- ------------------------------------------------------------------------------------------------------------------------------
6,000,000 Yonkers GO 5.000 08/01/2030 6,147,240
- ------------------------------------------------------------------------------------------------------------------------------
4,500,000 Yonkers GO 5.000 08/01/2035 4,590,360
- ------------------------------------------------------------------------------------------------------------------------------
4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,775,795
- ------------------------------------------------------------------------------------------------------------------------------
4,445,000 Yonkers IDA (Monastery Manor Associates) 5.250 04/01/2037 4,548,924
- ------------------------------------------------------------------------------------------------------------------------------
1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,421,810
- ------------------------------------------------------------------------------------------------------------------------------
2,515,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,605,213
- ------------------------------------------------------------------------------------------------------------------------------
1,700,000 Yonkers IDA (St. Joseph's Hospital) 5.900 03/01/2008 1,695,410
- ------------------------------------------------------------------------------------------------------------------------------
2,810,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,826,663
- ------------------------------------------------------------------------------------------------------------------------------
3,225,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,325,072
- ------------------------------------------------------------------------------------------------------------------------------
800,000 Yonkers Parking Authority 6.000 06/15/2018 830,640
- ------------------------------------------------------------------------------------------------------------------------------
1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,245,776
----------------
7,258,135,025
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--15.4%
2,995,000 Guam EDA (Harmon Village Apartments) 1,5 9.375 11/01/2018 --
- ------------------------------------------------------------------------------------------------------------------------------
2,435,000 Guam EDA (Royal Socio Apartments) 5 9.500 11/01/2018 2,113,970
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Guam Government Waterworks Authority
& Wastewater System 5.875 07/01/2035 3,123,330
- ------------------------------------------------------------------------------------------------------------------------------
290,000 Guam Power Authority, Series A 5.250 10/01/2023 281,175
- ------------------------------------------------------------------------------------------------------------------------------
20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 18,702,000
- ------------------------------------------------------------------------------------------------------------------------------
18,595,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 20,138,757
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,043,710
- ------------------------------------------------------------------------------------------------------------------------------
7,695,000 Northern Mariana Islands, Series A 6.250 03/15/2028 7,920,387
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,859,400
- ------------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 377,873
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 20,319
- ------------------------------------------------------------------------------------------------------------------------------
14,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 14,004,060
- ------------------------------------------------------------------------------------------------------------------------------
17,010,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 17,037,726
45 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 48,655,000 Puerto Rico Commonwealth GO 5.000% 07/01/2033 $ 48,669,110
- ------------------------------------------------------------------------------------------------------------------------------
41,600,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 41,600,000
- ------------------------------------------------------------------------------------------------------------------------------
5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,636,892
- ------------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico Electric Power Authority 5.250 07/01/2029 72,678
- ------------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico Electric Power Authority, Series II 5.125 07/01/2026 72,349
- ------------------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2024 2,819,053
- ------------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 121,939
- ------------------------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico HBFA 6.250 04/01/2029 761,145
- ------------------------------------------------------------------------------------------------------------------------------
80,000 Puerto Rico HFC 5.100 12/01/2018 80,806
- ------------------------------------------------------------------------------------------------------------------------------
1,920,000 Puerto Rico HFC 5.500 12/01/2023 1,980,307
- ------------------------------------------------------------------------------------------------------------------------------
9,515,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 9,496,065
- ------------------------------------------------------------------------------------------------------------------------------
270,000 Puerto Rico Highway & Transportation Authority 5.750 07/01/2020 287,164
- ------------------------------------------------------------------------------------------------------------------------------
25,545,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2033 25,552,408
- ------------------------------------------------------------------------------------------------------------------------------
87,005,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2042 86,644,799
- ------------------------------------------------------------------------------------------------------------------------------
165,000 Puerto Rico Highway & Transportation Authority,
Series J 5.000 07/01/2034 165,000
- ------------------------------------------------------------------------------------------------------------------------------
33,940,000 Puerto Rico Highway & Transportation Authority,
Series J 5.125 07/01/2039 34,172,489
- ------------------------------------------------------------------------------------------------------------------------------
43,060,000 Puerto Rico Highway & Transportation Authority,
Series J 5.125 07/01/2043 43,340,751
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2025 10,010,800
- ------------------------------------------------------------------------------------------------------------------------------
14,175,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2026 14,166,070
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2027 8,002,880
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2030 2,003,580
- ------------------------------------------------------------------------------------------------------------------------------
73,725,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2035 73,668,969
- ------------------------------------------------------------------------------------------------------------------------------
13,960,000 Puerto Rico Highway & Transportation Authority,
Series K 3 5.000 07/01/2040 13,903,322
- ------------------------------------------------------------------------------------------------------------------------------
95,940,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2045 95,531,296
- ------------------------------------------------------------------------------------------------------------------------------
157,000,000 Puerto Rico Infrastructure 5.000 07/01/2041 156,227,560
- ------------------------------------------------------------------------------------------------------------------------------
1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,094,818
- ------------------------------------------------------------------------------------------------------------------------------
1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,605,791
- ------------------------------------------------------------------------------------------------------------------------------
5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,803,130
- ------------------------------------------------------------------------------------------------------------------------------
6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,455,446
- ------------------------------------------------------------------------------------------------------------------------------
42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 46,107,032
- ------------------------------------------------------------------------------------------------------------------------------
2,970,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,759,160
46 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625% 07/01/2027 $ 872,612
- ------------------------------------------------------------------------------------------------------------------------------
8,745,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,716,229
- ------------------------------------------------------------------------------------------------------------------------------
12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 12,189,596
- ------------------------------------------------------------------------------------------------------------------------------
475,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 475,152
- ------------------------------------------------------------------------------------------------------------------------------
2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,449,804
- ------------------------------------------------------------------------------------------------------------------------------
5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,250,210
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico ITEMECF
(San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 6,104,630
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 507,370
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,066,000
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 5,136,100
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 1,539,720
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 984,390
- ------------------------------------------------------------------------------------------------------------------------------
12,470,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 12,302,154
- ------------------------------------------------------------------------------------------------------------------------------
1,940,000 Puerto Rico Public Buildings Authority 5.000 07/01/2026 1,938,778
- ------------------------------------------------------------------------------------------------------------------------------
85,855,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 85,788,892
- ------------------------------------------------------------------------------------------------------------------------------
52,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 53,348,880
- ------------------------------------------------------------------------------------------------------------------------------
86,800,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 88,935,280
- ------------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 123,341
- ------------------------------------------------------------------------------------------------------------------------------
47,720,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 49,219,840
- ------------------------------------------------------------------------------------------------------------------------------
9,230,000 University of V.I. , Series A 5.375 06/01/2034 9,469,519
- ------------------------------------------------------------------------------------------------------------------------------
2,040,000 University of V.I. , Series A 6.250 12/01/2029 2,177,272
- ------------------------------------------------------------------------------------------------------------------------------
1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,398,550
- ------------------------------------------------------------------------------------------------------------------------------
25,000 V.I. Hsg. Finance Authority, Series A 6.450 03/01/2016 25,134
- ------------------------------------------------------------------------------------------------------------------------------
18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 18,625,464
- ------------------------------------------------------------------------------------------------------------------------------
550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2033 559,444
- ------------------------------------------------------------------------------------------------------------------------------
27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 31,028,790
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,742,880
- ------------------------------------------------------------------------------------------------------------------------------
11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 12,648,636
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 1,025,970
- ------------------------------------------------------------------------------------------------------------------------------
750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 770,505
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,025,410
- ------------------------------------------------------------------------------------------------------------------------------
16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,620,958
- ------------------------------------------------------------------------------------------------------------------------------
7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,685,625
- ------------------------------------------------------------------------------------------------------------------------------
50,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 51,541
- ------------------------------------------------------------------------------------------------------------------------------
3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,984,847
- ------------------------------------------------------------------------------------------------------------------------------
1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,591,664
- ------------------------------------------------------------------------------------------------------------------------------
3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,524,420
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,557,954
----------------
1,301,899,077
----------------
Total Municipal Bonds and Notes (Cost $8,377,744,243) 8,560,034,102
47 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM NOTES--0.1%
- -------------------------------------------------------------------------------------------------------------------------------
$ 9,000,000 Puerto Rico (Government of) (Cost $9,000,000) 4.750% 08/01/2006 $ 9,000,000
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $8,386,744,243)--101.0% 8,569,034,102
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(1.0) (81,113,447)
-----------------
NET ASSETS--100.0% $ 8,487,920,655
=================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Illiquid security. The aggregate value of illiquid securities as of June 30,
2006 was $46,037,299, which represents 0.54% of the Fund's net assets. See Note
5 of accompanying Notes.
2. Zero coupon bond reflects effective yield on the date of purchase.
3. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
4. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
5. Issue is in default. Non-income producing. See Note 1 of accompanying Notes.
6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
7. When-issued security or forward commitment to be delivered and settled after
June 30, 2006. See Note 1 of accompanying Notes.
8. Represents the current interest rate for a variable or increasing rate
security.
9. Security is subject to a shortfall and forebearance agreement. See Note 1 of
accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | ROCHESTER FUND MUNICIPALS
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Assoc. for Children with Down Syndrome
ACLD Adults and Children with Learning and Developmental Disabilities
ADD Aid to the Developmentally Disabled
ALIA Alliance of Long Island Agencies
ARC Association of Retarded Citizens
CCSSVD Central Council of the Society of St. Vincent dePaul
CFGA Child and Family Guidance Assoc.
CHSLI Catholic Health Services of Long Island
CNGCS Central Nassau Guidance and Counseling Services
COP Certificates of Participation
CSMR Community Services for the Mentally Retarded
DA Dormitory Authority
DDI Developmental Disabilities Institute
DIAMONDS Direct Investment of Accrued Municipals
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Development Authority
EFC Environmental Facilities Corp.
ERDA Energy Research and Development Authority
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.
HFA Housing Finance Agency
HFC Housing Finance Corp.
HH Harmony Heights, Inc.
HHS Harmony Heights School
HJDOI Hospital for Joint Diseases Orthopedic Institute
IDA Industrial Development Agency
IGHL Independent Group Home for Living
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
L.I. Long Island
LGSC Local Government Services Corp.
LILCO Long Island Lighting Corp.
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 Corp.
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYU New York University
OBPWC Ocean Bay Park Water Corp.
P-Floats Puttable Floats
PSCH Professional Service Centers for the Handicapped, Inc.
RG&E Rochester Gas and Electric
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
Res Rec Resource Recovery Facility
SCCC Sullivan County Community College
SCHRC St. Charles Hospital and Rehabilitation Center
SCSB Schuyler Community Services Board
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
TFABs Tobacco Flexible Amortization Bonds
UBF University of Buffalo Foundation
UCP/HCA United Cerebral Palsy and Handicapped Children's Assoc.
UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk
UDC Urban Development Corp.
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
WWH Wyandach/Wheatley Heights
YMCA Young Men's Christian Assoc.
49 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- ------------------------------------------------------------------------------
Highways/Railways $ 1,029,201,067 12.0%
Tobacco Settlement Payments 920,557,020 10.7
General Obligation 914,986,676 10.7
Hospital/Health Care 851,335,293 9.9
Electric Utilities 710,078,054 8.3
Airlines 637,182,348 7.4
Water Utilities 493,756,958 5.8
Marine/Aviation Facilities 398,874,633 4.7
Adult Living Facilities 326,309,106 3.8
Multifamily Housing 321,422,877 3.8
Higher Education 311,224,088 3.6
Not-for-Profit Organization 308,898,039 3.6
Municipal Leases 267,676,568 3.1
Paper, Containers & Packaging 197,457,722 2.3
Single Family Housing 136,165,999 1.6
Education 123,824,562 1.5
Sales Tax Revenue 106,301,945 1.2
Manufacturing, Non-Durable Goods 100,676,290 1.2
Resource Recovery 95,543,286 1.1
Hotels, Restaurants & Leisure 94,361,768 1.1
Manufacturing, Durable Goods 74,858,087 0.9
Pollution Control 54,364,568 0.6
Parking Fee Revenue 27,776,892 0.3
Gas Utilities 25,170,554 0.3
Special Assessment 24,692,642 0.3
Commercial Banks 9,000,000 0.1
Sewer Utilities 7,337,060 0.1
------------------------------
Total $ 8,569,034,102 100.0%
==============================
50 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
June 30, 2006
- ------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------
Investments, at value (cost $8,386,744,243)--see accompanying statement of investments $ 8,569,034,102
- ------------------------------------------------------------------------------------------------------------
Cash 4,328,987
- ------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 127,331,697
Investments sold 43,161,566
Shares of beneficial interest sold 31,288,501
Other 106,955
----------------
Total assets 8,775,251,808
- ------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable on borrowings (See Note 6) 214,100,000
Investments purchased (including $34,259,129 purchased on a
when-issued basis or forward commitment) 51,549,736
Shares of beneficial interest redeemed 12,825,023
Dividends 3,665,172
Distribution and service plan fees 3,509,213
Trustees' compensation 947,171
Transfer and shareholder servicing agent fees 256,299
Interest expense 183,492
Shareholder communications 142,434
Other 152,613
----------------
Total liabilities 287,331,153
- ------------------------------------------------------------------------------------------------------------
NET ASSETS $ 8,487,920,655
================
- ------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Paid-in capital $ 8,415,672,986
- ------------------------------------------------------------------------------------------------------------
Accumulated net investment income 486,497
- ------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (110,528,687)
- ------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 182,289,859
----------------
NET ASSETS $ 8,487,920,655
================
51 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $6,637,667,664 and 365,474,361 shares of beneficial interest outstanding) $ 18.16
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $ 19.07
- ------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets
of $917,009,256 and 50,535,754 shares of beneficial interest outstanding) $ 18.15
- ------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net assets
of $918,838,834 and 50,661,239 shares of beneficial interest outstanding) $ 18.14
- ------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $14,404,901 and 793,329 shares of beneficial interest outstanding) $ 18.16
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | ROCHESTER FUND MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2006
- ------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------------
Interest $ 242,981,348
- ------------------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------------------
Management fees 18,480,280
- ------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 4,640,768
Class B 4,640,631
Class C 4,062,099
- ------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 933,159
Class B 236,343
Class C 175,210
Class Y 5,012
- ------------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 143,563
Class B 37,308
Class C 22,872
- ------------------------------------------------------------------------------------------------------------
Interest expense 1,669,522
- ------------------------------------------------------------------------------------------------------------
Accounting service fees 1,206,106
- ------------------------------------------------------------------------------------------------------------
Trustees' compensation 178,743
- ------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 46,077
- ------------------------------------------------------------------------------------------------------------
Administration service fees 750
- ------------------------------------------------------------------------------------------------------------
Other 460,578
----------------
Total expenses 36,939,021
- ------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 206,042,327
- ------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ------------------------------------------------------------------------------------------------------------
Net realized gain on investments 50,590,126
- ------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (107,365,022)
- ------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 149,267,431
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | ROCHESTER FUND MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2006 DECEMBER 31,
(UNAUDITED) 2005
- -----------------------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------------------
Net investment income $ 206,042,327 $ 363,904,169
- -----------------------------------------------------------------------------------------------------------------
Net realized gain 50,590,126 46,938,624
- -----------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (107,365,022) 144,752,085
-----------------------------------
Net increase in net assets resulting from operations 149,267,431 555,594,878
- -----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (166,637,446) (291,978,951)
Class B (20,745,653) (47,112,396)
Class C (17,981,870) (27,548,812)
Class Y (364,712) (536,002)
- -----------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial interest
transactions:
Class A 744,464,037 1,095,376,031
Class B (31,745,717) (148,156,262)
Class C 213,354,613 198,527,019
Class Y 3,052,795 3,090,108
- -----------------------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
Total increase 872,663,478 1,337,255,613
- -----------------------------------------------------------------------------------------------------------------
Beginning of period 7,615,257,177 6,278,001,564
-----------------------------------
End of period (including accumulated net investment income
of $486,497 and $173,851, respectively) $ 8,487,920,655 $ 7,615,257,177
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2006 DEC. 31,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.28 $ 17.76 $ 17.62 $ 17.38 $ 17.52 $ 17.67
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .48 1 .99 1 1.07 1 1.11 1.08 1.06
Net realized and unrealized gain (loss) (.12) .53 .16 .23 (.15) (.17)
--------------------------------------------------------------------------
Total from investment operations .36 1.52 1.23 1.34 .93 .89
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.48) (1.00) (1.09) (1.10) (1.07) (1.04)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.16 $ 18.28 $ 17.76 $ 17.62 $ 17.38 $ 17.52
==========================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 2.04% 8.76% 7.25% 8.12% 5.46% 5.14%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 6,638 $ 5,937 $ 4,699 $ 4,228 $ 4,299 $ 4,073
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 6,331 $ 5,327 $ 4,387 $ 4,100 $ 4,292 $ 3,893
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.32% 5.44% 6.09% 6.49% 6.18% 5.97%
Total expenses 0.73% 0.73% 0.72% 0.71% 0.72% 0.72%
Expenses after payments and waivers
and reduction to custodian expenses 0.73% 0.73% 0.72% 0.71% 0.71% 0.70%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 24% 29% 14% 18% 29% 11%
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2006 DEC. 31,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.26 $ 17.75 $ 17.60 $ 17.36 $ 17.51 $ 17.66
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .40 1 .83 1 .91 1 .96 .93 .91
Net realized and unrealized gain (loss) (.11) .52 .18 .23 (.16) (.17)
--------------------------------------------------------------------------
Total from investment operations .29 1.35 1.09 1.19 .77 .74
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.40) (.84) (.94) (.95) (.92) (.89)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.15 $ 18.26 $ 17.75 $ 17.60 $ 17.36 $ 17.51
==========================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.65% 7.77% 6.40% 7.19% 4.50% 4.25%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 917 $ 955 $ 1,073 $ 1,231 $ 1,342 $ 1,157
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 936 $ 1,006 $ 1,130 $ 1,259 $ 1,275 $ 997
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.45% 4.60% 5.23% 5.62% 5.32% 5.10%
Total expenses 1.61% 1.60% 1.59% 1.58% 1.58% 1.58%
Expenses after payments and waivers
and reduction to custodian expenses 1.61% 1.60% 1.59% 1.58% 1.57% 1.56%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 24% 29% 14% 18% 29% 11%
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | ROCHESTER FUND MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2006 DEC. 31,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.25 $ 17.74 $ 17.59 $ 17.36 $ 17.50 $ 17.66
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .40 1 .82 1 .91 1 .96 .93 .91
Net realized and unrealized gain (loss) (.11) .53 .18 .22 (.15) (.18)
--------------------------------------------------------------------------
Total from investment operations .29 1.35 1.09 1.18 .78 .73
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.40) (.84) (.94) (.95) (.92) (.89)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.14 $ 18.25 $ 17.74 $ 17.59 $ 17.36 $ 17.50
==========================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.65% 7.78% 6.40% 7.14% 4.57% 4.19%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 919 $ 712 $ 498 $ 443 $ 471 $ 429
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 821 $ 600 $ 459 $ 436 $ 460 $ 356
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.44% 4.56% 5.22% 5.62% 5.32% 5.09%
Total expenses 1.59% 1.59% 1.59% 1.58% 1.58% 1.57%
Expenses after payments and waivers
and reduction to custodian expenses 1.59% 1.59% 1.59% 1.58% 1.57% 1.55%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 24% 29% 14% 18% 29% 11%
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2006 DEC. 31,
CLASS Y (UNAUDITED) 2005 2004 2003 2002 2001
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.28 $ 17.76 $ 17.61 $ 17.38 $ 17.52 $ 17.67
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .49 1 1.01 1 1.10 1 1.14 1.10 1.08
Net realized and unrealized gain (loss) (.12) .54 .17 .21 (.15) (.17)
--------------------------------------------------------------------------
Total from investment operations .37 1.55 1.27 1.35 .95 .91
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.49) (1.03) (1.12) (1.12) (1.09) (1.06)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.16 $ 18.28 $ 17.76 $ 17.61 $ 17.38 $ 17.52
==========================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 2.09% 8.93% 7.50% 8.16% 5.57% 5.25%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 14 $ 11 $ 8 $ 9 $ 12 $ 12
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 14 $ 10 $ 8 $ 11 $ 12 $ 12
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.43% 5.59% 6.27% 6.79% 6.30% 6.08%
Total expenses 0.62% 0.58% 0.55% 0.61% 0.62% 0.62%
Expenses after payments and waivers
and reduction to custodian expenses 0.62% 0.58% 0.55% 0.61% 0.61% 0.60%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 24% 29% 14% 18% 29% 11%
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Rochester Fund Municipals (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment objective is to seek to provide as high a level
of income exempt from federal income tax and New York State and New York City
personal income taxes as is consistent with its investment policies and prudent
investment management while seeking preservation of shareholders' capital. The
Fund's investment 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 may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic 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. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such
59 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
principal exchange at its trading session ending at, or most recently prior to,
the time when the Fund's assets are valued. 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 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 June 30, 2006, the Fund had purchased $34,259,129
of securities issued 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 not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $748,891,230 as of June 30, 2006, which represents
8.53% of the Fund's total assets.
The Fund has entered into so-called shortfall and forbearance agreements
with the sponsors of certain inverse floaters held by the Fund. Such agreements
commit the Fund to reimburse the sponsor of such inverse floater, upon the
termination of the trust issuing the inverse floater, the difference between the
liquidation value of the underlying security (which is the basis of the inverse
floater) and the principal amount due to the holders of the floating rate
security issued in conjunction with the inverse floater. Under the standard
terms of an inverse floater, absent such an interest and forbearance agreement,
the Fund would not be required to make such a reimbursement.
60 | ROCHESTER FUND MUNICIPALS
- --------------------------------------------------------------------------------
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 June 30, 2006, securities with an aggregate
market value of $2,277,620, representing 0.03% 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.
- --------------------------------------------------------------------------------
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.
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.
As of June 30, 2006, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $101,675,033 expiring by
2014. This estimated capital loss carryforward represents carryforward as of the
end of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. As of June
30, 2006, it is estimated that the Fund will utilize $50,590,126 of capital loss
carryforward to offset realized capital gains. During the year ended December
31, 2005, the Fund utilized $46,836,026 of capital loss carryforward to offset
capital gains realized in that fiscal year.
61 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
As of December 31, 2005, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
---------------------------
2007 $ 4,715,388
2008 48,591,026
2011 68,625,845
2012 30,332,900
-------------
Total $ 152,265,159
=============
- --------------------------------------------------------------------------------
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 six months ended
June 30, 2006, the Fund's projected benefit obligations were increased by
$121,597 and payments of $32,022 were made to retired trustees, resulting in an
accumulated liability of $887,248 as of June 30, 2006.
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
there under. 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 six months ended June 30, 2006, benefit obligations
were decreased by $23,625 and payments of $16,875 were made to retired trustees.
As of June 30, 2006, the Fund had recognized an accumulated liability of
$23,625.
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 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.
62 | ROCHESTER FUND MUNICIPALS
- --------------------------------------------------------------------------------
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 redemp- tion activity. The Fund pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Fund, 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.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with 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.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED JUNE 30, 2006 YEAR ENDED DECEMBER 31, 2005
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------------
CLASS A
Sold 56,380,443 $ 1,031,972,204 81,186,227 $ 1,474,103,085
Dividends and/or
distributions reinvested 5,286,582 96,663,857 9,259,591 167,949,635
Redeemed (21,009,247) (384,172,024) (30,153,301) (546,676,689)
--------------------------------------------------------------------
Net increase 40,657,778 $ 744,464,037 60,292,517 $ 1,095,376,031
====================================================================
63 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED JUNE 30, 2006 YEAR ENDED DECEMBER 31, 2005
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------------
CLASS B
Sold 2,937,521 $ 53,720,191 5,442,524 $ 98,607,100
Dividends and/or
distributions reinvested 663,782 12,129,298 1,539,288 27,866,258
Redeemed (5,340,324) (97,595,206) (15,183,742) (274,629,620)
-------------------------------------------------------------------
Net decrease (1,739,021) $ (31,745,717) (8,201,930) $ (148,156,262)
===================================================================
- ----------------------------------------------------------------------------------------------------
CLASS C
Sold 13,755,035 $ 251,450,977 13,663,235 $ 247,879,967
Dividends and/or
distributions reinvested 645,599 11,785,806 976,736 17,694,309
Redeemed (2,732,806) (49,882,170) (3,702,752) (67,047,257)
-------------------------------------------------------------------
Net increase 11,667,828 $ 213,354,613 10,937,219 $ 198,527,019
===================================================================
- ----------------------------------------------------------------------------------------------------
CLASS Y
Sold 191,694 $ 3,511,766 192,164 $ 3,496,989
Dividends and/or
distributions reinvested 3,939 71,965 1,476 26,918
Redeemed (29,097) (530,936) (23,944) (433,799)
-------------------------------------------------------------------
Net increase 166,536 $ 3,052,795 169,696 $ 3,090,108
===================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended June 30, 2006, were as
follows:
PURCHASES SALES
---------------------------------------------------------------
Investment securities $ 2,330,444,428 $ 1,722,362,129
- --------------------------------------------------------------------------------
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
average annual rate as shown in the following table:
FEE SCHEDULE
------------------------------------------------------
Up to $100 million of net assets 0.54%
Next $150 million of net assets 0.52
Next $1.75 billion of net assets 0.47
Next $3 billion of net assets 0.46
Next $3 billion of net assets 0.45
Over $8 billion of net assets 0.44
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICE FEES. 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
64 | ROCHESTER FUND MUNICIPALS
for the first $30 million of average daily net assets and $9,000 for each
additional $30 million of average daily net assets. During the six months ended
June 30, 2006, the Fund paid $1,206,127 to the Manager for accounting and
pricing services.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the six months ended June 30, 2006, the Fund paid
$1,339,748 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 per
annum 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
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal 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
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans 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% on Class B and Class C
shares. The Distributor also receives a service fee of up to 0.25% under each
plan. If either the Class B or Class C plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees must
determine whether the Distributor shall be entitled to payment from the Fund of
all or a portion of the service fee and/or asset-based sales charge in respect
to shares sold prior to the effective date of such termination. The
Distributor's aggregate uncompensated expenses under the plan at June 30, 2006
for Class B and Class C shares were $36,374,158 and $18,093,092, respectively.
Fees incurred by the Fund under the plans are detailed in the Statement of
Operations.
65 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- -------------------------------------------------------------------------------------
June 30, 2006 $2,187,892 $150,004 $837,871 $129,606
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of June 30, 2006, 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. Securities that are
illiquid are marked with the applicable footnote on the Statement of
Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to 10% of its total assets
(including the amount borrowed) less all liabilities and indebtedness other than
borrowings 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 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. To secure the loan, the Fund
pledges investment securities in accordance with the terms of the Agreement.
Interest is charged to the Fund, based on its borrowings, at current commercial
paper issuance rates (5.1865% as of June 30, 2006). The Fund pays additional
fees of 0.30% per annum to the lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of a 0.13% per
annum commitment fee for a liquidity backstop facility with respect to the $300
million facility size.
For the six months ended June 30, 2006, the average daily loan balance was
$71,909,392 at an average daily interest rate of 4.668%. The Fund had borrowings
outstanding of
66 | ROCHESTER FUND MUNICIPALS
$214,100,000 at June 30, 2006 at an interest rate of 5.1865%. The Fund had gross
borrowings and gross loan repayments of $968,500,000 and $779,000,000,
respectively, during the six months ended June 30, 2006. The maximum amount of
borrowings outstanding at any month-end during the six months ended June 30,
2006 was $214,100,000. The Fund paid $247,474 in fees and $1,637,383 in interest
during the six months ended June 30, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, as nominal defendants, and against certain present and former
Directors, Trustees and Officers of the funds, and the Distributor, as
defendants, were dismissed with prejudice, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
67 | ROCHESTER FUND MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30, no later than August 31 of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
68 | ROCHESTER FUND MUNICIPALS
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S AUDIT COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Audit Committee (the "Committee") will evaluate potential Board
candidates to assess their qualifications. The Committee shall have the
authority, upon approval of the Board, to retain an executive search firm
to assist in this effort. The Committee may consider recommendations by
business and personal contacts of current Board members and by executive
search firms which the Committee may engage from time to time and may also
consider shareholder recommendations. The Committee may consider the
advice and recommendation of the Funds' investment manager and its
affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's background, skills, and
experience; whether the individual is an "interested person" as defined in
the Investment Company Act of 1940; and whether the individual would be
deemed an "audit committee financial expert" within the meaning of
applicable SEC rules.
The Committee also considers whether the individual's background, skills,
and experience will complement the background, skills, and experience of
other nominees and will contribute to the Board. There are no differences
in the manner in which the Committee evaluates nominees for trustees based
on whether the nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of
06/30/2006, the registrant's principal executive officer and principal financial
officer found the registrant's disclosure controls and procedures to provide
reasonable assurances that information required to be disclosed by the
registrant in the reports that it files under the Securities Exchange Act of
1934 (a) is accumulated and communicated to registrant's management, including
its principal executive officer and principal financial officer, to allow timely
decisions regarding required disclosure, and (b) is recorded, processed,
summarized and reported, within the time periods specified in the rules and
forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Rochester Fund Municipals
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: 08/08/2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: 08/08/2006
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/08/2006