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
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ROCHESTER FUND MUNICIPALS
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(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: DECEMBER 31, 2006
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ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Settlement Payments 13.5%
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Highways/Railways 12.2
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General Obligation 9.7
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Water Utilities 9.3
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Hospital/Health Care 8.5
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Airlines 5.8
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Electric Utilities 5.7
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Marine/Aviation Facilities 4.2
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Multifamily Housing 3.3
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Higher Education 3.1
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 15.4%
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AA 26.8
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A 9.6
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BBB 31.7
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BB 2.7
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B 4.0
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CCC 1.3
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Not Rated 8.5
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, and are dollar-weighted based on total market value of
investments. Securities rated by any rating organization are included in the
equivalent Standard & Poor's rating category. The allocation includes rated
securities and those not rated by a national rating organization but to which
the ratings above have been assigned by the Manager for internal purposes as
being comparable, in the Manager's judgment, to securities rated by a rating
agency in the same category.
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12 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED DECEMBER 31, 2006, FOLLOWED
BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE
BROAD-BASED MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. In 2006, Rochester Fund Municipals
distributed high levels of tax-free income to its shareholders and outperformed
many fixed-income alternatives on an after-tax basis. As of December 31, 2006,
the Fund's Class A shares provided a distribution yield of 5.40% (without sales
charges), reflecting a one-time, year-end distribution. Lipper Inc. reported an
average distribution yield of 3.66% among the 101 funds in its New York
Municipal Debt Funds category as of the same date. 1
More than half of the Fund's total return in 2006 came from tax-free
income generated by the Fund's portfolio, a significant benefit to our
yield-oriented investors; price appreciation contributed the balance. The Fund's
Class A shares generated a 1-year total return of 8.33%, without sales charge.
By comparison, the Lehman Brothers Municipal Bond index produced a return of
4.84% in 2006. 2 On December 31, 2006, the Fund was ranked in the top 5% for
total return in its Lipper category for periods of 1, 3, 5 and 10 years.3 We
believe these results clearly demonstrate how the Fund's income-oriented
approach continued to provide significant benefit to our investors in 2006.
Strong asset growth fueled our strategy of building an increasingly
diverse portfolio, and the Fund's holdings rose to 1,273 at year's end. The
year's persistently flat yield curve, with comparatively low interest rates for
longer-maturity bonds, created dividend pressure for many U.S. municipal bond
funds. The monthly distribution rate, which was $0.080 when the year began, was
reduced by $0.004, to $0.076, starting with the June payment. Distributions for
other share classes were adjusted accordingly. For the year, the Fund
distributed 94.1 cents per Class A share.
The "Rochester style" of municipal bond fund investment management
continued to focus on identifying advantageous but generally under-appreciated
municipal securities. We actively seek out such securities that we believe offer
attractive, risk-adjusted investments at prices and yields that we believe
represent good value. With credit spreads narrowing throughout the year, prices
of lower-rated municipal bonds generally performed better than those of
high-grade bonds.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad
range of investment-grade municipal bonds that measures the performance of the
general municipal bond market.
3. Lipper Inc., 12/31/06. Lipper rankings are based on total returns, but do not
consider sales charges. Lipper rankings are for the A share class only; other
classes may have different performance characteristics. PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS.
13 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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We also continued to invest opportunistically in premium-coupon callable
bonds across all sectors in this period. When these types of bonds approach
their call dates, they tend to have less exposure to interest rate movement and
their prices are less volatile. Not all fund managers share our willingness to
conduct the time-intensive research required to identify market inefficiencies
that allow these bonds to be bought "cheaply," and not all believe that their
efforts will be sufficiently rewarded. However, in our experience, these
investments simultaneously reduce the Fund's interest-rate sensitivity and
provide the potential for high levels of tax-free income.
With generally higher prices of lower-rated and non-rated municipal
securities, the Fund shifted a larger percentage of assets to higher-quality
bonds during this period. For example, as of December 31, 2006, AAA- and
AA-rated paper represented 42.2% of the portfolio's market value, up from 28.3%
on the same date last year.
At year-end, tobacco bonds backed by the national Master Settlement
Agreement ("MSA") comprised the Fund's largest single industry sector. These
bonds are backed by the tobacco manufacturers' annual payments to the
participating states and territories each April based on cigarette shipments in
an earlier year; the payments made in April 2006, for example, were based on
2003 shipments. Amid concerns that non-participating manufacturers (NPMs) had
made inroads into their market share, some participating manufacturers placed a
portion of their 2006 annual payments into an escrow fund--in accordance with
the MSA--pending a decision about whether states were diligent in collecting
payments from NPMs, as required. A few participating manufacturers withheld
funds altogether. States continued to make all required payments on the tobacco
bonds they have issued, and this NPM dispute had no material impact this year on
the market prices of the bonds we held.
Meanwhile, the litigation environment has continued to improve for the
tobacco industry and, by extension, for MSA bonds during this report period. In
July 2006, the Florida Supreme Court upheld an appellate court's reversal of a
$145 billion judgment against cigarette manufacturers in the long-running Engle
case. One month later, tobacco manufacturers received another reprieve, when a
U.S. judge determined that she could not authorize financial remedies despite
her finding that manufacturers had violated federal racketeering laws. As of the
end of 2006, all remedies had been stayed, pending potential appeals by the
tobacco manufacturers and the Department of Justice, which brought this case in
1999. We remain confident that the resolution of this case should not harm the
Fund's position in MSA bonds. Late in November, the U.S. Supreme Court declined
to review a 2005 ruling by the Illinois Supreme Court to reverse a $10.1 billion
judgment against Philip Morris USA that had initially been awarded in 2003.
14 | ROCHESTER FUND MUNICIPALS
Based on these court decisions as well as widespread market speculation
that MSA bonds might be "pre-refunded," the prices of these bonds rose during
the year and contributed positively to Fund performance. As discussed in the
June 30, 2006, report to shareholders, pre-refunding involves earmarking the
proceeds from a new municipal bond to pay off an earlier bond that is not yet
callable; proceeds from the new bond are escrowed in U.S. Government bonds.
Because a pre-refunding eliminates the credit or call uncertainty of the old
bond, the bond's price generally rises significantly, to the shareholders'
benefit. The Fund's holdings in TSASC, Inc. (New York City) and Nassau County,
New York, MSA bonds were pre-refunded early in this report period, and the TSASC
pre-refunding, in particular, was an important driver of the Fund's 2006
performance. Importantly, the Fund was able to offset net realized gains of more
than $50 million, including the gains on these pre-refundings, with tax-loss
carryforwards, which accrue whenever a fund executes a swap to secure
higher-yielding securities for its portfolios. As a result, no capital gains
were distributed by the Fund in 2006.
Tobacco was not the only sector to benefit from the attractive total
returns and price appreciation that pre-refundings can help create. Shareholders
also benefited from a pre-refunding in the Fund's electric utilities sector
(5.7% of net assets as of December 31, 2006) after the Long Island Power
Authority decided to pre-refund some highly rated revenue bonds (with a tax-free
yield of 5.375%) and issue new bonds with a lower coupon. In general, 2006 was a
banner year for pre-refundings for Rochester Fund Municipals, and the Rochester
investment team's yield orientation and attention to detail helped drive total
return for the Fund.
Upgrades from credit rating agencies contributed to favorable results in
2006. Standard & Poor's ("S&P") raised New York City's general obligation bond
rating in May, contributing to higher prices for the City's bonds. In
anticipation of the de-coupling of Mount Sinai Hospital and New York University
Hospitals Center, which had merged in 1998, Moody's Investors Services upgraded
Mount Sinai to Baa 2 with a stable outlook, from Ba1. After the two hospitals
completed their separation in early October 2006, S&P also upgraded the bonds
that remained an obligation of Mount Sinai to BBB, from BB, with a positive
outlook.
The airline sector continued to have a positive impact on the Fund's
performance this year. The Fund's airline-backed bonds, which constituted 5.8%
of the portfolio at the end of 2006, performed strongly, generally increasing in
price and generating above-average yields. Many of our airline-backed holdings
are secured by mortgages on terminal gates and other highly prized airport
properties that we believe would retain their value regardless of changes in the
financial health of any individual carrier.
15 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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Even though the industry faced rising fuel costs during 2006, many
carriers reported increased passenger traffic, improved capacity utilization and
strong operational and financial performance. As a result, the Fund's holdings
in airline sector bonds were a positive contributor to total return in this
report period. In particular, holdings backed by American Airlines (4.67% of
total assets)--which successfully increased load factors and traffic while
reducing labor costs--delivered strong yields. Additionally, bonds backed by US
Airways (0.53% of total assets) had relatively stable prices and provided
significant income to shareholders this year; as of December 31, 2006, the Fund
held approximately $56 million in callable bonds backed by the airline, with a
tax-free yield of 9.125%.
It was a turbulent but ultimately good year for bonds issued by the
Commonwealth of Puerto Rico. In May, in light of the government's deficit
spending, ratings agencies downgraded Puerto Rico's general obligation bonds and
eight other Commonwealth credits, amid warnings that further downgrades were
possible. As the government shut down non-essential services and announced plans
to raise taxes and reinforce its financial structure, we closely monitored the
developments. We also took advantage of market weakness to add positions in
these bonds at favorable prices. In July, Standard & Poor's removed the credits
from its negative watch list and reported a stable outlook instead. The
subsequent price appreciation of these bonds contributed to the strong
performance of the Fund this period.
The Fund continued to hold some high-yielding, tax-exempt bonds that were
issued to finance co-generation facilities owned and operated by the Calpine
Corporation, which filed voluntary petitions to restructure under Chapter 11 of
the U.S. Bankruptcy Code late in 2005. Although the bankruptcy filing adds a
degree of uncertainty surrounding the owner/operator, all scheduled principal
and interest payments on the bonds were made this year and we remain optimistic
that future payments on the bonds will also be made on time. In fact,
shareholders continued to benefit this year from the bonds we held on Calpine
facilities, Port Authority of NY/NJ (KIAC) and Suffolk County IDA (Nissequogue
Cogeneration Partners). These bonds, project financings that are secured by
mortgages on co-generation facilities, constituted 0.85% of total net assets at
the end of 2006. Despite downgrades, prices on these bonds rose during the year.
This price appreciation, coupled with the bonds' favorable yields, helped drive
the Fund's total return for 2006.
In contrast, our holding in Erie County IDA (Great Lakes MDF), 0.16% of
net assets as of December 31, 2006, was a significant underperformer during the
year. Great Lakes MDF makes medium density fiberboard at its plant in
Lackawanna, N.Y. Semiannual interest payments on the bond were made on time in
2006, but financial difficulties related to the slowdown of the U.S. housing
market forced these bonds into non-accrual status as of December 1. The
investment team has maintained frequent contact with Great Lakes MDF throughout
the report period and will continue to monitor the situation closely and
advocate on behalf of our shareholders' best interests.
16 | ROCHESTER FUND MUNICIPALS
The Fund decreased its holdings in municipal inverse-floating-rate
securities during 2006. These holdings are generally highly liquid, tax-exempt
securities whose interest payments move inversely to short-term interest rates;
stated differently, an increase in short-term interest rates causes a decline in
income from these securities. This year, as the yield curve flattened and
long-term rates dropped, these securities generated less income than in previous
periods, but their yields remained higher than average market rates.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall portfolio risk. We continue to comb the market for
bonds that offer attractive yields, and to monitor developing market conditions.
Shareholders should note that market conditions during this report period did
not affect the Fund's overall investment strategies or cause it to pay any
capital gain distributions.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until December 31, 2006. In the case of Class A shares, performance is
measured over a ten-fiscal-year period. In the case of Class B and Class C
shares, performance is measured from inception of the Classes on March 17, 1997.
In the case of Class Y shares, performance is measured from inception of the
Class on April 28, 2000. The Fund's performance reflects the deduction of the
maximum initial sales charge on Class A shares, the applicable contingent
deferred sales charge on Class B and Class C shares, and reinvestments of all
dividends and capital gains distributions. Past performance cannot guarantee
future results.
The Fund's performance is compared to the performance of that of the
Lehman Brothers Municipal Bond Index, the Lipper New York Municipal Debt Funds
Index and the Consumer Price Index. The Lehman Brothers Municipal Bond Index is
an unmanaged index of a broad range of investment grade municipal bonds that is
widely regarded as a measure of the performance of the general municipal bond
market. The Lipper New York Municipal Debt Funds Index is an equally weighted
performance index of the largest qualifying funds (based on net assets) in the
Lipper New York Municipal Debt Funds classification that invest their assets in
securities exempt from taxation in New York or a city in New York. The Index,
which is adjusted for capital gains distributions and income dividends, is
unmanaged and should not be considered an investment. The Consumer Price Index
is a non-securities index that measures changes in the inflation rate. Index
performance reflects the reinvestment of income but does not consider the effect
of transaction costs, and none of the data in the graphs shows the effect of
taxes. The Fund's performance reflects the effects of the Fund's business and
operating expenses. While index comparisons may be useful to provide a benchmark
for the Fund's performance, it must be noted that the Fund's investments are not
limited to the investments in the indices.
17 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class A)
Lehman Brothers Municipal Bond Index
Lipper New York Municipal Debt Funds Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York
Municipals Municipal Consumer Price Municipal Debt
(Class A) Bond Index Index Funds Index
12/31/96 $ 9,525 $10,000 $10,000 $10,000
03/31/97 9,540 9,976 10,088 9,958
06/30/97 9,878 10,320 10,107 10,299
09/30/97 10,204 10,631 10,164 10,614
12/31/97 10,496 10,919 10,170 10,917
03/31/98 10,659 11,045 10,227 11,025
06/30/98 10,834 11,213 10,277 11,184
09/30/98 11,159 11,557 10,315 11,533
12/31/98 11,181 11,627 10,334 11,549
03/31/99 11,278 11,730 10,404 11,611
06/30/99 11,083 11,523 10,479 11,347
09/30/99 10,833 11,477 10,586 11,167
12/31/99 10,565 11,388 10,612 10,976
03/31/00 10,938 11,720 10,794 11,317
06/30/00 11,070 11,898 10,870 11,465
09/30/00 11,363 12,185 10,952 11,734
12/31/00 11,825 12,718 10,971 12,311
03/31/01 12,085 13,000 11,110 12,553
06/30/01 12,237 13,085 11,223 12,643
09/30/01 12,521 13,452 11,242 12,924
12/31/01 12,433 13,370 11,141 12,803
03/31/02 12,560 13,496 11,274 12,946
06/30/02 12,865 13,990 11,343 13,361
09/30/02 13,218 14,654 11,412 14,013
12/31/02 13,112 14,654 11,406 13,958
03/31/03 12,888 14,830 11,614 14,057
06/30/03 13,479 15,213 11,583 14,422
09/30/03 13,660 15,225 11,677 14,426
12/31/03 14,176 15,433 11,620 14,649
03/31/04 14,527 15,700 11,816 14,833
06/30/04 14,155 15,328 11,961 14,474
09/30/04 14,800 15,925 11,974 15,004
12/31/04 15,204 16,124 11,999 15,172
03/31/05 15,456 16,119 12,188 15,159
06/30/05 16,224 16,591 12,264 15,609
09/30/05 16,315 16,570 12,535 15,583
12/31/05 16,537 16,691 12,409 15,674
03/31/06 16,831 16,732 12,598 15,735
06/30/06 16,873 16,738 12,793 15,720
09/30/06 17,598 17,308 12,793 16,262
12/31/06 17,913 17,499 12,724 16,438
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
12/31/06
1-Year 3.18% 5-Year 6.54% 10-Year 6.00%
18 | ROCHESTER FUND MUNICIPALS
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class B)
Lehman Brothers Municipal Bond Index
Lipper New York Municipal Debt Funds Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York
Municipals Municipal Consumer Price Municipal Debt
(Class B) Bond Index Index Funds Index
03/17/97 $10,000 $10,000 $10,000 $10,000
03/31/97 9,951 10,000 10,000 10,000
06/30/97 10,282 10,345 10,019 10,342
09/30/97 10,599 10,656 10,075 10,658
12/31/97 10,874 10,945 10,081 10,963
03/31/98 11,019 11,072 10,138 11,071
06/30/98 11,176 11,240 10,188 11,231
09/30/98 11,487 11,585 10,225 11,581
12/31/98 11,484 11,655 10,244 11,597
03/31/99 11,560 11,758 10,313 11,659
06/30/99 11,341 11,550 10,388 11,395
09/30/99 11,061 11,504 10,494 11,214
12/31/99 10,764 11,415 10,519 11,022
03/31/00 11,120 11,749 10,700 11,364
06/30/00 11,230 11,926 10,775 11,513
09/30/00 11,503 12,215 10,856 11,783
12/31/00 11,946 12,749 10,875 12,362
03/31/01 12,182 13,032 11,013 12,605
06/30/01 12,309 13,116 11,125 12,696
09/30/01 12,568 13,485 11,144 12,978
12/31/01 12,453 13,402 11,044 12,856
03/31/02 12,553 13,529 11,175 13,000
06/30/02 12,831 14,024 11,244 13,417
09/30/02 13,148 14,689 11,313 14,072
12/31/02 13,013 14,689 11,306 14,016
03/31/03 12,779 14,866 11,513 14,116
06/30/03 13,365 15,250 11,481 14,482
09/30/03 13,545 15,262 11,575 14,486
12/31/03 14,056 15,470 11,519 14,710
03/31/04 14,405 15,738 11,713 14,895
06/30/04 14,036 15,365 11,856 14,535
09/30/04 14,675 15,964 11,869 15,067
12/31/04 15,076 16,163 11,894 15,235
03/31/05 15,325 16,157 12,081 15,223
06/30/05 16,087 16,631 12,156 15,674
09/30/05 16,177 16,610 12,425 15,649
12/31/05 16,397 16,731 12,300 15,740
03/31/06 16,689 16,772 12,488 15,801
06/30/06 16,731 16,778 12,681 15,786
09/30/06 17,450 17,349 12,681 16,330
12/31/06 17,762 17,541 12,613 16,507
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
12/31/06
1-Year 2.39% 5-Year 6.33% Since Inception (3/17/97) 6.04%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS
NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A
SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR RETURNS FOR CLASS B SHARES USES CLASS A
PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 22 FOR FURTHER
INFORMATION.
19 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class C)
Lehman Brothers Municipal Bond Index
Lipper New York Municipal Debt Funds Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York
Municipals Municipal Consumer Price Municipal Debt
(Class C) Bond Index Index Funds Index
03/17/97 $10,000 $10,000 $10,000 $10,000
03/31/97 9,956 10,000 10,000 10,000
06/30/97 10,282 10,345 10,019 10,342
09/30/97 10,599 10,656 10,075 10,658
12/31/97 10,880 10,945 10,081 10,963
03/31/98 11,020 11,072 10,138 11,071
06/30/98 11,183 11,240 10,188 11,231
09/30/98 11,488 11,585 10,225 11,581
12/31/98 11,486 11,655 10,244 11,597
03/31/99 11,567 11,758 10,313 11,659
06/30/99 11,337 11,550 10,388 11,395
09/30/99 11,063 11,504 10,494 11,214
12/31/99 10,760 11,415 10,519 11,022
03/31/00 11,117 11,749 10,700 11,364
06/30/00 11,234 11,926 10,775 11,513
09/30/00 11,501 12,215 10,856 11,783
12/31/00 11,951 12,749 10,875 12,362
03/31/01 12,181 13,032 11,013 12,605
06/30/01 12,308 13,116 11,125 12,696
09/30/01 12,567 13,485 11,144 12,978
12/31/01 12,451 13,402 11,044 12,856
03/31/02 12,552 13,529 11,175 13,000
06/30/02 12,830 14,024 11,244 13,417
09/30/02 13,155 14,689 11,313 14,072
12/31/02 13,020 14,689 11,306 14,016
03/31/03 12,770 14,866 11,513 14,116
06/30/03 13,328 15,250 11,481 14,482
09/30/03 13,478 15,262 11,575 14,486
12/31/03 13,949 15,470 11,519 14,710
03/31/04 14,273 15,738 11,713 14,895
06/30/04 13,877 15,365 11,856 14,535
09/30/04 14,479 15,964 11,869 15,067
12/31/04 14,843 16,163 11,894 15,235
03/31/05 15,056 16,157 12,081 15,223
06/30/05 15,772 16,631 12,156 15,674
09/30/05 15,825 16,610 12,425 15,649
12/31/05 15,997 16,731 12,300 15,740
03/31/06 16,256 16,772 12,488 15,801
06/30/06 16,261 16,778 12,681 15,786
09/30/06 16,916 17,349 12,681 16,330
12/31/06 17,182 17,541 12,613 16,507
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
12/31/06
1-Year 6.40% 5-Year 6.65% Since Inception (3/17/97) 5.68%
20 | ROCHESTER FUND MUNICIPALS
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class Y)
Lehman Brothers Municipal Bond Index
Lipper New York Municipal Debt Funds Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York
Municipals Municipal Consumer Price Municipal Debt
(Class Y) Bond Index Index Funds Index
04/28/00 $10,000 $10,000 $10,000 $10,000
06/30/00 10,197 10,212 10,064 10,210
09/30/00 10,470 10,459 10,140 10,450
12/31/00 10,897 10,916 10,158 10,964
03/31/01 11,139 11,158 10,286 11,179
06/30/01 11,283 11,231 10,391 11,260
09/30/01 11,547 11,546 10,409 11,510
12/31/01 11,469 11,475 10,315 11,402
03/31/02 11,589 11,584 10,438 11,529
06/30/02 11,877 12,007 10,502 11,899
09/30/02 12,197 12,578 10,566 12,480
12/31/02 12,108 12,578 10,560 12,431
03/31/03 11,904 12,729 10,753 12,519
06/30/03 12,454 13,057 10,724 12,844
09/30/03 12,624 13,067 10,811 12,847
12/31/03 13,096 13,246 10,759 13,046
03/31/04 13,433 13,475 10,940 13,210
06/30/04 13,095 13,156 11,074 12,891
09/30/04 13,698 13,668 11,086 13,362
12/31/04 14,078 13,839 11,109 13,512
03/31/05 14,318 13,834 11,284 13,501
06/30/05 15,036 14,240 11,354 13,901
09/30/05 15,127 14,222 11,605 13,878
12/31/05 15,336 14,326 11,489 13,959
03/31/06 15,613 14,361 11,664 14,013
06/30/06 15,656 14,366 11,845 14,000
09/30/06 16,326 14,855 11,845 14,483
12/31/06 16,632 15,019 11,781 14,639
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 12/31/06
1-Year 8.45% 5-Year 7.72% Since Inception (4/28/00) 7.92%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS
NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A
SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR RETURNS FOR CLASS B SHARES USES CLASS A
PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 22 FOR FURTHER
INFORMATION.
21 | ROCHESTER FUND MUNICIPALS
NOTES
- --------------------------------------------------------------------------------
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 5/15/86. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/17/97. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the "since inception" return for Class B uses
Class A performance for the period after conversion. Class B shares are subject
to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 3/17/97. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 4/28/00. Class Y
shares are offered only to certain institutional investors under special
agreements with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
22 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 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
23 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES
- --------------------------------------------------------------------------------
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
(7/1/06) (12/31/06) DECEMBER 31, 2006
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,061.60 $ 6.93
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,018.50 6.79
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,056.50 11.57
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,014.01 11.33
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,056.60 11.47
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,014.12 11.23
- --------------------------------------------------------------------------------
Class Y Actual 1,000.00 1,062.40 6.26
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,019.16 6.13
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ------------------------------------------------
Class A 1.33%
- ------------------------------------------------
Class B 2.22
- ------------------------------------------------
Class C 2.20
- ------------------------------------------------
Class Y 1.20
- --------------------------------------------------------------------------------
24 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS December 31, 2006
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--116.1%
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK--100.7%
$ 1,420,000 Albany County Airport Authority 5.000% 12/15/2035 $ 1,491,596
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Albany County Airport Authority 5.500 12/15/2019 129,294
- -----------------------------------------------------------------------------------------------------------------------------------
1,035,000 Albany County IDA (Albany College of Pharmacy) 5.375 12/01/2024 1,093,695
- -----------------------------------------------------------------------------------------------------------------------------------
1,700,000 Albany County IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,807,576
- -----------------------------------------------------------------------------------------------------------------------------------
605,000 Albany County IDA (Wildwood Programs) 4.900 07/01/2021 628,577
- -----------------------------------------------------------------------------------------------------------------------------------
885,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 916,302
- -----------------------------------------------------------------------------------------------------------------------------------
1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,450,274
- -----------------------------------------------------------------------------------------------------------------------------------
2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,505,461
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 404,088
- -----------------------------------------------------------------------------------------------------------------------------------
870,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 912,761
- -----------------------------------------------------------------------------------------------------------------------------------
7,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 7,395,108
- -----------------------------------------------------------------------------------------------------------------------------------
3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 4,017,508
- -----------------------------------------------------------------------------------------------------------------------------------
2,485,000 Albany IDA (Hampton Plaza) 6.250 03/15/2018 2,507,191
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Albany IDA (New Covenant Charter School) 7.000 05/01/2025 900,864
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,313,784
- -----------------------------------------------------------------------------------------------------------------------------------
1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,800,146
- -----------------------------------------------------------------------------------------------------------------------------------
2,510,000 Albany Parking Authority 1 5.625 07/15/2020 2,676,764
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Albany Parking Authority 5.625 07/15/2025 2,132,020
- -----------------------------------------------------------------------------------------------------------------------------------
1,770,000 Albany Parking Authority 2 7.052 3 11/01/2017 1,033,715
- -----------------------------------------------------------------------------------------------------------------------------------
5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,802,999
- -----------------------------------------------------------------------------------------------------------------------------------
925,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 925,518
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2023 10,005
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 3,075,210
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Amherst IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 26,965
- -----------------------------------------------------------------------------------------------------------------------------------
3,150,000 Appleridge Retirement Community 5.750 09/01/2041 3,355,664
- -----------------------------------------------------------------------------------------------------------------------------------
485,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 486,426
- -----------------------------------------------------------------------------------------------------------------------------------
810,000 Bethlehem Water System 5.250 03/01/2018 862,115
- -----------------------------------------------------------------------------------------------------------------------------------
855,000 Bethlehem Water System 5.375 03/01/2019 913,867
- -----------------------------------------------------------------------------------------------------------------------------------
905,000 Bethlehem Water System 5.375 03/01/2020 967,255
- -----------------------------------------------------------------------------------------------------------------------------------
955,000 Bethlehem Water System 5.500 03/01/2021 1,028,822
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 Bethlehem Water System 5.500 03/01/2022 543,749
- -----------------------------------------------------------------------------------------------------------------------------------
1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,088,228
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Bleeker Terrace HDC 8.750 07/01/2007 912,564
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 639,769
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,280,700
- -----------------------------------------------------------------------------------------------------------------------------------
2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,569,482
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Broome County IDA (University Plaza) 5.000 08/01/2025 67,555
- -----------------------------------------------------------------------------------------------------------------------------------
3,030,000 Broome County IDA (University Plaza) 5.000 08/01/2036 3,123,415
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Broome County IDA (University Plaza) 5.100 08/01/2030 1,044,640
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Broome County IDA (University Plaza) 5.100 08/01/2036 1,298,450
25 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
- -----------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Broome County IDA (University Plaza) 5.200% 08/01/2030 $ 3,157,860
- -----------------------------------------------------------------------------------------------------------------------------------
4,450,000 Broome County IDA (University Plaza) 5.200 08/01/2036 4,661,331
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Bushnell Basin Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 3,064,650
- -----------------------------------------------------------------------------------------------------------------------------------
915,000 Canton Human Services Initiatives 5.700 09/01/2024 979,489
- -----------------------------------------------------------------------------------------------------------------------------------
1,155,000 Canton Human Services Initiatives 5.750 09/01/2032 1,235,169
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Capital District Youth Center 6.000 02/01/2017 612,912
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Carnegie Redevel. Corp. 2 7.000 09/01/2021 503,440
- -----------------------------------------------------------------------------------------------------------------------------------
4,295,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,441,460
- -----------------------------------------------------------------------------------------------------------------------------------
1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,508,291
- -----------------------------------------------------------------------------------------------------------------------------------
2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 2,994,975
- -----------------------------------------------------------------------------------------------------------------------------------
440,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 451,101
- -----------------------------------------------------------------------------------------------------------------------------------
3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,549,778
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Chautauqua County IDA (Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,994,582
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Chautauqua Utility District 5.000 06/01/2023 98,649
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Chautauqua Utility District 5.000 06/01/2025 108,462
- -----------------------------------------------------------------------------------------------------------------------------------
3,250,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 3,364,855
- -----------------------------------------------------------------------------------------------------------------------------------
1,915,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 1,982,676
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,030,760
- -----------------------------------------------------------------------------------------------------------------------------------
1,455,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,499,756
- -----------------------------------------------------------------------------------------------------------------------------------
1,225,000 Chemung County IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,260,537
- -----------------------------------------------------------------------------------------------------------------------------------
1,515,000 Chemung County IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,573,555
- -----------------------------------------------------------------------------------------------------------------------------------
5,480,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 5,520,716
- -----------------------------------------------------------------------------------------------------------------------------------
5,675,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 5,794,629
- -----------------------------------------------------------------------------------------------------------------------------------
4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 5,020,131
- -----------------------------------------------------------------------------------------------------------------------------------
1,425,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,455,167
- -----------------------------------------------------------------------------------------------------------------------------------
2,735,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 2,739,376
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Cohoes GO 6.200 03/15/2012 35,781
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.200 03/15/2013 25,555
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2014 25,556
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2015 25,553
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2016 25,551
- -----------------------------------------------------------------------------------------------------------------------------------
1,725,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,749,754
- -----------------------------------------------------------------------------------------------------------------------------------
3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,484,932
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Corinth IDA (International Paper Company) 5.850 12/01/2020 30,935
- -----------------------------------------------------------------------------------------------------------------------------------
5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,677,110
- -----------------------------------------------------------------------------------------------------------------------------------
155,000 Dutchess County IDA (Astor Learning Center Civic Facility) 5.150 11/01/2024 160,434
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 128,387
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,509,485
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Dutchess County IDA (St. Francis Hospital) 7.500 03/01/2029 1,004,301
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,310,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500% 04/01/2020 $ 2,466,433
- -----------------------------------------------------------------------------------------------------------------------------------
5,635,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 6,023,308
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Dutchess County IDA (Vassar College) 5.350 09/01/2040 90,916
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County Water & Wastewater Authority 5.400 3 06/01/2027 419,430
- -----------------------------------------------------------------------------------------------------------------------------------
3,280,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,522,458
- -----------------------------------------------------------------------------------------------------------------------------------
1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 1 6.125 04/20/2043 1,492,871
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,482,110
- -----------------------------------------------------------------------------------------------------------------------------------
2,570,000 East Rochester Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,690,893
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 East Rochester Hsg. Authority (Linden Knoll) 1 5.350 02/01/2038 2,028,960
- -----------------------------------------------------------------------------------------------------------------------------------
4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,212,486
- -----------------------------------------------------------------------------------------------------------------------------------
1,700,000 East Rochester Hsg. Authority (Woodland Village) 5.500 08/01/2033 1,752,105
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 190,990
- -----------------------------------------------------------------------------------------------------------------------------------
2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,406,537
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Erie County IDA (Charter School Applied Tech) 6.750 06/01/2025 4,007,120
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Erie County IDA (Charter School Applied Tech) 6.875 06/01/2035 7,025,270
- -----------------------------------------------------------------------------------------------------------------------------------
1,960,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,762,922
- -----------------------------------------------------------------------------------------------------------------------------------
2,765,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,764,668
- -----------------------------------------------------------------------------------------------------------------------------------
35,000,000 Erie County IDA (Great Lakes) 4,5 7.500 12/01/2025 16,452,100
- -----------------------------------------------------------------------------------------------------------------------------------
11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 12,940,110
- -----------------------------------------------------------------------------------------------------------------------------------
3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,964,041
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Erie County IDA (Orchard Park) 6.000 11/15/2036 2,412,675
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 77,366
- -----------------------------------------------------------------------------------------------------------------------------------
9,600,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,906,816
- -----------------------------------------------------------------------------------------------------------------------------------
3,170,000 Erie County Sewer District 1 5.000 06/01/2029 3,380,076
- -----------------------------------------------------------------------------------------------------------------------------------
2,630,000 Erie County Sewer District 5.000 12/01/2030 2,804,290
- -----------------------------------------------------------------------------------------------------------------------------------
1,360,000 Erie County Sewer District 5.000 12/01/2035 1,446,986
- -----------------------------------------------------------------------------------------------------------------------------------
28,610,000 Erie County Tobacco Asset Securitization Corp. 1 5.000 06/01/2038 29,150,443
- -----------------------------------------------------------------------------------------------------------------------------------
5,255,000 Erie County Tobacco Asset Securitization Corp. 1 5.000 06/01/2045 5,350,588
- -----------------------------------------------------------------------------------------------------------------------------------
72,000,000 Erie County Tobacco Asset Securitization Corp. 5.986 3 06/01/2047 7,248,960
- -----------------------------------------------------------------------------------------------------------------------------------
135,000,000 Erie County Tobacco Asset Securitization Corp. 6.486 3 06/01/2050 9,174,600
- -----------------------------------------------------------------------------------------------------------------------------------
150,000,000 Erie County Tobacco Asset Securitization Corp. 6.751 3 06/01/2055 6,018,000
- -----------------------------------------------------------------------------------------------------------------------------------
1,024,000,000 Erie County Tobacco Asset Securitization Corp. 7.650 3 06/01/2060 20,264,960
- -----------------------------------------------------------------------------------------------------------------------------------
25,300,000 Erie County Tobacco Asset Securitization Corp. 9 5.000 06/01/2038 25,777,603
- -----------------------------------------------------------------------------------------------------------------------------------
72,385,000 Erie County Tobacco Asset Securitization Corp. 9 5.000 06/01/2045 73,701,955
- -----------------------------------------------------------------------------------------------------------------------------------
2,300,000 Essex County IDA (International Paper Company) 1 6.450 11/15/2023 2,437,655
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Essex County IDA (Moses Ludington Nursing Home) 6.200 02/01/2030 43,375
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Essex County IDA (Moses Ludington Nursing Home) 1 6.375 02/01/2050 5,430,750
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 117,455
27 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
- -----------------------------------------------------------------------------------------------------------------------------------
$ 975,000 Essex County IDA (North Country Community College Foundation) 5.000% 06/01/2020 $ 1,010,558
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Essex County IDA (North Country Community College Foundation) 5.000 06/01/2020 331,670
- -----------------------------------------------------------------------------------------------------------------------------------
1,235,000 Essex County IDA (North Country Community College Foundation) 5.200 06/01/2025 1,286,302
- -----------------------------------------------------------------------------------------------------------------------------------
410,000 Essex County IDA (North Country Community College Foundation) 5.200 06/01/2025 427,031
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Essex County IDA (North Country Community College Foundation) 5.300 06/01/2035 1,142,713
- -----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Essex County IDA Solid Waste Disposal (International Paper Company) 5.200 12/01/2023 3,893,813
- -----------------------------------------------------------------------------------------------------------------------------------
4,440,000 Essex County IDA Solid Waste Disposal (International Paper Company) 5.200 03/01/2028 4,560,235
- -----------------------------------------------------------------------------------------------------------------------------------
1,850,000 Essex County IDA Solid Waste Disposal
(International Paper Company) 1 5.500 08/15/2022 1,903,391
- -----------------------------------------------------------------------------------------------------------------------------------
1,625,000 Essex County IDA Solid Waste Disposal
(International Paper Company) 1 5.500 10/01/2026 1,689,350
- -----------------------------------------------------------------------------------------------------------------------------------
5,680,000 Franklin County IDA (Adirondack Medical Center) 1 5.500 12/01/2029 5,991,946
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Franklin County IDA (North Country Community College Foundation) 5.200 06/01/2025 937,386
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 201,342
- -----------------------------------------------------------------------------------------------------------------------------------
3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,938,986
- -----------------------------------------------------------------------------------------------------------------------------------
1,270,000 Green Island Power Authority 5.125 12/15/2024 1,307,097
- -----------------------------------------------------------------------------------------------------------------------------------
2,795,000 Green Island Power Authority 1 6.000 12/15/2020 2,999,762
- -----------------------------------------------------------------------------------------------------------------------------------
1,695,000 Green Island Power Authority 6.000 12/15/2025 1,815,328
- -----------------------------------------------------------------------------------------------------------------------------------
840,000 Hempstead GO 5.000 07/01/2020 869,744
- -----------------------------------------------------------------------------------------------------------------------------------
1,025,000 Hempstead GO 1 5.000 07/01/2021 1,060,301
- -----------------------------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead GO 1 5.000 07/01/2022 1,312,520
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,685,500
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 295,089
- -----------------------------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,378,306
- -----------------------------------------------------------------------------------------------------------------------------------
2,925,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 2,987,946
- -----------------------------------------------------------------------------------------------------------------------------------
18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,614,709
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 1,286,439
- -----------------------------------------------------------------------------------------------------------------------------------
9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 9,547,313
- -----------------------------------------------------------------------------------------------------------------------------------
9,010,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 9,919,379
- -----------------------------------------------------------------------------------------------------------------------------------
2,485,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,698,834
- -----------------------------------------------------------------------------------------------------------------------------------
5,680,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,685,339
- -----------------------------------------------------------------------------------------------------------------------------------
4,740,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,147,877
- -----------------------------------------------------------------------------------------------------------------------------------
12,455,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 13,526,753
- -----------------------------------------------------------------------------------------------------------------------------------
6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,357,542
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
- -----------------------------------------------------------------------------------------------------------------------------------
$ 4,310,000 Herkimer County IDA (Burrows Paper) 1 8.000% 01/01/2009 $ 4,299,139
- -----------------------------------------------------------------------------------------------------------------------------------
3,225,000 Herkimer County IDA (Folts Adult Home) 5.500 03/20/2040 3,619,869
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Herkimer County IDA (Herkimer County College Foundation) 1 6.250 08/01/2034 1,085,430
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 Herkimer County IDA (Herkimer County College Foundation) 1 6.400 11/01/2020 1,362,036
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Herkimer County IDA (Herkimer County College Foundation) 1 6.500 11/01/2030 2,108,840
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Herkimer Hsg. Authority 7.150 03/01/2011 235,503
- -----------------------------------------------------------------------------------------------------------------------------------
990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 1,003,751
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Hudson IDA (Hudson Fabrics) 6.750 11/01/2024 1,297,770
- -----------------------------------------------------------------------------------------------------------------------------------
45,000,000 Hudson Yards Infrastructure Corp. 4.500 02/15/2047 44,914,950
- -----------------------------------------------------------------------------------------------------------------------------------
54,500,000 Hudson Yards Infrastructure Corp. 5.000 02/15/2047 58,036,505
- -----------------------------------------------------------------------------------------------------------------------------------
171,500,000 Hudson Yards Infrastructure Corp. 7 5.000 02/15/2047 181,467,580
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 149,199
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 1,034,050
- -----------------------------------------------------------------------------------------------------------------------------------
8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 8,768,090
- -----------------------------------------------------------------------------------------------------------------------------------
795,000 Islip IDA (Leeway School) 9.000 08/01/2021 797,584
- -----------------------------------------------------------------------------------------------------------------------------------
17,985,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 19,257,439
- -----------------------------------------------------------------------------------------------------------------------------------
9,695,000 Islip IDA (United Cerebral Palsy Assoc.) 7 6.250 12/01/2031 9,688,214
- -----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Islip IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 1,125,394
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Islip Res Rec, Series E 1 5.750 07/01/2020 1,220,593
- -----------------------------------------------------------------------------------------------------------------------------------
1,315,000 Islip Res Rec, Series E 1 5.750 07/01/2021 1,460,952
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Islip Res Rec, Series E 1 5.750 07/01/2023 1,111,680
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,160,230
- -----------------------------------------------------------------------------------------------------------------------------------
11,645,000 L.I. Power Authority, Series A 9 5.250 09/01/2028 12,467,555
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 L.I. Power Authority, Series A 5.000 09/01/2027 287,433
- -----------------------------------------------------------------------------------------------------------------------------------
24,130,000 L.I. Power Authority, Series A 5.125 09/01/2029 25,082,170
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 L.I. Power Authority, Series A 5.125 09/01/2029 62,951
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 L.I. Power Authority, Series B 1 5.000 12/01/2035 7,401,100
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 L.I. Power Authority, Series B 5.000 12/01/2035 1,435,982
- -----------------------------------------------------------------------------------------------------------------------------------
46,880,000 L.I. Power Authority, Series C 1 5.000 09/01/2035 49,622,949
- -----------------------------------------------------------------------------------------------------------------------------------
86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 92,272,823
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2012 116,552
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2013 118,761
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2014 120,905
- -----------------------------------------------------------------------------------------------------------------------------------
3,830,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 4,123,953
- -----------------------------------------------------------------------------------------------------------------------------------
4,305,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,482,280
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Madison County IDA (Morrisville State College Foundation) 5.000 06/01/2028 798,975
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Madison County IDA (Morrisville State College Foundation) 5.000 06/01/2032 1,169,179
29 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300% 02/01/2021 $ 1,356,964
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 Madison County IDA (Oneida Healthcare Center) 1 5.350 02/01/2031 5,784,735
- -----------------------------------------------------------------------------------------------------------------------------------
690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 723,320
- -----------------------------------------------------------------------------------------------------------------------------------
2,605,000 Middletown Hsg. Authority (Summitfield & Moore Heights) 4.800 07/01/2039 2,613,883
- -----------------------------------------------------------------------------------------------------------------------------------
3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 4,027,574
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Middletown IDA (YMCA) 6.250 11/01/2009 235,152
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,183,427
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 Monroe County COP 8.050 01/01/2011 190,040
- -----------------------------------------------------------------------------------------------------------------------------------
645,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 669,458
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Monroe County IDA (Cloverwood Senior Living) 6.750 05/01/2023 49,798
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Cloverwood Senior Living) 6.875 05/01/2033 998,060
- -----------------------------------------------------------------------------------------------------------------------------------
997,549 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,004,921
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 934,164
- -----------------------------------------------------------------------------------------------------------------------------------
4,325,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 3,956,640
- -----------------------------------------------------------------------------------------------------------------------------------
5,320,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 4,907,434
- -----------------------------------------------------------------------------------------------------------------------------------
805,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 806,763
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,287,930
- -----------------------------------------------------------------------------------------------------------------------------------
4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,253,126
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2022 1,031,300
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2025 1,283,763
- -----------------------------------------------------------------------------------------------------------------------------------
535,000 Monroe County IDA (Melles Griot) 9.500 12/01/2009 543,009
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 300,141
- -----------------------------------------------------------------------------------------------------------------------------------
2,525,000 Monroe County IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,561,284
- -----------------------------------------------------------------------------------------------------------------------------------
4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,447,776
- -----------------------------------------------------------------------------------------------------------------------------------
2,890,000 Monroe County IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,973,781
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,069,680
- -----------------------------------------------------------------------------------------------------------------------------------
1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,553,090
- -----------------------------------------------------------------------------------------------------------------------------------
2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,321,488
- -----------------------------------------------------------------------------------------------------------------------------------
3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,220,540
- -----------------------------------------------------------------------------------------------------------------------------------
2,175,000 Monroe County IDA (Summit at Brighton) 5.375 07/01/2032 2,203,079
- -----------------------------------------------------------------------------------------------------------------------------------
3,660,000 Monroe County IDA (Summit at Brighton) 5.500 07/01/2027 3,758,966
- -----------------------------------------------------------------------------------------------------------------------------------
910,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 925,570
- -----------------------------------------------------------------------------------------------------------------------------------
2,745,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,769,678
- -----------------------------------------------------------------------------------------------------------------------------------
650,000,000 Monroe County Tobacco Asset Securitization Corp. (TASC) 7.701 3 06/01/2061 11,667,500
- -----------------------------------------------------------------------------------------------------------------------------------
2,265,000 Monroe Newpower Corp. 5.500 01/01/2034 2,380,877
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 Monroe Newpower Corp. 5.625 01/01/2026 615,450
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 512,095
- -----------------------------------------------------------------------------------------------------------------------------------
3,275,000 Mount Vernon IDA (Macedonia Towers) 1 5.200 12/01/2033 3,354,222
- -----------------------------------------------------------------------------------------------------------------------------------
2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,375,463
- -----------------------------------------------------------------------------------------------------------------------------------
2,600,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,677,948
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,895,000 MTA Service Contract, Series A 1 5.125% 01/01/2024 $ 16,883,669
- -----------------------------------------------------------------------------------------------------------------------------------
162,430,000 MTA Service Contract, Series A 5.125 01/01/2029 171,626,787
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 MTA Service Contract, Series A 5.750 07/01/2031 21,921,000
- -----------------------------------------------------------------------------------------------------------------------------------
33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 35,118,768
- -----------------------------------------------------------------------------------------------------------------------------------
56,800,000 MTA, Series A 9 5.000 11/15/2028 60,173,920
- -----------------------------------------------------------------------------------------------------------------------------------
8,500,000 MTA, Series A 9 5.000 11/15/2032 8,963,718
- -----------------------------------------------------------------------------------------------------------------------------------
71,575,000 MTA, Series A 9 5.000 11/15/2030 75,115,073
- -----------------------------------------------------------------------------------------------------------------------------------
8,400,000 MTA, Series A 9 4.500 11/15/2034 8,427,720
- -----------------------------------------------------------------------------------------------------------------------------------
7,650,000 MTA, Series A 9 5.000 11/15/2020 8,066,800
- -----------------------------------------------------------------------------------------------------------------------------------
8,895,000 MTA, Series A 9 5.125 01/01/2024 9,447,336
- -----------------------------------------------------------------------------------------------------------------------------------
32,000,000 MTA, Series A 5.000 11/15/2030 33,583,040
- -----------------------------------------------------------------------------------------------------------------------------------
14,500,000 MTA, Series A 5.000 11/15/2031 15,435,395
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 MTA, Series A 5.000 11/15/2032 21,216
- -----------------------------------------------------------------------------------------------------------------------------------
64,655,000 MTA, Series A 1 5.000 11/15/2035 68,503,266
- -----------------------------------------------------------------------------------------------------------------------------------
42,295,000 MTA, Series A 5.125 11/15/2031 44,718,081
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 MTA, Series B 1 4.750 11/15/2026 6,252,000
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 MTA, Series B 5.000 01/01/2031 26,288
- -----------------------------------------------------------------------------------------------------------------------------------
54,900,000 MTA, Series B 5.000 11/15/2031 58,019,967
- -----------------------------------------------------------------------------------------------------------------------------------
20,080,000 MTA, Series B 5.250 11/15/2032 21,985,793
- -----------------------------------------------------------------------------------------------------------------------------------
34,845,000 MTA, Series E 5.250 11/15/2031 37,067,414
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 MTA, Series F 5.000 11/15/2030 3,701,565
- -----------------------------------------------------------------------------------------------------------------------------------
146,990,000 MTA, Series F 5.000 11/15/2035 155,009,774
- -----------------------------------------------------------------------------------------------------------------------------------
30,000,000 MTA, Series F 9 5.000 11/15/2031 31,636,650
- -----------------------------------------------------------------------------------------------------------------------------------
802,824 Municipal Assistance Corp. for Troy 5.733 3 07/15/2021 444,267
- -----------------------------------------------------------------------------------------------------------------------------------
1,218,573 Municipal Assistance Corp. for Troy 1 5.741 3 01/15/2022 658,809
- -----------------------------------------------------------------------------------------------------------------------------------
975,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 1,054,628
- -----------------------------------------------------------------------------------------------------------------------------------
2,975,000 Nassau County IDA (ALIA-ACLD) 6.250 09/01/2022 3,089,835
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 243,225
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 378,585
- -----------------------------------------------------------------------------------------------------------------------------------
5,460,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 5,888,337
- -----------------------------------------------------------------------------------------------------------------------------------
3,325,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 3,594,325
- -----------------------------------------------------------------------------------------------------------------------------------
1,740,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 1,882,106
- -----------------------------------------------------------------------------------------------------------------------------------
290,000 Nassau County IDA (ALIA-FREE) 7.125 06/01/2012 313,684
- -----------------------------------------------------------------------------------------------------------------------------------
2,145,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,320,182
- -----------------------------------------------------------------------------------------------------------------------------------
4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,371,704
- -----------------------------------------------------------------------------------------------------------------------------------
6,415,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 7,089,345
- -----------------------------------------------------------------------------------------------------------------------------------
890,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 959,438
- -----------------------------------------------------------------------------------------------------------------------------------
685,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 738,444
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 237,967
- -----------------------------------------------------------------------------------------------------------------------------------
525,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 567,877
31 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,245,000 Nassau County IDA (CNGCS) 8.150% 06/01/2030 $ 2,442,650
- -----------------------------------------------------------------------------------------------------------------------------------
5,240,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 5,456,779
- -----------------------------------------------------------------------------------------------------------------------------------
3,410,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 3,551,072
- -----------------------------------------------------------------------------------------------------------------------------------
5,875,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 6,118,049
- -----------------------------------------------------------------------------------------------------------------------------------
6,450,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 6,716,837
- -----------------------------------------------------------------------------------------------------------------------------------
9,155,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 9,533,742
- -----------------------------------------------------------------------------------------------------------------------------------
3,805,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,151,027
- -----------------------------------------------------------------------------------------------------------------------------------
3,535,000 Nassau County IDA (New York Water Service Corp.) 5.000 12/01/2035 3,719,315
- -----------------------------------------------------------------------------------------------------------------------------------
2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,336,876
- -----------------------------------------------------------------------------------------------------------------------------------
2,759,599 Nassau County IDA (Sharp International) 2,10 7.375 12/01/2007 276
- -----------------------------------------------------------------------------------------------------------------------------------
1,752,588 Nassau County IDA (Sharp International) 2,10 7.375 12/01/2007 175
- -----------------------------------------------------------------------------------------------------------------------------------
2,527,212 Nassau County IDA (Sharp International) 2,10 7.875 12/01/2012 253
- -----------------------------------------------------------------------------------------------------------------------------------
1,597,663 Nassau County IDA (Sharp International) 2,10 7.875 12/01/2012 160
- -----------------------------------------------------------------------------------------------------------------------------------
2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,058,036
- -----------------------------------------------------------------------------------------------------------------------------------
23,710,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 25,630,036
- -----------------------------------------------------------------------------------------------------------------------------------
765,000 Nassau County IDA, Series A-A 6.000 07/02/2021 779,306
- -----------------------------------------------------------------------------------------------------------------------------------
7,965,000 Nassau County IDA, Series A-B 6.000 07/01/2021 8,113,946
- -----------------------------------------------------------------------------------------------------------------------------------
715,000 Nassau County IDA, Series A-C 6.000 07/01/2021 728,371
- -----------------------------------------------------------------------------------------------------------------------------------
815,000 Nassau County IDA, Series A-D 6.000 07/01/2021 830,241
- -----------------------------------------------------------------------------------------------------------------------------------
1,675,000 Nassau County Interim Finance Authority 1 5.125 11/15/2021 1,693,827
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Nassau County Tobacco Settlement Corp. 1 0.000 8 06/01/2026 2,740,740
- -----------------------------------------------------------------------------------------------------------------------------------
79,000,000 Nassau County Tobacco Settlement Corp. 5.125 06/01/2046 81,256,240
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 Nassau County Tobacco Settlement Corp. 5.820 3 06/01/2046 2,151,200
- -----------------------------------------------------------------------------------------------------------------------------------
75,975,000 Nassau County Tobacco Settlement Corp. 6.000 3 06/01/2046 7,535,960
- -----------------------------------------------------------------------------------------------------------------------------------
895,215,000 Nassau County Tobacco Settlement Corp. 6.400 3 06/01/2060 31,037,104
- -----------------------------------------------------------------------------------------------------------------------------------
40,000,000 Nassau County Tobacco Settlement Corp. 7.351 3 06/01/2060 884,400
- -----------------------------------------------------------------------------------------------------------------------------------
14,615,000 Nassau County Tobacco Settlement Corp. (TASC) 1 5.000 06/01/2035 14,961,960
- -----------------------------------------------------------------------------------------------------------------------------------
40,000,000 Nassau County Tobacco Settlement Corp. (TASC) 9 5.125 06/01/2046 41,142,600
- -----------------------------------------------------------------------------------------------------------------------------------
7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,666,583
- -----------------------------------------------------------------------------------------------------------------------------------
3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,578,810
- -----------------------------------------------------------------------------------------------------------------------------------
4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,596,735
- -----------------------------------------------------------------------------------------------------------------------------------
6,195,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 6,581,754
- -----------------------------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 5,116,413
- -----------------------------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 5,116,413
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,097,700
- -----------------------------------------------------------------------------------------------------------------------------------
13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,508,673
- -----------------------------------------------------------------------------------------------------------------------------------
6,235,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,531,350
- -----------------------------------------------------------------------------------------------------------------------------------
3,670,000 New Rochelle IDA (Soundview Apartments) 5.375 04/01/2036 3,857,354
- -----------------------------------------------------------------------------------------------------------------------------------
4,715,000 Newark-Wayne Community Hospital 1 5.875 01/15/2033 4,722,591
- -----------------------------------------------------------------------------------------------------------------------------------
2,195,000 Newark-Wayne Community Hospital 1 7.600 09/01/2015 2,198,205
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 500,000 Niagara County IDA (Affinity Foxwood Place) 5.000% 07/20/2038 $ 510,210
- -----------------------------------------------------------------------------------------------------------------------------------
2,810,000 Niagara County IDA (Affinity Foxwood Place) 5.000 07/20/2048 2,852,543
- -----------------------------------------------------------------------------------------------------------------------------------
3,300,000 Niagara County IDA (American Ref-Fuel Company) 1 5.550 11/15/2024 3,448,434
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,611,960
- -----------------------------------------------------------------------------------------------------------------------------------
5,400,000 Niagara County IDA (Niagara University) 1 5.400 11/01/2031 5,695,056
- -----------------------------------------------------------------------------------------------------------------------------------
850,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 850,706
- -----------------------------------------------------------------------------------------------------------------------------------
6,500,000 Niagara County IDA (Solid Waste Disposal) 1 5.625 11/15/2024 6,834,230
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Niagara County Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,970
- -----------------------------------------------------------------------------------------------------------------------------------
1,395,000 Niagara County Tobacco Asset Securitization Corp. 1 6.250 05/15/2034 1,485,870
- -----------------------------------------------------------------------------------------------------------------------------------
6,295,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,705,056
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.000 04/01/2028 299,986
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625 04/01/2029 26,181
- -----------------------------------------------------------------------------------------------------------------------------------
715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 744,251
- -----------------------------------------------------------------------------------------------------------------------------------
1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,616,609
- -----------------------------------------------------------------------------------------------------------------------------------
3,145,000 North Country Devel. Authority (Clarkson University) 1 5.500 07/01/2029 3,264,667
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 136,924
- -----------------------------------------------------------------------------------------------------------------------------------
3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,746,942
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Nunda GO 8.000 05/01/2010 27,787
- -----------------------------------------------------------------------------------------------------------------------------------
86,885,000 NY Convention Center Devel. Corp. (Hotel Unit Fee) 5.000 11/15/2044 91,717,544
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 NY Counties Tobacco Trust I 6.500 06/01/2035 338,212
- -----------------------------------------------------------------------------------------------------------------------------------
1,295,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 1,381,584
- -----------------------------------------------------------------------------------------------------------------------------------
11,640,000 NY Counties Tobacco Trust I 9 6.250 06/01/2028 12,418,173
- -----------------------------------------------------------------------------------------------------------------------------------
5,920,000 NY Counties Tobacco Trust I 9 6.500 06/01/2035 6,356,274
- -----------------------------------------------------------------------------------------------------------------------------------
19,230,000 NY Counties Tobacco Trust I P-Floats 9 6.250 12/01/2022 20,786,284
- -----------------------------------------------------------------------------------------------------------------------------------
29,805,000 NY Counties Tobacco Trust II 9 5.625 06/01/2035 31,274,438
- -----------------------------------------------------------------------------------------------------------------------------------
53,855,000 NY Counties Tobacco Trust II 9 5.750 06/01/2043 56,732,565
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 264,808
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 7,141,960
- -----------------------------------------------------------------------------------------------------------------------------------
2,235,000 NY Counties Tobacco Trust IV 1 5.000 06/01/2042 2,274,113
- -----------------------------------------------------------------------------------------------------------------------------------
131,335,000 NY Counties Tobacco Trust IV 5.920 3 06/01/2050 10,724,816
- -----------------------------------------------------------------------------------------------------------------------------------
304,690,000 NY Counties Tobacco Trust IV 6.395 3 06/01/2055 14,655,589
- -----------------------------------------------------------------------------------------------------------------------------------
608,700,000 NY Counties Tobacco Trust IV 6.816 3 06/01/2060 17,110,557
- -----------------------------------------------------------------------------------------------------------------------------------
82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 8 06/01/2041 68,159,850
- -----------------------------------------------------------------------------------------------------------------------------------
82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 14,435,850
- -----------------------------------------------------------------------------------------------------------------------------------
45,025,000 NY Counties Tobacco Trust IV 9 5.000 06/01/2042 45,812,850
- -----------------------------------------------------------------------------------------------------------------------------------
31,605,000 NY Counties Tobacco Trust IV 9 5.000 06/01/2045 32,162,375
- -----------------------------------------------------------------------------------------------------------------------------------
212,995,000 NY Counties Tobacco Trust V 6.043 3 06/01/2038 34,873,671
33 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 522,925,000 NY Counties Tobacco Trust V 6.147 %3 06/01/2050 $ 39,721,383
- -----------------------------------------------------------------------------------------------------------------------------------
643,195,000 NY Counties Tobacco Trust V 6.850 3 06/01/2055 25,952,918
- -----------------------------------------------------------------------------------------------------------------------------------
3,845,000,000 NY Counties Tobacco Trust V 7.846 3 06/01/2060 69,248,450
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NY Liberty Devel. Corp. (National Sports Museum) 6.125 02/15/2019 2,649,600
- -----------------------------------------------------------------------------------------------------------------------------------
15,770,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 16,220,391
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 0.000 8 03/15/2029 22,614
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 06/01/2020 15,936
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.000 03/15/2021 5,137
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 06/01/2022 5,293,850
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 NYC GO 5.000 08/01/2022 953,766
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 03/01/2023 5,282,850
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 06/01/2023 5,318,450
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2023 5,309,150
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 NYC GO 5.000 09/01/2023 7,945,875
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 03/01/2024 6,335,160
- -----------------------------------------------------------------------------------------------------------------------------------
12,400,000 NYC GO 5.000 04/01/2024 13,168,180
- -----------------------------------------------------------------------------------------------------------------------------------
9,305,000 NYC GO 5.000 08/01/2024 9,873,070
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2024 5,291,300
- -----------------------------------------------------------------------------------------------------------------------------------
2,650,000 NYC GO 5.000 09/01/2024 2,805,582
- -----------------------------------------------------------------------------------------------------------------------------------
8,250,000 NYC GO 7 5.000 01/01/2025 8,781,135
- -----------------------------------------------------------------------------------------------------------------------------------
12,155,000 NYC GO 7 5.000 02/01/2025 12,942,401
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 03/01/2025 26,069
- -----------------------------------------------------------------------------------------------------------------------------------
15,620,000 NYC GO 5.000 04/01/2025 16,562,979
- -----------------------------------------------------------------------------------------------------------------------------------
17,515,000 NYC GO 5.000 06/01/2025 18,588,494
- -----------------------------------------------------------------------------------------------------------------------------------
5,700,000 NYC GO 5.000 08/01/2025 6,039,150
- -----------------------------------------------------------------------------------------------------------------------------------
51,105,000 NYC GO 5.000 08/01/2025 54,282,198
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 09/01/2025 5,286,100
- -----------------------------------------------------------------------------------------------------------------------------------
3,205,000 NYC GO 5.000 11/01/2025 3,377,846
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 NYC GO 7 5.000 01/01/2026 4,782,150
- -----------------------------------------------------------------------------------------------------------------------------------
2,655,000 NYC GO 7 5.000 02/01/2026 2,822,504
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 04/01/2026 3,160,440
- -----------------------------------------------------------------------------------------------------------------------------------
22,025,000 NYC GO 5.000 04/01/2026 23,320,070
- -----------------------------------------------------------------------------------------------------------------------------------
6,965,000 NYC GO 5.000 06/01/2026 7,380,741
- -----------------------------------------------------------------------------------------------------------------------------------
8,760,000 NYC GO 5.000 08/01/2026 9,267,642
- -----------------------------------------------------------------------------------------------------------------------------------
23,705,000 NYC GO 5.000 08/01/2026 25,140,338
- -----------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC GO 5.000 08/01/2027 3,800,268
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 5.000 08/01/2028 2,641,025
- -----------------------------------------------------------------------------------------------------------------------------------
30,000,000 NYC GO 5.000 08/01/2028 31,767,900
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 110,000 NYC GO 5.000% 08/15/2028 $ 112,314
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 11/01/2028 6,307,200
- -----------------------------------------------------------------------------------------------------------------------------------
395,000 NYC GO 5.000 03/15/2029 404,804
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 03/15/2029 20,539
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC GO 5.000 06/01/2029 8,464,800
- -----------------------------------------------------------------------------------------------------------------------------------
290,000 NYC GO 5.000 10/15/2029 302,789
- -----------------------------------------------------------------------------------------------------------------------------------
74,735,000 NYC GO 5.000 03/01/2030 78,529,296
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC GO 5.000 04/01/2030 21,024,000
- -----------------------------------------------------------------------------------------------------------------------------------
46,570,000 NYC GO 5.000 06/01/2030 48,989,312
- -----------------------------------------------------------------------------------------------------------------------------------
37,840,000 NYC GO 5.000 08/01/2030 39,832,276
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.000 08/01/2030 2,110,340
- -----------------------------------------------------------------------------------------------------------------------------------
16,905,000 NYC GO 5.000 06/01/2031 17,860,302
- -----------------------------------------------------------------------------------------------------------------------------------
25,910,000 NYC GO 5.000 08/01/2031 27,394,902
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.000 03/01/2033 62,368
- -----------------------------------------------------------------------------------------------------------------------------------
55,475,000 NYC GO 5.000 06/01/2033 58,333,072
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 5.000 10/15/2033 119,934
- -----------------------------------------------------------------------------------------------------------------------------------
12,455,000 NYC GO 5.000 12/01/2033 13,064,548
- -----------------------------------------------------------------------------------------------------------------------------------
53,750,000 NYC GO 5.000 11/01/2034 56,428,900
- -----------------------------------------------------------------------------------------------------------------------------------
30,000,000 NYC GO 5.000 03/01/2035 31,506,300
- -----------------------------------------------------------------------------------------------------------------------------------
34,405,000 NYC GO 5.000 04/01/2035 36,146,925
- -----------------------------------------------------------------------------------------------------------------------------------
5,400,000 NYC GO 5.000 08/01/2035 5,682,744
- -----------------------------------------------------------------------------------------------------------------------------------
4,605,000 NYC GO 5.000 08/01/2036 4,868,913
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.100 11/01/2019 63,164
- -----------------------------------------------------------------------------------------------------------------------------------
5,285,000 NYC GO 5.100 08/15/2027 5,578,687
- -----------------------------------------------------------------------------------------------------------------------------------
1,955,000 NYC GO 5.250 08/01/2021 1,993,103
- -----------------------------------------------------------------------------------------------------------------------------------
3,710,000 NYC GO 5.250 10/15/2021 3,977,602
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 NYC GO 5.250 08/15/2023 272,855
- -----------------------------------------------------------------------------------------------------------------------------------
530,000 NYC GO 5.250 08/01/2024 542,333
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2024 5,140
- -----------------------------------------------------------------------------------------------------------------------------------
3,875,000 NYC GO 5.250 06/01/2027 4,188,294
- -----------------------------------------------------------------------------------------------------------------------------------
29,610,000 NYC GO 5.250 06/01/2027 31,242,103
- -----------------------------------------------------------------------------------------------------------------------------------
4,085,000 NYC GO 5.250 06/01/2028 4,344,193
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 09/15/2033 1,065,300
- -----------------------------------------------------------------------------------------------------------------------------------
1,735,000 NYC GO 5.375 08/01/2017 1,766,542
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 12/01/2026 5,304
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.375 03/01/2027 16,431
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 03/01/2027 5,354
- -----------------------------------------------------------------------------------------------------------------------------------
515,000 NYC GO 5.375 08/01/2027 530,852
- -----------------------------------------------------------------------------------------------------------------------------------
37,945,000 NYC GO 5.375 06/01/2032 40,321,875
- -----------------------------------------------------------------------------------------------------------------------------------
11,500,000 NYC GO 5.500 08/01/2020 12,521,315
35 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 11,860,000 NYC GO 5.500% 08/01/2021 $ 12,906,052
- -----------------------------------------------------------------------------------------------------------------------------------
405,000 NYC GO 5.500 06/01/2028 442,689
- -----------------------------------------------------------------------------------------------------------------------------------
850,000 NYC GO 5.500 06/01/2028 909,815
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.500 12/01/2031 5,357
- -----------------------------------------------------------------------------------------------------------------------------------
4,155,000 NYC GO 5.500 12/01/2031 4,512,953
- -----------------------------------------------------------------------------------------------------------------------------------
3,705,000 NYC GO 5.500 11/15/2037 3,793,253
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.950 08/01/2014 5,210
- -----------------------------------------------------------------------------------------------------------------------------------
12,880,000 NYC GO 6.000 01/15/2021 14,331,061
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.154 3 10/01/2012 32,281
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 NYC GO 6.343 3 05/15/2012 163,520
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 NYC GO 6.350 05/15/2014 349,432
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.000 02/01/2010 20,054
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.250 08/15/2024 15,041
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.750 08/15/2028 5,024
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS 0.000 8 08/01/2025 98,269
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NYC GO PRAMS 0.000 8 08/01/2022 147,462
- -----------------------------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 8.170 6 08/12/2010 840,306
- -----------------------------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 8.170 6 09/01/2011 840,381
- -----------------------------------------------------------------------------------------------------------------------------------
1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,063,308
- -----------------------------------------------------------------------------------------------------------------------------------
4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,128,396
- -----------------------------------------------------------------------------------------------------------------------------------
274,864 NYC HDC (Bay Towers) 6.500 08/15/2017 275,343
- -----------------------------------------------------------------------------------------------------------------------------------
59,051 NYC HDC (Beekman) 6.500 10/15/2017 59,680
- -----------------------------------------------------------------------------------------------------------------------------------
348,420 NYC HDC (Bridgeview III) 6.500 12/15/2017 366,671
- -----------------------------------------------------------------------------------------------------------------------------------
984,938 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,036,519
- -----------------------------------------------------------------------------------------------------------------------------------
140,122 NYC HDC (Candia House) 6.500 06/15/2018 147,441
- -----------------------------------------------------------------------------------------------------------------------------------
232,801 NYC HDC (Contello III) 7.000 12/15/2018 245,042
- -----------------------------------------------------------------------------------------------------------------------------------
823,919 NYC HDC (Court Plaza) 6.500 08/15/2017 825,352
- -----------------------------------------------------------------------------------------------------------------------------------
2,727,822 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,732,541
- -----------------------------------------------------------------------------------------------------------------------------------
63,394 NYC HDC (Essex Terrace) 6.500 07/15/2018 63,498
- -----------------------------------------------------------------------------------------------------------------------------------
374,080 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 393,626
- -----------------------------------------------------------------------------------------------------------------------------------
301,442 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 301,966
- -----------------------------------------------------------------------------------------------------------------------------------
3,450,000 NYC HDC (Linden Boulevard Apartments) 4.750 01/15/2039 3,464,421
..-----------------------------------------------------------------------------------------------------------------------------------
3,365,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 3,417,023
- -----------------------------------------------------------------------------------------------------------------------------------
3,185,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 3,257,268
- -----------------------------------------------------------------------------------------------------------------------------------
8,500,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 8,956,620
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,115,530
- -----------------------------------------------------------------------------------------------------------------------------------
10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,890,161
- -----------------------------------------------------------------------------------------------------------------------------------
31,900,000 NYC HDC (Multifamily Hsg.), Series B 7 5.350 05/01/2049 33,963,930
- -----------------------------------------------------------------------------------------------------------------------------------
11,250,000 NYC HDC (Multifamily Hsg.), Series C 5.050 11/01/2036 11,788,425
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 8,365,000 NYC HDC (Multifamily Hsg.), Series C 5.125% 05/01/2040 $ 8,671,243
- -----------------------------------------------------------------------------------------------------------------------------------
385,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 398,340
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,029,220
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2033 11,444,950
- -----------------------------------------------------------------------------------------------------------------------------------
2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,218,422
- -----------------------------------------------------------------------------------------------------------------------------------
3,515,000 NYC HDC (Multifamily Hsg.), Series G-1 4.750 11/01/2027 3,591,065
- -----------------------------------------------------------------------------------------------------------------------------------
11,930,000 NYC HDC (Multifamily Hsg.), Series G-1 4.875 11/01/2039 12,104,417
- -----------------------------------------------------------------------------------------------------------------------------------
1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,379,540
- -----------------------------------------------------------------------------------------------------------------------------------
3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,484,898
- -----------------------------------------------------------------------------------------------------------------------------------
15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 15,928,615
- -----------------------------------------------------------------------------------------------------------------------------------
15,000,000 NYC HDC (Progress of Peoples Devel.) 4.950 05/15/2036 15,337,800
- -----------------------------------------------------------------------------------------------------------------------------------
2,765,000 NYC HDC (Seaview Towers) 4.750 07/15/2039 2,775,258
- -----------------------------------------------------------------------------------------------------------------------------------
681,773 NYC HDC (Seaview Towers) 6.500 01/15/2018 717,382
- -----------------------------------------------------------------------------------------------------------------------------------
282,749 NYC HDC (St. Martin Tower) 6.500 11/15/2018 297,557
- -----------------------------------------------------------------------------------------------------------------------------------
1,297,660 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,364,554
- -----------------------------------------------------------------------------------------------------------------------------------
193,351 NYC HDC (Westview Apartments) 6.500 10/15/2017 193,687
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 NYC HDC, Series C 5.000 11/01/2026 2,840,090
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,050,350
- -----------------------------------------------------------------------------------------------------------------------------------
23,500,000 NYC Health & Hospital Corp. 9 5.000 02/15/2020 24,333,545
- -----------------------------------------------------------------------------------------------------------------------------------
1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,169,567
- -----------------------------------------------------------------------------------------------------------------------------------
3,535,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,554,407
- -----------------------------------------------------------------------------------------------------------------------------------
33,475,000 NYC IDA (AIRIS JFK I/JFK International Airport) 5.500 07/01/2028 34,585,366
- -----------------------------------------------------------------------------------------------------------------------------------
20,745,000 NYC IDA (AIRIS JFK I/JFK International Airport) 6.000 07/01/2027 21,444,729
- -----------------------------------------------------------------------------------------------------------------------------------
280,000 NYC IDA (Allied Metal) 6.375 12/01/2014 286,227
- -----------------------------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 969,920
- -----------------------------------------------------------------------------------------------------------------------------------
3,250,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,195,140
- -----------------------------------------------------------------------------------------------------------------------------------
2,595,000 NYC IDA (American Airlines) 1 5.400 07/01/2019 2,491,330
- -----------------------------------------------------------------------------------------------------------------------------------
30,035,000 NYC IDA (American Airlines) 5.400 07/01/2020 29,002,096
- -----------------------------------------------------------------------------------------------------------------------------------
38,870,000 NYC IDA (American Airlines) 6.900 08/01/2024 39,282,022
- -----------------------------------------------------------------------------------------------------------------------------------
331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 395,319,792
- -----------------------------------------------------------------------------------------------------------------------------------
3,530,000 NYC IDA (American National Red Cross) 5.000 02/01/2036 3,745,507
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 250,633
- -----------------------------------------------------------------------------------------------------------------------------------
4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,726,814
- -----------------------------------------------------------------------------------------------------------------------------------
1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,203,709
- -----------------------------------------------------------------------------------------------------------------------------------
535,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 556,587
- -----------------------------------------------------------------------------------------------------------------------------------
1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,792,149
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 79,508
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,448,730
- -----------------------------------------------------------------------------------------------------------------------------------
10,705,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,727,481
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,962,825
37 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500% 11/15/2027 $ 1,123,731
- -----------------------------------------------------------------------------------------------------------------------------------
4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,552,283
- -----------------------------------------------------------------------------------------------------------------------------------
50,240,000 NYC IDA (British Airways) 5.250 12/01/2032 49,808,941
- -----------------------------------------------------------------------------------------------------------------------------------
34,165,000 NYC IDA (British Airways) 7.625 12/01/2032 38,415,468
- -----------------------------------------------------------------------------------------------------------------------------------
85,800,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 86,616,816
- -----------------------------------------------------------------------------------------------------------------------------------
143,510,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 145,323,966
- -----------------------------------------------------------------------------------------------------------------------------------
21,115,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 22,913,365
- -----------------------------------------------------------------------------------------------------------------------------------
16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 17,246,819
- -----------------------------------------------------------------------------------------------------------------------------------
4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,444,518
- -----------------------------------------------------------------------------------------------------------------------------------
2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,951,771
- -----------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 3,605,580
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 1,001,550
- -----------------------------------------------------------------------------------------------------------------------------------
29,135,000 NYC IDA (Chapin School) 5.000 11/01/2038 29,111,401
- -----------------------------------------------------------------------------------------------------------------------------------
2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,251,986
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,602,275
- -----------------------------------------------------------------------------------------------------------------------------------
9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,998,880
- -----------------------------------------------------------------------------------------------------------------------------------
2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,581,302
- -----------------------------------------------------------------------------------------------------------------------------------
2,975,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,069,516
- -----------------------------------------------------------------------------------------------------------------------------------
1,690,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 1,710,196
- -----------------------------------------------------------------------------------------------------------------------------------
1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,548,453
- -----------------------------------------------------------------------------------------------------------------------------------
3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 3,266,020
- -----------------------------------------------------------------------------------------------------------------------------------
3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 4,094,449
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,603,287
- -----------------------------------------------------------------------------------------------------------------------------------
1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,826,286
- -----------------------------------------------------------------------------------------------------------------------------------
1,110,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,112,387
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Continental Airlines) 1 7.250 11/01/2008 1,029,230
- -----------------------------------------------------------------------------------------------------------------------------------
4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 5,207,471
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 NYC IDA (Dioni) 6.000 11/01/2007 196,092
- -----------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,722,112
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,124,860
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,696,020
- -----------------------------------------------------------------------------------------------------------------------------------
7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,862,089
- -----------------------------------------------------------------------------------------------------------------------------------
3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,422,352
- -----------------------------------------------------------------------------------------------------------------------------------
2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,415,872
- -----------------------------------------------------------------------------------------------------------------------------------
14,350,000 NYC IDA (General Motors Corp.) 5.125 12/30/2023 13,454,704
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,922,477
- -----------------------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,800,090
- -----------------------------------------------------------------------------------------------------------------------------------
2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,242,447
- -----------------------------------------------------------------------------------------------------------------------------------
4,470,000 NYC IDA (Gourmet Boutique) 5.750 05/01/2021 4,450,824
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 262,457
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375% 02/01/2022 $ 2,266,381
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 1,017,750
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,051,640
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,141,930
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 NYC IDA (JetBlue Airways Corp.) 5.000 05/15/2020 2,231,910
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (JetBlue Airways Corp.) 5.125 05/15/2030 1,990,440
- -----------------------------------------------------------------------------------------------------------------------------------
1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,691,301
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 856,877
- -----------------------------------------------------------------------------------------------------------------------------------
1,010,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,105,799
- -----------------------------------------------------------------------------------------------------------------------------------
920,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 924,195
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 NYC IDA (Liberty-7 World Trade Center) 2 6.750 03/01/2015 7,533,820
- -----------------------------------------------------------------------------------------------------------------------------------
25,100,000 NYC IDA (Liberty-IAC/Interactive Corp.) 5.000 09/01/2035 26,084,673
- -----------------------------------------------------------------------------------------------------------------------------------
3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,185,779
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 296,739
- -----------------------------------------------------------------------------------------------------------------------------------
2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,966,667
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,101,160
- -----------------------------------------------------------------------------------------------------------------------------------
23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 24,751,910
- -----------------------------------------------------------------------------------------------------------------------------------
680,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 706,799
- -----------------------------------------------------------------------------------------------------------------------------------
3,960,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 4,223,261
- -----------------------------------------------------------------------------------------------------------------------------------
19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 18,402,280
- -----------------------------------------------------------------------------------------------------------------------------------
1,450,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,489,324
- -----------------------------------------------------------------------------------------------------------------------------------
4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 5,005,598
- -----------------------------------------------------------------------------------------------------------------------------------
3,200,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 3,183,648
- -----------------------------------------------------------------------------------------------------------------------------------
2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,296,112
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 377,243
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC IDA (NYU) 5.000 07/01/2041 25,798
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 NYC IDA (NYU) 5.000 07/01/2041 521,115
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Paradise Products) 7.125 11/01/2007 151,244
- -----------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,654,671
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 248,516
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 118,130
- -----------------------------------------------------------------------------------------------------------------------------------
3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,933,695
- -----------------------------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 989,519
- -----------------------------------------------------------------------------------------------------------------------------------
6,410,000 NYC IDA (Polytechnic University) 1 6.000 11/01/2020 6,694,155
- -----------------------------------------------------------------------------------------------------------------------------------
34,050,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 35,536,964
- -----------------------------------------------------------------------------------------------------------------------------------
2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,280,186
- -----------------------------------------------------------------------------------------------------------------------------------
1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,944,265
- -----------------------------------------------------------------------------------------------------------------------------------
930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 994,105
- -----------------------------------------------------------------------------------------------------------------------------------
4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,397,086
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC IDA (Queens Baseball Stadium) 5.000 01/01/2039 8,548,800
39 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 73,625,000 NYC IDA (Queens Baseball Stadium) 5.000% 01/01/2046 $ 78,186,069
- -----------------------------------------------------------------------------------------------------------------------------------
6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,910,160
- -----------------------------------------------------------------------------------------------------------------------------------
2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,300,207
- -----------------------------------------------------------------------------------------------------------------------------------
2,390,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,356,349
- -----------------------------------------------------------------------------------------------------------------------------------
8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 8,619,410
- -----------------------------------------------------------------------------------------------------------------------------------
795,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 800,732
- -----------------------------------------------------------------------------------------------------------------------------------
4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 4,098,644
- -----------------------------------------------------------------------------------------------------------------------------------
875,000 NYC IDA (Services for the Underserved\Young Adult
Institute Obligated Group) 5.000 07/01/2026 909,563
- -----------------------------------------------------------------------------------------------------------------------------------
4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,463,220
- -----------------------------------------------------------------------------------------------------------------------------------
3,350,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,463,833
- -----------------------------------------------------------------------------------------------------------------------------------
1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,660,929
- -----------------------------------------------------------------------------------------------------------------------------------
4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,573,444
- -----------------------------------------------------------------------------------------------------------------------------------
7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,459,692
- -----------------------------------------------------------------------------------------------------------------------------------
5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,302,004
- -----------------------------------------------------------------------------------------------------------------------------------
1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,614,062
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,287
- -----------------------------------------------------------------------------------------------------------------------------------
4,495,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,623,827
- -----------------------------------------------------------------------------------------------------------------------------------
1,485,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,572,674
- -----------------------------------------------------------------------------------------------------------------------------------
585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 591,932
- -----------------------------------------------------------------------------------------------------------------------------------
1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,296,866
- -----------------------------------------------------------------------------------------------------------------------------------
6,808,500 NYC IDA (Studio School) 7.000 11/01/2038 6,823,206
- -----------------------------------------------------------------------------------------------------------------------------------
865,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 841,014
- -----------------------------------------------------------------------------------------------------------------------------------
2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,430,003
- -----------------------------------------------------------------------------------------------------------------------------------
5,245,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2020 5,706,770
- -----------------------------------------------------------------------------------------------------------------------------------
7,750,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2021 8,432,310
- -----------------------------------------------------------------------------------------------------------------------------------
11,390,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2024 12,339,698
- -----------------------------------------------------------------------------------------------------------------------------------
380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 405,247
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,057,240
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,809,000
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 346,460
- -----------------------------------------------------------------------------------------------------------------------------------
3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 4,038,282
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 307,425
- -----------------------------------------------------------------------------------------------------------------------------------
1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,142,158
- -----------------------------------------------------------------------------------------------------------------------------------
4,280,000 NYC IDA (Touro College) 6.350 06/01/2029 4,524,516
- -----------------------------------------------------------------------------------------------------------------------------------
4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,496,033
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,021,570
- -----------------------------------------------------------------------------------------------------------------------------------
735,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 751,398
- -----------------------------------------------------------------------------------------------------------------------------------
9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 10,357,674
- -----------------------------------------------------------------------------------------------------------------------------------
3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,883,370
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,335,000 NYC IDA (Utleys) 7.375% 11/01/2023 $ 1,335,761
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 192,955
- -----------------------------------------------------------------------------------------------------------------------------------
2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,102,072
- -----------------------------------------------------------------------------------------------------------------------------------
2,800,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 2,820,580
- -----------------------------------------------------------------------------------------------------------------------------------
1,330,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 1,327,313
- -----------------------------------------------------------------------------------------------------------------------------------
3,235,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 3,228,465
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2031 891,738
- -----------------------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Vaughn College Aeronautics) 5.250 12/01/2036 1,829,862
- -----------------------------------------------------------------------------------------------------------------------------------
19,300,000 NYC IDA (Visy Paper) 7.800 01/01/2016 19,546,847
- -----------------------------------------------------------------------------------------------------------------------------------
70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 71,410,155
- -----------------------------------------------------------------------------------------------------------------------------------
1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 1,866,156
- -----------------------------------------------------------------------------------------------------------------------------------
435,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 449,781
- -----------------------------------------------------------------------------------------------------------------------------------
1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,651,519
- -----------------------------------------------------------------------------------------------------------------------------------
5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 6,090,525
- -----------------------------------------------------------------------------------------------------------------------------------
2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,906,844
- -----------------------------------------------------------------------------------------------------------------------------------
2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,621,403
- -----------------------------------------------------------------------------------------------------------------------------------
6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,777,772
- -----------------------------------------------------------------------------------------------------------------------------------
1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,641,458
- -----------------------------------------------------------------------------------------------------------------------------------
66,025,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 70,001,026
- -----------------------------------------------------------------------------------------------------------------------------------
9,500,000 NYC IDA (YMCA of Greater NY) 5.000 08/01/2036 9,983,360
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 10,315,980
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 10,408,900
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 67,322
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 51,786
- -----------------------------------------------------------------------------------------------------------------------------------
45,985,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 48,099,850
- -----------------------------------------------------------------------------------------------------------------------------------
40,045,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 42,064,870
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 208,910
- -----------------------------------------------------------------------------------------------------------------------------------
7,790,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 8,199,832
- -----------------------------------------------------------------------------------------------------------------------------------
44,650,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 47,184,334
- -----------------------------------------------------------------------------------------------------------------------------------
16,950,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 18,006,155
- -----------------------------------------------------------------------------------------------------------------------------------
40,720,000 NYC Municipal Water Finance Authority 5.000 06/15/2037 42,974,259
- -----------------------------------------------------------------------------------------------------------------------------------
8,350,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 8,812,256
- -----------------------------------------------------------------------------------------------------------------------------------
675,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 707,994
- -----------------------------------------------------------------------------------------------------------------------------------
4,600,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 4,849,964
- -----------------------------------------------------------------------------------------------------------------------------------
114,260,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 120,468,888
- -----------------------------------------------------------------------------------------------------------------------------------
27,580,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 29,199,498
- -----------------------------------------------------------------------------------------------------------------------------------
36,120,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 36,687,445
- -----------------------------------------------------------------------------------------------------------------------------------
820,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 856,867
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 31,428
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 31,706
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 26,351
41 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 20,545,000 NYC Municipal Water Finance Authority 5.125% 06/15/2034 $ 21,658,128
- -----------------------------------------------------------------------------------------------------------------------------------
650,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 690,807
- -----------------------------------------------------------------------------------------------------------------------------------
530,000 NYC Municipal Water Finance Authority 5.400 3 06/15/2019 289,915
- -----------------------------------------------------------------------------------------------------------------------------------
27,500,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2031 29,082,763
- -----------------------------------------------------------------------------------------------------------------------------------
22,000,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2038 23,181,400
- -----------------------------------------------------------------------------------------------------------------------------------
29,000,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2039 30,557,300
- -----------------------------------------------------------------------------------------------------------------------------------
18,000,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2038 18,791,640
- -----------------------------------------------------------------------------------------------------------------------------------
47,450,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2034 49,632,003
- -----------------------------------------------------------------------------------------------------------------------------------
19,745,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2039 20,787,272
- -----------------------------------------------------------------------------------------------------------------------------------
57,700,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2026 60,130,901
- -----------------------------------------------------------------------------------------------------------------------------------
66,750,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2036 70,258,754
- -----------------------------------------------------------------------------------------------------------------------------------
31,410,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2034 32,499,109
- -----------------------------------------------------------------------------------------------------------------------------------
44,850,000 NYC Municipal Water Finance Authority 9 5.125 06/15/2032 46,873,181
- -----------------------------------------------------------------------------------------------------------------------------------
11,725,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2032 12,204,231
- -----------------------------------------------------------------------------------------------------------------------------------
18,000,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2039 18,978,210
- -----------------------------------------------------------------------------------------------------------------------------------
40,105,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2037 42,325,137
- -----------------------------------------------------------------------------------------------------------------------------------
92,960,000 NYC Municipal Water Finance Authority 9 5.125 06/15/2030 94,419,937
- -----------------------------------------------------------------------------------------------------------------------------------
14,225,000 NYC Municipal Water Finance Authority 9 5.125 06/15/2021 14,464,394
- -----------------------------------------------------------------------------------------------------------------------------------
11,235,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2027 11,512,863
- -----------------------------------------------------------------------------------------------------------------------------------
31,515,000 NYC Municipal Water Finance Authority 9 5.000 06/15/2039 33,054,720
- -----------------------------------------------------------------------------------------------------------------------------------
8,600,000 NYC Transitional Finance Authority 9 5.000 08/15/2027 8,759,702
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 54,135
- -----------------------------------------------------------------------------------------------------------------------------------
17,604,398 NYS Certificate of Lease 2 5.875 01/02/2023 18,125,840
- -----------------------------------------------------------------------------------------------------------------------------------
1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,842,708
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 373,492
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,599,525
- -----------------------------------------------------------------------------------------------------------------------------------
14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,859,297
- -----------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYS DA (Cabrini Westchester) 5.100 02/15/2026 4,896,500
- -----------------------------------------------------------------------------------------------------------------------------------
8,425,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 9,206,672
- -----------------------------------------------------------------------------------------------------------------------------------
8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,823,094
- -----------------------------------------------------------------------------------------------------------------------------------
2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 3,013,008
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 5.000 07/01/2023 5,138
- -----------------------------------------------------------------------------------------------------------------------------------
1,895,000 NYS DA (City University) 5.250 07/01/2031 2,024,391
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,504,800
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,330,738
- -----------------------------------------------------------------------------------------------------------------------------------
5,005,000 NYS DA (Dept. of Health) 5.000 07/01/2031 5,310,105
- -----------------------------------------------------------------------------------------------------------------------------------
525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 539,338
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,222
- -----------------------------------------------------------------------------------------------------------------------------------
6,790,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,978,083
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150% 07/01/2018 $ 1,021,940
- -----------------------------------------------------------------------------------------------------------------------------------
3,970,000 NYS DA (Hospital for Special Surgery) 5.000 08/15/2033 4,199,188
- -----------------------------------------------------------------------------------------------------------------------------------
141,015,000 NYS DA (Insured Hospital) 5.529 3 08/15/2036 29,153,441
- -----------------------------------------------------------------------------------------------------------------------------------
38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 39,761,574
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,040,140
- -----------------------------------------------------------------------------------------------------------------------------------
10,300,000 NYS DA (Kaleida Health) 5.050 02/15/2025 10,842,398
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 NYS DA (L.I. University) 5.125 09/01/2023 206,486
- -----------------------------------------------------------------------------------------------------------------------------------
3,255,000 NYS DA (L.I. University) 5.125 09/01/2023 3,399,815
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 NYS DA (L.I. University) 5.250 09/01/2028 249,145
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (L.I. University) 5.250 09/01/2028 79,655
- -----------------------------------------------------------------------------------------------------------------------------------
1,335,000 NYS DA (L.I. University) 5.250 09/01/2028 1,399,267
- -----------------------------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,716,650
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 20,036
- -----------------------------------------------------------------------------------------------------------------------------------
1,710,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.375 07/01/2020 1,791,584
- -----------------------------------------------------------------------------------------------------------------------------------
405,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 424,355
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYS DA (Maimonides Center) 9 5.750 08/01/2029 22,486,400
- -----------------------------------------------------------------------------------------------------------------------------------
10,730,000 NYS DA (Memorial Sloan-Kettering) 5.000 07/01/2035 11,401,376
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Menorah Campus) 6.100 02/01/2037 1,021,800
- -----------------------------------------------------------------------------------------------------------------------------------
12,465,000 NYS DA (Menorah Home) 9 5.100 08/01/2028 12,929,010
- -----------------------------------------------------------------------------------------------------------------------------------
23,300,000 NYS DA (Menorah Home) 9 5.150 08/01/2038 24,221,748
- -----------------------------------------------------------------------------------------------------------------------------------
11,500,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2030 12,115,250
- -----------------------------------------------------------------------------------------------------------------------------------
23,900,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2035 25,111,491
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2031 15,849
- -----------------------------------------------------------------------------------------------------------------------------------
2,535,000 NYS DA (Mental Health Services Facilities) 5.750 02/15/2011 2,591,378
- -----------------------------------------------------------------------------------------------------------------------------------
3,660,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2033 3,823,675
- -----------------------------------------------------------------------------------------------------------------------------------
18,500,000 NYS DA (Mental Health Services Facilities) 9 5.000 02/15/2023 19,035,205
- -----------------------------------------------------------------------------------------------------------------------------------
3,800,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,918,636
- -----------------------------------------------------------------------------------------------------------------------------------
4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.375 07/01/2029 4,522,114
- -----------------------------------------------------------------------------------------------------------------------------------
2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2,689,840
- -----------------------------------------------------------------------------------------------------------------------------------
6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2025 7,643,686
- -----------------------------------------------------------------------------------------------------------------------------------
11,750,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 12,400,950
- -----------------------------------------------------------------------------------------------------------------------------------
13,250,000 NYS DA (Montefiore Medical Center) 9 5.000 02/01/2028 14,002,098
- -----------------------------------------------------------------------------------------------------------------------------------
6,400,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 5.500 07/01/2026 6,533,760
- -----------------------------------------------------------------------------------------------------------------------------------
6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 7,227,584
- -----------------------------------------------------------------------------------------------------------------------------------
25,240,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 27,173,889
- -----------------------------------------------------------------------------------------------------------------------------------
2,335,000 NYS DA (Mt. Sinai Health) 6.625 07/01/2019 2,524,088
- -----------------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 5,206,590
- -----------------------------------------------------------------------------------------------------------------------------------
720,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 790,171
43 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,280,000 NYS DA (Mt. Sinai/NYU Health) 6.500% 07/01/2017 $ 2,457,407
- -----------------------------------------------------------------------------------------------------------------------------------
5,745,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 6,231,429
- -----------------------------------------------------------------------------------------------------------------------------------
11,400,000 NYS DA (Municipal Health Facilities) 9 5.000 01/15/2023 11,781,102
- -----------------------------------------------------------------------------------------------------------------------------------
4,665,000 NYS DA (North Shore Long Island Jewish Group) 5.500 05/01/2033 5,005,872
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,060,750
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,243,620
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2026 3,160,710
- -----------------------------------------------------------------------------------------------------------------------------------
24,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2034 25,453,451
- -----------------------------------------------------------------------------------------------------------------------------------
6,200,000 NYS DA (Nursing Homes) 4.900 02/15/2041 6,399,764
- -----------------------------------------------------------------------------------------------------------------------------------
7,600,000 NYS DA (Nursing Homes) 4.950 02/15/2045 7,879,528
- -----------------------------------------------------------------------------------------------------------------------------------
4,215,000 NYS DA (Nursing Homes) 1 5.200 02/01/2032 4,517,173
- -----------------------------------------------------------------------------------------------------------------------------------
18,830,000 NYS DA (Nursing Homes) 9 5.300 02/01/2038 19,444,705
- -----------------------------------------------------------------------------------------------------------------------------------
695,000 NYS DA (NY & Presbyterian Hospital) 5.000 08/01/2032 709,790
- -----------------------------------------------------------------------------------------------------------------------------------
6,950,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,342,328
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (NY Methodist Hospital) 5.250 07/01/2033 2,110,940
- -----------------------------------------------------------------------------------------------------------------------------------
2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2026 3,072,098
- -----------------------------------------------------------------------------------------------------------------------------------
3,150,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2031 3,303,279
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 NYS DA (Personal Income Tax) 5.000 03/15/2036 9,616,950
- -----------------------------------------------------------------------------------------------------------------------------------
6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 6,244,113
- -----------------------------------------------------------------------------------------------------------------------------------
2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,838,618
- -----------------------------------------------------------------------------------------------------------------------------------
3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 3,297,718
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 NYS DA (Sarah Neuman Nursing Home) 5.450 08/01/2027 597,029
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2022 55,882
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 27,777
- -----------------------------------------------------------------------------------------------------------------------------------
20,495,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 21,732,283
- -----------------------------------------------------------------------------------------------------------------------------------
1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 1,112,926
- -----------------------------------------------------------------------------------------------------------------------------------
415,000 NYS DA (Special Act School Districts) 6.000 07/01/2019 419,963
- -----------------------------------------------------------------------------------------------------------------------------------
2,470,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,518,955
- -----------------------------------------------------------------------------------------------------------------------------------
905,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 961,155
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,800,103
- -----------------------------------------------------------------------------------------------------------------------------------
2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,058,090
- -----------------------------------------------------------------------------------------------------------------------------------
2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,673,009
- -----------------------------------------------------------------------------------------------------------------------------------
101,800,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 105,883,198
- -----------------------------------------------------------------------------------------------------------------------------------
1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,540,744
- -----------------------------------------------------------------------------------------------------------------------------------
3,910,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,055,687
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS DA (The New School) 5.000 07/01/2046 10,601,500
- -----------------------------------------------------------------------------------------------------------------------------------
2,095,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 2,169,498
- -----------------------------------------------------------------------------------------------------------------------------------
7,030,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,498,760
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,681,600
- -----------------------------------------------------------------------------------------------------------------------------------
26,070,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,816,123
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 9,500,000 NYS DA (Montifiore Medical Center) 9 5.500% 08/01/2038 $ 9,982,838
- -----------------------------------------------------------------------------------------------------------------------------------
6,260,000 NYS DA (Rochester General Hospital) 9 5.000 12/01/2025 6,607,806
- -----------------------------------------------------------------------------------------------------------------------------------
17,675,000 NYS DA (Rochester General Hospital) 9 5.000 12/01/2035 18,575,748
- -----------------------------------------------------------------------------------------------------------------------------------
715,000 NYS DA, Series B 6.650 08/15/2030 811,139
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 105,143
- -----------------------------------------------------------------------------------------------------------------------------------
4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.400 07/15/2021 4,436,564
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 8,107,650
- -----------------------------------------------------------------------------------------------------------------------------------
2,365,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,556,683
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 NYS EFC (Riverbank State Park) 5.125 04/01/2022 85,305
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS EFC (United Waterworks) 5.150 03/01/2034 41,222
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 NYS ERDA (Brooklyn Union Gas Co.) RIBS 8.751 6 04/01/2020 7,710,780
- -----------------------------------------------------------------------------------------------------------------------------------
16,300,000 NYS ERDA (Brooklyn Union Gas Co.) RIBS 9.767 6 07/01/2026 17,282,564
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 NYS ERDA (Central Hudson Gas & Electric Co.) 5.450 08/01/2027 220,884
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 137,417
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,000,450
- -----------------------------------------------------------------------------------------------------------------------------------
23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,862,270
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 NYS ERDA (LILCO) 5.300 10/01/2024 326,784
- -----------------------------------------------------------------------------------------------------------------------------------
13,950,000 NYS ERDA (Niagara Mohawk) 9 5.150 11/01/2025 14,543,635
- -----------------------------------------------------------------------------------------------------------------------------------
14,500,000 NYS ERDA (Rochester Gas & Electric) 9 5.950 09/01/2033 15,263,425
- -----------------------------------------------------------------------------------------------------------------------------------
2,870,000 NYS HFA (Children's Rescue) 1 7.625 05/01/2018 2,872,353
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Crotona Estates Apartments) 4.950 08/15/2038 1,014,950
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Friendship) 5.100 08/15/2041 1,029,620
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (General Hsg.) 6.600 11/01/2008 15,350
- -----------------------------------------------------------------------------------------------------------------------------------
1,550,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 1,580,070
- -----------------------------------------------------------------------------------------------------------------------------------
645,000 NYS HFA (Kensico Terrace Apartments) 4.900 02/15/2038 651,824
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 NYS HFA (Kensico Terrace Apartments) 4.950 02/15/2038 952,223
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,014
- -----------------------------------------------------------------------------------------------------------------------------------
745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 760,757
- -----------------------------------------------------------------------------------------------------------------------------------
1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,372,348
- -----------------------------------------------------------------------------------------------------------------------------------
1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,734,323
- -----------------------------------------------------------------------------------------------------------------------------------
1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,112,886
- -----------------------------------------------------------------------------------------------------------------------------------
2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,928,154
- -----------------------------------------------------------------------------------------------------------------------------------
2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,147,974
- -----------------------------------------------------------------------------------------------------------------------------------
3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,373,695
- -----------------------------------------------------------------------------------------------------------------------------------
2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,119,322
- -----------------------------------------------------------------------------------------------------------------------------------
1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,256,383
- -----------------------------------------------------------------------------------------------------------------------------------
1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,433,309
- -----------------------------------------------------------------------------------------------------------------------------------
1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,279,432
- -----------------------------------------------------------------------------------------------------------------------------------
1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,808,438
- -----------------------------------------------------------------------------------------------------------------------------------
1,150,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,189,215
- -----------------------------------------------------------------------------------------------------------------------------------
3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,301,088
45 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 NYS HFA (Multifamily Hsg.) 5.650% 08/15/2031 $ 1,033,850
- -----------------------------------------------------------------------------------------------------------------------------------
1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,760,069
- -----------------------------------------------------------------------------------------------------------------------------------
2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,205,245
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 90,677
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,325,272
- -----------------------------------------------------------------------------------------------------------------------------------
4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,800,627
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 45,063
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,528
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 750,187
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,281,631
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 270,970
- -----------------------------------------------------------------------------------------------------------------------------------
2,735,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 2,739,075
- -----------------------------------------------------------------------------------------------------------------------------------
5,540,000 NYS HFA (Multifamily Hsg.) 1 6.750 11/15/2036 5,619,056
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 5,076
- -----------------------------------------------------------------------------------------------------------------------------------
5,400,000 NYS HFA (Multifamily Hsg.) 1 7.050 08/15/2024 5,461,290
- -----------------------------------------------------------------------------------------------------------------------------------
480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 487,291
- -----------------------------------------------------------------------------------------------------------------------------------
525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 532,975
- -----------------------------------------------------------------------------------------------------------------------------------
565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 573,582
- -----------------------------------------------------------------------------------------------------------------------------------
605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 614,190
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 664,949
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 791,848
- -----------------------------------------------------------------------------------------------------------------------------------
835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 847,684
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 913,671
- -----------------------------------------------------------------------------------------------------------------------------------
990,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,005,038
- -----------------------------------------------------------------------------------------------------------------------------------
1,060,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,076,101
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 466,987
- -----------------------------------------------------------------------------------------------------------------------------------
10,580,000 NYS HFA (Nursing Home & Health Care) 9 5.150 11/01/2016 10,633,006
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS HFA (Phillips Village) 1 7.750 08/15/2017 5,094,300
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,095
- -----------------------------------------------------------------------------------------------------------------------------------
5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,772,200
- -----------------------------------------------------------------------------------------------------------------------------------
5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,689,590
- -----------------------------------------------------------------------------------------------------------------------------------
255,000 NYS HFA (Service Contract) 6.500 03/15/2025 257,876
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 235,268
- -----------------------------------------------------------------------------------------------------------------------------------
1,540,000 NYS HFA (Tiffany Gardens) 4.900 08/15/2025 1,575,266
- -----------------------------------------------------------------------------------------------------------------------------------
3,210,000 NYS HFA (Tiffany Gardens) 5.125 08/15/2037 3,299,495
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 NYS LGSC (SCSB) 2 7.250 12/15/2011 287,964
- -----------------------------------------------------------------------------------------------------------------------------------
810,000 NYS LGSC (SCSB) 2 7.375 12/15/2016 838,391
- -----------------------------------------------------------------------------------------------------------------------------------
980,000 NYS LGSC (SCSB) 2 7.750 12/15/2021 1,045,572
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 55,403
- -----------------------------------------------------------------------------------------------------------------------------------
960,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 961,843
- -----------------------------------------------------------------------------------------------------------------------------------
740,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 741,465
46 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 590,000 NYS Medcare (Hospital & Nursing Home) 7.400% 11/01/2016 $ 591,558
- -----------------------------------------------------------------------------------------------------------------------------------
530,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 550,352
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 35,412
- -----------------------------------------------------------------------------------------------------------------------------------
1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,689,856
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 350,455
- -----------------------------------------------------------------------------------------------------------------------------------
5,875,000 NYS Medcare (St. Peter's Hospital) 1 5.375 11/01/2020 5,926,818
- -----------------------------------------------------------------------------------------------------------------------------------
2,285,000 NYS Power Authority 5.250 11/15/2030 2,399,958
- -----------------------------------------------------------------------------------------------------------------------------------
28,565,000 NYS Thruway Authority 9 5.000 01/01/2025 29,189,036
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS UDC (Correctional Facilities) 6.309 3 01/01/2013 3,719
- -----------------------------------------------------------------------------------------------------------------------------------
5,480,000 Oneida County IDA (Bonide Products) 1 6.250 11/01/2018 5,531,293
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 859,274
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 468,108
- -----------------------------------------------------------------------------------------------------------------------------------
740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 768,927
- -----------------------------------------------------------------------------------------------------------------------------------
1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,214,621
- -----------------------------------------------------------------------------------------------------------------------------------
1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,086,152
- -----------------------------------------------------------------------------------------------------------------------------------
3,995,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,238,535
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,174,340
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Onondaga County IDA
(Central New York Charter School for Math & Science) 10 8.500 01/01/2032 81,193
- -----------------------------------------------------------------------------------------------------------------------------------
475,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 480,767
- -----------------------------------------------------------------------------------------------------------------------------------
770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 780,472
- -----------------------------------------------------------------------------------------------------------------------------------
1,315,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,330,030
- -----------------------------------------------------------------------------------------------------------------------------------
6,945,000 Onondaga County IDA (Community General Hospital) 1 6.625 01/01/2018 7,002,366
- -----------------------------------------------------------------------------------------------------------------------------------
4,710,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 5,016,857
- -----------------------------------------------------------------------------------------------------------------------------------
10,600,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 11,035,342
- -----------------------------------------------------------------------------------------------------------------------------------
67,200,000 Onondaga County IDA (Solvay Paperboard) 1 7.000 11/01/2030 70,066,752
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 775,463
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Onondaga County IDA Sewage Waste Facilities
(Anheuser-Busch Companies) 6.250 12/01/2034 528,810
- -----------------------------------------------------------------------------------------------------------------------------------
52,669,598 Onondaga County Res Rec 0.000 8 05/01/2022 29,701,966
- -----------------------------------------------------------------------------------------------------------------------------------
41,580,000 Onondaga County Res Rec 5.000 05/01/2015 40,567,527
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,684,875
- -----------------------------------------------------------------------------------------------------------------------------------
2,325,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,481,310
- -----------------------------------------------------------------------------------------------------------------------------------
2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,230,511
- -----------------------------------------------------------------------------------------------------------------------------------
2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,774,464
- -----------------------------------------------------------------------------------------------------------------------------------
5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 5,710,241
- -----------------------------------------------------------------------------------------------------------------------------------
2,685,000 Orange County IDA (Kingston Manufacturing) 2 8.000 11/01/2017 1,370,639
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Orange County IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 297,522
- -----------------------------------------------------------------------------------------------------------------------------------
1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,823,594
47 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 1 5.375% 12/01/2026 $ 6,719,168
- -----------------------------------------------------------------------------------------------------------------------------------
2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,372,408
- -----------------------------------------------------------------------------------------------------------------------------------
7,545,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2032 5,879,517
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2033 1,947,325
- -----------------------------------------------------------------------------------------------------------------------------------
2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,858,836
- -----------------------------------------------------------------------------------------------------------------------------------
3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,356,887
- -----------------------------------------------------------------------------------------------------------------------------------
6,860,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 7,128,843
- -----------------------------------------------------------------------------------------------------------------------------------
3,030,000 Otsego County IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,151,261
- -----------------------------------------------------------------------------------------------------------------------------------
10,720,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,759,342
- -----------------------------------------------------------------------------------------------------------------------------------
447,716 Peekskill IDA (Karta) 9.000 07/01/2010 455,023
- -----------------------------------------------------------------------------------------------------------------------------------
1,475,000 Port Authority NY/NJ (Continental Airlines) 1 9.000 12/01/2010 1,507,598
- -----------------------------------------------------------------------------------------------------------------------------------
53,290,000 Port Authority NY/NJ (Continental Airlines) 1 9.125 12/01/2015 55,528,180
- -----------------------------------------------------------------------------------------------------------------------------------
2,795,000 Port Authority NY/NJ (Delta Air Lines) 2 6.950 06/01/2008 2,816,242
- -----------------------------------------------------------------------------------------------------------------------------------
28,085,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 28,587,160
- -----------------------------------------------------------------------------------------------------------------------------------
2,625,000 Port Authority NY/NJ (JFK International Air Terminal) 1 5.900 12/01/2017 2,726,456
- -----------------------------------------------------------------------------------------------------------------------------------
7,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 7,543,528
- -----------------------------------------------------------------------------------------------------------------------------------
46,435,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 47,210,929
- -----------------------------------------------------------------------------------------------------------------------------------
3,300,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 3,337,521
- -----------------------------------------------------------------------------------------------------------------------------------
8,150,000 Port Authority NY/NJ, 108th Series 5.875 01/15/2017 8,244,948
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 40,628
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 120th Series 1 5.750 10/15/2026 1,025,120
- -----------------------------------------------------------------------------------------------------------------------------------
4,775,000 Port Authority NY/NJ, 121st Series 5.125 10/15/2030 4,870,118
- -----------------------------------------------------------------------------------------------------------------------------------
425,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2018 435,260
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 30,573
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 107,245
- -----------------------------------------------------------------------------------------------------------------------------------
745,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2019 761,129
- -----------------------------------------------------------------------------------------------------------------------------------
9,560,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,751,296
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 125,887
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 251,774
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 127th Series 5.200 12/15/2027 26,421
- -----------------------------------------------------------------------------------------------------------------------------------
7,015,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 7,426,921
- -----------------------------------------------------------------------------------------------------------------------------------
495,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2026 524,076
- -----------------------------------------------------------------------------------------------------------------------------------
35,100,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2038 36,930,816
- -----------------------------------------------------------------------------------------------------------------------------------
80,000,000 Port Authority NY/NJ, 135th Series 9 5.000 03/15/2039 84,197,200
- -----------------------------------------------------------------------------------------------------------------------------------
16,105,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 17,080,802
- -----------------------------------------------------------------------------------------------------------------------------------
19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 20,697,687
- -----------------------------------------------------------------------------------------------------------------------------------
22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 24,942,347
- -----------------------------------------------------------------------------------------------------------------------------------
1,430,000 Port Authority NY/NJ, 137th Series 5.125 07/15/2030 1,519,375
- -----------------------------------------------------------------------------------------------------------------------------------
18,040,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2027 18,958,416
48 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 47,910,000 Port Authority NY/NJ, 143rd Series 5.000% 10/01/2030 $ 50,295,918
- -----------------------------------------------------------------------------------------------------------------------------------
27,535,000 Port Authority NY/NJ, 143rd Series 5.000 04/01/2036 28,880,635
- -----------------------------------------------------------------------------------------------------------------------------------
50,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 54,200,627
- -----------------------------------------------------------------------------------------------------------------------------------
2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevel. Corp.) 6.000 08/01/2032 2,940,246
- -----------------------------------------------------------------------------------------------------------------------------------
1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,048,665
- -----------------------------------------------------------------------------------------------------------------------------------
16,240,000 Rensselaer City School District COP 1 5.000 06/01/2036 17,274,326
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2036 1,591,215
- -----------------------------------------------------------------------------------------------------------------------------------
27,455,000 Rensselaer County IDA (Rensselaer Polytechnical Institute) 5.000 03/01/2036 29,014,719
- -----------------------------------------------------------------------------------------------------------------------------------
6,385,000 Rensselaer County Tobacco Asset Securitization Corp. 9 5.625 06/01/2035 6,699,861
- -----------------------------------------------------------------------------------------------------------------------------------
7,300,000 Rensselaer County Tobacco Asset Securitization Corp. 9 5.750 06/01/2043 7,696,163
- -----------------------------------------------------------------------------------------------------------------------------------
18,975,000 Rensselaer Municipal Leasing Corp.(Rensselaer County Nursing Home) 6.900 06/01/2024 19,177,463
- -----------------------------------------------------------------------------------------------------------------------------------
1,580,000 Riverhead IDA (Michael Reilly Design) 8.875 08/01/2021 1,506,941
- -----------------------------------------------------------------------------------------------------------------------------------
3,810,000 Rochester Hsg. Authority (Andrews Terrace Apartments) 4.700 12/20/2038 3,799,294
- -----------------------------------------------------------------------------------------------------------------------------------
14,695,000 Rochester Hsg. Authority (Andrews Terrace Apartments) 4.800 12/20/2048 14,692,208
- -----------------------------------------------------------------------------------------------------------------------------------
14,805,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 14,997,761
- -----------------------------------------------------------------------------------------------------------------------------------
6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,878,474
- -----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Rockland County IDA (Crystal Run Village/Rockland
County Assoc. for the Learning Disabled Obligated Group) 4.900 07/01/2021 1,245,584
- -----------------------------------------------------------------------------------------------------------------------------------
30,000,000 Rockland County Tobacco Asset Securitization Corp. 5.875 3 08/15/2045 3,237,000
- -----------------------------------------------------------------------------------------------------------------------------------
441,000,000 Rockland County Tobacco Asset Securitization Corp. 7.624 3 08/15/2060 8,617,140
- -----------------------------------------------------------------------------------------------------------------------------------
9,225,000 Rockland County Tobacco Asset Securitization Corp. 9 5.625 08/15/2035 9,695,629
- -----------------------------------------------------------------------------------------------------------------------------------
10,100,000 Rockland County Tobacco Asset Securitization Corp. 9 5.750 08/15/2043 10,665,891
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Sanford Town GO 5.250 04/15/2015 21,272
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Sanford Town GO 5.250 04/15/2016 21,393
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2017 26,662
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2018 26,576
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2019 26,498
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2020 26,381
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2021 31,540
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2022 31,448
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2023 31,355
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2024 31,286
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Sanford Town GO 5.250 04/15/2025 36,340
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Sanford Town GO 5.250 04/15/2026 36,260
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2027 41,419
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2028 41,343
49 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 40,000 Sanford Town GO 5.250% 04/15/2029 $ 41,288
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Sanford Town GO 5.250 04/15/2030 46,348
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Sanford Town GO 5.250 04/15/2031 46,280
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Sanford Town GO 5.250 04/15/2032 51,400
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Sanford Town GO 5.250 04/15/2033 51,369
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Sanford Town GO 5.250 04/15/2034 56,552
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Sanford Town GO 5.250 04/15/2035 61,661
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Sanford Town GO 5.250 04/15/2036 61,661
- -----------------------------------------------------------------------------------------------------------------------------------
970,000 Saratoga County IDA (ARC) 8.400 03/01/2013 973,676
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Saratoga County IDA (Saratoga Hospital/Saratoga Care/
Benedict Community Health Center) 5.125 12/01/2033 3,162,330
- -----------------------------------------------------------------------------------------------------------------------------------
1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,772,618
- -----------------------------------------------------------------------------------------------------------------------------------
3,335,000 Schenectady IDA (Union College) 5.000 07/01/2031 3,543,671
- -----------------------------------------------------------------------------------------------------------------------------------
3,335,000 Schenectady Metroplex Devel. Authority, Series A 1 5.375 12/15/2021 3,537,001
- -----------------------------------------------------------------------------------------------------------------------------------
188,000 Schroon Lake Fire District 2 7.250 03/01/2009 188,626
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 176,197
- -----------------------------------------------------------------------------------------------------------------------------------
2,480,000 SONYMA, Series 106 5.100 04/01/2023 2,542,372
- -----------------------------------------------------------------------------------------------------------------------------------
10,200,000 SONYMA, Series 109 4.800 10/01/2023 10,366,974
- -----------------------------------------------------------------------------------------------------------------------------------
33,565,000 SONYMA, Series 109 9 4.950 10/01/2034 34,049,439
- -----------------------------------------------------------------------------------------------------------------------------------
14,865,000 SONYMA, Series 133 5.050 10/01/2026 15,374,126
- -----------------------------------------------------------------------------------------------------------------------------------
2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,544,300
- -----------------------------------------------------------------------------------------------------------------------------------
20,600,000 SONYMA, Series 29 5.450 10/01/2031 21,212,438
- -----------------------------------------------------------------------------------------------------------------------------------
7,380,000 SONYMA, Series 35 4.800 10/01/2030 7,466,272
- -----------------------------------------------------------------------------------------------------------------------------------
3,325,000 SONYMA, Series 65 5.850 10/01/2028 3,410,286
- -----------------------------------------------------------------------------------------------------------------------------------
18,610,000 SONYMA, Series 67 5.800 10/01/2028 18,889,336
- -----------------------------------------------------------------------------------------------------------------------------------
3,535,000 SONYMA, Series 69 5.400 10/01/2019 3,606,407
- -----------------------------------------------------------------------------------------------------------------------------------
3,775,000 SONYMA, Series 69 5.500 10/01/2028 3,809,957
- -----------------------------------------------------------------------------------------------------------------------------------
5,540,000 SONYMA, Series 69 9 5.500 10/01/2028 5,591,300
- -----------------------------------------------------------------------------------------------------------------------------------
12,320,000 SONYMA, Series 71 5.400 04/01/2029 12,518,968
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 71 5.400 04/01/2029 30,485
- -----------------------------------------------------------------------------------------------------------------------------------
19,100,000 SONYMA, Series 71 9 5.400 04/01/2029 19,408,179
- -----------------------------------------------------------------------------------------------------------------------------------
22,000,000 SONYMA, Series 73 9 5.300 10/01/2028 22,455,730
- -----------------------------------------------------------------------------------------------------------------------------------
1,815,000 SONYMA, Series 73-A 5.300 10/01/2028 1,852,607
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 77 5.150 04/01/2029 101,973
- -----------------------------------------------------------------------------------------------------------------------------------
10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,382,265
- -----------------------------------------------------------------------------------------------------------------------------------
470,000 SONYMA, Series 82 5.650 04/01/2030 473,718
- -----------------------------------------------------------------------------------------------------------------------------------
5,660,000 SONYMA, Series 97 5.500 04/01/2031 5,846,667
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 306,069
- -----------------------------------------------------------------------------------------------------------------------------------
1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,344,837
- -----------------------------------------------------------------------------------------------------------------------------------
2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,461,316
- -----------------------------------------------------------------------------------------------------------------------------------
1,225,000 Suffolk County IDA (ACLD) 6.000 12/01/2019 1,264,580
50 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 530,000 Suffolk County IDA (ALIA-ACDS) 7.125% 06/01/2017 $ 571,351
- -----------------------------------------------------------------------------------------------------------------------------------
2,295,000 Suffolk County IDA (ALIA-ACLD) 5.950 10/01/2021 2,304,088
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 326,715
- -----------------------------------------------------------------------------------------------------------------------------------
1,310,000 Suffolk County IDA (ALIA-ACLD) 6.500 03/01/2018 1,354,553
- -----------------------------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 802,767
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 277,820
- -----------------------------------------------------------------------------------------------------------------------------------
480,000 Suffolk County IDA (ALIA-ADD) 7.125 06/01/2017 517,450
- -----------------------------------------------------------------------------------------------------------------------------------
395,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 425,628
- -----------------------------------------------------------------------------------------------------------------------------------
3,355,000 Suffolk County IDA (ALIA-DDI) 5.950 10/01/2021 3,368,286
- -----------------------------------------------------------------------------------------------------------------------------------
1,245,000 Suffolk County IDA (ALIA-DDI) 6.375 06/01/2014 1,291,302
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County IDA (ALIA-DDI) 7.500 09/01/2015 107,754
- -----------------------------------------------------------------------------------------------------------------------------------
870,000 Suffolk County IDA (ALIA-FREE) 5.950 10/01/2021 873,445
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 726,033
- -----------------------------------------------------------------------------------------------------------------------------------
1,605,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 1,715,007
- -----------------------------------------------------------------------------------------------------------------------------------
3,965,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 4,274,349
- -----------------------------------------------------------------------------------------------------------------------------------
615,000 Suffolk County IDA (ALIA-IGHL) 5.950 10/01/2021 617,435
- -----------------------------------------------------------------------------------------------------------------------------------
380,000 Suffolk County IDA (ALIA-IGHL) 6.000 10/01/2031 381,596
- -----------------------------------------------------------------------------------------------------------------------------------
560,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 580,826
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 587,697
- -----------------------------------------------------------------------------------------------------------------------------------
1,110,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,196,602
- -----------------------------------------------------------------------------------------------------------------------------------
1,945,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 2,075,510
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 258,610
- -----------------------------------------------------------------------------------------------------------------------------------
330,000 Suffolk County IDA (ALIA- L.I. Head Injury Assoc.) 6.375 06/01/2014 342,273
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 Suffolk County IDA (ALIA- L.I. Head Injury Assoc.) 6.950 12/01/2014 699,894
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Suffolk County IDA (ALIA- L.I. Head Injury Assoc.) 7.500 09/01/2015 269,385
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 570,455
- -----------------------------------------------------------------------------------------------------------------------------------
1,535,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,640,209
- -----------------------------------------------------------------------------------------------------------------------------------
1,355,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,460,717
- -----------------------------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-NYS ARC) 7.500 09/01/2015 802,767
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Suffolk County IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 436,164
- -----------------------------------------------------------------------------------------------------------------------------------
595,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 641,136
- -----------------------------------------------------------------------------------------------------------------------------------
710,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 765,053
- -----------------------------------------------------------------------------------------------------------------------------------
2,075,000 Suffolk County IDA (ALIA-UCPAGS) 5.950 10/01/2021 2,083,217
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 243,740
- -----------------------------------------------------------------------------------------------------------------------------------
955,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,020,456
- -----------------------------------------------------------------------------------------------------------------------------------
785,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 843,098
- -----------------------------------------------------------------------------------------------------------------------------------
495,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 533,382
- -----------------------------------------------------------------------------------------------------------------------------------
340,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 363,304
- -----------------------------------------------------------------------------------------------------------------------------------
850,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 916,317
- -----------------------------------------------------------------------------------------------------------------------------------
590,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 635,749
- -----------------------------------------------------------------------------------------------------------------------------------
715,000 Suffolk County IDA (Catholic Charities) 6.000 10/01/2020 730,208
51 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 235,000 Suffolk County IDA (DDI) 6.000% 12/01/2019 $ 242,593
- -----------------------------------------------------------------------------------------------------------------------------------
635,000 Suffolk County IDA (DDI) 6.000 10/01/2020 648,506
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 Suffolk County IDA (DDI) 6.000 10/01/2020 668,932
- -----------------------------------------------------------------------------------------------------------------------------------
520,000 Suffolk County IDA (DDI) 6.250 03/01/2009 529,256
- -----------------------------------------------------------------------------------------------------------------------------------
5,025,000 Suffolk County IDA (DDI) 7.250 03/01/2024 5,322,229
- -----------------------------------------------------------------------------------------------------------------------------------
8,940,000 Suffolk County IDA (DDI) 8.750 03/01/2023 9,567,409
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Suffolk County IDA (Dowling College) 5.000 06/01/2036 2,073,700
- -----------------------------------------------------------------------------------------------------------------------------------
3,275,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,345,544
- -----------------------------------------------------------------------------------------------------------------------------------
1,740,000 Suffolk County IDA (Family Residences) 6.000 12/01/2019 1,796,219
- -----------------------------------------------------------------------------------------------------------------------------------
1,345,000 Suffolk County IDA (Family Services League) 5.000 11/01/2027 1,411,120
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 Suffolk County IDA (Family Services League) 5.000 11/01/2034 870,238
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 166,048
- -----------------------------------------------------------------------------------------------------------------------------------
2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,317,503
- -----------------------------------------------------------------------------------------------------------------------------------
2,600,000 Suffolk County IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,851,290
- -----------------------------------------------------------------------------------------------------------------------------------
3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 4,029,801
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Suffolk County IDA (Independent Group Home Living) 6.000 12/01/2019 278,724
- -----------------------------------------------------------------------------------------------------------------------------------
1,460,000 Suffolk County IDA (Independent Group Home Living) 6.000 10/01/2020 1,491,054
- -----------------------------------------------------------------------------------------------------------------------------------
2,950,000 Suffolk County IDA (Jefferson's Ferry) 5.000 11/01/2028 3,022,393
- -----------------------------------------------------------------------------------------------------------------------------------
13,760,000 Suffolk County IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 14,388,144
- -----------------------------------------------------------------------------------------------------------------------------------
4,065,000 Suffolk County IDA (L.I. Network Community Services) 7.550 02/01/2034 4,333,453
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Suffolk County IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 8,221,600
- -----------------------------------------------------------------------------------------------------------------------------------
1,865,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,902,878
- -----------------------------------------------------------------------------------------------------------------------------------
635,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 636,187
- -----------------------------------------------------------------------------------------------------------------------------------
3,080,000 Suffolk County IDA (New Interdisciplinary School) 6.750 12/01/2019 3,191,250
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 4.875 01/01/2008 449,136
- -----------------------------------------------------------------------------------------------------------------------------------
8,750,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 8,674,663
- -----------------------------------------------------------------------------------------------------------------------------------
18,925,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 18,885,068
- -----------------------------------------------------------------------------------------------------------------------------------
665,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 665,466
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,113,690
- -----------------------------------------------------------------------------------------------------------------------------------
2,850,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,161,591
- -----------------------------------------------------------------------------------------------------------------------------------
4,800,000 Suffolk County IDA (Pederson-Krager Center) 7.200 02/01/2035 5,150,400
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 Suffolk County IDA (Pederson-Krager Center) 7.625 04/01/2010 196,020
- -----------------------------------------------------------------------------------------------------------------------------------
2,545,000 Suffolk County IDA (Pederson-Krager Center) 8.125 04/01/2030 2,751,450
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 Suffolk County IDA (St. Vincent De Paul in the Diocese of Rockville
Center) 7.000 04/01/2010 203,516
- -----------------------------------------------------------------------------------------------------------------------------------
2,595,000 Suffolk County IDA (St. Vincent De Paul in the Diocese of Rockville
Center) 8.000 04/01/2030 2,749,273
- -----------------------------------------------------------------------------------------------------------------------------------
545,000 Suffolk County IDA (Suffolk Hotels) 6.000 10/01/2020 556,592
- -----------------------------------------------------------------------------------------------------------------------------------
2,140,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 2,209,143
- -----------------------------------------------------------------------------------------------------------------------------------
3,350,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 3,530,900
- -----------------------------------------------------------------------------------------------------------------------------------
1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,727,390
52 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,305,000 Suffolk County IDA (Windmill Village) 5.750% 12/01/2031 $ 1,398,033
- -----------------------------------------------------------------------------------------------------------------------------------
4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,122,347
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (WORCA) 6.000 10/01/2020 1,021,270
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County Water Authority 5.125 06/01/2026 52,759
- -----------------------------------------------------------------------------------------------------------------------------------
4,995,000 Sullivan County IDA (Center for Discovery) 5.625 06/01/2013 5,072,672
- -----------------------------------------------------------------------------------------------------------------------------------
6,705,000 Sullivan County IDA (Center for Discovery) 6.000 06/01/2019 6,870,614
- -----------------------------------------------------------------------------------------------------------------------------------
4,900,000 Sullivan County IDA (Center for Discovery) 6.500 06/01/2025 5,023,578
- -----------------------------------------------------------------------------------------------------------------------------------
4,700,000 Sullivan County IDA (Center for Discovery) 6.950 02/01/2035 4,893,452
- -----------------------------------------------------------------------------------------------------------------------------------
2,225,000 Sullivan County IDA (Center for Discovery) 7.250 02/01/2012 2,356,142
- -----------------------------------------------------------------------------------------------------------------------------------
9,965,000 Sullivan County IDA (Center for Discovery) 7.750 02/01/2027 10,739,081
- -----------------------------------------------------------------------------------------------------------------------------------
8,535,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,594,830
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 189,200
- -----------------------------------------------------------------------------------------------------------------------------------
6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 7,081,668
- -----------------------------------------------------------------------------------------------------------------------------------
6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 6,842,595
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 197,972
- -----------------------------------------------------------------------------------------------------------------------------------
2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,393,045
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 147,114
- -----------------------------------------------------------------------------------------------------------------------------------
2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,285,215
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Syracuse IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 925,610
- -----------------------------------------------------------------------------------------------------------------------------------
15,770,000 Syracuse IDA (James Square) 7.197 3 08/01/2025 4,489,719
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 784,885
- -----------------------------------------------------------------------------------------------------------------------------------
2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,214,554
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Taconic Hills Central School District at Craryville 5.000 06/15/2026 78,908
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 8,182,350
- -----------------------------------------------------------------------------------------------------------------------------------
13,825,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 15,050,033
- -----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 3,832,013
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2007 20,091
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2028 65,699
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Tonawanda Senior Citizen Hsg. Corp. 6.500 12/01/2010 507,830
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 25,980
- -----------------------------------------------------------------------------------------------------------------------------------
18,940,000 Triborough Bridge & Tunnel Authority 5.000 11/15/2032 19,942,873
- -----------------------------------------------------------------------------------------------------------------------------------
16,775,000 Triborough Bridge & Tunnel Authority, Series A 9 5.000 01/01/2032 17,582,748
- -----------------------------------------------------------------------------------------------------------------------------------
33,075,000 Triborough Bridge & Tunnel Authority, Series A 9 5.000 01/01/2027 34,356,075
- -----------------------------------------------------------------------------------------------------------------------------------
5,400,000 Triborough Bridge & Tunnel Authority, Series A 1 5.000 11/15/2035 5,757,318
- -----------------------------------------------------------------------------------------------------------------------------------
8,040,000 TSASC, Inc. (TFABs) 5.000 06/01/2034 8,218,568
- -----------------------------------------------------------------------------------------------------------------------------------
114,350,000 TSASC, Inc. (TFABs) 9 5.000 06/01/2034 116,914,678
- -----------------------------------------------------------------------------------------------------------------------------------
313,130,000 TSASC, Inc. (TFABs) 9 5.125 06/01/2042 322,075,255
- -----------------------------------------------------------------------------------------------------------------------------------
995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,026,940
- -----------------------------------------------------------------------------------------------------------------------------------
13,200,000 Ulster County IDA (Benedictine Hospital) 6.500 11/01/2036 13,378,332
53 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,760,000 Ulster County IDA (Brooklyn Bottling) 8.600% 06/30/2022 $ 1,777,530
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,155,960
- -----------------------------------------------------------------------------------------------------------------------------------
1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,505,317
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Ulster County Res Rec 5.000 03/01/2019 181,305
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 Ulster County Res Rec 5.000 03/01/2020 190,824
- -----------------------------------------------------------------------------------------------------------------------------------
3,005,000 Ulster County Tobacco Asset Securitization Corp. 0.000 8 06/01/2040 2,770,790
- -----------------------------------------------------------------------------------------------------------------------------------
2,935,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 3,135,461
- -----------------------------------------------------------------------------------------------------------------------------------
2,175,000 Ulster County Tobacco Asset Securitization Corp. 2 6.250 06/01/2025 2,352,872
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 2,025,780
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Utica GO 6.100 01/15/2013 528,925
- -----------------------------------------------------------------------------------------------------------------------------------
3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,871,843
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 5.875 06/01/2018 377,978
- -----------------------------------------------------------------------------------------------------------------------------------
10,800,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 6.125 06/01/2038 10,873,656
- -----------------------------------------------------------------------------------------------------------------------------------
2,590,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,595,620
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Westchester County Healthcare Corp., Series A 5.875 11/01/2025 309,201
- -----------------------------------------------------------------------------------------------------------------------------------
1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,928,157
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Westchester County IDA (Children's Village) 5.375 03/15/2019 92,048
- -----------------------------------------------------------------------------------------------------------------------------------
4,290,000 Westchester County IDA (Children's Village) 6.000 06/01/2022 4,480,133
- -----------------------------------------------------------------------------------------------------------------------------------
1,215,000 Westchester County IDA (Clearview School) 7.250 01/01/2035 1,284,012
- -----------------------------------------------------------------------------------------------------------------------------------
1,300,000 Westchester County IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,377,870
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,157,200
- -----------------------------------------------------------------------------------------------------------------------------------
1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,582,495
- -----------------------------------------------------------------------------------------------------------------------------------
3,325,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,372,548
- -----------------------------------------------------------------------------------------------------------------------------------
820,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 837,376
- -----------------------------------------------------------------------------------------------------------------------------------
1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,365,538
- -----------------------------------------------------------------------------------------------------------------------------------
3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,243,140
- -----------------------------------------------------------------------------------------------------------------------------------
1,580,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,634,336
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 1,063,880
- -----------------------------------------------------------------------------------------------------------------------------------
1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,847,980
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Westchester County IDA (Westchester Airport Assoc.) 5.950 08/01/2024 130,580
- -----------------------------------------------------------------------------------------------------------------------------------
2,590,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,701,992
- -----------------------------------------------------------------------------------------------------------------------------------
76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000 8 07/15/2039 84,422,634
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Westchester County Tobacco Asset Securitization Corp. 5.125 06/01/2038 308,247
- -----------------------------------------------------------------------------------------------------------------------------------
52,675,000 Westchester County Tobacco Asset Securitization Corp. 9 5.125 06/01/2045 54,012,621
54 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 52,510,000 Westchester County Tobacco Asset Securitization Corp. 9 5.125% 06/01/2038 $ 53,953,226
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,478,540
- -----------------------------------------------------------------------------------------------------------------------------------
3,675,000 Yates County IDA (SSMH) 5.650 02/01/2039 3,872,458
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Yonkers GO 5.000 08/01/2035 4,755,510
- -----------------------------------------------------------------------------------------------------------------------------------
4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,822,973
- -----------------------------------------------------------------------------------------------------------------------------------
4,445,000 Yonkers IDA (Monastery Manor Associates) 5.250 04/01/2037 4,719,034
- -----------------------------------------------------------------------------------------------------------------------------------
1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,430,285
- -----------------------------------------------------------------------------------------------------------------------------------
730,000 Yonkers IDA (Sacred Heart Assoc.) 4.800 10/01/2026 743,279
- -----------------------------------------------------------------------------------------------------------------------------------
2,355,000 Yonkers IDA (Sacred Heart Assoc.) 5.000 10/01/2037 2,445,668
- -----------------------------------------------------------------------------------------------------------------------------------
2,515,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,716,074
- -----------------------------------------------------------------------------------------------------------------------------------
1,700,000 Yonkers IDA (St. Joseph's Hospital) 5.900 03/01/2008 1,703,213
- -----------------------------------------------------------------------------------------------------------------------------------
2,550,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,569,610
- -----------------------------------------------------------------------------------------------------------------------------------
3,145,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,212,083
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Yonkers Parking Authority 6.000 06/15/2018 835,968
- -----------------------------------------------------------------------------------------------------------------------------------
1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,260,064
----------------
10,232,863,305
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER STATES--0.1%
4,000,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta-Continental Airlines) 9.250 08/01/2024 4,012,600
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 NJ EDA (Continental Airlines) 1 7.000 11/15/2030 5,890,280
----------------
9,902,880
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--15.3%
2,995,000 Guam EDA (Harmon Village Apartments) 2,10 9.375 11/01/2018 --
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Guam Government Waterworks Authority & Wastewater System 1 5.875 07/01/2035 3,226,290
- -----------------------------------------------------------------------------------------------------------------------------------
290,000 Guam Power Authority, Series A 5.250 10/01/2023 290,096
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 20,438,800
- -----------------------------------------------------------------------------------------------------------------------------------
7,695,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 8,110,376
- -----------------------------------------------------------------------------------------------------------------------------------
18,595,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 20,946,710
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,053,690
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Northern Mariana Islands, Series A 1 7.375 06/01/2030 10,867,300
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 380,235
- -----------------------------------------------------------------------------------------------------------------------------------
7,050,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 7,419,561
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 20,507
- -----------------------------------------------------------------------------------------------------------------------------------
14,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 14,522,760
- -----------------------------------------------------------------------------------------------------------------------------------
17,010,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 17,728,162
- -----------------------------------------------------------------------------------------------------------------------------------
48,655,000 Puerto Rico Commonwealth GO 1 5.000 07/01/2033 50,416,311
- -----------------------------------------------------------------------------------------------------------------------------------
41,600,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 43,302,272
- -----------------------------------------------------------------------------------------------------------------------------------
16,900,000 Puerto Rico Commonwealth GO 5.000 07/01/2035 17,741,113
- -----------------------------------------------------------------------------------------------------------------------------------
5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,798,373
55 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 5,000,000 Puerto Rico Commonwealth GO 5.250% 07/01/2022 $ 5,426,350
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 4,315,000
- -----------------------------------------------------------------------------------------------------------------------------------
22,085,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 23,797,250
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico Electric Power Authority 5.250 07/01/2029 73,939
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico Electric Power Authority, Series II 5.125 07/01/2026 74,584
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2024 2,922,425
- -----------------------------------------------------------------------------------------------------------------------------------
370,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 388,770
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico HFC 5.100 12/01/2018 75,790
- -----------------------------------------------------------------------------------------------------------------------------------
1,920,000 Puerto Rico HFC 5.500 12/01/2023 1,999,661
- -----------------------------------------------------------------------------------------------------------------------------------
9,515,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 9,859,443
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Puerto Rico Highway & Transportation Authority 5.750 07/01/2020 299,028
- -----------------------------------------------------------------------------------------------------------------------------------
25,545,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 26,469,729
- -----------------------------------------------------------------------------------------------------------------------------------
77,655,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 80,288,281
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 Puerto Rico Highway & Transportation Authority, Series J 5.000 07/01/2034 171,752
- -----------------------------------------------------------------------------------------------------------------------------------
33,940,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2039 35,553,508
- -----------------------------------------------------------------------------------------------------------------------------------
42,850,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2043 44,853,666
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2025 10,490,600
- -----------------------------------------------------------------------------------------------------------------------------------
14,725,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2026 15,426,057
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 8,375,040
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 2,092,320
- -----------------------------------------------------------------------------------------------------------------------------------
73,725,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 77,075,064
- -----------------------------------------------------------------------------------------------------------------------------------
3,530,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 3,739,294
- -----------------------------------------------------------------------------------------------------------------------------------
13,960,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2040 14,553,998
- -----------------------------------------------------------------------------------------------------------------------------------
107,540,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2045 112,053,454
- -----------------------------------------------------------------------------------------------------------------------------------
3,650,000 Puerto Rico Infrastructure 5.000 07/01/2025 3,846,188
- -----------------------------------------------------------------------------------------------------------------------------------
5,250,000 Puerto Rico Infrastructure 5.000 07/01/2031 5,515,440
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 6,268,260
- -----------------------------------------------------------------------------------------------------------------------------------
12,590,000 Puerto Rico Infrastructure 5.000 07/01/2037 13,206,532
- -----------------------------------------------------------------------------------------------------------------------------------
202,145,000 Puerto Rico Infrastructure 5.000 07/01/2041 210,746,270
- -----------------------------------------------------------------------------------------------------------------------------------
72,510,000 Puerto Rico Infrastructure 7 5.000 07/01/2046 75,830,958
- -----------------------------------------------------------------------------------------------------------------------------------
1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,104,613
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,666,208
- -----------------------------------------------------------------------------------------------------------------------------------
5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,880,008
- -----------------------------------------------------------------------------------------------------------------------------------
6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,688,722
- -----------------------------------------------------------------------------------------------------------------------------------
42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 46,044,280
- -----------------------------------------------------------------------------------------------------------------------------------
2,970,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,841,785
- -----------------------------------------------------------------------------------------------------------------------------------
985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 910,101
- -----------------------------------------------------------------------------------------------------------------------------------
8,745,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,783,391
- -----------------------------------------------------------------------------------------------------------------------------------
12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 12,416,769
- -----------------------------------------------------------------------------------------------------------------------------------
475,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 475,219
- -----------------------------------------------------------------------------------------------------------------------------------
2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,450,441
56 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700% 05/01/2024 $ 5,251,890
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico ITEMECF
(San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 6,819,050
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 516,780
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,244,640
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 5,376,950
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 1,613,085
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Port Authority (American Airlines), Series A 1 6.250 06/01/2026 1,015,010
- -----------------------------------------------------------------------------------------------------------------------------------
12,440,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 12,486,899
- -----------------------------------------------------------------------------------------------------------------------------------
1,940,000 Puerto Rico Public Buildings Authority 5.000 07/01/2026 2,003,535
- -----------------------------------------------------------------------------------------------------------------------------------
47,855,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 49,813,227
- -----------------------------------------------------------------------------------------------------------------------------------
52,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 55,604,640
- -----------------------------------------------------------------------------------------------------------------------------------
90,400,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 96,426,064
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 127,078
- -----------------------------------------------------------------------------------------------------------------------------------
47,720,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 50,668,619
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 University of Puerto Rico, Series Q 5.000 06/01/2030 6,301,020
- -----------------------------------------------------------------------------------------------------------------------------------
15,750,000 University of Puerto Rico, Series Q 5.000 06/01/2036 16,527,735
- -----------------------------------------------------------------------------------------------------------------------------------
9,230,000 University of V.I. Series A 5.375 06/01/2034 9,767,278
- -----------------------------------------------------------------------------------------------------------------------------------
2,040,000 University of V.I. Series A 6.250 12/01/2029 2,193,143
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,411,463
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 V.I. HFA, Series A 6.450 03/01/2016 25,049
- -----------------------------------------------------------------------------------------------------------------------------------
18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 19,331,957
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2033 578,276
- -----------------------------------------------------------------------------------------------------------------------------------
27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 31,315,272
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,864,880
- -----------------------------------------------------------------------------------------------------------------------------------
11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 12,851,748
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 1,063,720
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 797,280
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,030,410
- -----------------------------------------------------------------------------------------------------------------------------------
16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,707,573
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,742,475
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 51,728
- -----------------------------------------------------------------------------------------------------------------------------------
3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,986,456
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,603,145
- -----------------------------------------------------------------------------------------------------------------------------------
3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,568,252
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,575,693
----------------
1,551,574,764
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $11,299,356,630)--116.1% 11,794,340,949
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(16.1) (1,631,794,461)
----------------
NET ASSETS--100.0% $ 10,162,546,488
================
57 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Illiquid security. The aggregate value of illiquid securities as of December
31, 2006 was $43,924,827, which represents 0.43% of the Fund's net assets. See
Note 5 of accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
4. Subject to a deferred-interest forebearance agreement. Rate shown is current
rate.
5. Partial interest payment received.
6. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
7. When-issued security or forward commitment to be delivered and settled after
December 31, 2006. See Note 1 of accompanying Notes.
8. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
9. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
10. Issuer is in default. Non-income producing security. See Note 1 of
accompanying Notes.
58 | ROCHESTER FUND MUNICIPALS
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS December 31, 2006
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Assoc. for Children with Down Syndrome MTA Metropolitan Transportation Authority
ACLD Adults and Children with Learning and NH&HC Nursing Home and Health Care
Developmental Disabilities NIMO Niagara Mohawk Power Corp.
ADD Aid to the Developmentally Disabled NSLIJHS North Shore Long Island Jewish
ALIA Alliance of Long Island Agencies Health System
ARC Assoc. of Retarded Citizens NSUHGC North Shore University Hospital at
CFGA Child and Family Guidance Assoc. Glen Cove
CHSLI Catholic Health Services of Long Island NY/NJ New York/New Jersey
CNGCS Central Nassau Guidance and NYC New York City
Counseling Services NYS New York State
COP Certificates of Participation NYU New York University
CSMR Community Services for the Mentally OBPWC Ocean Bay Park Water Corp.
Retarded P-Floats Puttable Floats
DA Dormitory Authority PRAMS Prudential Receipts of Accrual
DDI Developmental Disabilities Institute Municipal Securities
DIAMONDS Direct Investment of Accrued Municipals PSCH Professional Service Centers for
DRIVERS Derivative Inverse Tax Exempt Receipts the Handicapped, Inc.
EDA Economic Devel. Authority RG&E Rochester Gas and Electric
EFC Environmental Facilities Corp. RIBS Residual Interest Bonds
ERDA Energy Research and Devel. Authority RITES Residual Interest Tax Exempt Security
FREE Family Residences and Essential ROLs Residual Option Longs
Enterprises Res Rec Resource Recovery Facility
GJSR Gurwin Jewish Senior Residences SCCC Sullivan County Community College
GO General Obligation SCHRC St. Charles Hospital and
GSHMC Good Samaritan Hospital Medical Center Rehabilitation Center
HDC Housing Devel. Corp. SCSB Schuyler Community Services Board
HFA Housing Finance Agency SCSMC St. Catherine of Sienna Medical Center
HFC Housing Finance Corp. SFH St. Francis Hospital
HH Harmony Heights, Inc. SLCD School for Language and
HHS Harmony Heights School Communication Devel.
HJDOI Hospital for Joint Diseases Orthopedic SMCFS St. Mary's Children and Family Services
Institute SONYMA State of New York Mortgage Agency
IDA Industrial Devel. Agency SSMH Soldiers and Sailors Memorial Hospital
IGHL Independent Group Home for Living SUNY State University of New York
ITEMECF Industrial, Tourist, Educational, Medical SV Sienna Village
and Environmental Community Facilities TASC Tobacco Settlement Asset-Backed Bonds
JCC Jewish Community Center TFABs Tobacco Flexible Amortization Bonds
JDAM Julia Dyckman Andrus Memorial UBF University of Buffalo Foundation
JFK John Fitzgerald Kennedy UCP/HCA United Cerebral Palsy Assoc. and
L.I. Long Island Handicapped Children's Assoc.
LGSC Local Government Services Corp. UCPAGS United Cerebral Palsy Assoc. of
LILCO Long Island Lighting Corp. Greater Suffolk
LIMC Long Island Medical Center UDC Urban Devel. Corp.
LRRHCF Loretto Rest Residential Health V.I. United States Virgin Islands
Care Facility WORCA Working Organization for Retarded
LVH Little Village House Children and Adults
MCH Maryhaven Center of Hope WWH Wyandach/Wheatley Heights
MMC Mercy Medical Center YMCA Young Men's Christian Assoc.
MSH/NYU Mount Sinai Hospital/New York
University
59 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS December 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $ 1,596,101,244 13.5%
Highways/Railways 1,439,860,504 12.2
General Obligation 1,145,517,307 9.7
Water Utilities 1,089,708,989 9.3
Hospital/Health Care 1,006,483,765 8.5
Airlines 684,830,267 5.8
Electric Utilities 675,728,166 5.7
Marine/Aviation Facilities 498,814,055 4.2
Multifamily Housing 388,349,335 3.3
Higher Education 369,384,998 3.1
Not-for-Profit Organization 354,472,966 3.0
Adult Living Facilities 323,190,982 2.8
Special Assessment 322,095,371 2.7
Special Tax 309,145,388 2.6
Municipal Leases 257,853,961 2.2
Single Family Housing 206,648,182 1.8
Paper, Containers & Packaging 194,358,546 1.7
Education 182,697,389 1.6
Sports Facility Revenue 156,735,895 1.3
Hotels, Restaurants & Leisure 121,302,523 1.0
Resource Recovery 99,634,465 0.9
Sales Tax Revenue 94,183,142 0.8
Manufacturing, Non-Durable Goods 86,164,697 0.7
Manufacturing, Durable Goods 74,916,077 0.6
Pollution Control 54,898,386 0.5
Parking Fee Revenue 28,502,236 0.2
Gas Utilities 25,130,761 0.2
Sewer Utilities 7,631,352 0.1
-------------------------------
Total $11,794,340,949 100.0%
===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES December 31, 2006
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------
Investments, at value (cost $11,299,356,630)--see accompanying statement of investments $ 11,794,340,949
- ------------------------------------------------------------------------------------------------------------
Cash 16,643,521
- ------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 141,237,342
Shares of beneficial interest sold 37,550,419
Investments sold 6,601,894
Other 113,662
-----------------
Total assets 11,996,487,787
- ------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 1,439,195,000
Payable on borrowings (See Note 6) 222,300,000
Investments purchased (including $105,776,553 purchased on a
when-issued basis or forward commitment) 152,538,450
Shares of beneficial interest redeemed 13,714,682
Distribution and service plan fees 4,181,197
Trustees' compensation 1,008,252
Interest expense 344,379
Transfer and shareholder servicing agent fees 290,512
Shareholder communications 170,468
Other 198,359
-----------------
Total liabilities 1,833,941,299
- ------------------------------------------------------------------------------------------------------------
NET ASSETS $ 10,162,546,488
=================
- ------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Paid-in capital $ 9,769,888,564
- ------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (516,903)
- ------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (101,809,492)
- ------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 494,984,319
-----------------
NET ASSETS $ 10,162,546,488
=================
61 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $7,978,615,937 and
423,912,096 shares of beneficial interest outstanding) $18.82
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $19.76
- -----------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price(excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $906,107,463 and 48,185,838 shares
of beneficial interest outstanding) $18.80
- -----------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price(excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,256,195,774 and 66,837,005 shares
of beneficial interest outstanding) $18.79
- -----------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$21,627,314 and 1,149,397 shares of beneficial interest outstanding) $18.82
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62 | ROCHESTER FUND MUNICIPALS
STATEMENT OF OPERATIONS For the Year Ended December 31, 2006
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 557,625,494
- --------------------------------------------------------------------------------
Other income 3,566
--------------
Total investment income 557,629,060
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 40,030,905
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 10,120,534
Class B 9,238,000
Class C 9,534,239
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 2,014,922
Class B 497,603
Class C 413,357
Class Y 10,007
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 257,382
Class B 61,002
Class C 50,802
- --------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate
notes issued (See Note 1) 54,099,767
- --------------------------------------------------------------------------------
Interest expense on borrowings 3,125,649
- --------------------------------------------------------------------------------
Accounting service fees 2,620,409
- --------------------------------------------------------------------------------
Trustees' compensation 381,672
- --------------------------------------------------------------------------------
Custodian fees and expenses 9,537
- --------------------------------------------------------------------------------
Administration service fees 1,500
- --------------------------------------------------------------------------------
Other 963,702
--------------
Total expenses 133,430,989
Less reduction to custodian expenses (4,209)
--------------
Net expenses 133,426,780
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 424,202,280
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- --------------------------------------------------------------------------------
Net realized gain on investments 64,514,394
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 200,124,365
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 688,841,039
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63 | ROCHESTER FUND MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2006 2005 1
- ---------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------
Net investment income $ 424,202,280 $ 363,904,169
- ---------------------------------------------------------------------------------------------------
Net realized gain 64,514,394 49,632,732 1
- ---------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 200,124,365 142,057,977 1
------------------------------------
Net increase in net assets resulting from operations 688,841,039 555,594,878
- ---------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (345,323,410) (291,978,951)
Class B (39,093,803) (47,112,396)
Class C (39,656,968) (27,548,812)
Class Y (818,853) (536,002)
------------------------------------
(424,893,034) (367,176,161)
- ---------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 1,834,390,004 1,095,376,031
Class B (75,346,776) (148,156,262)
Class C 514,608,540 198,527,019
Class Y 9,689,538 3,090,108
------------------------------------
2,283,341,306 1,148,836,896
- ---------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------
Total increase 2,547,289,311 1,337,255,613
- ---------------------------------------------------------------------------------------------------
Beginning of period 7,615,257,177 6,278,001,564
------------------------------------
End of period (including accumulated net investment income
(loss) of $(516,903) and $173,851, respectively) $10,162,546,488 $ 7,615,257,177
====================================
1. As restated, see Note 9.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64 | ROCHESTER FUND MUNICIPALS
STATEMENT OF CASH FLOWS
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 2006
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- --------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 688,841,039
- --------------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:
Purchase of investment securities (4,228,308,326)
Proceeds from disposition of investment securities 1,683,687,026
Short-term investment securities, net (91,153,208)
Premium amortization 12,893,348
Discount accretion (33,034,508)
Net realized gain on investments (64,514,394)
Net change in unrealized appreciation on investments (200,124,365)
Increase in interest receivable (21,372,760)
Decrease in receivable for securities sold 60,186,010
Increase in other assets (35,688)
Increase in payable for securities purchased 32,615,381
Increase in payable for accrued expenses 994,457
----------------
Net cash used in operating activities (2,159,325,988)
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- --------------------------------------------------------------------------------------------------
Proceeds from bank borrowing 1,841,400,000
Payments on bank borrowing (1,643,700,000)
Proceeds from short-term floating rate notes issued 126,215,000
Proceeds from shares sold 3,033,492,877
Proceeds from shares purchased (1,018,272,911)
Cash distributions paid (164,945,410)
----------------
Net cash provided by financing activities 2,174,189,556
- --------------------------------------------------------------------------------------------------
Net increase in cash 14,863,568
- --------------------------------------------------------------------------------------------------
Cash, beginning balance 1,779,953
----------------
Cash, ending balance $ 16,643,521
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $259,947,624.
Cash paid for interest on bank borrowings--$2,932,623.
Cash paid for interest on short-term floating rate notes issued--$54,099,767.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
65 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $18.28 $17.76 $17.62 $17.38 $17.52
- -----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .93 1 .99 1 1.07 1 1.11 1.08
Net realized and unrealized gain (loss) .55 .53 .16 .23 (.15)
------------------------------------------------------------
Total from investment operations 1.48 1.52 1.23 1.34 .93
- -----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.94) (1.00) (1.09) (1.10) (1.07)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.82 $18.28 $17.76 $17.62 $17.38
============================================================
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 8.33% 8.76% 7.25% 8.12% 5.46%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $7,979 $5,937 $4,699 $4,228 $4,299
- -----------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $6,836 $5,327 $4,387 $4,100 $4,292
- -----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.05% 5.44% 6.09% 6.49% 6.18%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.72% 0.73% 0.72% 0.71% 0.72%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.46% 5 0.26% 5 0.26% 5 0.26% 5
------------------------------------------------------------
Total expenses 1.34% 1.19% 5 0.98% 5 0.97% 5 0.98% 5
Expenses after payments and waivers and
reduction to custodian expenses 1.34% 1.19% 5 0.98% 5 0.97% 5 0.97% 5
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 16% 5 10% 5 12% 5 19% 5
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. As restated, see Note 9.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66 | ROCHESTER FUND MUNICIPALS
CLASS B YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $18.26 $17.75 $17.60 $17.36 $17.51
- -----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .78 1 .83 1 .91 1 .96 .93
Net realized and unrealized gain (loss) .54 .52 .18 .23 (.16)
------------------------------------------------------------
Total from investment operations 1.32 1.35 1.09 1.19 .77
- -----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.78) (.84) (.94) (.95) (.92)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.80 $18.26 $17.75 $17.60 $17.36
============================================================
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.39% 7.77% 6.40% 7.19% 4.50%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 906 $ 955 $1,073 $1,231 $1,342
- -----------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 925 $1,006 $1,130 $1,259 $1,275
- -----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.20% 4.60% 5.23% 5.62% 5.32%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.60% 1.60% 1.59% 1.58% 1.58%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.46% 5 0.26% 5 0.26% 5 0.26% 5
------------------------------------------------------------
Total expenses 2.22% 2.06% 5 1.85% 5 1.84% 5 1.84% 5
Expenses after payments and waivers and
reduction to custodian expenses 2.22% 2.06% 5 1.85% 5 1.84% 5 1.83% 5
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 16% 5 10% 5 12% 5 19% 5
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. As restated, see Note 9.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
67 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $18.25 $17.74 $17.59 $17.36 $17.50
- -----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .76 1 .82 1 .91 1 .96 .93
Net realized and unrealized gain (loss) .56 .53 .18 .22 (.15)
------------------------------------------------------------
Total from investment operations 1.32 1.35 1.09 1.18 .78
- -----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.78) (.84) (.94) (.95) (.92)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.79 $18.25 $17.74 $17.59 $17.36
============================================================
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.40% 7.78% 6.40% 7.14% 4.57%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $1,256 $ 712 $ 498 $ 443 $ 471
- -----------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 956 $ 600 $ 459 $ 436 $ 460
- -----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.15% 4.56% 5.22% 5.62% 5.32%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.58% 1.59% 1.59% 1.58% 1.58%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.46% 5 0.26% 5 0.26% 5 0.26% 5
------------------------------------------------------------
Total expenses 2.20% 2.05% 5 1.85% 5 1.84% 5 1.84% 5
Expenses after payments and waivers and
reduction to custodian expenses 2.20% 2.05% 5 1.85% 5 1.84% 5 1.83% 5
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 16% 5 10% 5 12% 5 19% 5
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. As restated, see Note 9.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68 | ROCHESTER FUND MUNICIPALS
CLASS Y YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $18.28 $17.76 $17.61 $17.38 $17.52
- -----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .95 1 1.01 1 1.10 1 1.14 1.10
Net realized and unrealized gain (loss) .55 .54 .17 .21 (.15)
------------------------------------------------------------
Total from investment operations 1.50 1.55 1.27 1.35 .95
- -----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.96) (1.03) (1.12) (1.12) (1.09)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.82 $18.28 $17.76 $17.61 $17.38
============================================================
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 8.45% 8.93% 7.50% 8.16% 5.57%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 22 $ 11 $ 8 $ 9 $ 12
- -----------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 16 $ 10 $ 8 $ 11 $ 12
- -----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.14% 5.59% 6.27% 6.79% 6.30%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.60% 0.58% 0.55% 0.61% 0.62%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.46% 5 0.26% 5 0.26% 5 0.26% 5
------------------------------------------------------------
Total expenses 1.22% 1.04% 5 0.81% 5 0.87% 5 0.88% 5
Expenses after payments and waivers and
reduction to custodian expenses 1.22% 1.04% 5 0.81% 5 0.87% 5 0.87% 5
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 16% 5 10% 5 12% 5 19% 5
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. As restated, see Note 9.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
69 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Rochester Fund Municipals (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment objective is to 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(R) 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
70 | ROCHESTER FUND MUNICIPALS
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Options are valued daily based upon the last
sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered
investment companies (including affiliated funds) are valued at that fund's net
asset value. 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 take place generally at least ten days or more after the
trade date. Normally the settlement date occurs within six months after the
trade date; however, the Fund may, from time to time, purchase securities whose
settlement date extends six months or more beyond trade date. During this
period, such securities do not earn interest, are subject to market fluctuation
and may increase or decrease in value prior to their delivery. The Fund
maintains internally designated assets with a market value equal to or greater
than the amount of its purchase commitments. The purchase of securities on a
when-issued basis or forward commitment may increase the volatility of the
Fund's net asset value to the extent the Fund executes such transactions while
remaining substantially fully invested. The Fund may also sell securities that
it purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of December 31, 2006, the Fund had purchased
$105,776,553 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 $817,839,739 as of December 31, 2006, which
represents 6.82% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
71 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the short-term floating rate notes
issued by the Trust and exchanges the inverse floating rate security for the
underlying municipal bond. These transactions are considered secured borrowings
for financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At December 31, 2006 municipal bond holdings
with a value of $2,230,360,708 shown on the Fund's Statement of Investments are
held by such Trusts and serve as collateral for the $1,439,195,000 in short-term
floating rate notes issued and outstanding at that date.
At December 31, 2006, the Fund's residual exposure to these types of
inverse floating rate securities were as follows:
PRINCIPAL VALUE AS OF
AMOUNT INVERSE FLOATER 1 COUPON 2 MATURITY DECEMBER 31, 2006
- --------------------------------------------------------------------------------------------------------------------------------
$ 3,340,000 Erie County Tobacco Asset Securitization Corp.RITES 4.060% 6/1/38 $ 3,466,152
9,305,000 Erie County Tobacco Asset Securitization Corp.RITES 4.060 6/1/38 9,656,450
21,250,000 Erie County Tobacco Asset Securitization Corp.RITES 4.060 6/1/45 22,023,288
14,940,000 Erie County Tobacco Asset Securitization Corp.RITES 4.060 6/1/45 15,483,667
2,915,000 L.I. Power Authority RITES 6.625 9/1/28 3,737,555
2,100,000 MTA DRIVERS 5.311 5/15/13 2,127,720
14,200,000 MTA RITES 5.500 11/15/25 17,573,920
1,910,000 MTA RITES 5.500 11/15/28 2,326,800
10,000,000 MTA RITES 5.500 11/15/30 11,978,800
5,000,000 MTA RITES 5.500 11/15/30 5,989,400
2,890,000 MTA RITES 5.500 11/15/30 3,461,873
7,500,000 MTA RITES 5.500 11/15/31 9,136,650
2,125,000 MTA RITES 5.500 11/15/32 2,588,718
2,220,000 MTA Service Contract RITES 6.000 1/1/24 2,772,336
20,000,000 Nassau County Tobacco Settlement Corp. RITES 4.270 6/1/46 21,142,600
72 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AS OF
AMOUNT INVERSE FLOATER 1 COUPON 2 MATURITY DECEMBER 31, 2006
- --------------------------------------------------------------------------------------------------------------------------------
$ 3,880,000 NY Counties Tobacco Trust I (TASC) RITES 7.070% 6/1/28 $ 4,658,173
2,960,000 NY Counties Tobacco Trust I RITES 6.933 6/1/35 3,396,274
9,615,000 NY Counties Tobacco Trust I RITES 7.005 6/1/42 11,171,284
14,900,000 NY Counties Tobacco Trust II RITES 5.100 6/1/35 16,369,438
5,000,000 NY Counties Tobacco Trust II RITES 5.760 6/1/43 5,801,550
12,950,000 NY Counties Tobacco Trust II RITES 5.760 6/1/43 15,026,015
12,300,000 NY Counties Tobacco Trust IV RITES 4.060 6/1/42 12,730,500
5,725,000 NY Counties Tobacco Trust IV RITES 4.060 6/1/45 5,925,375
8,700,000 NY Counties Tobacco Trust IV RITES 4.060 6/1/45 9,004,500
1,500,000 NY Counties Tobacco Trust IV RITES 4.060 6/1/45 1,552,500
10,210,000 NY Counties Tobacco Trust IV RITES 4.090 6/1/42 10,567,350
5,875,000 NYC Health & Hospital Corp. RITES 5.535 2/15/20 6,708,545
12,750,000 NYC Municipal Water Finance Authority DRIVERS 7.309 6/15/13 15,488,700
11,860,000 NYC Municipal Water Finance Authority RITES 4.870 6/15/34 14,042,003
4,500,000 NYC Municipal Water Finance Authority RITES 4.870 6/15/38 5,291,640
2,930,000 NYC Municipal Water Finance Authority RITES 5.465 6/15/32 3,409,231
7,850,000 NYC Municipal Water Finance Authority RITES 5.534 6/15/34 8,939,109
2,805,000 NYC Municipal Water Finance Authority RITES 5.547 6/15/27 3,082,863
14,425,000 NYC Municipal Water Finance Authority RITES 5.558 6/15/26 16,855,901
11,210,000 NYC Municipal Water Finance Authority RITES 5.965 6/15/32 13,233,181
3,555,000 NYC Municipal Water Finance Authority RITES 6.000 6/15/21 3,794,394
18,240,000 NYC Municipal Water Finance Authority RITES 6.035 6/15/30 19,385,837
5,000,000 NYC Municipal Water Finance Authority RITES 6.047 6/15/30 5,314,100
6,875,000 NYC Municipal Water Finance Authority ROLs 7.768 6/15/31 8,457,763
16,675,000 NYC Municipal Water Finance Authority ROLs 7.768 6/15/36 20,183,754
10,025,000 NYC Municipal Water Finance Authority ROLs 7.768 6/15/37 12,245,137
7,875,000 NYC Municipal Water Finance Authority ROLs 7.768 6/15/39 9,414,720
4,935,000 NYC Municipal Water Finance Authority ROLs 7.768 6/15/39 5,977,272
4,500,000 NYC Municipal Water Finance Authority ROLs 7.788 6/15/39 5,478,210
2,150,000 NYC Transitional Finance Authority RITES 5.535 8/15/27 2,309,702
9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES 5.767 2/1/38 10,029,705
3,115,000 NYS DA (Menorah Home & Hospital) RITES 5.912 8/1/38 3,579,010
5,825,000 NYS DA (Menorah Home) RITES 6.100 8/1/38 6,746,748
4,625,000 NYS DA (Mental Health Services Facilities) RITES 5.547 2/15/23 5,160,205
2,375,000 NYS DA (Montefiore Medical) RITES 7.500 8/1/38 2,857,838
2,850,000 NYS DA (Municipal Health Facilities) RITES 5.547 1/15/23 3,231,102
3,310,000 NYS DA P-Floats 4.870 2/1/28 4,062,098
1,565,000 NYS DA RITES 4.840 12/1/25 1,912,806
4,415,000 NYS DA RITES 4.840 12/1/35 5,315,748
5,000,000 NYS DA RITES 7.350 2/1/12 7,486,400
3,485,000 NYS ERDA (NIMO) RITES 6.147 11/1/25 4,078,635
3,625,000 NYS ERDA (RG&E) Residual Certificates 11.080 9/1/33 4,388,425
2,645,000 NYS HFA (NH&HC) RITES 6.146 11/1/16 2,698,006
7,140,000 NYS Thruway Authority RITES 5.535 1/1/25 7,764,036
20,000,000 Port Authority NY/NJ RITES 4.720 9/15/13 24,197,200
2,125,000 Rensselaer County Tobacco Asset Securitization Corp. RITES 5.430 6/1/35 2,439,861
2,430,000 Rensselaer County Tobacco Asset Securitization Corp. RITES 5.760 6/1/43 2,826,163
73 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL VALUE AS OF
AMOUNT INVERSE FLOATER 1 COUPON 2 MATURITY DECEMBER 31, 2006
- --------------------------------------------------------------------------------------------------------------------------------
$ 3,075,000 Rockland County Tobacco Asset Securitization Corp. RITES 5.430% 8/15/35 $ 3,545,629
3,360,000 Rockland County Tobacco Asset Securitization Corp. RITES 5.760 8/15/43 3,925,891
8,390,000 SONYMA RITES 4.660 10/1/34 8,874,439
2,770,000 SONYMA, Series 69 RITES 6.142 10/1/28 2,821,300
9,550,000 SONYMA, Series 71 RITES 5.955 4/1/29 9,858,179
5,500,000 SONYMA, Series 73 RITES 6.712 10/1/28 5,955,730
4,190,000 Triborough Bridge & Tunnel Authority RITES 5.500 1/1/32 4,997,748
8,265,000 Triborough Bridge & Tunnel Authority RITES 5.534 1/1/27 9,546,075
57,750,000 TSASC, Inc. (TFABs) RITES 4.020 6/1/34 60,314,678
74,545,000 TSASC, Inc. (TFABs) RITES 4.190 6/1/42 80,933,507
7,335,000 TSASC, Inc. (TFABs) RITES 4.190 6/1/42 7,963,610
33,750,000 TSASC, Inc. (TFABs) ROLs 3 6.212 6/1/42 35,678,138
4,250,000 Westchester County Tobacco Asset Securitization Corp. RITES 4.280 6/1/38 4,483,665
21,325,000 Westchester County Tobacco Asset Securitization Corp. RITES 4.280 6/1/38 22,497,449
675,000 Westchester County Tobacco Asset Securitization Corp. RITES 4.280 6/1/38 712,112
6,325,000 Westchester County Tobacco Asset Securitization Corp. RITES 4.280 6/1/45 6,646,247
13,340,000 Westchester County Tobacco Asset Securitization Corp. RITES 4.470 6/1/45 14,356,375
-------------
$ 791,165,708
=============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 59 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the floating rate notes issued by the Trust in conjunction
with the inverse floating rate security. Under the standard terms of an inverse
floating rate security, absent such a shortfall and forbearance agreement, the
Fund would not be required to make such a reimbursement. The Manager monitors
the Fund's potential exposure with respect to these agreements on a daily basis
and intends to take action to terminate the Fund's investment in such inverse
floating rate securities, if it deems it appropriate to do so. As of December
31, 2006, in addition to the exposure detailed in the preceding table, the
Fund's maximum exposure under such agreements is estimated at approximately
$33,750,000.
74 | 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 December 31, 2006, securities with an
aggregate market value of $82,057, representing less than 0.005% of the Fund's
net assets, were in default.
The Fund has entered into forbearance agreements with certain obligors
under which the Fund has agreed to temporarily accept partial payment of the
original coupon interest rates. As of December 31, 2006, securities with an
aggregate market value of $16,452,100, representing 0.16% of the Fund's net
assets, were subject to these deferred-interest forbearance agreements. Interest
owed to the Fund under these agreements in the amount of $218,750 is included in
the line item "Interest Receivable" in the Fund's December 31, 2006 Statement of
Assets and Liabilities.
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.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES
------------------------------------------------------------------------
$1,312,880 $-- $88,006,188 $481,181,018
75 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
1. As of December 31, 2006, the Fund had $88,006,188 net capital loss
carryforwards available to offset future realized capital gains, if any, and
thereby reduce future taxable gain distributions. As of December 31, 2006,
details of the capital loss carryforwards were as follows:
EXPIRING
------------------------
2011 $ 57,673,288
2012 30,332,900
-------------
Total $ 88,006,188
=============
2. During the fiscal year ended December 31, 2006, the Fund utilized $64,258,971
of capital loss carryforward to offset capital gains realized in that fiscal
year.
3. During the fiscal year ended December 31, 2005, the Fund utilized $46,836,026
of capital loss carryforward to offset capital gains realized in that fiscal
year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
The tax character of distributions paid during the years ended December 31, 2006
and December 31, 2005 was as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2006 DECEMBER 31, 2005
-------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 5,202,181 $ --
Exempt-interest dividends 419,690,853 367,176,161
----------------------------------
Total $ 424,893,034 $ 367,176,161
==================================
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of December 31, 2006 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $9,873,964,931
==============
Gross unrealized appreciation $ 531,779,345
Gross unrealized depreciation (50,598,327)
--------------
Net unrealized appreciation $ 481,181,018
==============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the year ended December
31, 2006, the Fund's projected benefit obligations were increased by $193,229
and payments of $32,022 were
76 | ROCHESTER FUND MUNICIPALS
made to retired trustees, resulting in an accumulated liability of $958,880 as
of December 31, 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
thereunder. Upon retirement, eligible trustees receive annual payments based
upon their years of service. In connection with the sale of certain assets of
Rochester Capital Advisors, L.P. (the Fund's former investment advisor) to the
Manager, all but one of the existing independent trustees retired effective
January 4, 1996. During the year ended December 31, 2006, benefit obligations
were decreased by $23,625 and payments of $23,625 were made to retired trustees.
As of December 31, 2006, the Fund had recognized an accumulated liability of
$16,875.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income distributions, if any, are declared
daily and paid monthly. Capital gain distributions, if any, are declared and
paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts, 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.
77 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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:
YEAR ENDED DECEMBER 31, 2006 YEAR ENDED DECEMBER 31, 2005
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------
CLASS A
Sold 126,089,178 $ 2,331,720,588 81,186,227 $ 1,474,103,085
Dividends and/or
distributions reinvested 11,286,033 208,623,392 9,259,591 167,949,635
Redeemed (38,279,698) (705,953,976) (30,153,301) (546,676,689)
--------------------------------------------------------------
Net increase 99,095,513 $ 1,834,390,004 60,292,517 $ 1,095,376,031
==============================================================
- -----------------------------------------------------------------------------------------
CLASS B
Sold 5,710,045 $ 105,315,335 5,442,524 $ 98,607,100
Dividends and/or
distributions reinvested 1,283,328 23,671,707 1,539,288 27,866,258
Redeemed (11,082,310) (204,333,818) (15,183,742) (274,629,620)
--------------------------------------------------------------
Net decrease (4,088,937) $ (75,346,776) (8,201,930) $ (148,156,262)
==============================================================
- -----------------------------------------------------------------------------------------
CLASS C
Sold 32,402,099 $ 598,672,944 13,663,235 $ 247,879,967
Dividends and/or
distributions reinvested 1,484,633 27,424,594 976,736 17,694,309
Redeemed (6,043,138) (111,488,998) (3,702,752) (67,047,257)
--------------------------------------------------------------
Net increase 27,843,594 $ 514,608,540 10,937,219 $ 198,527,019
==============================================================
78 | ROCHESTER FUND MUNICIPALS
YEAR ENDED DECEMBER 31, 2006 YEAR ENDED DECEMBER 31, 2005
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------
CLASS Y
Sold 636,021 $ 11,800,255 192,164 $ 3,496,989
Dividends and/or
distributions reinvested 12,282 227,931 1,476 26,918
Redeemed (125,699) (2,338,648) (23,944) (433,799)
--------------------------------------------------------------
Net increase 522,604 $ 9,689,538 169,696 $ 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 and money market funds, for the year ended December
31, 2006, were as follows:
PURCHASES SALES
- ---------------------------------------------------------
Investment securities $ 4,228,308,326 $ 1,683,687,026
- ---------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of average net assets as shown in the following table:
FEE SCHEDULE
- ----------------------------------
Up to $100 million 0.54%
Next $150 million 0.52
Next $1.75 billion 0.47
Next $3 billion 0.46
Next $3 billion 0.45
Over $8 billion 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 for the first $30 million of average daily net assets and $9,000 for
each additional $30 million of average daily net assets. During the year ended
December 31, 2006, the Fund paid $2,620,385 to the Manager for accounting and
pricing services.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended December 31, 2006, the Fund paid
$2,891,700 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.
79 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
determines its uncompensated expenses under the plan at calendar quarter ends.
The Distributor's aggregate uncompensated expenses under the plan at December
31, 2006 for Class B and Class C shares were $35,798,671 and $22,281,626,
respectively. Fees incurred by the Fund under the plans are detailed in the
Statement of Operations.
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SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
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December 31, 2006 $ 4,838,139 $ 382,784 $ 1,433,428 $ 278,875
80 | ROCHESTER FUND MUNICIPALS
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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.
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5. ILLIQUID SECURITIES
As of December 31, 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.
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6. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings 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 (5.2833% as of December 31, 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 year ended December 31, 2006, the average daily loan balance was
$62,792,055 at an average daily interest rate of 4.955%. The Fund had borrowings
outstanding of $222,300,000 at December 31, 2006 at an interest rate of 5.2833%.
The Fund had gross borrowings and gross loan repayments of $1,841,400,000 and
$1,643,700,000, respectively, during the year ended December 31, 2006. The
maximum amount of borrowings outstanding at any month-end during the year ended
December 31, 2006 was $222,300,000. The Fund paid $450,365 in fees and
$2,932,623 in interest during the year ended December 31, 2006.
81 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
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7. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
December 31, 2006, the Manager has evaluated the implications of FIN 48 and does
not currently anticipate a material impact to the Fund's financial statements.
The Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of December 31, 2006, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
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8. 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.
82 | ROCHESTER FUND MUNICIPALS
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.
- --------------------------------------------------------------------------------
9. RESTATEMENT
Subsequent to the issuance of the December 31, 2005 financial statements, the
Manager determined that transfers of certain municipal bond securities by the
Fund to trusts in connection with its investment in inverse floating rate
securities during the fiscal years ended December 31, 2002 through 2005, do not
qualify as sales under Statement of Financial Accounting Standard No. 140,
ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS
OF LIABILITIES, and should have been accounted for as secured borrowings.
Accordingly, the Fund has restated its fiscal 2005 Statements of Changes in Net
Assets and its fiscal 2002 through fiscal 2005 Financial Highlights. The
restatement has no effect on the Fund's previously reported net assets, net
asset values per share or total return.
The December 31, 2006 Statement of Assets and Liabilities includes an
increase to "Accumulated net realized loss on investments", a decrease to "Cost
of investments" and an increase to "Net unrealized appreciation on investments",
in the amount of $7,899,181 related to reversals of losses previously realized
in the Fund's fiscal years prior to 2005.
STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDING DECEMBER 31, 2005
OPERATIONS 2005 PREVIOUSLY REPORTED RESTATED
- ------------------------------------------------------------------------------
Net realized gain $ 46,938,624 $ 49,632,732
Net change in unrealized appreciation 144,752,085 142,057,977
FINANCIAL HIGHLIGHTS FOR THE YEARS ENDING DECEMBER 31, 2005, 2004, 2003 AND 2002
INTEREST AND EXPENSES AFTER
FEES ON PAYMENTS AND
SHORT-TERM WAIVERS AND PORTFOLIO
RATIOS TO AVERAGE FLOATING RATE TOTAL REDUCTION TO TURNOVER
NET ASSETS: NOTES ISSUED EXPENSES CUSTODIAN EXPENSES RATE
- -------------------------------------------------------------------------------------
CLASS A
2005 Previously Reported N/A 0.73% 0.73% 29%
2005 Restated 0.46% 1.19% 1.19% 16%
2004 Previously Reported N/A 0.72% 0.72% 14%
2004 Restated 0.26% 0.98% 0.98% 10%
2003 Previously Reported N/A 0.71% 0.71% 18%
2003 Restated 0.26% 0.97% 0.97% 12%
2002 Previously Reported N/A 0.72% 0.71% 29%
2002 Restated 0.26% 0.98% 0.97% 19%
83 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
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9. RESTATEMENT Continued
INTEREST AND EXPENSES AFTER
FEES ON PAYMENTS AND
SHORT-TERM WAIVERS AND PORTFOLIO
RATIOS TO AVERAGE FLOATING RATE TOTAL REDUCTION TO TURNOVER
NET ASSETS: NOTES ISSUED EXPENSES CUSTODIAN EXPENSES RATE
- -------------------------------------------------------------------------------------
CLASS B
2005 Previously Reported N/A 1.60% 1.60% 29%
2005 Restated 0.46% 2.06% 2.06% 16%
2004 Previously Reported N/A 1.59% 1.59% 14%
2004 Restated 0.26% 1.85% 1.85% 10%
2003 Previously Reported N/A 1.58% 1.58% 18%
2003 Restated 0.26% 1.84% 1.84% 12%
2002 Previously Reported N/A 1.58% 1.57% 29%
2002 Restated 0.26% 1.84% 1.83% 19%
- -------------------------------------------------------------------------------------
CLASS C
2005 Previously Reported N/A 1.59% 1.59% 29%
2005 Restated 0.46% 2.05% 2.05% 16%
2004 Previously Reported N/A 1.59% 1.59% 14%
2004 Restated 0.26% 1.85% 1.85% 10%
2003 Previously Reported N/A 1.58% 1.58% 18%
2003 Restated 0.26% 1.84% 1.84% 12%
2002 Previously Reported N/A 1.58% 1.57% 29%
2002 Restated 0.26% 1.84% 1.83% 19%
- -------------------------------------------------------------------------------------
CLASS Y
2005 Previously Reported N/A 0.58% 0.58% 29%
2005 Restated 0.46% 1.04% 1.04% 16%
2004 Previously Reported N/A 0.55% 0.55% 14%
2004 Restated 0.26% 0.81% 0.81% 10%
2003 Previously Reported N/A 0.61% 0.61% 18%
2003 Restated 0.26% 0.87% 0.87% 12%
2002 Previously Reported N/A 0.62% 0.61% 29%
2002 Restated 0.26% 0.88% 0.87% 19%
While the Statements of Assets and Liabilities as of December 31, 2005, 2004,
2003 and 2002 (not included herein) have not been reissued to give effect to the
restatement, the principal effects of the restatement would be to increase
investments at value and to add a liability for short-term floating rate notes
issued by corresponding amounts at each year end, with no resulting effect on
previously reported Fund net assets. While the Statements of Operations for the
years ended December 31, 2005, 2004, 2003 and 2002 (not included herein) have
not been reissued to give effect to the restatement, the principal effects of
the restatement would be to increase interest income and interest expense and
fees by corresponding amounts each year, with no effect on the previously
reported net increase in net assets resulting from operations.
84 | ROCHESTER FUND MUNICIPALS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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THE BOARD OF TRUSTEES AND SHAREHOLDERS OF ROCHESTER FUND MUNICIPALS:
We have audited the accompanying statement of assets and liabilities of
Rochester Fund Municipals, including the statement of investments, as of
December 31, 2006, and the related statements of operations and cash flows for
the year then ended, the statements of changes in net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the five-year period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2006, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Rochester Fund Municipals as of December 31, 2006, the results of its operations
and its cash flows for the year then ended, the changes in its net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended, in
conformity with U.S. generally accepted accounting principles.
As discussed in Note 9, the Statement of Changes in Net Assets for the
year ended December 31, 2005 and the Financial Highlights for the years in the
four-year period ended December 31, 2005 have been restated.
KPMG LLP
Denver, Colorado
February 8, 2007
85 | ROCHESTER FUND MUNICIPALS
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2007, if applicable, shareholders of record received information
regarding all taxable dividends and distributions paid to them by the Fund
during calendar year 2006. Regulations of the U.S. Treasury Department require
the Fund to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended
December 31, 2006 are eligible for the corporate dividend-received deduction.
98.78% of the dividends were derived from interest on municipal bonds and are
not subject to federal income taxes; 100% of the tax-exempt dividends are not
subject to New York State and New York City income taxes. For the state income
tax reporting purposes of non-New York State shareholders, the tax-exempt
distribution breaks down as follows: New York State (87.7%), New Jersey (0.1%),
Puerto Rico (10.6%), Guam (0.2%), Virgin Islands (1.4%).
During 2006, 28.31% of this tax-exempt income was derived from "private
activity bonds". These are municipal bonds used to finance privately operated
facilities. The interest on these bonds is not taxable for most investors. For
the few investors subject to the Alternative Minimum Tax, the interest from
these bonds is considered a preference item.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
86 | ROCHESTER FUND MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
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- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
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.
87 | ROCHESTER FUND MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
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- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio manager and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took
88 | ROCHESTER FUND MUNICIPALS
account of the fact that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of Ronald H. Fielding and the Manager's
Municipal Bond investment team and analysts. The Board members also considered
their experiences with the Manager and its officers and other personnel through
their service on the boards of the Fund and other funds advised by the Manager.
The Board considered information regarding the quality of services provided by
affiliates of the Manager, which its members have become knowledgeable about in
connection with the renewal of the Fund's service agreements. In light of the
foregoing, the Board concluded that the Fund benefits from the services provided
under the Agreement and from the Manager's experience, reputation, personnel,
operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each Board meeting, including comparative performance information.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Fund's historical performance to relevant
market indices and to the performance of all other retail front-end load and
no-load New York municipal debt funds advised by the Manager and by other
investment advisers. The Board noted that the Fund's one-year, three-year,
five-year and ten-year performance were better than its peer group median.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other New York municipal debt funds and other
funds with comparable asset levels and distribution features. The Board noted
that the Fund's contractual management fees and total expenses are higher than
its peer group median although its actual management fees are lower than its
peer group median (but above its peer group average).
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those
89 | ROCHESTER FUND MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited/Continued
- --------------------------------------------------------------------------------
economies of scale benefit the Fund's shareholders and the current level of Fund
assets in relation to the Fund's breakpoint schedule for its management fees.
The Board also noted the Fund's breakpoints, which are intended to share
economies of scale that may exist as the Fund grows with its shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
90 | ROCHESTER FUND MUNICIPALS
TRUSTEES AND OFFICERS Unaudited
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- ------------------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO
TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm) (since 1982); General Partner
Chairman of the Board of of Trivest Venture Fund (private venture capital fund); President of Investment Counseling
Trustees since 2001, Federated Investors, Inc. (1973-1982); Trustee of the following open-end investment
Trustee (since 1995) companies: Cash Assets Trust (1984), Premier VIT (formerly PIMCO Advisors VIT), Tax Free
Age: 73 Trust of Arizona (since 1984) and four funds for the Hawaiian Tax Free Trust. Oversees 10
portfolios in the OppenheimerFunds complex.
JOHN CANNON, Director of Neuberger Berman Income Managers Trust, Neuberger & Berman Income Funds and
Trustee (since 1992) Neuberger Berman Trust, (open-end investment companies) (1995-present); Director of
Age: 77 Neuberger Berman Equity Funds (open-end investment company) (since November 2000); Trustee,
Neuberger Berman Mutual Funds (open-end investment company) (since October 1994); Mr.
Cannon held the following positions at CDC Investment Advisors (registered investment
adviser): Chairman and Treasurer (December 1993-February 1996), Independent Consultant and
Chief Investment Officer (1996-June 2000) and Consultant and Director (December
1993-February 1999). Oversees 3 portfolios in the OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment
Trustee (since 2005) management company) (since January 2004); President of The Community Reinvestment Act
Age: 67 Qualified Investment Fund (investment management company) (since January 2004); Independent
Chairman of the Board of Trustees of Quaker Investment Trust (registered investment
company) (since January 2004); Director of Internet Capital Group (information technology
company) (since October 2003); Chief Operating Officer and Chief Financial Officer of
Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a
publicly traded company) and Delaware Investments U.S., Inc. (investment management
subsidiary of Lincoln National Corporation) (1995-2003); President, Chief Executive Officer
and Trustee of Delaware Investment Family of Funds (1995-2003); President and Board Member
of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income
Funds, TDC (1995-2003); Chairman and Chief Executive Officer of Retirement Financial
Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware
Investments U.S., Inc.) (1995-2003); President and Chief Executive Officer of Delaware
Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer,
Vice Chairman and Director of Equitable Capital Management Corporation (investment
subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of
Merrill Lynch & Company (financial services holding company) (1977-1985); held the
following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget
Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes
(1969-1972); held the following positions at Price Waterhouse & Company (financial services
firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965);
United States Marine Corps (1957-1959). Oversees 10 portfolios in the OppenheimerFunds
complex.
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 59 portfolios in the
Trustee (since 1998) OppenheimerFunds complex.
Age: 73
91 | ROCHESTER FUND MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
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LACY B. HERRMANN, Founder and Chairman Emeritus of Aquila Group of Funds (open-end investment company) (since
Trustee (since 1995) December 2004); Chairman of Aquila Management Corporation and Aquila Investment Management
Age: 77 LLC (since August 1984); Chief Executive Officer and President of Aquila Management
Corporation (August 1984-December 1994); Vice President, Director and Secretary of Aquila
Distributors, Inc. (distributor of Aquila Management Corporation); Treasurer of Aquila
Distributors, Inc.; President and Chairman of the Board of Trustees of Capital Cash
Management Trust ("CCMT"); President and Director of STCM Management Company, Inc. (sponsor
and adviser to CCMT); Chairman, President and Director of InCap Management Corporation;
Sub-Advisor and Administrator of Prime Cash Fund & Short Term Asset Reserves; Director of
OCC Cash Reserves, Inc. (open-end investment company) (June 2003-December 2004); Trustee of
Premier VIT (formerly PIMCO Advisors VIT) (investment company) (since 1994); Trustee of OCC
Accumulation Trust (open-end investment company) (until December 2004); Trustee Emeritus of
Brown University (since June 1983). Oversees 10 portfolios in the OppenheimerFunds complex.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of
Trustee (since 2001) Special Value Opportunities Fund, LLC (registered investment company) (since September
Age: 63 2004); Investment Advisory Board Member of Zurich Financial Services (insurance) (since
October 2004); Board of Governing Trustees of The Jackson Laboratory (non-profit) (since
August 1990); Trustee of the Institute for Advanced Study (non-profit educational
institute) (since May 1992); Special Limited Partner of Odyssey Investment Partners, LLC
(private equity investment) (January 1999-September 2004) and Managing Principal
(1997-December 1998); Trustee of Research Foundation of AIMR (2000-2002) (investment
research, non-profit); Governor, Jerome Levy Economics Institute of Bard College (August
1990-September 2001) (economics research); Director of Ray & Berendtson, Inc. (May
2000-April 2002) (executive search firm). Oversees 59 portfolios in the OppenheimerFunds
complex.
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR,
AND OFFICER NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR
UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE
TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED
TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President (since
President and Principal September 2000) of the Manager; President and director or trustee of other Oppenheimer
Executive Officer (since 2001) funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's
and Trustee (since 2005) parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company
Age: 57 subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor,
Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of
Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent
subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds
Legacy Program (charitable trust program established by the Manager) (since July 2001);
Director of the following investment advisory subsidiaries of the Manager: OFI
Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity
Investment Management Corporation and Tremont Capital Management, Inc. (since November
2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since
July 2001); President (since November 1, 2001) and Director (since July 2001) of
Oppenheimer Real Asset Management, Inc.;
92 | ROCHESTER FUND MUNICIPALS
JOHN V. MURPHY, Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent
Continued company) (since February 1997); Director of DLB Acquisition Corporation (holding company
parent of Babson Capital Management LLC) (since June 1995); Member of the Investment
Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of
the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund
and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001);
Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief
Executive Officer and Director of MML Bay State Life Insurance Company (September
1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned
subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 96 portfolios in the
OppenheimerFunds complex.
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OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK,
THE FUND GILLESPIE AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW
YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S.
TUCSON WAY, CENTENNIAL, COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND
WILLIS, 350 LINDEN OAKS, ROCHESTER, NY 14625, EACH OFFICER SERVES FOR AN INDEFINITE TERM OR
UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of the Manager
Vice President and Senior (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader
Portfolio Manager for the Fund and other Oppenheimer funds.
(since 1996)
Age: 57
DANIEL G. LOUGHRAN, Vice President of the Manager (since April 2001) and a portfolio manager with the Manager
Vice President (since 2005) (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund
and Senior Portfolio Manager and other Oppenheimer funds.
(since 2001)
Age: 43
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at
Vice President (since 2005) Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a
and Senior Portfolio Manager trader for the Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund
Vice President (since 2005) (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999
and Senior Portfolio Manager to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other
(since 2006) Oppenheimer funds.
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Vice
Vice President and Chief President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation
Compliance Officer and Shareholder Services, Inc. (since June 1983). Former Vice President and Director of
(since 2004) Internal Audit of the Manager (1997-February 2004). An officer of 96 portfolios in the
Age: 56 OppenheimerFunds complex.
93 | ROCHESTER FUND MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
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BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the
Treasurer and Principal following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc.,
Financial & Accounting Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer
Officer (since 1999) Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March
Age: 47 2000), OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since
May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and
OppenheimerFunds Legacy Program (charitable trust program established by the Manager)
(since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust
company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following:
OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003)
and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating
Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An
officer of 96 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Assistant Vice President of the Manager (since August 2002); Manager/Financial Product
Assistant Treasurer Accounting of the Manager (November 1998-July 2002). An officer of 96 portfolios in the
(since 2004) OppenheimerFunds complex.
Age: 36
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting
Assistant Treasurer and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of
(since 2005) Berger Financial Group LLC (May 2001-March 2003); Director of Mutual Fund Operations at
Age: 36 American Data Services, Inc. (September 2000-May 2001). An officer of 96 portfolios in the
OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the
Secretary (since 2001) Manager; General Counsel and Director of the Distributor (since December 2001); General
Age: 58 Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice
President and General Counsel of HarbourView Asset Management Corporation (since December
2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary
(since September 1997) and Director (since November 2001) of OppenheimerFunds International
Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership
Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc.
(since November 2001); Senior Vice President, General Counsel and Director of Shareholder
Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice
President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust
Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since
June 2003); Senior Vice President and General Counsel of OFI Institutional Asset
Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since
December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel
(November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the
Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May
1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001),
and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 96
portfolios in the OppenheimerFunds complex.
94 | ROCHESTER FUND MUNICIPALS
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October
Assistant Secretary 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October
(since 2001) 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation
Age: 41 (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc.
(since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder
Financial Services, Inc. (since December 2001); Assistant Counsel of the Manager (August
1994-October 2003). An officer of 96 portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President
Assistant Secretary (April 2001-April 2004), Associate General Counsel (December 2000-April 2004), Corporate
(since 2004) Vice President (May 1999-April 2001) and Assistant General Counsel (May 1999-December 2000)
Age: 39 of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 96
portfolios in the OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); Mr.
Assistant Secretary Gillespie held the following positions at Merrill Lynch Investment Management: First Vice
(since 2004) President (2001-September 2004); Director (2000-September 2004) and Vice President
Age: 43 (1998-2000). An officer of 96 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON
REQUEST, BY CALLING 1.800.525.7048.
95 | ROCHESTER FUND MUNICIPALS
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that Edward L. Cameron,
the Chairman of the Board's Audit Committee, and George C. Bowen, a member of
the Board's Audit Committee, are audit committee financial experts and that
Messrs. Cameron and Bowen are "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $55,000 in fiscal 2006 and $54,000 in fiscal 2005.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed years $225,954 in fiscal 2006 and $156,805 in fiscal 2005 to
the registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: internal control reviews and professional services
relating to FAS 123R.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees in fiscal 2006 and $6,536 in fiscal 2005 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: Preparation of form 5500.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and
other services to be provided by the principal accountants of the
registrant.
The audit committee has delegated pre-approval authority to its
Chairman for any subsequent new engagements that arise between
regularly scheduled meeting dates provided that any fees such
pre-approved are presented to the audit committee at its next regularly
scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid
by the registrant to it principal accountant during the fiscal year in
which services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee
of the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $225,954 in fiscal 2006 and $163,341 in
fiscal 2005 to the registrant and the registrant's investment adviser
or any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant related to
non-audit fees. Those billings did not include any prohibited non-audit
services as defined by the Securities Exchange Act of 1934.
(h) No such services were rendered.
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.
The registrant's principal executive officer and principal financial officer
have concluded, 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 January 19, 2007, which is a
date within 90 days of the filing date of this report on Form N-CSR, that, as of
said date, the design and operation of such controls and procedures are
effective 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 (i) 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 (ii) 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.
Prior to the evaluation of its internal controls in connection with the
certifications in this report, the registrant's management became aware that
other investment companies (not affiliated with the registrant) that invested in
certain municipal securities referred to as "inverse floaters" and that had
transferred certain municipal bonds to special purpose trusts for the purpose of
investing in such inverse floaters, accounting for such transfers as "sales" in
accordance with common practice in the mutual fund industry, had restated their
financial statements to apply the provisions of Statement of Financial
Accounting Standards No. 140, "Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities," ("FAS 140") to the
transfers of such municipal bonds in connection with their investments in
inverse floaters, in response to comments by their independent public
accountants about the sale accounting treatment that had previously been applied
by such investment companies to such transfers. As of and prior to September 30,
2006, the registrant's most recent prior reporting period for purposes of
evaluating its internal controls , the registrant had likewise accounted for
such transfers as "sales." Registrant's management notes that other investment
companies that invested in similar securities over the same time periods had
been accounting for such transfers in a similar manner as the registrant. After
a review of this treatment with the registrant's independent public accountants,
registrant applied FAS 140 to such transfers in its financial statements for the
fiscal year ended December 31, 2006 and restated its financial statements for
the fiscal years ended December 31, 2002 through 2005.
Prior to the evaluation by registrant's officers of the design and operation of
the registrant's disclosure controls and procedures as of January 19, 2007, the
operation of registrant's disclosure controls and procedures and its controls
and procedures over financial reporting was modified to enhance the review and
analysis of the relevant terms and conditions for transfers of securities in
connection with inverse floating rate obligations.
Management of the registrant is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. The registrant's internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. generally
accepted accounting principles. Such internal control includes policies and
procedures that provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the registrant's
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, including changes in accounting
principles or the interpretations thereof, or that the degree of compliance with
the policies or procedures may deteriorate over time.
A control deficiency exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
duties, to prevent or detect misstatements on a timely basis. A significant
deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the registrant's ability to initiate, authorize, record,
process or report financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote likelihood that a
misstatement of the registrant's annual or interim financial statements that is
more than inconsequential will not be prevented or detected. A material weakness
is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the
annual or interim financial statements will not be prevented or detected. The
registrant's independent public accountants have advised the registrant that its
policies and procedures related to the review and analysis of the relevant terms
and conditions of certain transfers of securities were not effective in
appropriately determining whether the transfers qualified for sale accounting
under the provisions of FAS 140. The control deficiency was described by the
independent auditors as a material weakness in internal control over financial
reporting as of December 31, 2006. However, it is registrant's management view
that at the time sale accounting treatment was applied to such transfers,
registrant believed that treatment was correct and in accordance with accounting
practices followed in the mutual fund industry with respect to such transfers,
as reported upon in such funds' audited financial statements. Registrant's
management also noted that the restatement of the registrant's financial
statements did not impact the net asset values of the registrant's shares or the
registrant's total returns for any period.
There have been no changes in the registrant's internal control 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. However, as discussed above, prior to the evaluation by registrant's
officers of the design and operation of the registrant's disclosure controls and
procedures as of January 19, 2007, the registrant revised and enhanced controls
over the application of FAS 140.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(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: February 8, 2007
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: February 8, 2007
By: /s/ Brian W. Wixted
-------------------
Brian W. Wixted
Principal Financial Officer
Date: February 8, 2007