UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-3614
ROCHESTER FUND MUNICIPALS
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: DECEMBER 31
Date of reporting period: 06/30/2007
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Tobacco Master Settlement Agreement 12.9%
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General Obligation 8.9
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Hospital/Health Care 8.8
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Electric Utilities 7.8
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Highways/Commuter Facilities 7.6
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Water Utilities 6.4
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Airlines 5.7
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Tax Increment Financing 5.6
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Marine/Aviation Facilities 4.8
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Special Tax 4.2
Portfolio holdings are subject to change. Percentages are as of June 30, 2007,
and are based on the total market value of investments.
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CREDIT ALLOCATION
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AAA 17.9%
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AA 28.6
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A 14.2
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BBB 24.2
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BB or lower 15.1
Allocations are subject to change. Percentages are as of June 30, 2007, and are
dollar-weighted based on the total market value of investments. Securities rated
by any rating organization are included in the equivalent Standard & Poor's
rating category in the allocation above. The allocation above also includes
unrated securities whose ratings have been assigned by the Manager; these
unrated securities, currently 18.2% of the portfolio's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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17 | ROCHESTER FUND MUNICIPALS
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. THIS SEMIANNUAL REPORT MUST
BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF ROCHESTER FUND
MUNICIPALS. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD
CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES.
FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE
INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMER-FUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 5/15/86. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/17/97. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year 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 1-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 4/28/00. Class Y
shares are offered only to certain institutional investors under special
agreement with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
18 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended June 30, 2007.
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 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.
19 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES Continued
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(1/1/07) (6/30/07) JUNE 30, 2007
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Class A Actual $ 1,000.00 $ 1,004.00 $ 6.93
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Class A Hypothetical 1,000.00 1,017.90 6.98
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Class B Actual 1,000.00 1,000.10 11.32
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Class B Hypothetical 1,000.00 1,013.54 11.40
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Class C Actual 1,000.00 1,000.20 11.22
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Class C Hypothetical 1,000.00 1,013.64 11.30
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Class Y Actual 1,000.00 1,004.70 6.13
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Class Y Hypothetical 1,000.00 1,018.70 6.18
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended June 30, 2007 are as follows:
CLASS EXPENSE RATIOS
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Class A 1.39%
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Class B 2.27
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Class C 2.25
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Class Y 1.23
The expense ratios reflect reduction to custodian fees. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios.
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20 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS June 30, 2007 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--117.5%
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NEW YORK--99.0%
$ 1,420,000 Albany County Airport Authority 5.000% 12/15/2035 $ 1,446,767
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135,000 Albany County Airport Authority 5.500 12/15/2019 138,421
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1,035,000 Albany County IDA (Albany College of Pharmacy) 5.375 12/01/2024 1,066,868
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1,700,000 Albany County IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,766,198
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605,000 Albany County IDA (Wildwood Programs) 4.900 07/01/2021 612,593
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1,085,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 1,104,519
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2,700,000 Albany IDA (Albany Law School) 5.000 07/01/2031 2,708,424
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310,000 Albany IDA (Albany Law School) 5.000 07/01/2037 311,941
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1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,453,555
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2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,514,391
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340,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 343,373
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845,000 Albany IDA (Albany Rehabilitation) 8.375 06/01/2023 880,152
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3,125,000 Albany IDA (Brighter Choice Charter School) 5.000 04/01/2027 3,135,531
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1,350,000 Albany IDA (Brighter Choice Charter School) 5.000 04/01/2032 1,351,445
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900,000 Albany IDA (Brighter Choice Charter School) 5.000 04/01/2037 897,858
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7,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 7,324,498
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3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,940,596
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2,335,000 Albany IDA (Hampton Plaza) 6.250 03/15/2018 2,355,431
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900,000 Albany IDA (New Covenant Charter School) 7.000 05/01/2025 766,440
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1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,300,818
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1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,782,845
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1,120,000 Albany Parking Authority 5.625 07/15/2020 1,176,504
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895,000 Albany Parking Authority 5.625 07/15/2025 939,813
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1,770,000 Albany Parking Authority 1 7.052 2 11/01/2017 1,034,246
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5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,772,561
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925,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 920,912
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10,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2023 9,969
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3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 2,967,240
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4,800,000 Amherst IDA (Beechwood Health Care Center) 3 5.200 01/01/2040 4,774,608
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25,000 Amherst IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 26,301
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3,150,000 Appleridge Retirement Community 5.750 09/01/2041 3,312,414
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485,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 486,334
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810,000 Bethlehem Water System 5.250 03/01/2018 846,661
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855,000 Bethlehem Water System 5.375 03/01/2019 896,827
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905,000 Bethlehem Water System 5.375 03/01/2020 948,304
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955,000 Bethlehem Water System 5.500 03/01/2021 1,007,659
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505,000 Bethlehem Water System 5.500 03/01/2022 532,583
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1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,082,466
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900,000 Bleeker Terrace HDC 8.750 07/01/2007 900,126
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1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,269,425
21 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW YORK Continued
$ 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500% 11/01/2020 $ 2,548,724
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65,000 Broome County IDA (University Plaza) 5.000 08/01/2025 66,005
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3,030,000 Broome County IDA (University Plaza) 5.000 08/01/2036 3,051,422
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1,000,000 Broome County IDA (University Plaza) 5.100 08/01/2030 1,019,250
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1,250,000 Broome County IDA (University Plaza) 5.100 08/01/2036 1,268,050
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3,000,000 Broome County IDA (University Plaza) 5.200 08/01/2030 3,079,950
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4,450,000 Broome County IDA (University Plaza) 5.200 08/01/2036 4,547,099
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3,000,000 Bushnell Basin Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 3,042,420
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915,000 Canton Human Services Initiatives 5.700 09/01/2024 966,881
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1,155,000 Canton Human Services Initiatives 5.750 09/01/2032 1,219,241
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600,000 Capital District Youth Center 6.000 02/01/2017 612,744
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500,000 Carnegie Redevel. Corp. 1 7.000 09/01/2021 501,940
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4,295,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,387,385
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1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,498,607
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2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 2,958,174
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440,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 447,669
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3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,523,942
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1,900,000 Chautauqua County IDA
(Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,979,667
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95,000 Chautauqua Utility District 5.000 06/01/2023 97,507
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105,000 Chautauqua Utility District 5.000 06/01/2025 107,232
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3,250,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 3,294,720
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1,915,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 1,941,350
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1,000,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,011,570
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1,455,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,471,834
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1,225,000 Chemung County IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,233,526
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1,515,000 Chemung County IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,535,543
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5,480,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 5,489,590
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5,675,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 5,754,847
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4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,989,297
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1,425,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,455,723
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2,735,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 2,739,896
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35,000 Cohoes GO 6.200 03/15/2012 35,613
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25,000 Cohoes GO 6.200 03/15/2013 25,421
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25,000 Cohoes GO 6.250 03/15/2014 25,428
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25,000 Cohoes GO 6.250 03/15/2015 25,412
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25,000 Cohoes GO 6.250 03/15/2016 25,400
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1,585,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,593,210
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3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,439,623
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40,000 Corinth IDA (International Paper Company) 5.850 12/01/2020 40,934
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5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,569,871
22 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW YORK Continued
$ 155,000 Dutchess County IDA
(Astor Learning Center Civic Facility) 5.150% 11/01/2024 $ 159,146
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2,320,000 Dutchess County IDA (Elant Fishkill) 5.250 01/01/2037 2,305,523
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280,000 Dutchess County IDA (IBM Corp.) 5.450 12/01/2029 288,786
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900,000 Dutchess County IDA (St. Francis Hospital) 7.500 03/01/2029 991,953
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2,200,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,335,036
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5,635,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 5,980,876
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1,000,000 Dutchess County Water & Wastewater Authority 5.400 2 06/01/2027 388,690
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3,280,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,489,723
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1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 4 6.125 04/20/2043 1,471,137
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1,400,000 East Rochester Hsg. Authority
(Genesee Valley Nursing Home) 5.200 12/20/2024 1,457,302
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2,520,000 East Rochester Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,633,702
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2,000,000 East Rochester Hsg. Authority (Linden Knoll) 4 5.350 02/01/2038 2,017,420
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16,210,000 East Rochester Hsg. Authority (St. John's Meadows) 5.000 02/15/2047 16,509,399
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4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,181,159
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1,700,000 East Rochester Hsg. Authority (Woodland Village) 5.500 08/01/2033 1,731,722
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190,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 190,551
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2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,405,347
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4,000,000 Erie County IDA (Charter School Applied Tech) 6.750 06/01/2025 4,229,280
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7,000,000 Erie County IDA (Charter School Applied Tech) 6.875 06/01/2035 7,412,300
- -----------------------------------------------------------------------------------------------------------------------------------
1,960,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,839,048
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2,765,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,844,328
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35,000,000 Erie County IDA (Great Lakes) 5,10 7.500 12/01/2025 10,517,150
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11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 12,711,422
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3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,897,748
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5,250,000 Erie County IDA (Orchard Park) 6.000 11/15/2036 5,534,340
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7,000,000 Erie County IDA (Orchard Park CCRC) 6.000 11/15/2026 7,400,330
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9,600,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,846,144
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3,170,000 Erie County Sewer District 4 5.000 06/01/2029 3,290,111
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2,630,000 Erie County Sewer District 4 5.000 12/01/2030 2,727,783
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1,360,000 Erie County Sewer District 4 5.000 12/01/2035 1,406,702
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25,300,000 Erie County Tobacco Asset Securitization Corp. 6 5.000 06/01/2038 25,488,157
- -----------------------------------------------------------------------------------------------------------------------------------
72,385,000 Erie County Tobacco Asset Securitization Corp. 6 5.000 06/01/2045 72,602,502
- -----------------------------------------------------------------------------------------------------------------------------------
36,360,000 Erie County Tobacco Asset Securitization Corp. 5.000 06/01/2038 36,630,518
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5,610,000 Erie County Tobacco Asset Securitization Corp. 5.000 06/01/2045 5,626,886
- -----------------------------------------------------------------------------------------------------------------------------------
72,000,000 Erie County Tobacco Asset Securitization Corp. 5.986 2 06/01/2047 7,159,680
- -----------------------------------------------------------------------------------------------------------------------------------
135,000,000 Erie County Tobacco Asset Securitization Corp. 6.486 2 06/01/2050 9,652,500
- -----------------------------------------------------------------------------------------------------------------------------------
150,000,000 Erie County Tobacco Asset Securitization Corp. 6.751 2 06/01/2055 6,234,000
- -----------------------------------------------------------------------------------------------------------------------------------
1,024,000,000 Erie County Tobacco Asset Securitization Corp. 7.650 2 06/01/2060 20,981,760
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2,300,000 Essex County IDA (International Paper Company) 4 6.450 11/15/2023 2,406,030
23 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW YORK Continued
$ 40,000 Essex County IDA (Moses Ludington Nursing Home) 6.200% 02/01/2030 $ 42,910
- -------------------------------------------------------------------------------------------------------------------
5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,388,900
- -------------------------------------------------------------------------------------------------------------------
60,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 60,664
- -------------------------------------------------------------------------------------------------------------------
975,000 Essex County IDA (North Country Community College
Foundation) 5.000 06/01/2020 986,086
- -------------------------------------------------------------------------------------------------------------------
320,000 Essex County IDA (North Country Community College
Foundation) 5.000 06/01/2020 323,638
- -------------------------------------------------------------------------------------------------------------------
1,235,000 Essex County IDA (North Country Community College
Foundation) 5.200 06/01/2025 1,253,611
- -------------------------------------------------------------------------------------------------------------------
410,000 Essex County IDA (North Country Community College
Foundation) 5.200 06/01/2025 416,179
- -------------------------------------------------------------------------------------------------------------------
1,100,000 Essex County IDA (North Country Community College
Foundation) 5.300 06/01/2035 1,116,654
- -------------------------------------------------------------------------------------------------------------------
4,550,000 Essex County IDA Solid Waste Disposal (International Paper
Company) 5.200 12/01/2023 4,625,166
- -------------------------------------------------------------------------------------------------------------------
4,440,000 Essex County IDA Solid Waste Disposal (International Paper
Company) 5.200 03/01/2028 4,482,757
- -------------------------------------------------------------------------------------------------------------------
1,850,000 Essex County IDA Solid Waste Disposal (International Paper
Company) 4 5.500 08/15/2022 1,888,425
- -------------------------------------------------------------------------------------------------------------------
1,625,000 Essex County IDA Solid Waste Disposal (International Paper
Company) 4 5.500 10/01/2026 1,671,459
- -------------------------------------------------------------------------------------------------------------------
5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 5,919,412
- -------------------------------------------------------------------------------------------------------------------
900,000 Franklin County IDA (North Country Community College
Foundation) 5.200 06/01/2025 913,563
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Genesee County IDA (United Memorial Medical Center) 5.000 12/01/2027 972,530
- -------------------------------------------------------------------------------------------------------------------
135,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 135,497
- -------------------------------------------------------------------------------------------------------------------
3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,914,260
- -------------------------------------------------------------------------------------------------------------------
1,270,000 Green Island Power Authority 5.125 12/15/2024 1,278,179
- -------------------------------------------------------------------------------------------------------------------
2,795,000 Green Island Power Authority 6.000 12/15/2020 2,955,517
- -------------------------------------------------------------------------------------------------------------------
1,695,000 Green Island Power Authority 6.000 12/15/2025 1,789,547
- -------------------------------------------------------------------------------------------------------------------
2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,636,825
- -------------------------------------------------------------------------------------------------------------------
275,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 292,188
- -------------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,366,495
- -------------------------------------------------------------------------------------------------------------------
2,925,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 3,059,521
- -------------------------------------------------------------------------------------------------------------------
18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,888,048
- -------------------------------------------------------------------------------------------------------------------
1,285,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 1,284,075
- -------------------------------------------------------------------------------------------------------------------
9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 9,488,813
- -------------------------------------------------------------------------------------------------------------------
8,865,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 9,648,843
- -------------------------------------------------------------------------------------------------------------------
2,480,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,873,278
- -------------------------------------------------------------------------------------------------------------------
4,730,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,480,083
- -------------------------------------------------------------------------------------------------------------------
12,395,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 14,360,599
- -------------------------------------------------------------------------------------------------------------------
6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,194,091
- -------------------------------------------------------------------------------------------------------------------
840,000 Hempstead Village GO 5.000 07/01/2020 855,397
24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,025,000 Hempstead Village GO 4 5.000% 07/01/2021 $ 1,042,558
- -------------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead Village GO 4 5.000 07/01/2022 1,291,006
- -------------------------------------------------------------------------------------------------------------------
4,310,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 4,319,051
- -------------------------------------------------------------------------------------------------------------------
3,225,000 Herkimer County IDA (Folts Adult Home) 5.500 03/20/2040 3,522,474
- ---------------------------------------------------------------------------- --------------------------------------
1,000,000 Herkimer County IDA (Herkimer County College Foundation) 4 6.250 08/01/2034 1,067,300
- ---------------------------------------------------------------------------- --------------------------------------
1,285,000 Herkimer County IDA (Herkimer County College Foundation) 4 6.400 11/01/2020 1,349,404
- ---------------------------------------------------------------------------- --------------------------------------
2,000,000 Herkimer County IDA (Herkimer County College Foundation) 4 6.500 11/01/2030 2,089,860
- -------------------------------------------------------------------------------------------------------------------
215,000 Herkimer Hsg. Authority 7.150 03/01/2011 215,439
- -------------------------------------------------------------------------------------------------------------------
990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 1,033,461
- -------------------------------------------------------------------------------------------------------------------
1,255,000 Hudson IDA (Hudson Fabrics) 4 6.750 11/01/2024 1,287,705
- -------------------------------------------------------------------------------------------------------------------
16,035,000 Hudson Yards Infrastructure Corp. 4.500 02/15/2047 15,193,163
- -------------------------------------------------------------------------------------------------------------------
704,130,000 Hudson Yards Infrastructure Corp. 5.000 02/15/2047 719,916,595
- -------------------------------------------------------------------------------------------------------------------
145,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 148,067
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 1,025,930
- -------------------------------------------------------------------------------------------------------------------
8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 8,701,450
- -------------------------------------------------------------------------------------------------------------------
795,000 Islip IDA (Leeway School) 9.000 08/01/2021 797,520
- -------------------------------------------------------------------------------------------------------------------
17,985,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 19,073,093
- -------------------------------------------------------------------------------------------------------------------
9,695,000 Islip IDA (United Cerebral Palsy Assoc.) 1 6.250 12/01/2031 9,618,797
- -------------------------------------------------------------------------------------------------------------------
1,125,000 Islip IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 1,116,158
- -------------------------------------------------------------------------------------------------------------------
1,100,000 Islip Res Rec, Series E 4 5.750 07/01/2020 1,192,653
- -------------------------------------------------------------------------------------------------------------------
1,315,000 Islip Res Rec, Series E 4 5.750 07/01/2021 1,426,578
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Islip Res Rec, Series E 4 5.750 07/01/2023 1,086,110
- ---------------------------------------------------------------------------- --------------------------------------
3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,123,210
- -------------------------------------------------------------------------------------------------------------------
11,645,000 L.I. Power Authority, Series A 6 5.250 09/01/2028 12,257,908
- -------------------------------------------------------------------------------------------------------------------
275,000 L.I. Power Authority, Series A 5.000 09/01/2027 282,370
- -------------------------------------------------------------------------------------------------------------------
24,130,000 L.I. Power Authority, Series A 5.125 09/01/2029 24,663,997
- -------------------------------------------------------------------------------------------------------------------
60,000 L.I. Power Authority, Series A 5.125 09/01/2029 61,892
- -------------------------------------------------------------------------------------------------------------------
1,350,000 L.I. Power Authority, Series B 4 5.000 12/01/2035 1,393,592
- -------------------------------------------------------------------------------------------------------------------
74,880,000 L.I. Power Authority, Series C 5.000 09/01/2035 77,067,994
- -------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2012 114,248
- -------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2013 116,273
- -------------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2014 118,271
- -------------------------------------------------------------------------------------------------------------------
3,830,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 4,025,483
- -------------------------------------------------------------------------------------------------------------------
4,405,000 Macleay Hsg. Corp. (Larchmont Woods) 4 8.500 01/01/2031 4,575,914
- -------------------------------------------------------------------------------------------------------------------
750,000 Madison County IDA (Morrisville State College Foundation) 5.000 06/01/2028 777,000
- -------------------------------------------------------------------------------------------------------------------
1,100,000 Madison County IDA (Morrisville State College Foundation) 5.000 06/01/2032 1,137,147
- -------------------------------------------------------------------------------------------------------------------
1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,338,749
25 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350% 02/01/2031 $ 5,706,305
- -------------------------------------------------------------------------------------------------------------------
2,605,000 Middletown Hsg. Authority (Summitfield & Moore Heights) 4.800 07/01/2039 2,504,160
- -------------------------------------------------------------------------------------------------------------------
690,000 Middletown IDA (Flanagan Design & Display) 7.500 11/01/2018 719,429
- -------------------------------------------------------------------------------------------------------------------
3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 4,005,426
- -------------------------------------------------------------------------------------------------------------------
240,000 Middletown IDA (YMCA) 6.250 11/01/2009 242,158
- -------------------------------------------------------------------------------------------------------------------
1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,274,239
- -------------------------------------------------------------------------------------------------------------------
170,000 Monroe County COP 8.050 01/01/2011 172,640
- -------------------------------------------------------------------------------------------------------------------
570,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 583,344
- -------------------------------------------------------------------------------------------------------------------
50,000 Monroe County IDA (Cloverwood Senior Living) 6.750 05/01/2023 49,420
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Cloverwood Senior Living) 6.875 05/01/2033 992,110
- -------------------------------------------------------------------------------------------------------------------
908,129 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 914,704
- -------------------------------------------------------------------------------------------------------------------
950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 966,521
- -------------------------------------------------------------------------------------------------------------------
4,225,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 4,033,227
- -------------------------------------------------------------------------------------------------------------------
5,320,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 5,121,990
- -------------------------------------------------------------------------------------------------------------------
725,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 726,501
- -------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,287,583
- -------------------------------------------------------------------------------------------------------------------
4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,434,454
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2022 1,006,900
- -------------------------------------------------------------------------------------------------------------------
1,250,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2025 1,255,313
- -------------------------------------------------------------------------------------------------------------------
535,000 Monroe County IDA (Melles Griot) 9.500 12/01/2009 542,806
- ------------------------------------------------------------------------------------------------------- -----------
300,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 300,114
- -------------------------------------------------------------------------------------------------------------------
2,525,000 Monroe County IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,542,877
- -------------------------------------------------------------------------------------------------------------------
4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,420,064
- -------------------------------------------------------------------------------------------------------------------
2,890,000 Monroe County IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,936,818
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,052,670
- -------------------------------------------------------------------------------------------------------------------
1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,522,911
- -------------------------------------------------------------------------------------------------------------------
2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,277,359
- -------------------------------------------------------------------------------------------------------------------
3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,182,379
- -------------------------------------------------------------------------------------------------------------------
2,175,000 Monroe County IDA (Summit at Brighton) 5.375 07/01/2032 2,191,639
- -------------------------------------------------------------------------------------------------------------------
3,660,000 Monroe County IDA (Summit at Brighton) 5.500 07/01/2027 3,734,335
- -------------------------------------------------------------------------------------------------------------------
910,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 921,484
- -------------------------------------------------------------------------------------------------------------------
2,765,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,780,429
- -------------------------------------------------------------------------------------------------------------------
650,000,000 Monroe County Tobacco Asset Securitization Corp. (TASC) 7.701 2 06/01/2061 12,109,500
- -------------------------------------------------------------------------------------------------------------------
2,265,000 Monroe Newpower Corp. 5.500 01/01/2034 2,334,422
- -------------------------------------------------------------------------------------------------------------------
580,000 Monroe Newpower Corp. 5.625 01/01/2026 607,254
- -------------------------------------------------------------------------------------------------------------------
500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 501,840
- -------------------------------------------------------------------------------------------------------------------
3,275,000 Mount Vernon IDA (Macedonia Towers) 4 5.200 12/01/2033 3,287,052
- -------------------------------------------------------------------------------------------------------------------
2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,368,073
- -------------------------------------------------------------------------------------------------------------------
2,600,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,678,052
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 8,895,000 MTA Service Contract, Series A 6 5.125% 01/01/2024 $ 9,260,368
- -------------------------------------------------------------------------------------------------------------------
15,895,000 MTA Service Contract, Series A 5.125 01/01/2024 16,548,920
- -------------------------------------------------------------------------------------------------------------------
162,430,000 MTA Service Contract, Series A 5.125 01/01/2029 167,668,368
- -------------------------------------------------------------------------------------------------------------------
20,000,000 MTA Service Contract, Series A 5.750 07/01/2031 21,414,400
- -------------------------------------------------------------------------------------------------------------------
33,290,000 MTA Service Contract, Series B 5.250 01/01/2031 34,526,058
- -------------------------------------------------------------------------------------------------------------------
8,400,000 MTA, Series A 6 4.500 11/15/2034 8,103,480
- -------------------------------------------------------------------------------------------------------------------
7,650,000 MTA, Series A 6 5.000 11/15/2020 7,859,756
- -------------------------------------------------------------------------------------------------------------------
56,800,000 MTA, Series A 6 5.000 11/15/2028 58,438,680
- -------------------------------------------------------------------------------------------------------------------
71,575,000 MTA, Series A 6 5.000 11/15/2030 73,384,037
- -------------------------------------------------------------------------------------------------------------------
8,500,000 MTA, Series A 6 5.000 11/15/2032 8,705,148
- -------------------------------------------------------------------------------------------------------------------
3,100,000 MTA, Series A 5.000 11/15/2025 3,213,770
- -------------------------------------------------------------------------------------------------------------------
14,500,000 MTA, Series A 5.000 11/15/2031 14,998,510
- -------------------------------------------------------------------------------------------------------------------
20,000 MTA, Series A 5.000 11/15/2032 20,548
- -------------------------------------------------------------------------------------------------------------------
64,655,000 MTA, Series A 5.000 11/15/2035 66,479,564
- -------------------------------------------------------------------------------------------------------------------
42,295,000 MTA, Series A 5.125 11/15/2031 43,618,411
- -------------------------------------------------------------------------------------------------------------------
6,000,000 MTA, Series B 4 4.750 11/15/2026 6,079,020
- -------------------------------------------------------------------------------------------------------------------
50,000,000 MTA, Series B 4.750 11/15/2031 50,016,000
- -------------------------------------------------------------------------------------------------------------------
25,000 MTA, Series B 5.000 01/01/2031 25,616
- -------------------------------------------------------------------------------------------------------------------
54,900,000 MTA, Series B 5.000 11/15/2031 56,505,825
- -------------------------------------------------------------------------------------------------------------------
34,845,000 MTA, Series E 5.250 11/15/2031 36,264,934
- -------------------------------------------------------------------------------------------------------------------
30,000,000 MTA, Series F 6 5.000 11/15/2031 30,753,600
- -------------------------------------------------------------------------------------------------------------------
9,785,000 MTA, Series F 5.000 11/15/2030 10,057,512
- -------------------------------------------------------------------------------------------------------------------
145,490,000 MTA, Series F 5.000 11/15/2035 149,134,525
- -------------------------------------------------------------------------------------------------------------------
802,824 Municipal Assistance Corp. for Troy 4 5.733 2 07/15/2021 431,494
- -------------------------------------------------------------------------------------------------------------------
1,218,573 Municipal Assistance Corp. for Troy 4 5.741 2 01/15/2022 637,911
- -------------------------------------------------------------------------------------------------------------------
855,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 915,782
- -------------------------------------------------------------------------------------------------------------------
2,975,000 Nassau County IDA (ALIA-ACLD) 6.250 09/01/2022 3,070,408
- -------------------------------------------------------------------------------------------------------------------
210,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 225,061
- -------------------------------------------------------------------------------------------------------------------
320,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 342,749
- -------------------------------------------------------------------------------------------------------------------
5,460,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 5,841,545
- -------------------------------------------------------------------------------------------------------------------
3,115,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 3,338,408
- -------------------------------------------------------------------------------------------------------------------
1,600,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 1,713,744
- -------------------------------------------------------------------------------------------------------------------
245,000 Nassau County IDA (ALIA-FREE) 7.125 06/01/2012 262,299
- -------------------------------------------------------------------------------------------------------------------
1,970,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,110,047
- -------------------------------------------------------------------------------------------------------------------
4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,327,696
- -------------------------------------------------------------------------------------------------------------------
6,340,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 6,935,706
- -------------------------------------------------------------------------------------------------------------------
835,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 892,615
- -------------------------------------------------------------------------------------------------------------------
640,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 684,160
- -------------------------------------------------------------------------------------------------------------------
200,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 214,218
- -------------------------------------------------------------------------------------------------------------------
480,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 514,123
- -------------------------------------------------------------------------------------------------------------------
2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,417,124
27 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,805,000 Nassau County IDA (Little Village School) 7.500 % 12/01/2031 $ 4,114,461
- -----------------------------------------------------------------------------------------------------------------------------------
3,535,000 Nassau County IDA (New York Water Service Corp.) 4 5.000 12/01/2035 3,615,315
- -----------------------------------------------------------------------------------------------------------------------------------
2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,325,449
- -----------------------------------------------------------------------------------------------------------------------------------
2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,052,706
- -----------------------------------------------------------------------------------------------------------------------------------
23,550,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 26,345,621
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Nassau County IDA, Series A-A 6.000 07/02/2021 758,715
- -----------------------------------------------------------------------------------------------------------------------------------
7,725,000 Nassau County IDA, Series A-B 6.000 07/01/2021 7,814,765
- -----------------------------------------------------------------------------------------------------------------------------------
710,000 Nassau County IDA, Series A-C 6.000 07/01/2021 718,250
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Nassau County IDA, Series A-D 6.000 07/01/2021 809,296
- -----------------------------------------------------------------------------------------------------------------------------------
1,675,000 Nassau County Interim Finance Authority 4 5.125 11/15/2021 1,683,744
- -----------------------------------------------------------------------------------------------------------------------------------
40,000,000 Nassau County Tobacco Settlement Corp. 6 5.125 06/01/2046 40,512,800
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Nassau County Tobacco Settlement Corp. 0.000 8 06/01/2026 2,737,380
- -----------------------------------------------------------------------------------------------------------------------------------
79,570,000 Nassau County Tobacco Settlement Corp. 5.125 06/01/2046 80,590,087
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 Nassau County Tobacco Settlement Corp. 5.820 2 06/01/2046 2,182,000
- -----------------------------------------------------------------------------------------------------------------------------------
75,975,000 Nassau County Tobacco Settlement Corp. 6.000 2 06/01/2046 7,695,508
- -----------------------------------------------------------------------------------------------------------------------------------
895,215,000 Nassau County Tobacco Settlement Corp. 6.400 2 06/01/2060 32,335,166
- -----------------------------------------------------------------------------------------------------------------------------------
40,000,000 Nassau County Tobacco Settlement Corp. 7.351 2 06/01/2060 916,800
- -----------------------------------------------------------------------------------------------------------------------------------
14,660,000 Nassau County Tobacco Settlement Corp. (TASC) 4 5.000 06/01/2035 14,752,798
- -----------------------------------------------------------------------------------------------------------------------------------
7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,583,799
- -----------------------------------------------------------------------------------------------------------------------------------
3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,540,166
- -----------------------------------------------------------------------------------------------------------------------------------
4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,547,100
- -----------------------------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 5,061,166
- -----------------------------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 5,061,166
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 New Hartford-Sunset Wood Funding Corp. 4 5.500 02/01/2029 2,080,460
- -----------------------------------------------------------------------------------------------------------------------------------
13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,332,908
- -----------------------------------------------------------------------------------------------------------------------------------
5,955,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,167,713
- -----------------------------------------------------------------------------------------------------------------------------------
3,670,000 New Rochelle IDA (Soundview Apartments) 5.375 04/01/2036 3,764,172
- -----------------------------------------------------------------------------------------------------------------------------------
4,630,000 Newark-Wayne Community Hospital 5.875 01/15/2033 4,636,667
- -----------------------------------------------------------------------------------------------------------------------------------
2,195,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,198,007
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Niagara County IDA (Affinity Foxwood Place) 5.000 07/20/2038 494,925
- -----------------------------------------------------------------------------------------------------------------------------------
2,810,000 Niagara County IDA (Affinity Foxwood Place) 5.000 07/20/2048 2,726,543
- -----------------------------------------------------------------------------------------------------------------------------------
3,300,000 Niagara County IDA (American Ref-Fuel Company) 4 5.550 11/15/2024 3,421,275
- -----------------------------------------------------------------------------------------------------------------------------------
3,635,000 Niagara County IDA (Niagara Falls Memorial
Medical Center) 5.250 06/01/2018 3,611,045
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,581,435
- -----------------------------------------------------------------------------------------------------------------------------------
5,400,000 Niagara County IDA (Niagara University) 4 5.400 11/01/2031 5,596,128
- -----------------------------------------------------------------------------------------------------------------------------------
6,500,000 Niagara County IDA (Solid Waste Disposal) 4 5.625 11/15/2024 6,735,560
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Niagara County Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,840
- -----------------------------------------------------------------------------------------------------------------------------------
1,395,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,473,552
- -----------------------------------------------------------------------------------------------------------------------------------
6,295,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,649,471
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.000 04/01/2028 297,165
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,235,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625% 04/01/2029 $ 1,276,410
- -----------------------------------------------------------------------------------------------------------------------------------
715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 737,465
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 135,837
- -----------------------------------------------------------------------------------------------------------------------------------
3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,649,410
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Nunda GO 8.000 05/01/2010 27,295
- -----------------------------------------------------------------------------------------------------------------------------------
86,885,000 NY Convention Center Devel. Corp. (Hotel Unit Fee) 5.000 11/15/2044 89,128,371
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 NY Counties Tobacco Trust I 6.500 06/01/2035 335,091
- -----------------------------------------------------------------------------------------------------------------------------------
10,680,000 NY Counties Tobacco Trust I (TASC) 6 6.250 06/01/2028 11,298,123
- -----------------------------------------------------------------------------------------------------------------------------------
18,210,000 NY Counties Tobacco Trust I (TASC) 6 6.500 06/01/2035 18,587,548
- -----------------------------------------------------------------------------------------------------------------------------------
1,185,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 1,253,588
- -----------------------------------------------------------------------------------------------------------------------------------
19,239,000 NY Counties Tobacco Trust I P-Floats 6 6.250 12/01/2022 20,576,196
- -----------------------------------------------------------------------------------------------------------------------------------
29,805,000 NY Counties Tobacco Trust II (TASC) 6 5.625 06/01/2035 31,091,615
- -----------------------------------------------------------------------------------------------------------------------------------
53,855,000 NY Counties Tobacco Trust II (TASC) 6 5.750 06/01/2043 56,354,717
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 262,804
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 7,037,940
- -----------------------------------------------------------------------------------------------------------------------------------
131,335,000 NY Counties Tobacco Trust IV 5.920 2 06/01/2050 10,945,459
- -----------------------------------------------------------------------------------------------------------------------------------
304,690,000 NY Counties Tobacco Trust IV 6.395 2 06/01/2055 15,289,344
- -----------------------------------------------------------------------------------------------------------------------------------
608,700,000 NY Counties Tobacco Trust IV 6.816 2 06/01/2060 17,731,431
- -----------------------------------------------------------------------------------------------------------------------------------
45,025,000 NY Counties Tobacco Trust IV (TASC) 6 5.000 06/01/2042 45,160,285
- -----------------------------------------------------------------------------------------------------------------------------------
31,605,000 NY Counties Tobacco Trust IV (TASC) 6 5.000 06/01/2045 31,700,709
- -----------------------------------------------------------------------------------------------------------------------------------
82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 06/01/2041 68,960,925
- -----------------------------------------------------------------------------------------------------------------------------------
2,360,000 NY Counties Tobacco Trust IV (TASC) 4 5.000 06/01/2042 2,367,104
- -----------------------------------------------------------------------------------------------------------------------------------
82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 12,729,750
- -----------------------------------------------------------------------------------------------------------------------------------
212,995,000 NY Counties Tobacco Trust V 6.043 2 06/01/2038 35,425,328
- -----------------------------------------------------------------------------------------------------------------------------------
522,925,000 NY Counties Tobacco Trust V 6.147 2 06/01/2050 40,547,605
- -----------------------------------------------------------------------------------------------------------------------------------
643,195,000 NY Counties Tobacco Trust V 6.850 2 06/01/2055 27,110,669
- -----------------------------------------------------------------------------------------------------------------------------------
3,845,000,000 NY Counties Tobacco Trust V 7.846 2 06/01/2060 72,016,850
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NY Liberty Devel. Corp. (National Sports Museum) 6.125 02/15/2019 2,599,225
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 0.000 8 03/15/2029 22,611
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 06/01/2020 15,591
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.000 03/15/2021 5,094
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 NYC GO 5.000 03/01/2023 2,842,703
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 06/01/2023 5,191,200
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 01/01/2024 4,154,840
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 03/01/2024 1,032,400
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 06/01/2024 6,187,740
- -----------------------------------------------------------------------------------------------------------------------------------
9,305,000 NYC GO 5.000 08/01/2024 9,636,351
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2024 5,169,450
- -----------------------------------------------------------------------------------------------------------------------------------
25,000,000 NYC GO 5.000 08/01/2024 25,932,500
- -----------------------------------------------------------------------------------------------------------------------------------
8,250,000 NYC GO 5.000 01/01/2025 8,556,488
29 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$12,155,000 NYC GO 5.000% 02/01/2025 $ 12,609,232
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 03/01/2025 25,662
- -----------------------------------------------------------------------------------------------------------------------------------
7,475,000 NYC GO 5.000 03/01/2025 7,707,398
- -----------------------------------------------------------------------------------------------------------------------------------
17,515,000 NYC GO 5.000 06/01/2025 18,132,579
- -----------------------------------------------------------------------------------------------------------------------------------
5,700,000 NYC GO 5.000 08/01/2025 5,894,769
- -----------------------------------------------------------------------------------------------------------------------------------
51,105,000 NYC GO 5.000 08/01/2025 52,934,048
- -----------------------------------------------------------------------------------------------------------------------------------
3,205,000 NYC GO 5.000 11/01/2025 3,305,028
- -----------------------------------------------------------------------------------------------------------------------------------
18,000,000 NYC GO 5.000 01/01/2026 18,640,440
- -----------------------------------------------------------------------------------------------------------------------------------
2,655,000 NYC GO 5.000 02/01/2026 2,750,022
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 04/01/2026 3,090,150
- -----------------------------------------------------------------------------------------------------------------------------------
22,025,000 NYC GO 5.000 04/01/2026 22,756,891
- -----------------------------------------------------------------------------------------------------------------------------------
6,965,000 NYC GO 5.000 06/01/2026 7,200,208
- -----------------------------------------------------------------------------------------------------------------------------------
8,760,000 NYC GO 5.000 08/01/2026 9,046,802
- -----------------------------------------------------------------------------------------------------------------------------------
28,705,000 NYC GO 5.000 08/01/2026 29,689,007
- -----------------------------------------------------------------------------------------------------------------------------------
3,600,000 NYC GO 5.000 08/01/2027 3,717,864
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 5.000 08/01/2028 2,580,050
- -----------------------------------------------------------------------------------------------------------------------------------
45,000,000 NYC GO 5.000 08/01/2028 46,508,850
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.000 08/15/2028 5,121
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 NYC GO 5.000 08/15/2028 106,726
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 09/15/2028 20,519
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 11/01/2028 6,175,920
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 NYC GO 5.000 03/15/2029 370,464
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 03/15/2029 15,260
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.000 03/15/2029 5,149
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC GO 5.000 06/01/2029 8,258,320
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 NYC GO 5.000 10/15/2029 358,995
- -----------------------------------------------------------------------------------------------------------------------------------
64,360,000 NYC GO 5.000 03/01/2030 66,226,440
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC GO 5.000 04/01/2030 20,585,200
- -----------------------------------------------------------------------------------------------------------------------------------
46,570,000 NYC GO 5.000 06/01/2030 47,952,198
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.000 08/01/2030 2,063,180
- -----------------------------------------------------------------------------------------------------------------------------------
10,920,000 NYC GO 5.000 08/01/2030 11,248,255
- -----------------------------------------------------------------------------------------------------------------------------------
16,905,000 NYC GO 5.000 06/01/2031 17,445,960
- -----------------------------------------------------------------------------------------------------------------------------------
25,910,000 NYC GO 5.000 08/01/2031 26,747,670
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.000 03/01/2033 61,258
- -----------------------------------------------------------------------------------------------------------------------------------
27,475,000 NYC GO 5.000 06/01/2033 28,242,652
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 5.000 10/15/2033 117,639
- -----------------------------------------------------------------------------------------------------------------------------------
12,455,000 NYC GO 5.000 12/01/2033 12,784,559
- -----------------------------------------------------------------------------------------------------------------------------------
30,150,000 NYC GO 5.000 11/01/2034 30,961,940
- -----------------------------------------------------------------------------------------------------------------------------------
30,000,000 NYC GO 5.000 03/01/2035 30,795,600
- -----------------------------------------------------------------------------------------------------------------------------------
34,405,000 NYC GO 5.000 04/01/2035 35,325,678
- -----------------------------------------------------------------------------------------------------------------------------------
5,400,000 NYC GO 5.000 08/01/2035 5,549,796
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 4,605,000 NYC GO 5.000% 08/01/2036 $ 4,745,545
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.100 11/01/2019 62,099
- -----------------------------------------------------------------------------------------------------------------------------------
5,285,000 NYC GO 5.100 08/15/2027 5,479,858
- -----------------------------------------------------------------------------------------------------------------------------------
1,955,000 NYC GO 4 5.250 08/01/2021 1,977,033
- -----------------------------------------------------------------------------------------------------------------------------------
3,710,000 NYC GO 5.250 10/15/2021 3,897,095
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 NYC GO 5.250 08/15/2023 270,372
- -----------------------------------------------------------------------------------------------------------------------------------
530,000 NYC GO 5.250 08/01/2024 538,167
- -----------------------------------------------------------------------------------------------------------------------------------
29,610,000 NYC GO 5.250 06/01/2027 30,758,276
- -----------------------------------------------------------------------------------------------------------------------------------
4,085,000 NYC GO 4 5.250 06/01/2028 4,269,560
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 09/15/2033 1,044,860
- -----------------------------------------------------------------------------------------------------------------------------------
1,735,000 NYC GO 4 5.375 08/01/2017 1,754,085
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.375 08/01/2022 75,825
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 12/01/2026 5,216
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 03/01/2027 5,264
- -----------------------------------------------------------------------------------------------------------------------------------
515,000 NYC GO 4 5.375 08/01/2027 526,165
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.375 11/15/2027 50,742
- -----------------------------------------------------------------------------------------------------------------------------------
37,945,000 NYC GO 5.375 06/01/2032 39,624,825
- -----------------------------------------------------------------------------------------------------------------------------------
11,500,000 NYC GO 5.500 08/01/2020 12,266,820
- -----------------------------------------------------------------------------------------------------------------------------------
11,860,000 NYC GO 5.500 08/01/2021 12,644,302
- -----------------------------------------------------------------------------------------------------------------------------------
850,000 NYC GO 5.500 06/01/2028 894,744
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.500 12/01/2031 5,260
- -----------------------------------------------------------------------------------------------------------------------------------
3,705,000 NYC GO 4 5.500 11/15/2037 3,760,723
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 NYC GO 5.750 08/01/2012 278,163
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.950 08/01/2014 5,157
- -----------------------------------------------------------------------------------------------------------------------------------
12,880,000 NYC GO 6.000 01/15/2021 13,976,088
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.154 2 10/01/2012 32,400
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 NYC GO 6.343 2 05/15/2012 164,394
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 NYC GO 6.350 05/15/2014 345,234
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.000 02/01/2010 20,052
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.250 08/15/2024 15,038
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.750 08/15/2028 5,023
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS 0.000 8 08/01/2025 100,649
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 NYC GO PRAMS 0.000 8 08/01/2022 221,437
- -----------------------------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 8.735 7 08/12/2010 840,398
- -----------------------------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 8.735 7 09/01/2011 840,398
- -----------------------------------------------------------------------------------------------------------------------------------
1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,053,203
- -----------------------------------------------------------------------------------------------------------------------------------
4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,089,062
- -----------------------------------------------------------------------------------------------------------------------------------
325,618 NYC HDC (Bay Towers) 6.500 08/15/2017 326,103
- -----------------------------------------------------------------------------------------------------------------------------------
59,051 NYC HDC (Beekman) 6.500 10/15/2017 59,612
- -----------------------------------------------------------------------------------------------------------------------------------
337,864 NYC HDC (Bridgeview III) 6.500 12/15/2017 355,423
- -----------------------------------------------------------------------------------------------------------------------------------
958,410 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,008,209
31 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 136,143 NYC HDC (Candia House) 6.500% 06/15/2018 $ 143,198
- ----------------------------------------------------------------------------------------------------------------------
797,823 NYC HDC (Court Plaza) 6.500 08/15/2017 799,012
- ----------------------------------------------------------------------------------------------------------------------
2,654,351 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,658,253
- ----------------------------------------------------------------------------------------------------------------------
61,710 NYC HDC (Essex Terrace) 6.500 07/15/2018 61,795
- ----------------------------------------------------------------------------------------------------------------------
362,746 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 381,543
- ----------------------------------------------------------------------------------------------------------------------
292,367 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 292,802
- ----------------------------------------------------------------------------------------------------------------------
3,450,000 NYC HDC (Linden Boulevard Apartments) 4 4.750 01/15/2039 3,290,093
- ----------------------------------------------------------------------------------------------------------------------
5,000,000 NYC HDC (Multifamily Hsg.) 4.700 11/01/2040 4,740,450
- ----------------------------------------------------------------------------------------------------------------------
3,365,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 3,362,207
- ----------------------------------------------------------------------------------------------------------------------
60,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2023 60,149
- ----------------------------------------------------------------------------------------------------------------------
3,185,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 3,154,711
- ----------------------------------------------------------------------------------------------------------------------
2,435,000 NYC HDC (Multifamily Hsg.) 5.100 11/01/2027 2,456,404
- ----------------------------------------------------------------------------------------------------------------------
1,500,000 NYC HDC (Multifamily Hsg.) 5.125 11/01/2032 1,513,755
- ----------------------------------------------------------------------------------------------------------------------
3,000,000 NYC HDC (Multifamily Hsg.) 5.150 11/01/2037 3,026,310
- ----------------------------------------------------------------------------------------------------------------------
5,250,000 NYC HDC (Multifamily Hsg.) 3 5.200 11/01/2040 5,291,843
- ----------------------------------------------------------------------------------------------------------------------
8,500,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 8,797,840
- ----------------------------------------------------------------------------------------------------------------------
5,205,000 NYC HDC (Multifamily Hsg.) 3 5.250 11/01/2045 5,258,403
- ----------------------------------------------------------------------------------------------------------------------
3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,065,490
- ----------------------------------------------------------------------------------------------------------------------
10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,783,891
- ----------------------------------------------------------------------------------------------------------------------
31,900,000 NYC HDC (Multifamily Hsg.), Series B 5.350 05/01/2049 32,759,705
- ----------------------------------------------------------------------------------------------------------------------
11,250,000 NYC HDC (Multifamily Hsg.), Series C 5.050 11/01/2036 11,454,638
- ----------------------------------------------------------------------------------------------------------------------
8,365,000 NYC HDC (Multifamily Hsg.), Series C 5.125 05/01/2040 8,381,312
- ----------------------------------------------------------------------------------------------------------------------
385,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 393,320
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,008,500
- ----------------------------------------------------------------------------------------------------------------------
11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2033 11,233,420
- ----------------------------------------------------------------------------------------------------------------------
2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,174,330
- ----------------------------------------------------------------------------------------------------------------------
3,515,000 NYC HDC (Multifamily Hsg.), Series G-1 4.750 11/01/2027 3,458,479
- ----------------------------------------------------------------------------------------------------------------------
13,180,000 NYC HDC (Multifamily Hsg.), Series G-1 4.875 11/01/2039 12,922,595
- ----------------------------------------------------------------------------------------------------------------------
1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,358,383
- ----------------------------------------------------------------------------------------------------------------------
3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,427,540
- ----------------------------------------------------------------------------------------------------------------------
15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 15,664,325
- ----------------------------------------------------------------------------------------------------------------------
15,000,000 NYC HDC (Progress of Peoples Devel.) 4 4.950 05/15/2036 14,896,500
- ----------------------------------------------------------------------------------------------------------------------
2,765,000 NYC HDC (Seaview Towers) 4 4.750 07/15/2039 2,640,243
- ----------------------------------------------------------------------------------------------------------------------
275,134 NYC HDC (St. Martin Tower) 6.500 11/15/2018 289,446
- ----------------------------------------------------------------------------------------------------------------------
1,260,780 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,325,496
- ----------------------------------------------------------------------------------------------------------------------
187,295 NYC HDC (Westview Apartments) 6.500 10/15/2017 187,574
- ----------------------------------------------------------------------------------------------------------------------
2,750,000 NYC HDC, Series C 5.000 11/01/2026 2,756,325
- ----------------------------------------------------------------------------------------------------------------------
23,500,000 NYC Health & Hospital Corp. 6 5.000 02/15/2020 24,058,948
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,021,880
- ----------------------------------------------------------------------------------------------------------------------
1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,174,087
- ----------------------------------------------------------------------------------------------------------------------
3,535,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,555,326
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 38,080,000 NYC IDA (AIRIS JFK I/JFK International Airport) 5.500% 07/01/2028 $ 38,757,824
- ----------------------------------------------------------------------------------------------------------------------
22,745,000 NYC IDA (AIRIS JFK I/JFK International Airport) 6.000 07/01/2027 23,333,186
- ----------------------------------------------------------------------------------------------------------------------
280,000 NYC IDA (Allied Metal) 6.375 12/01/2014 284,693
- ----------------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 964,008
- ----------------------------------------------------------------------------------------------------------------------
3,165,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,090,338
- ----------------------------------------------------------------------------------------------------------------------
2,905,000 NYC IDA (American Airlines) 4 5.400 07/01/2019 2,830,196
- ----------------------------------------------------------------------------------------------------------------------
22,150,000 NYC IDA (American Airlines) 5.400 07/01/2020 21,545,305
- ----------------------------------------------------------------------------------------------------------------------
39,925,000 NYC IDA (American Airlines) 6.900 08/01/2024 40,126,222
- ----------------------------------------------------------------------------------------------------------------------
33,850,000 NYC IDA (American Airlines) 7.625 08/01/2025 39,924,044
- ----------------------------------------------------------------------------------------------------------------------
30,000,000 NYC IDA (American Airlines) 7.750 08/01/2031 35,652,000
- ----------------------------------------------------------------------------------------------------------------------
700,000 NYC IDA (American Airlines) 8.000 08/01/2028 847,259
- ----------------------------------------------------------------------------------------------------------------------
338,060,000 NYC IDA (American Airlines) 8.500 08/01/2028 393,001,511
- ----------------------------------------------------------------------------------------------------------------------
3,530,000 NYC IDA (American National Red Cross) 5.000 02/01/2036 3,643,031
- ----------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 250,250
- ----------------------------------------------------------------------------------------------------------------------
4,620,000 NYC IDA (Atlantic Paste & Glue Company) 4 6.625 11/01/2019 4,738,133
- ----------------------------------------------------------------------------------------------------------------------
1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,191,970
- ----------------------------------------------------------------------------------------------------------------------
460,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 475,318
- ----------------------------------------------------------------------------------------------------------------------
1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,780,961
- ----------------------------------------------------------------------------------------------------------------------
80,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 79,751
- ----------------------------------------------------------------------------------------------------------------------
1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,439,325
- ----------------------------------------------------------------------------------------------------------------------
10,480,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,664,134
- ----------------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,784,130
- ----------------------------------------------------------------------------------------------------------------------
1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,109,385
- ----------------------------------------------------------------------------------------------------------------------
4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,497,803
- ----------------------------------------------------------------------------------------------------------------------
50,520,000 NYC IDA (British Airways) 4 5.250 12/01/2032 49,600,031
- ----------------------------------------------------------------------------------------------------------------------
34,165,000 NYC IDA (British Airways) 7.625 12/01/2032 37,604,732
- ----------------------------------------------------------------------------------------------------------------------
85,845,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 86,040,727
- ----------------------------------------------------------------------------------------------------------------------
143,570,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 144,974,115
- ----------------------------------------------------------------------------------------------------------------------
21,140,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 22,618,532
- ----------------------------------------------------------------------------------------------------------------------
4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,574,961
- ----------------------------------------------------------------------------------------------------------------------
16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 17,680,627
- ----------------------------------------------------------------------------------------------------------------------
2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,931,332
- ----------------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 3,634,704
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 1,009,640
- ----------------------------------------------------------------------------------------------------------------------
29,135,000 NYC IDA (Chapin School) 5.000 11/01/2038 29,019,917
- ----------------------------------------------------------------------------------------------------------------------
2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,243,091
- ----------------------------------------------------------------------------------------------------------------------
2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,560,386
- ----------------------------------------------------------------------------------------------------------------------
2,975,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,041,789
- ----------------------------------------------------------------------------------------------------------------------
1,690,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 1,702,861
- ----------------------------------------------------------------------------------------------------------------------
1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,526,714
- ----------------------------------------------------------------------------------------------------------------------
3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 3,226,141
33 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,975,000 NYC IDA (Comprehensive Care Management) 6.375% 11/01/2028 $ 4,060,502
- ----------------------------------------------------------------------------------------------------------------------
1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,605,524
- ----------------------------------------------------------------------------------------------------------------------
1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,826,109
- ----------------------------------------------------------------------------------------------------------------------
960,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 961,978
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 1,017,070
- ----------------------------------------------------------------------------------------------------------------------
4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 5,159,403
- ----------------------------------------------------------------------------------------------------------------------
195,000 NYC IDA (Dioni) 6.000 11/01/2007 195,367
- ----------------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Dioni) 4 6.625 11/01/2019 3,698,460
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,099,700
- ----------------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,657,135
- ----------------------------------------------------------------------------------------------------------------------
7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,803,788
- ----------------------------------------------------------------------------------------------------------------------
3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,397,522
- ----------------------------------------------------------------------------------------------------------------------
13,780,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 13,798,052
- ----------------------------------------------------------------------------------------------------------------------
2,265,000 NYC IDA (Gateway School of New York) 6.500 11/01/2019 2,415,079
- ----------------------------------------------------------------------------------------------------------------------
14,350,000 NYC IDA (General Motors Corp.) 5.125 12/30/2023 13,367,456
- ----------------------------------------------------------------------------------------------------------------------
1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,908,569
- ----------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,799,964
- ----------------------------------------------------------------------------------------------------------------------
2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,230,093
- ----------------------------------------------------------------------------------------------------------------------
4,470,000 NYC IDA (Gourmet Boutique) 5.750 05/01/2021 4,413,455
- ----------------------------------------------------------------------------------------------------------------------
7,290,000 NYC IDA (Guttmacher Institute) 5.750 12/01/2036 7,162,644
- ----------------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 181,071
- ----------------------------------------------------------------------------------------------------------------------
2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,252,772
- ----------------------------------------------------------------------------------------------------------------------
900,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 910,017
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,034,900
- ----------------------------------------------------------------------------------------------------------------------
3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,095,820
- ----------------------------------------------------------------------------------------------------------------------
4,300,000 NYC IDA (JetBlue Airways Corp.) 5.000 05/15/2020 4,131,956
- ----------------------------------------------------------------------------------------------------------------------
6,500,000 NYC IDA (JetBlue Airways Corp.) 5.125 05/15/2030 6,211,335
- ----------------------------------------------------------------------------------------------------------------------
9,000,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 10,205,820
- ----------------------------------------------------------------------------------------------------------------------
1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,678,702
- ----------------------------------------------------------------------------------------------------------------------
755,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 820,436
- ----------------------------------------------------------------------------------------------------------------------
990,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,072,685
- ----------------------------------------------------------------------------------------------------------------------
920,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 923,910
- ----------------------------------------------------------------------------------------------------------------------
7,000,000 NYC IDA (Liberty-7 World Trade Center) 1 6.750 03/01/2015 7,420,700
- ----------------------------------------------------------------------------------------------------------------------
45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.) 5.000 09/01/2035 46,464,145
- ----------------------------------------------------------------------------------------------------------------------
3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,164,090
- ----------------------------------------------------------------------------------------------------------------------
300,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 296,631
- ----------------------------------------------------------------------------------------------------------------------
2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,942,138
- ----------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,068,720
- ----------------------------------------------------------------------------------------------------------------------
23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 24,364,130
- ----------------------------------------------------------------------------------------------------------------------
3,745,000 NYC IDA (Manhattan Community Access Corp.) 6.000 12/01/2036 3,699,910
- ----------------------------------------------------------------------------------------------------------------------
680,000 NYC IDA (Marymount School of New York) 5.125 09/01/2021 694,368
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 4,010,000 NYC IDA (Marymount School of New York) 5.250% 09/01/2031 $ 4,201,277
- ----------------------------------------------------------------------------------------------------------------------
18,965,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,900,684
- ----------------------------------------------------------------------------------------------------------------------
1,450,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,480,726
- ----------------------------------------------------------------------------------------------------------------------
4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,969,912
- ----------------------------------------------------------------------------------------------------------------------
3,100,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 3,041,007
- ----------------------------------------------------------------------------------------------------------------------
2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,286,489
- ----------------------------------------------------------------------------------------------------------------------
375,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 377,614
- ----------------------------------------------------------------------------------------------------------------------
25,000 NYC IDA (NYU) 5.000 07/01/2041 25,376
- ----------------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Paradise Products) 7.125 11/01/2007 150,447
- ----------------------------------------------------------------------------------------------------------------------
4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,626,434
- ----------------------------------------------------------------------------------------------------------------------
245,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 246,345
- ----------------------------------------------------------------------------------------------------------------------
115,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 117,161
- ----------------------------------------------------------------------------------------------------------------------
3,780,000 NYC IDA (Petrocelli Electric) 4 8.000 11/01/2017 3,908,671
- ----------------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 982,845
- ----------------------------------------------------------------------------------------------------------------------
10,065,000 NYC IDA (Polytechnic University) 5.250 11/01/2027 10,496,789
- ----------------------------------------------------------------------------------------------------------------------
23,625,000 NYC IDA (Polytechnic University) 5.250 11/01/2037 24,423,525
- ----------------------------------------------------------------------------------------------------------------------
6,410,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 6,861,713
- ----------------------------------------------------------------------------------------------------------------------
34,050,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 36,581,277
- ----------------------------------------------------------------------------------------------------------------------
2,240,000 NYC IDA (Precision Gear) 4 6.375 11/01/2024 2,268,829
- ----------------------------------------------------------------------------------------------------------------------
1,910,000 NYC IDA (Precision Gear) 4 6.375 11/01/2024 1,934,582
- ----------------------------------------------------------------------------------------------------------------------
930,000 NYC IDA (Precision Gear) 4 7.625 11/01/2024 986,256
- ----------------------------------------------------------------------------------------------------------------------
4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,362,810
- ----------------------------------------------------------------------------------------------------------------------
8,000,000 NYC IDA (Queens Baseball Stadium) 4 5.000 01/01/2039 8,290,880
- ----------------------------------------------------------------------------------------------------------------------
73,445,000 NYC IDA (Queens Baseball Stadium) 5.000 01/01/2046 75,657,898
- ----------------------------------------------------------------------------------------------------------------------
6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,849,232
- ----------------------------------------------------------------------------------------------------------------------
2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,300,000
- ----------------------------------------------------------------------------------------------------------------------
2,390,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,342,941
- ----------------------------------------------------------------------------------------------------------------------
8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 8,556,151
- ----------------------------------------------------------------------------------------------------------------------
795,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 798,236
- ----------------------------------------------------------------------------------------------------------------------
4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 4,082,141
- ----------------------------------------------------------------------------------------------------------------------
875,000 NYC IDA (Services for the Underserved\Young
Adult Institute Obligated Group) 5.000 07/01/2026 889,595
- ----------------------------------------------------------------------------------------------------------------------
4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,433,436
- ----------------------------------------------------------------------------------------------------------------------
3,350,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,442,728
- ----------------------------------------------------------------------------------------------------------------------
1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,621,880
- ----------------------------------------------------------------------------------------------------------------------
4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,506,811
- ----------------------------------------------------------------------------------------------------------------------
7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,390,643
- ----------------------------------------------------------------------------------------------------------------------
5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,250,036
- ----------------------------------------------------------------------------------------------------------------------
1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,579,915
- ----------------------------------------------------------------------------------------------------------------------
5,760,000 NYC IDA (Stallion) 4 5.500 11/01/2036 5,620,262
- ----------------------------------------------------------------------------------------------------------------------
10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,544
35 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 4,450,000 NYC IDA (Staten Island University Hospital) 6.375% 07/01/2031 $ 4,691,858
- ------------------------------------------------------------------------------------------------------------------------------------
1,470,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,566,109
- ------------------------------------------------------------------------------------------------------------------------------------
545,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 549,551
- ------------------------------------------------------------------------------------------------------------------------------------
1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,289,892
- ------------------------------------------------------------------------------------------------------------------------------------
6,808,500 NYC IDA (Studio School) 7.000 11/01/2038 6,761,998
- ------------------------------------------------------------------------------------------------------------------------------------
815,000 NYC IDA (Surprise Plastics) 4 7.500 11/01/2013 790,118
- ------------------------------------------------------------------------------------------------------------------------------------
2,480,000 NYC IDA (Surprise Plastics) 4 8.500 11/01/2023 2,411,726
- ------------------------------------------------------------------------------------------------------------------------------------
5,245,000 NYC IDA (Terminal One Group Assoc.) 4 5.500 01/01/2020 5,585,558
- ------------------------------------------------------------------------------------------------------------------------------------
7,750,000 NYC IDA (Terminal One Group Assoc.) 4 5.500 01/01/2021 8,247,628
- ------------------------------------------------------------------------------------------------------------------------------------
11,390,000 NYC IDA (Terminal One Group Assoc.) 4 5.500 01/01/2024 12,096,636
- ------------------------------------------------------------------------------------------------------------------------------------
380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 397,564
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,037,160
- ------------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,728,500
- ------------------------------------------------------------------------------------------------------------------------------------
325,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 343,444
- ------------------------------------------------------------------------------------------------------------------------------------
3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 4,005,638
- ------------------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 254,788
- ------------------------------------------------------------------------------------------------------------------------------------
1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,133,803
- ------------------------------------------------------------------------------------------------------------------------------------
8,955,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 8,978,104
- ------------------------------------------------------------------------------------------------------------------------------------
4,235,000 NYC IDA (Touro College) 6.350 06/01/2029 4,451,874
- ------------------------------------------------------------------------------------------------------------------------------------
4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,410,056
- ------------------------------------------------------------------------------------------------------------------------------------
32,040,000 NYC IDA (Unicef) 5.050 11/01/2038 32,227,754
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,021,350
- ------------------------------------------------------------------------------------------------------------------------------------
620,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 630,001
- ------------------------------------------------------------------------------------------------------------------------------------
9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 10,275,299
- ------------------------------------------------------------------------------------------------------------------------------------
3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,850,756
- ------------------------------------------------------------------------------------------------------------------------------------
1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,325,535
- ------------------------------------------------------------------------------------------------------------------------------------
190,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 191,131
- ------------------------------------------------------------------------------------------------------------------------------------
2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,072,689
- ------------------------------------------------------------------------------------------------------------------------------------
2,800,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 2,781,408
- ------------------------------------------------------------------------------------------------------------------------------------
1,330,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 1,306,778
- ------------------------------------------------------------------------------------------------------------------------------------
3,235,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 3,178,517
- ------------------------------------------------------------------------------------------------------------------------------------
900,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2031 878,265
- ------------------------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Vaughn College Aeronautics) 5.250 12/01/2036 1,811,214
- ------------------------------------------------------------------------------------------------------------------------------------
18,600,000 NYC IDA (Visy Paper) 7.800 01/01/2016 18,836,778
- ------------------------------------------------------------------------------------------------------------------------------------
70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 71,406,630
- ------------------------------------------------------------------------------------------------------------------------------------
1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 1,614,677
- ------------------------------------------------------------------------------------------------------------------------------------
360,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 369,846
- ------------------------------------------------------------------------------------------------------------------------------------
1,555,000 NYC IDA (W & W Jewelers) 4 8.250 02/01/2021 1,638,830
- ------------------------------------------------------------------------------------------------------------------------------------
5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 6,058,503
- ------------------------------------------------------------------------------------------------------------------------------------
2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,906,177
- ------------------------------------------------------------------------------------------------------------------------------------
2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,632,107
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375% 11/01/2015 $ 5,754,857
- ------------------------------------------------------------------------------------------------------------------------------------
1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,629,672
- ------------------------------------------------------------------------------------------------------------------------------------
46,025,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 47,369,851
- ------------------------------------------------------------------------------------------------------------------------------------
24,270,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 24,364,653
- ------------------------------------------------------------------------------------------------------------------------------------
9,500,000 NYC IDA (YMCA of Greater New York) 5.000 08/01/2036 9,726,100
- ------------------------------------------------------------------------------------------------------------------------------------
57,700,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2026 59,134,422
- ------------------------------------------------------------------------------------------------------------------------------------
11,235,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2027 11,410,537
- ------------------------------------------------------------------------------------------------------------------------------------
27,500,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2031 28,383,163
- ------------------------------------------------------------------------------------------------------------------------------------
11,725,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2032 11,969,186
- ------------------------------------------------------------------------------------------------------------------------------------
31,410,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2034 31,973,159
- ------------------------------------------------------------------------------------------------------------------------------------
47,450,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2034 48,552,743
- ------------------------------------------------------------------------------------------------------------------------------------
66,750,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2036 68,565,908
- ------------------------------------------------------------------------------------------------------------------------------------
40,105,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2037 41,257,675
- ------------------------------------------------------------------------------------------------------------------------------------
18,000,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2038 18,394,830
- ------------------------------------------------------------------------------------------------------------------------------------
22,000,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2038 22,584,595
- ------------------------------------------------------------------------------------------------------------------------------------
29,000,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2039 29,770,603
- ------------------------------------------------------------------------------------------------------------------------------------
18,000,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2039 18,489,600
- ------------------------------------------------------------------------------------------------------------------------------------
31,515,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2039 32,280,293
- ------------------------------------------------------------------------------------------------------------------------------------
19,745,000 NYC Municipal Water Finance Authority 6 5.000 06/15/2039 20,283,705
- ------------------------------------------------------------------------------------------------------------------------------------
14,225,000 NYC Municipal Water Finance Authority 6 5.125 06/15/2021 14,382,273
- ------------------------------------------------------------------------------------------------------------------------------------
44,850,000 NYC Municipal Water Finance Authority 6 5.125 06/15/2032 46,133,993
- ------------------------------------------------------------------------------------------------------------------------------------
51,000,000 NYC Municipal Water Finance Authority 4.750 06/15/2036 51,018,870
- ------------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 10,208,500
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 51,243
- ------------------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 66,272
- ------------------------------------------------------------------------------------------------------------------------------------
45,845,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 46,910,896
- ------------------------------------------------------------------------------------------------------------------------------------
26,490,000 NYC Municipal Water Finance Authority 4 5.000 06/15/2035 27,185,892
- ------------------------------------------------------------------------------------------------------------------------------------
200,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 204,596
- ------------------------------------------------------------------------------------------------------------------------------------
2,650,000 NYC Municipal Water Finance Authority 4 5.000 06/15/2036 2,730,587
- ------------------------------------------------------------------------------------------------------------------------------------
10,055,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 10,328,798
- ------------------------------------------------------------------------------------------------------------------------------------
5,735,000 NYC Municipal Water Finance Authority 5.000 06/15/2037 5,899,824
- ------------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 4,134,720
- ------------------------------------------------------------------------------------------------------------------------------------
675,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 691,396
- ------------------------------------------------------------------------------------------------------------------------------------
4,600,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 4,725,120
- ------------------------------------------------------------------------------------------------------------------------------------
114,260,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 117,367,872
- ------------------------------------------------------------------------------------------------------------------------------------
820,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 843,485
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 30,925
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 31,095
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 25,845
- ------------------------------------------------------------------------------------------------------------------------------------
20,545,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 21,219,492
- ------------------------------------------------------------------------------------------------------------------------------------
650,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 676,429
37 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 530,000 NYC Municipal Water Finance Authority 5.400% 2 06/15/2019 $ 290,541
- ------------------------------------------------------------------------------------------------------------------------------------
8,600,000 NYC Transitional Finance Authority 6 5.000 08/15/2027 8,698,814
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 53,162
- ------------------------------------------------------------------------------------------------------------------------------------
17,276,150 NYS Certificate of Lease 1 5.875 01/02/2023 17,701,316
- ------------------------------------------------------------------------------------------------------------------------------------
1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,809,939
- ------------------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 367,108
- ------------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,571,445
- ------------------------------------------------------------------------------------------------------------------------------------
14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,685,972
- ------------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYS DA (Cabrini Westchester) 5.100 02/15/2026 4,722,870
- ------------------------------------------------------------------------------------------------------------------------------------
8,425,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 8,879,023
- ------------------------------------------------------------------------------------------------------------------------------------
2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,986,950
- ------------------------------------------------------------------------------------------------------------------------------------
2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCH&RC
Obligated Group) 5.000 07/01/2027 2,262,533
- ------------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 5.000 07/01/2023 5,098
- ------------------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,305,875
- ------------------------------------------------------------------------------------------------------------------------------------
5,005,000 NYS DA (Dept. of Health) 5.000 07/01/2031 5,164,259
- ------------------------------------------------------------------------------------------------------------------------------------
525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 535,967
- ------------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,029
- ------------------------------------------------------------------------------------------------------------------------------------
6,790,000 NYS DA (Frances Schervier Home & Hospital
Obligated Group) 5.500 07/01/2027 6,932,794
- ------------------------------------------------------------------------------------------------------------------------------------
940,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 950,979
- ------------------------------------------------------------------------------------------------------------------------------------
3,970,000 NYS DA (Hospital for Special Surgery) 4 5.000 08/15/2033 4,090,291
- ------------------------------------------------------------------------------------------------------------------------------------
141,115,000 NYS DA (Insured Hospital) 5.529 2 08/15/2036 29,459,167
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,028,440
- ------------------------------------------------------------------------------------------------------------------------------------
10,300,000 NYS DA (Kaleida Health) 4 5.050 02/15/2025 10,599,009
- ------------------------------------------------------------------------------------------------------------------------------------
1,815,000 NYS DA ( L.I. Jewish Medical Center) 5.000 11/01/2026 1,853,605
- ------------------------------------------------------------------------------------------------------------------------------------
3,255,000 NYS DA ( L.I. University) 5.125 09/01/2023 3,345,717
- ------------------------------------------------------------------------------------------------------------------------------------
1,335,000 NYS DA ( L.I. University) 5.250 09/01/2028 1,380,564
- ------------------------------------------------------------------------------------------------------------------------------------
235,000 NYS DA ( L.I. University) 5.250 09/01/2028 244,456
- ------------------------------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA ( L.I. University) 5.500 09/01/2020 1,678,674
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 30,044
- ------------------------------------------------------------------------------------------------------------------------------------
1,710,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.375 07/01/2020 1,753,280
- ------------------------------------------------------------------------------------------------------------------------------------
405,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 416,486
- ------------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYS DA (Maimonides Medical Center) 6 5.750 08/01/2029 21,953,500
- ------------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Maimonides Medical Center) 5.750 08/01/2035 20,203
- ------------------------------------------------------------------------------------------------------------------------------------
6,615,000 NYS DA (Manhattan College) 5.000 07/01/2041 6,763,970
- ------------------------------------------------------------------------------------------------------------------------------------
23,975,000 NYS DA (Memorial Sloan-Kettering) 5.000 07/01/2030 24,809,570
- ------------------------------------------------------------------------------------------------------------------------------------
18,230,000 NYS DA (Memorial Sloan-Kettering) 5.000 07/01/2035 18,769,426
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Menorah Campus) 6.100 02/01/2037 1,021,480
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 12,465,000 NYS DA (Menorah Home & Hospital) 6 5.100% 08/01/2028 $ 12,796,748
- ------------------------------------------------------------------------------------------------------------------------------------
23,300,000 NYS DA (Menorah Home & Hospital) 6 5.150 08/01/2038 23,960,439
- ------------------------------------------------------------------------------------------------------------------------------------
18,500,000 NYS DA (Mental Health Services Facilities) 6 5.000 02/15/2023 18,879,898
- ------------------------------------------------------------------------------------------------------------------------------------
11,500,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2030 11,811,075
- ------------------------------------------------------------------------------------------------------------------------------------
3,660,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2033 3,735,286
- ------------------------------------------------------------------------------------------------------------------------------------
35,765,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2035 36,616,922
- ------------------------------------------------------------------------------------------------------------------------------------
25,650,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2037 26,449,511
- ------------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Mental Health) 5.250 08/15/2031 15,544
- ------------------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Mental Health) 5.750 02/15/2011 326,845
- ------------------------------------------------------------------------------------------------------------------------------------
3,800,000 NYS DA (Millard Fillmore Hospital) 4 5.375 02/01/2032 3,902,030
- ------------------------------------------------------------------------------------------------------------------------------------
4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.375 07/01/2029 4,438,335
- ------------------------------------------------------------------------------------------------------------------------------------
2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2,642,018
- ------------------------------------------------------------------------------------------------------------------------------------
6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2025 7,487,004
- ------------------------------------------------------------------------------------------------------------------------------------
11,750,000 NYS DA (Montefiore Medical Center) 4 5.000 08/01/2033 12,081,820
- ------------------------------------------------------------------------------------------------------------------------------------
13,250,000 NYS DA (Montifiore Medical Center) 6 5.000 02/01/2028 13,658,189
- ------------------------------------------------------------------------------------------------------------------------------------
9,500,000 NYS DA (Montifiore Medical Center) 6 5.500 08/01/2038 9,858,340
- ------------------------------------------------------------------------------------------------------------------------------------
8,150,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.500 07/01/2026 8,234,434
- ------------------------------------------------------------------------------------------------------------------------------------
6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 4 6.000 07/01/2014 7,134,424
- ------------------------------------------------------------------------------------------------------------------------------------
25,240,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6.500 07/01/2025 26,715,530
- ------------------------------------------------------------------------------------------------------------------------------------
2,335,000 NYS DA (Mt. Sinai Hospital) 6.625 07/01/2019 2,479,583
- ------------------------------------------------------------------------------------------------------------------------------------
5,435,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 5,505,166
- ------------------------------------------------------------------------------------------------------------------------------------
2,280,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 2,417,233
- ------------------------------------------------------------------------------------------------------------------------------------
5,745,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 6,120,666
- ------------------------------------------------------------------------------------------------------------------------------------
11,400,000 NYS DA (Municipal Health Facilities) 1,6 5.000 01/15/2023 11,674,398
- ------------------------------------------------------------------------------------------------------------------------------------
905,000 NYS DA (New York & Presbyterian Hospital) 5.000 08/01/2032 918,530
- ------------------------------------------------------------------------------------------------------------------------------------
16,000,000 NYS DA (New York Hospital Medical Center of Queens) 4.650 08/15/2027 15,943,200
- ------------------------------------------------------------------------------------------------------------------------------------
26,300,000 NYS DA (New York Hospital Medical Center of Queens) 4.750 02/15/2037 26,369,169
- ------------------------------------------------------------------------------------------------------------------------------------
6,950,000 NYS DA (New York Hospital Medical Center) 4 5.600 02/15/2039 7,243,985
- ------------------------------------------------------------------------------------------------------------------------------------
2,185,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2033 2,259,312
- ------------------------------------------------------------------------------------------------------------------------------------
62,010,000 NYS DA (North Shore University Hospital/ L.I.
Jewish Medical Center Obligated Group) 6 4.421 9 05/01/2033 61,389,900
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (North Shore University Hospital/ L.I.
Jewish Medical Center) 5.000 05/01/2020 2,061,820
- ------------------------------------------------------------------------------------------------------------------------------------
5,800,000 NYS DA (North Shore University Hospital/ L.I.
Jewish Medical Center) 5.000 05/01/2026 5,928,586
- ------------------------------------------------------------------------------------------------------------------------------------
3,455,000 NYS DA (North Shore University Hospital/ L.I.
Jewish Medical Center) 5.000 05/01/2027 3,528,868
- ------------------------------------------------------------------------------------------------------------------------------------
7,500,000 NYS DA (North Shore University Hospital/ L.I.
Jewish Medical Center) 5.000 05/01/2032 7,660,350
39 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 25,000,000 NYS DA (North Shore University Hospital/ L.I.
Jewish Medical Center) 5.000% 05/01/2037 $ 25,455,500
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Norwegian Christian Home & Health Center) 4 5.200 08/01/2036 1,042,930
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Norwegian Christian Home & Health Center) 4 6.100 08/01/2041 2,207,640
- ------------------------------------------------------------------------------------------------------------------------------------
7,500,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2026 7,659,525
- ------------------------------------------------------------------------------------------------------------------------------------
24,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2034 24,769,592
- ------------------------------------------------------------------------------------------------------------------------------------
6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 6,225,916
- ------------------------------------------------------------------------------------------------------------------------------------
7,600,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,669,236
- ------------------------------------------------------------------------------------------------------------------------------------
18,830,000 NYS DA (Nursing Homes) 6 5.300 02/01/2038 19,255,840
- ------------------------------------------------------------------------------------------------------------------------------------
4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,415,170
- ------------------------------------------------------------------------------------------------------------------------------------
21,620,000 NYS DA (NYU Hospital) 5.000 07/01/2036 21,182,195
- ------------------------------------------------------------------------------------------------------------------------------------
505,000 NYS DA (NYU) 5.000 07/01/2041 512,590
- ------------------------------------------------------------------------------------------------------------------------------------
2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2026 3,000,553
- ------------------------------------------------------------------------------------------------------------------------------------
5,150,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2031 5,268,141
- ------------------------------------------------------------------------------------------------------------------------------------
6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 6,086,479
- ------------------------------------------------------------------------------------------------------------------------------------
2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,763,153
- ------------------------------------------------------------------------------------------------------------------------------------
3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 3,212,654
- ------------------------------------------------------------------------------------------------------------------------------------
6,260,000 NYS DA (Rochester General Hospital) 6 5.000 12/01/2025 6,444,013
- ------------------------------------------------------------------------------------------------------------------------------------
17,675,000 NYS DA (Rochester General Hospital) 6 5.000 12/01/2035 18,107,229
- ------------------------------------------------------------------------------------------------------------------------------------
675,000 NYS DA (Sarah Neuman Nursing Home) 5.450 08/01/2027 689,283
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2022 54,521
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 27,113
- ------------------------------------------------------------------------------------------------------------------------------------
20,495,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 21,435,311
- ------------------------------------------------------------------------------------------------------------------------------------
1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 4 5.100 07/01/2034 1,083,493
- ------------------------------------------------------------------------------------------------------------------------------------
415,000 NYS DA (Special Act School Districts) 6.000 07/01/2019 415,776
- ------------------------------------------------------------------------------------------------------------------------------------
2,470,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,497,763
- ------------------------------------------------------------------------------------------------------------------------------------
905,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 947,825
- ------------------------------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,786,208
- ------------------------------------------------------------------------------------------------------------------------------------
2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,033,172
- ------------------------------------------------------------------------------------------------------------------------------------
2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,649,918
- ------------------------------------------------------------------------------------------------------------------------------------
101,800,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 102,821,054
- ------------------------------------------------------------------------------------------------------------------------------------
1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,529,697
- ------------------------------------------------------------------------------------------------------------------------------------
3,910,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,016,235
- ------------------------------------------------------------------------------------------------------------------------------------
8,920,000 NYS DA (State Personal Income Tax) 6 4.321 9 12/15/2035 8,819,650
- ------------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYS DA (University of Rochester) 5.000 07/01/2039 20,580,800
- ------------------------------------------------------------------------------------------------------------------------------------
13,045,000 NYS DA (University of Rochester) 5.000 07/01/2039 13,423,827
- ------------------------------------------------------------------------------------------------------------------------------------
2,095,000 NYS DA (Vassar Brothers) 4 5.375 07/01/2025 2,150,455
- ------------------------------------------------------------------------------------------------------------------------------------
11,695,000 NYS DA (Vassar College) 5.000 07/01/2046 12,013,806
- ------------------------------------------------------------------------------------------------------------------------------------
7,055,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,533,823
- ------------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,631,300
- ------------------------------------------------------------------------------------------------------------------------------------
26,070,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,610,953
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 715,000 NYS DA, Series B 6.650% 08/15/2030 $ 788,774
- ------------------------------------------------------------------------------------------------------------------------------------
100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 103,041
- ------------------------------------------------------------------------------------------------------------------------------------
4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 4 5.400 07/15/2021 4,334,803
- ------------------------------------------------------------------------------------------------------------------------------------
7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,964,175
- ------------------------------------------------------------------------------------------------------------------------------------
2,365,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,504,606
- ------------------------------------------------------------------------------------------------------------------------------------
45,000 NYS EFC (United Waterworks) 4 5.150 03/01/2034 45,650
- ------------------------------------------------------------------------------------------------------------------------------------
7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 8.447 7 04/01/2020 7,502,740
- ------------------------------------------------------------------------------------------------------------------------------------
16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 9.665 7 07/01/2026 17,204,324
- ------------------------------------------------------------------------------------------------------------------------------------
210,000 NYS ERDA (Central Hudson Gas & Electric Company) 5.450 08/01/2027 218,039
- ------------------------------------------------------------------------------------------------------------------------------------
160,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 164,688
- ------------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,028,600
- ------------------------------------------------------------------------------------------------------------------------------------
23,100,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,652,321
- ------------------------------------------------------------------------------------------------------------------------------------
350,000 NYS ERDA (LILCO) 5.300 10/01/2024 358,348
- ------------------------------------------------------------------------------------------------------------------------------------
100,000 NYS ERDA (LILCO) 5.300 08/01/2025 102,392
- ------------------------------------------------------------------------------------------------------------------------------------
75,000 NYS ERDA (LILCO) 5.300 08/01/2025 77,198
- ------------------------------------------------------------------------------------------------------------------------------------
9,350,000 NYS ERDA (Niagara Mohawk) 6 5.150 11/01/2025 9,788,413
- ------------------------------------------------------------------------------------------------------------------------------------
14,500,000 NYS ERDA (Rochester Gas & Electric) 6 5.950 09/01/2033 15,063,398
- ------------------------------------------------------------------------------------------------------------------------------------
2,785,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 2,787,033
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Crotona Estates Apartments) 4.950 08/15/2038 991,310
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Friendship) 5.100 08/15/2041 997,530
- ------------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (General Hsg.) 6.600 11/01/2008 15,319
- ------------------------------------------------------------------------------------------------------------------------------------
1,540,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 1,524,631
- ------------------------------------------------------------------------------------------------------------------------------------
5,960,000 NYS HFA (Highland Avenue Senior Apartments) 5.000 02/15/2039 6,017,276
- ------------------------------------------------------------------------------------------------------------------------------------
10,570,000 NYS HFA (Hospital & Nursing Home) 5.150 11/01/2016 10,611,963
- ------------------------------------------------------------------------------------------------------------------------------------
645,000 NYS HFA (Kensico Terrace Apartments) 4.900 02/15/2038 634,409
- ------------------------------------------------------------------------------------------------------------------------------------
950,000 NYS HFA (Kensico Terrace Apartments) 4.950 02/15/2038 941,802
- ------------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,078
- ------------------------------------------------------------------------------------------------------------------------------------
3,980,000 NYS HFA (Multifamily Hsg.) 4.850 02/15/2038 3,882,410
- ------------------------------------------------------------------------------------------------------------------------------------
3,400,000 NYS HFA (Multifamily Hsg.) 4.850 11/01/2040 3,282,700
- ------------------------------------------------------------------------------------------------------------------------------------
745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 751,251
- ------------------------------------------------------------------------------------------------------------------------------------
1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,355,544
- ------------------------------------------------------------------------------------------------------------------------------------
1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,712,682
- ------------------------------------------------------------------------------------------------------------------------------------
1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,091,839
- ------------------------------------------------------------------------------------------------------------------------------------
2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,897,094
- ------------------------------------------------------------------------------------------------------------------------------------
2,080,000 NYS HFA (Multifamily Hsg.) 4 5.375 02/15/2035 2,112,760
- ------------------------------------------------------------------------------------------------------------------------------------
3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,327,480
- ------------------------------------------------------------------------------------------------------------------------------------
2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,098,282
- ------------------------------------------------------------------------------------------------------------------------------------
1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,241,584
- ------------------------------------------------------------------------------------------------------------------------------------
1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,416,232
- ------------------------------------------------------------------------------------------------------------------------------------
1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,257,720
- ------------------------------------------------------------------------------------------------------------------------------------
1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,783,526
41 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,150,000 NYS HFA (Multifamily Hsg.) 5.650% 08/15/2030 $ 1,176,151
- ------------------------------------------------------------------------------------------------------------------------------------
3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,269,504
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,022,530
- ------------------------------------------------------------------------------------------------------------------------------------
1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,735,086
- ------------------------------------------------------------------------------------------------------------------------------------
2,120,000 NYS HFA (Multifamily Hsg.) 4 5.700 08/15/2033 2,174,823
- ------------------------------------------------------------------------------------------------------------------------------------
1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,324,231
- ------------------------------------------------------------------------------------------------------------------------------------
4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,773,649
- ------------------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 45,062
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,338
- ------------------------------------------------------------------------------------------------------------------------------------
710,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 727,125
- ------------------------------------------------------------------------------------------------------------------------------------
1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,276,435
- ------------------------------------------------------------------------------------------------------------------------------------
2,735,000 NYS HFA (Multifamily Hsg.) 4 6.700 08/15/2025 2,738,145
- ------------------------------------------------------------------------------------------------------------------------------------
5,510,000 NYS HFA (Multifamily Hsg.) 4 6.750 11/15/2036 5,584,220
- ------------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 5,069
- ------------------------------------------------------------------------------------------------------------------------------------
480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 486,658
- ------------------------------------------------------------------------------------------------------------------------------------
525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 532,282
- ------------------------------------------------------------------------------------------------------------------------------------
565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 572,837
- ------------------------------------------------------------------------------------------------------------------------------------
605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 613,391
- ------------------------------------------------------------------------------------------------------------------------------------
655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 664,085
- ------------------------------------------------------------------------------------------------------------------------------------
780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 790,819
- ------------------------------------------------------------------------------------------------------------------------------------
835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 846,581
- ------------------------------------------------------------------------------------------------------------------------------------
900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 912,483
- ------------------------------------------------------------------------------------------------------------------------------------
990,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,003,731
- ------------------------------------------------------------------------------------------------------------------------------------
1,060,000 NYS HFA (Nonprofit Hsg.) 4 8.400 11/01/2018 1,074,702
- ------------------------------------------------------------------------------------------------------------------------------------
460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 466,380
- ------------------------------------------------------------------------------------------------------------------------------------
4,850,000 NYS HFA (Phillips Village) 4 7.750 08/15/2017 4,921,441
- ------------------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,082
- ------------------------------------------------------------------------------------------------------------------------------------
5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,714,352
- ------------------------------------------------------------------------------------------------------------------------------------
5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,634,892
- ------------------------------------------------------------------------------------------------------------------------------------
255,000 NYS HFA (Service Contract) 6.500 03/15/2025 255,811
- ------------------------------------------------------------------------------------------------------------------------------------
160,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 160,174
- ------------------------------------------------------------------------------------------------------------------------------------
1,540,000 NYS HFA (Tiffany Gardens) 4.900 08/15/2025 1,526,217
- ------------------------------------------------------------------------------------------------------------------------------------
3,210,000 NYS HFA (Tiffany Gardens) 5.125 08/15/2037 3,226,756
- ------------------------------------------------------------------------------------------------------------------------------------
275,000 NYS LGSC (SCSB) 1 7.250 12/15/2011 285,956
- ------------------------------------------------------------------------------------------------------------------------------------
810,000 NYS LGSC (SCSB) 1 7.375 12/15/2016 830,210
- ------------------------------------------------------------------------------------------------------------------------------------
980,000 NYS LGSC (SCSB) 1 7.750 12/15/2021 1,037,644
- ------------------------------------------------------------------------------------------------------------------------------------
960,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 961,642
- ------------------------------------------------------------------------------------------------------------------------------------
740,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 741,317
- ------------------------------------------------------------------------------------------------------------------------------------
295,000 NYS Medcare (Hospital & Nursing Home) 4 7.400 11/01/2016 296,434
- ------------------------------------------------------------------------------------------------------------------------------------
200,000 NYS Medcare (Hospital & Nursing Home) 4 9.375 11/01/2016 207,238
- ------------------------------------------------------------------------------------------------------------------------------------
35,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 35,091
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,670,000 NYS Medcare (M.G. Nursing Home) 4 6.375% 02/15/2035 $ 1,674,426
- ------------------------------------------------------------------------------------------------------------------------------------
350,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 358,106
- ------------------------------------------------------------------------------------------------------------------------------------
5,875,000 NYS Medcare (St. Peter's Hospital) 4 5.375 11/01/2020 5,918,886
- ------------------------------------------------------------------------------------------------------------------------------------
28,565,000 NYS Thruway Authority, Series E 6 5.000 01/01/2025 28,992,258
- ------------------------------------------------------------------------------------------------------------------------------------
5,000 NYS UDC (Correctional Facilities) 6.309 2 01/01/2013 3,761
- ------------------------------------------------------------------------------------------------------------------------------------
5,480,000 Oneida County IDA (Bonide Products) 4 6.250 11/01/2018 5,507,838
- ------------------------------------------------------------------------------------------------------------------------------------
830,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 837,171
- ------------------------------------------------------------------------------------------------------------------------------------
450,000 Oneida County IDA (Mohawk Valley
Handicapped Services) 5.300 03/15/2019 460,571
- ------------------------------------------------------------------------------------------------------------------------------------
740,000 Oneida County IDA (Mohawk Valley
Handicapped Services) 5.350 03/15/2029 755,947
- ------------------------------------------------------------------------------------------------------------------------------------
1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,206,791
- ------------------------------------------------------------------------------------------------------------------------------------
1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,070,013
- ------------------------------------------------------------------------------------------------------------------------------------
3,995,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,200,503
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,150,760
- ------------------------------------------------------------------------------------------------------------------------------------
2,200,000 Onondaga County IDA (Anheuser-Busch) 4.950 07/01/2036 2,175,272
- ------------------------------------------------------------------------------------------------------------------------------------
295,000 Onondaga County IDA (Central New York
Charter School for Math & Science) 10 8.500 01/01/2032 106,468
- ------------------------------------------------------------------------------------------------------------------------------------
435,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 439,698
- ------------------------------------------------------------------------------------------------------------------------------------
770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 779,325
- ------------------------------------------------------------------------------------------------------------------------------------
1,315,000 Onondaga County IDA (Community General Hospital) 4 5.500 11/01/2018 1,324,060
- ------------------------------------------------------------------------------------------------------------------------------------
6,945,000 Onondaga County IDA (Community General Hospital) 4 6.625 01/01/2018 6,998,546
- ------------------------------------------------------------------------------------------------------------------------------------
4,710,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 4,945,312
- ------------------------------------------------------------------------------------------------------------------------------------
10,600,000 Onondaga County IDA (Solvay Paperboard) 4 6.800 11/01/2014 10,993,260
- ------------------------------------------------------------------------------------------------------------------------------------
67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 69,775,776
- ------------------------------------------------------------------------------------------------------------------------------------
750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 765,165
- ------------------------------------------------------------------------------------------------------------------------------------
500,000 Onondaga County IDA Sewage Waste Facilities
(Anheuser-Busch Companies) 6.250 12/01/2034 520,255
- ------------------------------------------------------------------------------------------------------------------------------------
49,164,598 Onondaga County Res Rec 0.000 8 05/01/2022 28,734,741
- ------------------------------------------------------------------------------------------------------------------------------------
41,580,000 Onondaga County Res Rec 5.000 05/01/2015 40,564,201
- ------------------------------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,657,550
- ------------------------------------------------------------------------------------------------------------------------------------
2,325,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,459,292
- ------------------------------------------------------------------------------------------------------------------------------------
2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,210,718
- ------------------------------------------------------------------------------------------------------------------------------------
2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,756,909
- ------------------------------------------------------------------------------------------------------------------------------------
5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 5,677,204
- ------------------------------------------------------------------------------------------------------------------------------------
2,685,000 Orange County IDA (Kingston Manufacturing) 1,10 8.000 11/01/2017 375,900
- ------------------------------------------------------------------------------------------------------------------------------------
250,000 Orange County IDA (Orange Mental
Retardation Properties) 7.800 07/01/2011 251,858
- ------------------------------------------------------------------------------------------------------------------------------------
1,715,000 Orange County IDA (St. Luke's Cornwall
Hospital Obligated Group) 5.375 12/01/2021 1,790,203
- ------------------------------------------------------------------------------------------------------------------------------------
6,330,000 Orange County IDA (St. Luke's Cornwall
Hospital Obligated Group) 4 5.375 12/01/2026 6,604,469
43 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,235,000 Orange County IDA (St. Luke's Cornwall
Hospital Obligated Group) 5.375% 12/01/2026 $ 2,331,910
- ------------------------------------------------------------------------------------------------------------------------------------
7,545,000 Orange County IDA (Tuxedo Place) 1 7.000 08/01/2032 5,822,854
- ------------------------------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Tuxedo Place) 1 7.000 08/01/2033 1,928,100
- ------------------------------------------------------------------------------------------------------------------------------------
2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,830,790
- ------------------------------------------------------------------------------------------------------------------------------------
3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,329,210
- ------------------------------------------------------------------------------------------------------------------------------------
6,860,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 7,061,615
- ------------------------------------------------------------------------------------------------------------------------------------
3,030,000 Otsego County IDA (Mary Imogene Bassett
Hospital) 4 5.350 11/01/2020 3,119,567
- ------------------------------------------------------------------------------------------------------------------------------------
10,720,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,675,405
- ------------------------------------------------------------------------------------------------------------------------------------
447,716 Peekskill IDA (Karta) 9.000 07/01/2010 454,821
- ------------------------------------------------------------------------------------------------------------------------------------
2,055,000 Penfield-Crown Oak Hsg. Devel. Corp.
(Crown Oak Apartments) 4.875 12/01/2038 2,066,344
- ------------------------------------------------------------------------------------------------------------------------------------
1,475,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,504,338
- ------------------------------------------------------------------------------------------------------------------------------------
53,290,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 55,530,845
- ------------------------------------------------------------------------------------------------------------------------------------
3,195,000 Port Authority NY/NJ (Delta Air Lines) 1 6.950 06/01/2008 3,226,950
- ------------------------------------------------------------------------------------------------------------------------------------
15,615,000 Port Authority NY/NJ (JFK International Air
Terminal) 5.750 12/01/2022 16,028,017
- ------------------------------------------------------------------------------------------------------------------------------------
28,315,000 Port Authority NY/NJ (JFK International Air
Terminal) 4 5.750 12/01/2025 28,507,259
- ------------------------------------------------------------------------------------------------------------------------------------
2,625,000 Port Authority NY/NJ (JFK International Air
Terminal) 5.900 12/01/2017 2,696,190
- ------------------------------------------------------------------------------------------------------------------------------------
7,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 7,492,251
- ------------------------------------------------------------------------------------------------------------------------------------
46,455,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 46,986,910
- ------------------------------------------------------------------------------------------------------------------------------------
3,300,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 3,310,791
- ------------------------------------------------------------------------------------------------------------------------------------
21,150,000 Port Authority NY/NJ, 108th Series 5.875 01/15/2017 21,378,420
- ------------------------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 40,429
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 120th Series 4 5.750 10/15/2026 1,014,670
- ------------------------------------------------------------------------------------------------------------------------------------
4,775,000 Port Authority NY/NJ, 121st Series 5.125 10/15/2030 4,837,218
- ------------------------------------------------------------------------------------------------------------------------------------
425,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2018 431,953
- ------------------------------------------------------------------------------------------------------------------------------------
35,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 35,323
- ------------------------------------------------------------------------------------------------------------------------------------
400,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 404,864
- ------------------------------------------------------------------------------------------------------------------------------------
745,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2019 757,531
- ------------------------------------------------------------------------------------------------------------------------------------
9,810,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,901,724
- ------------------------------------------------------------------------------------------------------------------------------------
245,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 252,610
- ------------------------------------------------------------------------------------------------------------------------------------
240,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 247,044
- ------------------------------------------------------------------------------------------------------------------------------------
1,145,000 Port Authority NY/NJ, 127th Series 5.125 06/15/2037 1,176,934
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 127th Series 5.200 12/15/2027 51,943
- ------------------------------------------------------------------------------------------------------------------------------------
7,070,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 7,343,963
- ------------------------------------------------------------------------------------------------------------------------------------
495,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2026 513,429
- ------------------------------------------------------------------------------------------------------------------------------------
35,100,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2038 36,226,359
- ------------------------------------------------------------------------------------------------------------------------------------
80,000,000 Port Authority NY/NJ, 135th Series 6 5.000 03/15/2039 82,577,600
- ------------------------------------------------------------------------------------------------------------------------------------
17,855,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 18,461,534
- ------------------------------------------------------------------------------------------------------------------------------------
19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 20,256,470
- ------------------------------------------------------------------------------------------------------------------------------------
22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 24,396,341
- ------------------------------------------------------------------------------------------------------------------------------------
1,430,000 Port Authority NY/NJ, 137th Series 5.125 07/15/2030 1,482,753
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 30,000,000 Port Authority NY/NJ, 141st Series 4.500% 09/01/2029 $ 28,699,200
- ------------------------------------------------------------------------------------------------------------------------------------
18,040,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2027 18,525,817
- ------------------------------------------------------------------------------------------------------------------------------------
47,910,000 Port Authority NY/NJ, 143rd Series 5.000 10/01/2030 48,928,567
- ------------------------------------------------------------------------------------------------------------------------------------
27,535,000 Port Authority NY/NJ, 143rd Series 5.000 04/01/2036 28,060,919
- ------------------------------------------------------------------------------------------------------------------------------------
14,350,000 Port Authority NY/NJ, 146th Series 4.500 12/01/2023 13,911,751
- ------------------------------------------------------------------------------------------------------------------------------------
20,215,000 Port Authority NY/NJ, 146th Series 4.500 12/01/2034 19,001,696
- ------------------------------------------------------------------------------------------------------------------------------------
26,110,000 Port Authority NY/NJ, 146th Series 4.750 12/01/2027 26,148,382
- ------------------------------------------------------------------------------------------------------------------------------------
15,005,000 Port Authority NY/NJ, 147th Series 4.750 10/15/2028 15,015,654
- ------------------------------------------------------------------------------------------------------------------------------------
50,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 52,926,528
- ------------------------------------------------------------------------------------------------------------------------------------
2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevel.
Corp.) 6.000 08/01/2032 2,889,003
- ------------------------------------------------------------------------------------------------------------------------------------
1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,035,472
- ------------------------------------------------------------------------------------------------------------------------------------
16,240,000 Rensselaer City School District COP 4 5.000 06/01/2036 16,776,407
- ------------------------------------------------------------------------------------------------------------------------------------
1,500,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2036 1,564,200
- ------------------------------------------------------------------------------------------------------------------------------------
27,455,000 Rensselaer County IDA
(Rensselaer Polytechnical Institute) 5.000 03/01/2036 28,201,776
- ------------------------------------------------------------------------------------------------------------------------------------
6,385,000 Rensselaer County Tobacco Asset Securitization
Corp. 6 5.625 06/01/2035 6,660,251
- ------------------------------------------------------------------------------------------------------------------------------------
7,300,000 Rensselaer County Tobacco Asset Securitization 5.750 06/01/2043 7,638,110
Corp. 6
- ------------------------------------------------------------------------------------------------------------------------------------
18,415,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 18,584,970
- ------------------------------------------------------------------------------------------------------------------------------------
1,555,000 Riverhead IDA (Michael Reilly Design) 8.875 08/01/2021 1,634,974
- ------------------------------------------------------------------------------------------------------------------------------------
5,365,000 Rochester Hsg. Authority (Andrews Terrace
Apartments) 4.600 12/20/2026 5,137,792
- ------------------------------------------------------------------------------------------------------------------------------------
7,565,000 Rochester Hsg. Authority (Andrews Terrace
Apartments) 4.700 12/20/2038 7,171,393
- ------------------------------------------------------------------------------------------------------------------------------------
14,695,000 Rochester Hsg. Authority (Andrews Terrace
Apartments) 4.800 12/20/2048 13,877,223
- ------------------------------------------------------------------------------------------------------------------------------------
6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,852,061
- ------------------------------------------------------------------------------------------------------------------------------------
1,195,000 Rockland County IDA (Crystal Run Village/Rockland
County Assoc. for the Learning Disabled
Obligated Group) 4.900 07/01/2021 1,211,503
- ------------------------------------------------------------------------------------------------------------------------------------
9,225,000 Rockland County Tobacco Asset Securitization
Corp. 6 5.625 08/15/2035 9,637,511
- ------------------------------------------------------------------------------------------------------------------------------------
10,100,000 Rockland County Tobacco Asset Securitization
Corp. 6 5.750 08/15/2043 10,584,176
- ------------------------------------------------------------------------------------------------------------------------------------
30,000,000 Rockland County Tobacco Asset Securitization
Corp. 5.875 2 08/15/2045 3,299,700
- ------------------------------------------------------------------------------------------------------------------------------------
441,000,000 Rockland County Tobacco Asset Securitization
Corp. 7.624 2 08/15/2060 8,939,070
- ------------------------------------------------------------------------------------------------------------------------------------
20,000 Sanford Town GO 5.250 04/15/2015 20,925
- ------------------------------------------------------------------------------------------------------------------------------------
20,000 Sanford Town GO 5.250 04/15/2016 20,992
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2017 26,203
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2018 26,135
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2019 26,062
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 Sanford Town GO 5.250 04/15/2020 25,989
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2021 31,099
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2022 31,033
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2023 30,990
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 Sanford Town GO 5.250 04/15/2024 30,924
- ------------------------------------------------------------------------------------------------------------------------------------
35,000 Sanford Town GO 5.250 04/15/2025 35,927
- ------------------------------------------------------------------------------------------------------------------------------------
35,000 Sanford Town GO 5.250 04/15/2026 35,852
- ------------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2027 40,953
45 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 40,000 Sanford Town GO 5.250% 04/15/2028 $ 40,881
- ------------------------------------------------------------------------------------------------------------------------------------
40,000 Sanford Town GO 5.250 04/15/2029 40,830
- ------------------------------------------------------------------------------------------------------------------------------------
45,000 Sanford Town GO 5.250 04/15/2030 45,869
- ------------------------------------------------------------------------------------------------------------------------------------
45,000 Sanford Town GO 5.250 04/15/2031 45,805
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 Sanford Town GO 5.250 04/15/2032 50,884
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 Sanford Town GO 5.250 04/15/2033 50,859
- ------------------------------------------------------------------------------------------------------------------------------------
55,000 Sanford Town GO 5.250 04/15/2034 55,933
- ------------------------------------------------------------------------------------------------------------------------------------
60,000 Sanford Town GO 5.250 04/15/2035 60,988
- ------------------------------------------------------------------------------------------------------------------------------------
60,000 Sanford Town GO 5.250 04/15/2036 60,946
- ------------------------------------------------------------------------------------------------------------------------------------
3,000,000 Saratoga County IDA (Saratoga Hospital/
SaratogaCare/Benedict Community
Health Center) 5.125 12/01/2033 3,085,770
- ------------------------------------------------------------------------------------------------------------------------------------
1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,746,327
- ------------------------------------------------------------------------------------------------------------------------------------
3,335,000 Schenectady IDA (Union College) 5.000 07/01/2031 3,457,328
- ------------------------------------------------------------------------------------------------------------------------------------
3,405,000 Schenectady Metroplex Devel. Authority,
Series A 4 5.375 12/15/2021 3,550,291
- ------------------------------------------------------------------------------------------------------------------------------------
130,000 Schroon Lake Fire District 1 7.250 03/01/2009 130,469
- ------------------------------------------------------------------------------------------------------------------------------------
175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 176,174
- ------------------------------------------------------------------------------------------------------------------------------------
2,650,000 Seneca County IDA (New York Chiropractic
College) 5.000 10/01/2027 2,674,168
- ------------------------------------------------------------------------------------------------------------------------------------
17,120,000 Seneca Nation Indians Capital Improvements 5.000 12/01/2023 17,001,872
- ------------------------------------------------------------------------------------------------------------------------------------
2,480,000 SONYMA, Series 106 5.100 04/01/2023 2,494,880
- ------------------------------------------------------------------------------------------------------------------------------------
33,565,000 SONYMA, Series 109 6 4.950 10/01/2034 33,044,484
- ------------------------------------------------------------------------------------------------------------------------------------
5,500,000 SONYMA, Series 130 4.650 04/01/2027 5,297,820
- ------------------------------------------------------------------------------------------------------------------------------------
14,865,000 SONYMA, Series 133 5.050 10/01/2026 14,933,528
- ------------------------------------------------------------------------------------------------------------------------------------
23,500,000 SONYMA, Series 137 4.700 10/01/2031 22,580,915
- ------------------------------------------------------------------------------------------------------------------------------------
23,290,000 SONYMA, Series 140 4.750 10/01/2037 22,866,355
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 SONYMA, Series 143 4.850 10/01/2027 1,978,240
- ------------------------------------------------------------------------------------------------------------------------------------
2,375,000 SONYMA, Series 143 4.875 10/01/2030 2,345,526
- ------------------------------------------------------------------------------------------------------------------------------------
8,745,000 SONYMA, Series 143 4.900 10/01/2037 8,602,019
- ------------------------------------------------------------------------------------------------------------------------------------
2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,511,729
- ------------------------------------------------------------------------------------------------------------------------------------
20,600,000 SONYMA, Series 29 5.450 10/01/2031 21,286,392
- ------------------------------------------------------------------------------------------------------------------------------------
7,380,000 SONYMA, Series 35 4.800 10/01/2030 7,212,622
- ------------------------------------------------------------------------------------------------------------------------------------
16,740,000 SONYMA, Series 67 5.800 10/01/2028 16,848,475
- ------------------------------------------------------------------------------------------------------------------------------------
9,455,000 SONYMA, Series 69 6 5.500 10/01/2028 9,516,972
- ------------------------------------------------------------------------------------------------------------------------------------
3,535,000 SONYMA, Series 69 4 5.400 10/01/2019 3,582,510
- ------------------------------------------------------------------------------------------------------------------------------------
3,650,000 SONYMA, Series 69 5.500 10/01/2028 3,692,742
- ------------------------------------------------------------------------------------------------------------------------------------
20,300,000 SONYMA, Series 71 6 5.400 04/01/2029 20,658,572
- ------------------------------------------------------------------------------------------------------------------------------------
11,960,000 SONYMA, Series 71 5.400 04/01/2029 12,191,187
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 71 5.400 04/01/2029 30,580
- ------------------------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 73 5.250 10/01/2017 30,422
- ------------------------------------------------------------------------------------------------------------------------------------
22,000,000 SONYMA, Series 73-A 6 5.300 10/01/2028 22,238,040
- ------------------------------------------------------------------------------------------------------------------------------------
1,840,000 SONYMA, Series 73-A 5.300 10/01/2028 1,859,909
- ------------------------------------------------------------------------------------------------------------------------------------
285,000 SONYMA, Series 77 5.150 04/01/2029 286,274
- ------------------------------------------------------------------------------------------------------------------------------------
10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,409,229
46 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 500,000 SONYMA, Series 82 5.650% 04/01/2030 $ 514,575
- ------------------------------------------------------------------------------------------------------------------------------------
5,420,000 SONYMA, Series 97 5.500 04/01/2031 5,521,517
- ------------------------------------------------------------------------------------------------------------------------------------
7,125,000 St. Lawrence County IDA (Clarkson University) 5.000 07/01/2031 7,325,569
- ------------------------------------------------------------------------------------------------------------------------------------
1,225,000 Suffolk County IDA (ACLD) 6.000 12/01/2019 1,255,833
- ------------------------------------------------------------------------------------------------------------------------------------
495,000 Suffolk County IDA (ALIA-ACDS) 7.125 06/01/2017 529,155
- ------------------------------------------------------------------------------------------------------------------------------------
2,260,000 Suffolk County IDA (ALIA-ACLD) 5.950 10/01/2021 2,252,881
- ------------------------------------------------------------------------------------------------------------------------------------
285,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 293,755
- ------------------------------------------------------------------------------------------------------------------------------------
1,070,000 Suffolk County IDA (ALIA-ACLD) 6.500 03/01/2018 1,099,586
- ------------------------------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 794,684
- ------------------------------------------------------------------------------------------------------------------------------------
260,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 275,720
- ------------------------------------------------------------------------------------------------------------------------------------
450,000 Suffolk County IDA (ALIA-ADD) 7.125 06/01/2017 481,050
- ------------------------------------------------------------------------------------------------------------------------------------
395,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 421,343
- ------------------------------------------------------------------------------------------------------------------------------------
3,320,000 Suffolk County IDA (ALIA-DDI) 5.950 10/01/2021 3,309,542
- ------------------------------------------------------------------------------------------------------------------------------------
1,110,000 Suffolk County IDA (ALIA-DDI) 6.375 06/01/2014 1,144,099
- ------------------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County IDA (ALIA-DDI) 7.500 09/01/2015 106,669
- ------------------------------------------------------------------------------------------------------------------------------------
860,000 Suffolk County IDA (ALIA-FREE) 5.950 10/01/2021 857,291
- ------------------------------------------------------------------------------------------------------------------------------------
630,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 649,354
- ------------------------------------------------------------------------------------------------------------------------------------
1,605,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 1,702,038
- ------------------------------------------------------------------------------------------------------------------------------------
3,620,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 3,869,780
- ------------------------------------------------------------------------------------------------------------------------------------
615,000 Suffolk County IDA (ALIA-IGHL) 5.950 10/01/2021 613,063
- ------------------------------------------------------------------------------------------------------------------------------------
380,000 Suffolk County IDA (ALIA-IGHL) 6.000 10/01/2031 378,552
- ------------------------------------------------------------------------------------------------------------------------------------
505,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 520,514
- ------------------------------------------------------------------------------------------------------------------------------------
550,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 583,253
- ------------------------------------------------------------------------------------------------------------------------------------
1,040,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,111,760
- ------------------------------------------------------------------------------------------------------------------------------------
1,945,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 2,065,765
- ------------------------------------------------------------------------------------------------------------------------------------
240,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 256,006
- ------------------------------------------------------------------------------------------------------------------------------------
295,000 Suffolk County IDA (ALIA- L.I. Head Injury
Assoc.) 6.375 06/01/2014 304,062
- ------------------------------------------------------------------------------------------------------------------------------------
655,000 Suffolk County IDA (ALIA- L.I. Head Injury
Assoc.) 6.950 12/01/2014 694,601
- ------------------------------------------------------------------------------------------------------------------------------------
250,000 Suffolk County IDA (ALIA- L.I. Head Injury
Assoc.) 7.500 09/01/2015 266,673
- ------------------------------------------------------------------------------------------------------------------------------------
495,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 510,206
- ------------------------------------------------------------------------------------------------------------------------------------
1,535,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,627,806
- ------------------------------------------------------------------------------------------------------------------------------------
1,270,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,357,630
- ------------------------------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-NYS ARC) 7.500 09/01/2015 794,684
- ------------------------------------------------------------------------------------------------------------------------------------
360,000 Suffolk County IDA (ALIA-Pederson-Krag
Center) 8.375 06/01/2016 388,980
- ------------------------------------------------------------------------------------------------------------------------------------
595,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 634,681
- ------------------------------------------------------------------------------------------------------------------------------------
710,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 757,350
- ------------------------------------------------------------------------------------------------------------------------------------
2,045,000 Suffolk County IDA (ALIA-UCPAGS) 5.950 10/01/2021 2,038,558
- ------------------------------------------------------------------------------------------------------------------------------------
210,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 216,451
- ------------------------------------------------------------------------------------------------------------------------------------
955,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,012,739
- ------------------------------------------------------------------------------------------------------------------------------------
730,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 777,888
- ------------------------------------------------------------------------------------------------------------------------------------
495,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 528,012
47 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 340,000 Suffolk County IDA (ALIA-WORCA) 6.950 % 12/01/2014 $ 360,556
- ------------------------------------------------------------------------------------------------------------------------------------
795,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 849,855
- ------------------------------------------------------------------------------------------------------------------------------------
590,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 629,347
- ------------------------------------------------------------------------------------------------------------------------------------
715,000 Suffolk County IDA (Catholic Charities) 6.000 10/01/2020 725,253
- ------------------------------------------------------------------------------------------------------------------------------------
235,000 Suffolk County IDA (DDI) 6.000 12/01/2019 240,915
- ------------------------------------------------------------------------------------------------------------------------------------
635,000 Suffolk County IDA (DDI) 6.000 10/01/2020 644,106
- ------------------------------------------------------------------------------------------------------------------------------------
655,000 Suffolk County IDA (DDI) 6.000 10/01/2020 664,393
- ------------------------------------------------------------------------------------------------------------------------------------
360,000 Suffolk County IDA (DDI) 6.250 03/01/2009 364,536
- ------------------------------------------------------------------------------------------------------------------------------------
5,025,000 Suffolk County IDA (DDI) 7.250 03/01/2024 5,289,516
- ------------------------------------------------------------------------------------------------------------------------------------
8,790,000 Suffolk County IDA (DDI) 8.750 03/01/2023 9,290,503
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 Suffolk County IDA (Dowling College) 5.000 06/01/2036 2,017,120
- ------------------------------------------------------------------------------------------------------------------------------------
3,275,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,345,085
- ------------------------------------------------------------------------------------------------------------------------------------
3,000,000 Suffolk County IDA (Easter Long Island Hospital Assoc.) 5.375 01/01/2027 2,958,300
- ------------------------------------------------------------------------------------------------------------------------------------
2,745,000 Suffolk County IDA (Easter Long Island Hospital Assoc.) 5.500 01/01/2037 2,709,095
- ------------------------------------------------------------------------------------------------------------------------------------
1,740,000 Suffolk County IDA (Family Residences) 6.000 12/01/2019 1,783,796
- ------------------------------------------------------------------------------------------------------------------------------------
1,345,000 Suffolk County IDA (Family Services League) 5.000 11/01/2027 1,383,588
- ------------------------------------------------------------------------------------------------------------------------------------
830,000 Suffolk County IDA (Family Services League) 5.000 11/01/2034 850,792
- ------------------------------------------------------------------------------------------------------------------------------------
125,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 128,805
- ------------------------------------------------------------------------------------------------------------------------------------
2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,301,062
- ------------------------------------------------------------------------------------------------------------------------------------
2,600,000 Suffolk County IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,819,700
- ------------------------------------------------------------------------------------------------------------------------------------
3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 4,002,241
- ------------------------------------------------------------------------------------------------------------------------------------
270,000 Suffolk County IDA (Independent Group Home Living) 6.000 12/01/2019 276,796
- ------------------------------------------------------------------------------------------------------------------------------------
1,460,000 Suffolk County IDA (Independent Group Home Living) 6.000 10/01/2020 1,480,936
- ------------------------------------------------------------------------------------------------------------------------------------
7,200,000 Suffolk County IDA (Jefferson's Ferry) 5.000 11/01/2028 7,212,816
- ------------------------------------------------------------------------------------------------------------------------------------
13,920,000 Suffolk County IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 14,318,530
- ------------------------------------------------------------------------------------------------------------------------------------
4,065,000 Suffolk County IDA (L.I. Network Community Services) 7.550 02/01/2034 4,291,014
- ------------------------------------------------------------------------------------------------------------------------------------
8,000,000 Suffolk County IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 8,133,440
- ------------------------------------------------------------------------------------------------------------------------------------
1,865,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,889,226
- ------------------------------------------------------------------------------------------------------------------------------------
635,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 635,305
- ------------------------------------------------------------------------------------------------------------------------------------
3,080,000 Suffolk County IDA (New Interdisciplinary School) 6.750 12/01/2019 3,169,443
- ------------------------------------------------------------------------------------------------------------------------------------
450,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 4.875 01/01/2008 449,204
- ------------------------------------------------------------------------------------------------------------------------------------
8,750,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 8,614,900
- ------------------------------------------------------------------------------------------------------------------------------------
18,925,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 18,494,835
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,098,090
- ------------------------------------------------------------------------------------------------------------------------------------
2,850,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,118,755
- ------------------------------------------------------------------------------------------------------------------------------------
4,800,000 Suffolk County IDA (Pederson-Krager Center) 7.200 02/01/2035 5,091,168
- ------------------------------------------------------------------------------------------------------------------------------------
145,000 Suffolk County IDA (Pederson-Krager Center) 7.625 04/01/2010 151,995
- ------------------------------------------------------------------------------------------------------------------------------------
2,545,000 Suffolk County IDA (Pederson-Krager Center) 8.125 04/01/2030 2,724,372
- ------------------------------------------------------------------------------------------------------------------------------------
150,000 Suffolk County IDA (St. Vincent De Paul in the
Diocese of Rockville Center) 7.000 04/01/2010 155,309
- ------------------------------------------------------------------------------------------------------------------------------------
2,595,000 Suffolk County IDA (St. Vincent De Paul in the
Diocese of Rockville Center) 8.000 04/01/2030 2,729,525
48 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 545,000 Suffolk County IDA (Suffolk Hotels) 6.000 % 10/01/2020 $ 552,815
- ------------------------------------------------------------------------------------------------------------------------------------
2,140,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 2,193,864
- ------------------------------------------------------------------------------------------------------------------------------------
3,350,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 3,505,306
- ------------------------------------------------------------------------------------------------------------------------------------
1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,695,492
- ------------------------------------------------------------------------------------------------------------------------------------
1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,369,859
- ------------------------------------------------------------------------------------------------------------------------------------
4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,106,407
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (WORCA) 6.000 10/01/2020 1,014,340
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County Water Authority 5.125 06/01/2026 51,677
- ------------------------------------------------------------------------------------------------------------------------------------
4,000,000 Sullivan County Community College COP 1 5.750 08/15/2025 3,933,000
- ------------------------------------------------------------------------------------------------------------------------------------
4,355,000 Sullivan County IDA (Center for Discovery) 5.625 06/01/2013 4,393,934
- ------------------------------------------------------------------------------------------------------------------------------------
14,115,000 Sullivan County IDA (Center for Discovery) 5.875 07/01/2022 14,160,591
- ------------------------------------------------------------------------------------------------------------------------------------
6,400,000 Sullivan County IDA (Center for Discovery) 6.000 06/01/2019 6,495,616
- ------------------------------------------------------------------------------------------------------------------------------------
13,840,000 Sullivan County IDA (Center for Discovery) 6.000 07/01/2037 13,884,426
- ------------------------------------------------------------------------------------------------------------------------------------
4,800,000 Sullivan County IDA (Center for Discovery) 6.500 06/01/2025 4,875,264
- ------------------------------------------------------------------------------------------------------------------------------------
4,650,000 Sullivan County IDA (Center for Discovery) 6.950 02/01/2035 4,851,345
- ------------------------------------------------------------------------------------------------------------------------------------
1,915,000 Sullivan County IDA (Center for Discovery) 7.250 02/01/2012 2,009,563
- ------------------------------------------------------------------------------------------------------------------------------------
9,965,000 Sullivan County IDA (Center for Discovery) 7.750 02/01/2027 10,644,912
- ------------------------------------------------------------------------------------------------------------------------------------
8,350,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,276,520
- ------------------------------------------------------------------------------------------------------------------------------------
167,500 Syracuse Hsg. Authority (Loretto Sedgwick Heights
Corp.) 7.375 11/01/2008 166,745
- ------------------------------------------------------------------------------------------------------------------------------------
6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights
Corp.) 8.500 11/01/2031 7,032,074
- ------------------------------------------------------------------------------------------------------------------------------------
6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 6,776,299
- ------------------------------------------------------------------------------------------------------------------------------------
50,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 50,144
- ------------------------------------------------------------------------------------------------------------------------------------
2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,407,825
- ------------------------------------------------------------------------------------------------------------------------------------
75,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 75,419
- ------------------------------------------------------------------------------------------------------------------------------------
2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,285,039
- ------------------------------------------------------------------------------------------------------------------------------------
146,600,000 Syracuse IDA (Carousel Center) 3,6 5.000 01/01/2036 150,039,800
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 Syracuse IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 916,700
- ------------------------------------------------------------------------------------------------------------------------------------
14,805,000 Syracuse IDA (James Square) 7.197 2 08/01/2025 4,294,782
- ------------------------------------------------------------------------------------------------------------------------------------
725,000 Syracuse IDA (Jewish Home of Central New York) 7.375 03/01/2021 772,488
- ------------------------------------------------------------------------------------------------------------------------------------
2,050,000 Syracuse IDA (Jewish Home of Central New York) 7.375 03/01/2031 2,177,982
- ------------------------------------------------------------------------------------------------------------------------------------
75,000 Taconic Hills Central School District at Craryville 5.000 06/15/2026 77,221
- ------------------------------------------------------------------------------------------------------------------------------------
7,500,000 Tobacco Settlement Financing Corp. (TASC) 4 5.500 06/01/2019 8,020,425
- ------------------------------------------------------------------------------------------------------------------------------------
13,825,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 14,761,920
- ------------------------------------------------------------------------------------------------------------------------------------
3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 3,830,813
- ------------------------------------------------------------------------------------------------------------------------------------
55,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2028 59,658
- ------------------------------------------------------------------------------------------------------------------------------------
470,000 Tonawanda Senior Citizen Hsg. Corp. 6.500 12/01/2010 475,372
- ------------------------------------------------------------------------------------------------------------------------------------
16,775,000 Triborough Bridge & Tunnel Authority 6 5.000 01/01/2032 17,219,810
- ------------------------------------------------------------------------------------------------------------------------------------
25,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 25,479
- ------------------------------------------------------------------------------------------------------------------------------------
33,075,000 Triborough Bridge & Tunnel Authority, Series A 6 5.000 01/01/2027 33,789,592
- ------------------------------------------------------------------------------------------------------------------------------------
17,075,000 Triborough Bridge & Tunnel Authority, Series B 5.000 11/15/2032 17,445,186
- ------------------------------------------------------------------------------------------------------------------------------------
114,350,000 TSASC, Inc. (TFABs) 6 5.000 06/01/2034 115,097,285
49 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$300,750,000 TSASC, Inc. (TFABs) 6 5.125 % 06/01/2042 $ 304,764,455
- ------------------------------------------------------------------------------------------------------------------------------------
11,250,000 TSASC, Inc. (TFABs) 5.000 06/01/2026 11,363,288
- ------------------------------------------------------------------------------------------------------------------------------------
66,130,000 TSASC, Inc. (TFABs) 5.000 06/01/2034 66,557,861
- ------------------------------------------------------------------------------------------------------------------------------------
35,560,000 TSASC, Inc. (TFABs) 5.125 06/01/2042 36,015,879
- ------------------------------------------------------------------------------------------------------------------------------------
995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,026,731
- ------------------------------------------------------------------------------------------------------------------------------------
13,200,000 Ulster County IDA (Benedictine Hospital) 6.500 11/01/2036 13,251,612
- ------------------------------------------------------------------------------------------------------------------------------------
1,710,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,726,262
- ------------------------------------------------------------------------------------------------------------------------------------
4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,112,200
- ------------------------------------------------------------------------------------------------------------------------------------
1,465,000 Ulster County IDA (Mid-Hudson Family Health
Services) 5.350 07/01/2023 1,492,689
- ------------------------------------------------------------------------------------------------------------------------------------
175,000 Ulster County Res Rec 5.000 03/01/2019 178,505
- ------------------------------------------------------------------------------------------------------------------------------------
185,000 Ulster County Res Rec 5.000 03/01/2020 188,178
- ------------------------------------------------------------------------------------------------------------------------------------
3,005,000 Ulster County Tobacco Asset Securitization Corp. 0.000 8 06/01/2040 2,755,104
- ------------------------------------------------------------------------------------------------------------------------------------
2,935,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 3,112,832
- ------------------------------------------------------------------------------------------------------------------------------------
2,175,000 Ulster County Tobacco Asset Securitization Corp. 1 6.250 06/01/2025 2,332,927
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 2,009,800
- ------------------------------------------------------------------------------------------------------------------------------------
500,000 Utica GO 6.100 01/15/2013 531,320
- ------------------------------------------------------------------------------------------------------------------------------------
3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,831,480
- ------------------------------------------------------------------------------------------------------------------------------------
2,455,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,460,057
- ------------------------------------------------------------------------------------------------------------------------------------
20,000 Westchester County GO 5.375 12/15/2014 20,118
- ------------------------------------------------------------------------------------------------------------------------------------
300,000 Westchester County Healthcare Corp., Series A 5.875 11/01/2025 308,559
- ------------------------------------------------------------------------------------------------------------------------------------
1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,908,709
- ------------------------------------------------------------------------------------------------------------------------------------
90,000 Westchester County IDA (Children's Village) 5.375 03/15/2019 91,157
- ------------------------------------------------------------------------------------------------------------------------------------
4,120,000 Westchester County IDA (Children's Village) 6.000 06/01/2022 4,273,017
- ------------------------------------------------------------------------------------------------------------------------------------
1,215,000 Westchester County IDA (Clearview School) 7.250 01/01/2035 1,274,474
- ------------------------------------------------------------------------------------------------------------------------------------
1,300,000 Westchester County IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,350,596
- ------------------------------------------------------------------------------------------------------------------------------------
2,000,000 Westchester County IDA (Hebrew Hospital Senior
Hsg.) 7.375 07/01/2030 2,134,320
- ------------------------------------------------------------------------------------------------------------------------------------
1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,579,250
- ------------------------------------------------------------------------------------------------------------------------------------
3,325,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,336,106
- ------------------------------------------------------------------------------------------------------------------------------------
820,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 828,626
- ------------------------------------------------------------------------------------------------------------------------------------
1,275,000 Westchester County IDA (Living Independently for
the Elderly) 5.375 08/20/2021 1,340,841
- ------------------------------------------------------------------------------------------------------------------------------------
3,035,000 Westchester County IDA (Living Independently for
the Elderly) 5.400 08/20/2032 3,182,471
- ------------------------------------------------------------------------------------------------------------------------------------
1,545,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,588,785
- ------------------------------------------------------------------------------------------------------------------------------------
1,000,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 1,061,010
- ------------------------------------------------------------------------------------------------------------------------------------
1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,846,065
- ------------------------------------------------------------------------------------------------------------------------------------
160,000 Westchester County IDA (Westchester Airport Assoc.) 5.950 08/01/2024 160,586
- ------------------------------------------------------------------------------------------------------------------------------------
2,590,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,660,759
- ------------------------------------------------------------------------------------------------------------------------------------
52,510,000 Westchester County Tobacco Asset Securitization
Corp. 6 5.125 06/01/2038 53,258,650
- ------------------------------------------------------------------------------------------------------------------------------------
52,675,000 Westchester County Tobacco Asset Securitization
Corp. 6 5.125 06/01/2045 53,288,079
- ------------------------------------------------------------------------------------------------------------------------------------
76,375,000 Westchester County Tobacco Asset Securitization
Corp. 0.000 8 07/15/2039 83,570,289
50 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 400,000 Westchester County Tobacco Asset Securitization
Corp. 5.125 % 06/01/2038 $ 405,704
- ------------------------------------------------------------------------------------------------------------------------------------
1,400,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,447,222
- ------------------------------------------------------------------------------------------------------------------------------------
3,600,000 Yates County IDA (SSMH) 5.650 02/01/2039 3,744,288
- ------------------------------------------------------------------------------------------------------------------------------------
4,500,000 Yonkers GO 5.000 08/01/2035 4,627,890
- ------------------------------------------------------------------------------------------------------------------------------------
4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,794,207
- ------------------------------------------------------------------------------------------------------------------------------------
4,445,000 Yonkers IDA (Monastery Manor Associates) 5.250 04/01/2037 4,604,931
- ------------------------------------------------------------------------------------------------------------------------------------
1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,405,067
- ------------------------------------------------------------------------------------------------------------------------------------
730,000 Yonkers IDA (Sacred Heart Assoc.) 4.800 10/01/2026 720,021
- ------------------------------------------------------------------------------------------------------------------------------------
2,355,000 Yonkers IDA (Sacred Heart Assoc.) 5.000 10/01/2037 2,377,420
- ------------------------------------------------------------------------------------------------------------------------------------
2,515,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,686,347
- ------------------------------------------------------------------------------------------------------------------------------------
900,000 Yonkers IDA (St. Joseph's Hospital) 5.900 03/01/2008 900,333
- ------------------------------------------------------------------------------------------------------------------------------------
2,550,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,568,207
- ------------------------------------------------------------------------------------------------------------------------------------
3,145,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,211,831
- ------------------------------------------------------------------------------------------------------------------------------------
800,000 Yonkers Parking Authority 6.000 06/15/2018 828,840
- ------------------------------------------------------------------------------------------------------------------------------------
1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,250,668
- ------------------------------------------------------------------------------------------------------------------------------------
11,090,998,708
----------------
U.S. POSSESSIONS--18.5%
2,995,000 Guam EDA (Harmon Village Apartments) 1,10 9.375 11/01/2018 --
- ------------------------------------------------------------------------------------------------------------------------------------
3,000,000 Guam Government Waterworks Authority &
Wastewater System 5.875 07/01/2035 3,188,700
- ------------------------------------------------------------------------------------------------------------------------------------
290,000 Guam Power Authority, Series A 5.250 10/01/2023 290,061
- ------------------------------------------------------------------------------------------------------------------------------------
20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 20,305,800
- ------------------------------------------------------------------------------------------------------------------------------------
7,525,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 7,585,877
- ------------------------------------------------------------------------------------------------------------------------------------
18,185,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 20,197,898
- ------------------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 377,318
- ------------------------------------------------------------------------------------------------------------------------------------
11,050,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 11,571,118
- ------------------------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 20,363
- ------------------------------------------------------------------------------------------------------------------------------------
14,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 14,213,920
- ------------------------------------------------------------------------------------------------------------------------------------
17,010,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 17,306,484
- ------------------------------------------------------------------------------------------------------------------------------------
48,655,000 Puerto Rico Commonwealth GO 5.000 07/01/2033 49,322,060
- ------------------------------------------------------------------------------------------------------------------------------------
41,600,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 42,226,080
- ------------------------------------------------------------------------------------------------------------------------------------
63,755,000 Puerto Rico Commonwealth GO 5.000 07/01/2035 64,935,105
- ------------------------------------------------------------------------------------------------------------------------------------
5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,704,321
- ------------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 5,243,050
- ------------------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 4,179,440
- ------------------------------------------------------------------------------------------------------------------------------------
22,085,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 23,042,606
- ------------------------------------------------------------------------------------------------------------------------------------
80,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 85,092
- ------------------------------------------------------------------------------------------------------------------------------------
290,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 308,459
- ------------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2026 5,140,750
- ------------------------------------------------------------------------------------------------------------------------------------
13,350,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2027 13,725,803
- ------------------------------------------------------------------------------------------------------------------------------------
22,905,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2032 23,476,022
51 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 29,100,000 Puerto Rico Electric Power Authority, Series TT 5.000% 07/01/2037 $ 29,778,612
- ---------------------------------------------------------------------------------------------------------------------
60,000,000 Puerto Rico Electric Power Authority, Series UU 6 4.111 9 07/01/2029 59,910,000
- ---------------------------------------------------------------------------------------------------------------------
106,500,000 Puerto Rico Electric Power Authority, Series UU 6 4.270 9 07/01/2025 105,940,928
- ---------------------------------------------------------------------------------------------------------------------
194,100,000 Puerto Rico Electric Power Authority, Series UU 3,6 4.288 9 07/01/2031 193,081,072
- ---------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico HFC 5.100 12/01/2018 70,390
- ---------------------------------------------------------------------------------------------------------------------
1,890,000 Puerto Rico HFC 4 5.500 12/01/2023 1,929,596
- ---------------------------------------------------------------------------------------------------------------------
9,515,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 9,675,233
- ---------------------------------------------------------------------------------------------------------------------
270,000 Puerto Rico Highway & Transportation Authority 5.750 07/01/2020 291,341
- ---------------------------------------------------------------------------------------------------------------------
8,740,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 8,882,637
- ---------------------------------------------------------------------------------------------------------------------
26,565,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 26,859,872
- ---------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2025 10,221,600
- ---------------------------------------------------------------------------------------------------------------------
14,725,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2026 15,041,440
- ---------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 8,171,920
- ---------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 2,038,980
- ---------------------------------------------------------------------------------------------------------------------
15,600,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2032 15,951,312
- ---------------------------------------------------------------------------------------------------------------------
5,975,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 6,099,997
- ---------------------------------------------------------------------------------------------------------------------
66,255,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 67,040,784
- ---------------------------------------------------------------------------------------------------------------------
54,940,000 Puerto Rico Highway & Transportation Authority, Series N 6 4.107 9 07/01/2045 54,857,572
- ---------------------------------------------------------------------------------------------------------------------
125,620,000 Puerto Rico Highway & Transportation Authority, Series N 6 4.121 9 07/01/2041 125,431,528
- ---------------------------------------------------------------------------------------------------------------------
3,650,000 Puerto Rico Infrastructure 5.000 07/01/2025 3,739,060
- ---------------------------------------------------------------------------------------------------------------------
22,505,000 Puerto Rico Infrastructure 5.000 07/01/2031 22,971,079
- ---------------------------------------------------------------------------------------------------------------------
17,590,000 Puerto Rico Infrastructure 5.000 07/01/2037 17,928,432
- ---------------------------------------------------------------------------------------------------------------------
6,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 6,096,900
- ---------------------------------------------------------------------------------------------------------------------
202,145,000 Puerto Rico Infrastructure 5.000 07/01/2041 204,336,252
- ---------------------------------------------------------------------------------------------------------------------
151,235,000 Puerto Rico Infrastructure 5.000 07/01/2046 152,884,974
- ---------------------------------------------------------------------------------------------------------------------
1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,102,021
- ---------------------------------------------------------------------------------------------------------------------
1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,635,937
- ---------------------------------------------------------------------------------------------------------------------
5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,856,605
- ---------------------------------------------------------------------------------------------------------------------
6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,549,476
- ---------------------------------------------------------------------------------------------------------------------
42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 45,554,136
- ---------------------------------------------------------------------------------------------------------------------
2,765,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,627,994
- ---------------------------------------------------------------------------------------------------------------------
985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 899,541
- ---------------------------------------------------------------------------------------------------------------------
8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,786,751
- ---------------------------------------------------------------------------------------------------------------------
12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 12,391,761
- ---------------------------------------------------------------------------------------------------------------------
325,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 325,111
- ---------------------------------------------------------------------------------------------------------------------
2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,450,172
- ---------------------------------------------------------------------------------------------------------------------
5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,251,208
- ---------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 6,730,080
- ---------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 510,845
- ---------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 4 5.250 09/01/2031 8,146,240
- ---------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 5,212,100
52 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 1,500,000 Puerto Rico Municipal Finance Agency, Series A 5.250% 08/01/2025 $ 1,563,630
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 1,002,820
- ---------------------------------------------------------------------------------------------------------------------
10,440,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 10,445,116
- ---------------------------------------------------------------------------------------------------------------------
1,940,000 Puerto Rico Public Buildings Authority 5.000 07/01/2026 1,965,259
- ---------------------------------------------------------------------------------------------------------------------
47,855,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 48,546,505
- ---------------------------------------------------------------------------------------------------------------------
52,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 54,273,440
- ---------------------------------------------------------------------------------------------------------------------
90,400,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 94,077,472
- ---------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 124,523
- ---------------------------------------------------------------------------------------------------------------------
47,720,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 49,777,209
- ---------------------------------------------------------------------------------------------------------------------
4,025,000 University of Puerto Rico 5.000 06/01/2026 4,110,572
- ---------------------------------------------------------------------------------------------------------------------
10,010,000 University of Puerto Rico, Series P 5.000 06/01/2022 10,266,757
- ---------------------------------------------------------------------------------------------------------------------
5,280,000 University of Puerto Rico, Series P 5.000 06/01/2030 5,384,491
- ---------------------------------------------------------------------------------------------------------------------
18,375,000 University of Puerto Rico, Series Q 5.000 06/01/2030 18,738,641
- ---------------------------------------------------------------------------------------------------------------------
60,280,000 University of Puerto Rico, Series Q 3 5.000 06/01/2036 61,341,531
- ---------------------------------------------------------------------------------------------------------------------
9,230,000 University of V.I., Series A 5.375 06/01/2034 9,551,942
- ---------------------------------------------------------------------------------------------------------------------
2,040,000 University of V.I., Series A 6.250 12/01/2029 2,160,034
- ---------------------------------------------------------------------------------------------------------------------
1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 4 6.500 07/01/2021 1,394,888
- ---------------------------------------------------------------------------------------------------------------------
25,000 V.I. HFA, Series A 6.450 03/01/2016 25,239
- ---------------------------------------------------------------------------------------------------------------------
18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 18,877,248
- ---------------------------------------------------------------------------------------------------------------------
550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 4 5.000 10/01/2033 564,938
- ---------------------------------------------------------------------------------------------------------------------
27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 30,404,243
- ---------------------------------------------------------------------------------------------------------------------
8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,681,600
- ---------------------------------------------------------------------------------------------------------------------
11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 12,501,684
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 1,044,030
- ---------------------------------------------------------------------------------------------------------------------
750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 782,078
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 4 5.500 10/01/2018 1,023,610
- ---------------------------------------------------------------------------------------------------------------------
16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,602,954
- ---------------------------------------------------------------------------------------------------------------------
7,500,000 V.I. Public Finance Authority, Series A 4 5.625 10/01/2025 7,662,525
- ---------------------------------------------------------------------------------------------------------------------
50,000 V.I. Public Finance Authority, Series A 4 5.625 10/01/2025 51,300
- ---------------------------------------------------------------------------------------------------------------------
3,830,000 V.I. Public Finance Authority, Series E 4 6.000 10/01/2022 3,946,432
- ---------------------------------------------------------------------------------------------------------------------
1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,593,506
- ---------------------------------------------------------------------------------------------------------------------
3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,544,561
- ---------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,573,865
---------------
2,080,312,459
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $12,911,713,171)--117.5% 13,171,311,167
- ---------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(17.5) (1,965,048,879)
---------------
NET ASSETS--100.0% $11,206,262,288
===============
53 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Illiquid security. The aggregate value of illiquid securities as of June 30,
2007 was $67,855,407, which represents 0.61% of the Fund's net assets. See Note
5 of accompanying Notes.
2. Zero coupon bond reflects effective yield on the date of purchase.
3. When-issued security or forward commitment to be delivered and settled after
June 30, 2007. See Note 1 of accompanying Notes.
4. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
5. Subject to a deferred-interest forebearance agreement. Rate shown is current
rate.
6. 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.
7. Represents the current interest rate for a variable rate bond known as an
"inverse floater." 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. Represents the current interest rate for a variable or increasing rate
security.
10. Issue is in default. See Note 1 of accompanying Notes.
54 | ROCHESTER FUND MUNICIPALS
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Assoc. for Children with Down Syndrome
ACLD Adults and Children with Learning and Developmental Disabilities
ADD Aid to the Developmentally Disabled
ALIA Alliance of Long Island Agencies
ARC Assoc. of Retarded Citizens
CCRC Continuing Care Retirement Community
CFGA Child and Family Guidance Assoc.
CHSLI Catholic Health Services of Long Island
CNGCS Central Nassau Guidance and Counseling Services
COP Certificates of Participation
CSMR Community Services for the Mentally Retarded
DA Dormitory Authority
DDI Developmental Disabilities Institute
DIAMONDS Direct Investment of Accrued Municipals
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Devel. Authority
EFC Environmental Facilities Corp.
ERDA Energy Research and Devel. Authority
FREE Family Residences and Essential Enterprises
GJSR Gurwin Jewish Senior Residences
GO General Obligation
GSHMC Good Samaritan Hospital Medical Center
HDC Housing Devel. Corp.
HFA Housing Finance Agency
HFC Housing Finance Corp.
HH Harmony Heights, Inc.
HHS Harmony Heights School
HJDOI Hospital for Joint Diseases Orthopedic Institute
IDA Industrial Devel. Agency
IGHL Independent Group Home for Living
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
JCC Jewish Community Center
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
L.I. Long Island
LGSC Local Government Services Corp.
LILCO Long Island Lighting Corp.
LIMC Long Island Medical Center
LRRHCF Loretto Rest Residential Health Care Facility
LVH Little Village House
MCH Maryhaven Center of Hope
MMC Mercy Medical Center
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NIMO Niagara Mohawk Power Corp.
NSLIJHS North Shore Long Island Jewish Health System
NSUHGC North Shore University Hospital at Glen Cove
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYU New York University
P-Floats Puttable Floats
PRAMS Prudential Receipts of Accrual Municipal Securities
PSCH Professional Service Centers for the Handicapped, Inc.
Res Rec Resource Recovery Facility
RG&E Rochester Gas and Electric
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
SCCC Sullivan County Community College
SCHRC St. Charles Hospital and Rehabilitation Center
SCSB Schuyler Community Services Board
SCSMC St. Catherine of Sienna Medical Center
SFH St. Francis Hospital
SLCD School for Language and Communication Devel.
SMCFS St. Mary's Children and Family Services
SONYMA State of New York Mortgage Agency
SSMH Soldiers and Sailors Memorial Hospital
SUNY State University of New York
SV Sienna Village
TASC Tobacco Settlement Asset-Backed Bonds
TFABs Tobacco Flexible Amortization Bonds
UBF University of Buffalo Foundation
UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk
UCP/HCA United Cerebral Palsy Assoc. and Handicapped Children's Assoc.
UDC Urban Devel. Corp.
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
WWH Wyandach/Wheatley Heights
YMCA Young Men's Christian Assoc.
55 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement $ 1,703,987,276 12.9%
General Obligation 1,173,983,662 8.9
Hospital/Health Care 1,153,177,164 8.8
Electric Utilities 1,020,621,250 7.8
Highways/Commuter Facilities 995,796,167 7.6
Water Utilities 848,216,553 6.4
Airlines 744,649,516 5.7
Tax Increment Financing (TIF) 735,109,758 5.6
Marine/Aviation Facilities 631,780,879 4.8
Special Tax 551,899,597 4.2
Higher Education 521,919,035 4.0
Multifamily Housing 429,180,054 3.3
Government Appropriation 362,644,984 2.8
Commercial Services & Supplies 292,350,891 2.2
Adult Living Facilities 283,023,788 2.2
Municipal Leases 266,569,672 2.0
Single Family Housing 257,064,899 2.0
Education 207,380,652 1.6
Paper, Containers & Packaging 193,885,889 1.5
Hotels, Restaurants & Leisure 138,191,741 1.0
Sports Facility Revenue 131,318,629 1.0
Resource Recovery 111,400,289 0.8
Not-for-Profit Organization 107,184,509 0.8
Oil, Gas & Consumable Fuels 40,480,731 0.3
Sales Tax Revenue 25,744,798 0.2
Parking Fee Revenue 25,186,851 0.2
Gas Utilities 24,871,752 0.2
Household Products 23,818,256 0.2
Food Products 21,071,965 0.2
Student Housing 17,035,894 0.1
Casino 17,001,872 0.1
Building Products 13,540,715 0.1
Automobiles 13,367,456 0.1
Real Estate 10,279,764 0.1
Media 10,150,548 0.1
Construction & Engineering 9,675,068 0.1
Sewer Utilities 7,713,382 0.1
Chemicals 5,507,838 --
Electrical Equipment 5,255,022 --
Aerospace & Defense 5,189,667 --
Communications Equipment 5,030,317 --
Auto Components 3,397,522 --
Textiles, Apparel & Luxury Goods 3,296,381 --
Pharmaceuticals 3,263,820 --
Transportation Infrastructure 3,213,770 --
Household Durables 3,201,844 --
56 | ROCHESTER FUND MUNICIPALS
INDUSTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Personal Products $ 2,573,387 --%
Metals & Mining 2,360,458 --
Distributors 2,256,279 --
Special Assessment 2,009,800 --
Specialty Retail 1,752,890 --
Beverages 1,726,266 --
--------------------------
Total $ 13,171,311,167 100.0%
==========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
June 30, 2007
- -------------------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------------------
Investments, at value (cost $12,911,713,171)--see accompanying statement of investments $ 13,171,311,167
- -------------------------------------------------------------------------------------------------------------------
Cash 8,711,872
- -------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 164,684,116
Investments sold (including $6,971,789 sold on a when-issued basis or forward commitment) 69,746,529
Shares of beneficial interest sold 33,581,390
Other 142,513
-------------------
Total assets 13,448,177,587
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 2,010,275,000
Payable on borrowings (See Note 6) 110,300,000
Investments purchased (including $68,110,280 purchased on a when-issued basis
or forward commitment) 89,474,908
Shares of beneficial interest redeemed 18,914,545
Dividends 5,972,582
Distribution and service plan fees 4,666,081
Trustees' compensation 1,235,780
Interest expense on borrowings 567,223
Transfer and shareholder servicing agent fees 271,346
Shareholder communications 84,021
Other 153,813
-------------------
Total liabilities 2,241,915,299
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 11,206,262,288
===================
- -------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------------
Paid-in capital $ 11,033,539,209
- -------------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (5,481,658)
- -------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (81,393,259)
- -------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 259,597,996
-------------------
NET ASSETS $ 11,206,262,288
===================
58 | ROCHESTER FUND MUNICIPALS
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -------------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $8,824,392,238
and 478,222,802 shares of beneficial interest outstanding) $ 18.45
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $ 19.37
- -------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $764,434,766 and 41,465,871 shares
of beneficial interest outstanding) $ 18.44
- -------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,569,884,745 and 85,199,982 shares
of beneficial interest outstanding) $ 18.43
- -------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$47,550,539 and 2,577,633 shares of beneficial interest outstanding) $ 18.45
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59 | ROCHESTER FUND MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2007
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 323,402,462
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 24,342,944
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 6,245,795
Class B 4,133,245
Class C 7,131,487
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,056,735
Class B 216,061
Class C 278,991
Class Y 5,010
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 96,257
Class B 20,916
Class C 17,703
Class Y 42
- --------------------------------------------------------------------------------
Interest expense and fees on short-term floating
rate notes issued (See Note 1) 34,600,676
- --------------------------------------------------------------------------------
Interest expense on borrowings 3,410,491
- --------------------------------------------------------------------------------
Accounting service fees 1,605,581
- --------------------------------------------------------------------------------
Trustees' compensation 372,200
- --------------------------------------------------------------------------------
Custodian fees and expenses 75,110
- --------------------------------------------------------------------------------
Administration service fees 750
- --------------------------------------------------------------------------------
Other 528,719
---------------
Total expenses 84,138,713
Less reduction to custodian expenses (67,539)
---------------
Net expenses 84,071,174
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 239,331,288
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- --------------------------------------------------------------------------------
Net realized gain on investments 20,416,233
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (235,386,323)
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 24,361,198
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60 | ROCHESTER FUND MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2007 DECEMBER 31,
(UNAUDITED) 2006
- -------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------
Net investment income $ 239,331,288 $ 424,202,280
- -------------------------------------------------------------------------------
Net realized gain 20,416,233 64,514,394
- -------------------------------------------------------------------------------
Net change in unrealized appreciation (235,386,323) 200,124,365
------------------------------------
Net increase in net assets resulting
from operations 24,361,198 688,841,039
- -------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------
Dividends from net investment income:
Class A (199,709,275) (345,323,410)
Class B (16,202,939) (39,093,803)
Class C (27,594,077) (39,656,968)
Class Y (789,752) (818,853)
------------------------------------
(244,296,043) (424,893,034)
- -------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from beneficial interest
transactions:
Class A 1,018,801,649 1,834,390,004
Class B (126,042,653) (75,346,776)
Class C 344,157,307 514,608,540
Class Y 26,734,342 9,689,538
------------------------------------
1,263,650,645 2,283,341,306
- -------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------
Total increase 1,043,715,800 2,547,289,311
- -------------------------------------------------------------------------------
Beginning of period 10,162,546,488 7,615,257,177
------------------------------------
End of period (including accumulated
net investment loss of $5,481,658 and
$516,903, respectively) $ 11,206,262,288 $ 10,162,546,488
====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
61 | ROCHESTER FUND MUNICIPALS
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2007
- ------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 24,361,198
- ------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (2,647,637,164)
Proceeds from disposition of investment securities 978,603,597
Short-term investment securities, net 81,853,444
Premium amortization 10,534,568
Discount accretion (15,294,752)
Net realized gain on investments (20,416,233)
Net change in unrealized appreciation on investments 235,386,323
Increase in interest receivable (23,446,774)
Increase in receivable for securities sold (63,144,635)
Increase in other assets (28,851)
Decrease in payable for securities purchased (63,063,542)
Increase in payable for accrued expenses 785,096
-----------------
Net cash used in operating activities (1,501,507,725)
- ------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------------------------------------------------------------
Proceeds from bank borrowings 1,204,100,000
Payments on bank borrowings (1,316,100,000)
Proceeds from short-term floating rate notes issued 571,080,000
Proceeds from shares sold 1,995,978,005
Payment on shares redeemed (880,227,355)
Cash distributions paid (81,254,574)
-----------------
Net cash provided by financing activities 1,493,576,076
- ------------------------------------------------------------------------------------------
Net decrease in cash (7,931,649)
- ------------------------------------------------------------------------------------------
Cash, beginning balance 16,643,521
-----------------
Cash, ending balance $ 8,711,872
=================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $157,068,887.
Cash paid for interest on bank borrowings--$3,187,647.
Cash paid for interest on short-term floating rate notes issued--$34,600,676.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2007 DEC. 31,
CLASS A (UNAUDITED) 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.82 $ 18.28 $ 17.76 $ 17.62 $ 17.38 $ 17.52
- -------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .43 1 .93 1 .99 1 1.07 1 1.11 1.08
Net realized and unrealized gain (loss) (.37) .55 .53 .16 .23 (.15)
-----------------------------------------------------------------
Total from investment operations .06 1.48 1.52 1.23 1.34 .93
- -------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.43) (.94) (1.00) (1.09) (1.10) (1.07)
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.45 $ 18.82 $ 18.28 $ 17.76 $ 17.62 $ 17.38
=================================================================
- -------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.40% 8.33% 8.76% 7.25% 8.12% 5.46%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 8,824 $ 7,979 $ 5,937 $ 4,699 $ 4,228 $ 4,299
- -------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 8,481 $ 6,836 $ 5,327 $ 4,387 $ 4,100 $ 4,292
- -------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.66% 5.05% 5.44% 6.09% 6.49% 6.18%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.74% 0.72% 0.73% 0.72% 0.71% 0.72%
Interest and fees on short-term floating
rate notes issued 4 0.65% 0.62% 0.46% 0.26% 0.26% 0.26%
-----------------------------------------------------------------
Total expenses 1.39% 1.34% 1.19% 0.98% 0.97% 0.98%
Expenses after waivers, payments and/or
reimbursements and reduction to
custodian expenses 1.39% 1.34% 1.19% 0.98% 0.97% 0.97%
- -------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 8% 17% 16% 10% 12% 19%
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 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2007 DEC. 31,
CLASS B (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.80 $ 18.26 $ 17.75 $ 17.60 $ 17.36 $ 17.51
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .35 1 .78 1 .83 1 .91 1 .96 .93
Net realized and unrealized gain (loss) (.36) .54 .52 .18 .23 (.16)
------------------------------------------------------------------------------
Total from investment operations (.01) 1.32 1.35 1.09 1.19 .77
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.35) (.78) (.84) (.94) (.95) (.92)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.44 $ 18.80 $ 18.26 $ 17.75 $ 17.60 $ 17.36
==============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.01% 7.39% 7.77% 6.40% 7.19% 4.50%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 764 $ 906 $ 955 $ 1,073 $ 1,231 $ 1,342
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 834 $ 925 $ 1,006 $ 1,130 $ 1,259 $ 1,275
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.79% 4.20% 4.60% 5.23% 5.62% 5.32%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.62% 1.60% 1.60% 1.59% 1.58% 1.58%
Interest and fees on short-term floating
rate notes issued 4 0.65% 0.62% 0.46% 0.26% 0.26% 0.26%
------------------------------------------------------------------------------
Total expenses 2.27% 2.22% 2.06% 1.85% 1.84% 1.84%
Expenses after waivers, payments and/or
reimbursements and reduction to
custodian expenses 2.27% 2.22% 2.06% 1.85% 1.84% 1.83%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 8% 17% 16% 10% 12% 19%
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 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64 | ROCHESTER FUND MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2007 DEC. 31,
CLASS C (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.79 $ 18.25 $ 17.74 $ 17.59 $ 17.36 $ 17.50
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .35 1 .76 1 .82 1 .91 1 .96 .93
Net realized and unrealized gain (loss) (.36) .56 .53 .18 .22 (.15)
------------------------------------------------------------------------------
Total from investment operations (.01) 1.32 1.35 1.09 1.18 .78
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.35) (.78) (.84) (.94) (.95) (.92)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.43 $ 18.79 $ 18.25 $ 17.74 $ 17.59 $ 17.36
==============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.02% 7.40% 7.78% 6.40% 7.14% 4.57%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 1,570 $ 1,256 $ 712 $ 498 $ 443 $ 471
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 1,440 $ 956 $ 600 $ 459 $ 436 $ 460
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.78% 4.15% 4.56% 5.22% 5.62% 5.32%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.60% 1.58% 1.59% 1.59% 1.58% 1.58%
Interest and fees on short-term floating
rate notes issued 4 0.65% 0.62% 0.46% 0.26% 0.26% 0.26%
------------------------------------------------------------------------------
Total expenses 2.25% 2.20% 2.05% 1.85% 1.84% 1.84%
Expenses after waivers, payments and/or
reimbursements and reduction to
custodian expenses 2.25% 2.20% 2.05% 1.85% 1.84% 1.83%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 8% 17% 16% 10% 12% 19%
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 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
65 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2007 DEC. 31,
CLASS Y (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.82 $ 18.28 $ 17.76 $ 17.61 $ 17.38 $ 17.52
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .43 1 .95 1 1.01 1 1.10 1 1.14 1.10
Net realized and unrealized gain (loss) (.35) .55 .54 .17 .21 (.15)
------------------------------------------------------------------------------
Total from investment operations .08 1.50 1.55 1.27 1.35 .95
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.45) (.96) (1.03) (1.12) (1.12) (1.09)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.45 $ 18.82 $ 18.28 $ 17.76 $ 17.61 $ 17.38
==============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.47% 8.45% 8.93% 7.50% 8.16% 5.57%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 48 $ 22 $ 11 $ 8 $ 9 $ 12
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 34 $ 16 $ 10 $ 8 $ 11 $ 12
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.73% 5.14% 5.59% 6.27% 6.79% 6.30%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.58% 0.60% 0.58% 0.55% 0.61% 0.62%
Interest and fees on short-term floating
rate notes issued 4 0.65% 0.62% 0.46% 0.26% 0.26% 0.26%
------------------------------------------------------------------------------
Total expenses 1.23% 1.22% 1.04% 0.81% 0.87% 0.88%
Expenses after waivers, payments and/or
reimbursements and reduction to
custodian expenses 1.23% 1.22% 1.04% 0.81% 0.87% 0.87%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 8% 17% 16% 10% 12% 19%
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 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Rochester Fund Municipals (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment objective is to seek to provide as high a level
of income exempt from federal income tax and New York State and New York City
personal income taxes as is consistent with its investment policies and prudent
investment management while seeking preservation of shareholders' capital. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C and Class Y shares. Class A
shares are sold at their offering price, which is normally net asset value plus
a front-end sales charge. Class B and Class C shares are sold without a
front-end sales charge but may be subject to a contingent deferred sales charge
(CDSC). Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B and C have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges are valued based on the last sale
price of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ(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 official closing price on the principal exchange as
reported by such principal exchange at its
67 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 June 30, 2007, the Fund had purchased $68,110,280
of securities issued on a when-issued basis or forward commitment and sold
$6,971,789 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 $864,449,636 as of June 30, 2007, which represents
6.43% 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
68 | ROCHESTER FUND MUNICIPALS
floating rate notes available to third parties and a residual interest in the
municipal bond (referred to as an "inverse floating rate security") to the Fund.
The terms of these inverse floating rate securities grant the Fund the right to
require that the Trust issuing the inverse floating rate security compel a
tender of the short-term floating rate notes to facilitate the Fund's repurchase
of the underlying municipal bond. Following such a request, the Fund pays the
sponsor the principal amount due to the holders of the short-term floating rate
notes issued by the Trust and exchanges the inverse floating rate security for
the underlying municipal bond. These transactions are considered secured
borrowings for financial reporting purposes. As a result of such accounting
treatments, the Fund includes the municipal bond position on its Statement of
Investments (but does not separately include the inverse floating rate
securities received). The Fund also includes the value of the municipal bond and
a payable amount equal to the short-term floating rate notes issued by the Trust
on its Statement of Assets and Liabilities. The interest rates on these
short-term floating rate notes reset periodically, usually weekly. The holders
of these short-term floating rate notes have the option to tender their
investment, to the sponsor or the Trust's liquidity provider, for redemption at
par at each reset date. Income from the municipal bond position and the interest
expense on the payable for the short-term floating rate notes issued by the
Trust are recorded on the Fund's Statement of Operations. At June 30, 2007
municipal bond holdings with a value of $2,848,336,776 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$2,010,275,000 in short-term floating rate notes issued and outstanding at that
date.
At June 30, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JUNE 30, 2007
- ----------------------------------------------------------------------------------------------------------------
$ 3,340,000 Erie County Tobacco Asset
Securitization Corp. RITES 5.670% 6/1/38 $ 3,389,699
9,305,000 Erie County Tobacco Asset
Securitization Corp. RITES 5.670 6/1/38 9,443,458
21,250,000 Erie County Tobacco Asset
Securitization Corp. RITES 5.670 6/1/45 21,377,713
14,940,000 Erie County Tobacco Asset
Securitization Corp. RITES 5.670 6/1/45 15,029,789
2,915,000 L.I. Power Authority RITES 9.206 9/1/28 3,527,908
2,100,000 MTA DRIVERS 5.855 5/15/13 1,803,480
14,200,000 MTA RITES 8.104 11/15/25 15,838,680
1,910,000 MTA RITES 8.104 11/15/28 2,119,756
10,000,000 MTA RITES 8.104 11/15/30 11,011,200
5,000,000 MTA RITES 8.104 11/15/30 5,505,600
2,890,000 MTA RITES 8.104 11/15/30 3,182,237
7,500,000 MTA RITES 8.104 11/15/31 8,253,600
2,125,000 MTA RITES 8.104 11/15/32 2,330,148
2,220,000 MTA Service Contract RITES 8.604 1/1/24 2,585,368
20,000,000 Nassau County Tobacco Settlement Corp. RITES 5.850 6/1/46 20,512,800
3,560,000 NY Counties Tobacco Trust I (TASC) RITES 7.530 6/1/28 4,178,123
2,960,000 NY Counties Tobacco Trust I RITES 7.230 6/1/35 3,337,548
69 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JUNE 30, 2007
- ----------------------------------------------------------------------------------------------------------------
$ 9,615,000 NY Counties Tobacco Trust I RITES 7.317% 6/1/42 $ 10,961,196
14,900,000 NY Counties Tobacco Trust II RITES 6.750 6/1/35 16,186,615
5,000,000 NY Counties Tobacco Trust II RITES 8.600 6/1/43 5,696,300
12,950,000 NY Counties Tobacco Trust II RITES 8.600 6/1/43 14,753,417
12,300,000 NY Counties Tobacco Trust IV RITES 5.670 6/1/42 12,373,923
10,210,000 NY Counties Tobacco Trust IV RITES 5.670 6/1/42 10,271,362
5,725,000 NY Counties Tobacco Trust IV RITES 5.670 6/1/45 5,759,407
8,700,000 NY Counties Tobacco Trust IV RITES 5.670 6/1/45 8,752,287
1,500,000 NY Counties Tobacco Trust IV RITES 5.670 6/1/45 1,509,015
5,875,000 NYC Health & Hospital Corp. RITES 8.134 2/15/20 6,433,948
12,750,000 NYC Municipal Water Finance Authority DRIVERS 7.854 6/15/13 14,105,198
2,930,000 NYC Municipal Water Finance Authority RITES 8.074 6/15/32 3,174,186
7,850,000 NYC Municipal Water Finance Authority RITES 8.133 6/15/34 8,413,159
2,805,000 NYC Municipal Water Finance Authority RITES 8.144 6/15/27 2,980,537
14,425,000 NYC Municipal Water Finance Authority RITES 8.154 6/15/26 15,859,422
11,860,000 NYC Municipal Water Finance Authority RITES 8.210 6/15/34 12,962,743
4,500,000 NYC Municipal Water Finance Authority RITES 8.210 6/15/38 4,894,830
11,210,000 NYC Municipal Water Finance Authority RITES 8.574 6/15/32 12,493,993
3,555,000 NYC Municipal Water Finance Authority RITES 8.604 6/15/21 3,712,273
6,875,000 NYC Municipal Water Finance Authority ROLs 8.280 6/15/31 7,758,163
16,675,000 NYC Municipal Water Finance Authority ROLs 8.280 6/15/36 18,490,908
10,025,000 NYC Municipal Water Finance Authority ROLs 8.280 6/15/37 11,177,675
7,875,000 NYC Municipal Water Finance Authority ROLs 8.280 6/15/39 8,640,293
4,935,000 NYC Municipal Water Finance Authority ROLs 8.280 6/15/39 5,473,705
4,500,000 NYC Municipal Water Finance Authority ROLs 8.300 6/15/39 4,989,600
2,150,000 NYC Transitional Finance Authority RITES 8.134 8/15/27 2,248,814
9,415,000 NYS DA (Lutheran Social Services of Upstate New York) RITES 6.635 2/1/38 9,840,840
3,115,000 NYS DA (Menorah Home & Hospital) RITES 8.515 8/1/38 3,446,748
5,825,000 NYS DA (Menorah Home) RITES 8.704 8/1/38 6,485,439
4,625,000 NYS DA (Mental Health) RITES 8.144 2/15/23 5,004,898
2,375,000 NYS DA (Montefiore Medical) RITES 10.104 8/1/38 2,733,340
2,850,000 NYS DA (Municipal Health Facilities) RITES 8.144 1/15/23 3,124,398
3,310,000 NYS DA P-Floats 8.210 2/1/28 3,718,189
1,565,000 NYS DA RITES 7.150 12/1/25 1,749,013
4,415,000 NYS DA RITES 7.150 12/1/35 4,847,229
5,000,000 NYS DA RITES 11.110 2/1/12 6,953,500
1,115,000 NYS DA ROLs 3 6.870 5/1/18 1,014,650
6,890,000 NYS DA ROLs 3 7.460 5/1/33 6,269,900
3,485,000 NYS ERDA (NIMO) RITES 8.744 11/1/25 3,923,413
3,625,000 NYS ERDA (RG&E) Residual Certificates 11.530 9/1/33 4,188,398
7,140,000 NYS Thruway Authority RITES 8.134 1/1/25 7,567,258
20,000,000 Port Authority NY/NJ RITES 8.080 9/15/13 22,577,600
6,000,000 Puerto Rico Electric Power Authority ROLs 3 5.340 7/1/29 5,910,000
31,560,000 Puerto Rico Electric Power Authority ROLs 3 6.950 7/1/31 29,982,000
70 | ROCHESTER FUND MUNICIPALS
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JUNE 30, 2007
- ----------------------------------------------------------------------------------------------------------------
$ 22,575,000 Puerto Rico Highway & Transportation
Authority ROLs 5.360% 7/1/45 $ 22,304,100
2,125,000 Rensselaer County Tobacco Asset Securitization
Corp. RITES 8.600 6/1/35 2,400,251
2,430,000 Rensselaer County Tobacco Asset Securitization Corp. RITES 8.600 6/1/43 2,768,110
3,075,000 Rockland County Tobacco Asset Securitization Corp. RITES 8.200 8/15/35 3,487,511
3,360,000 Rockland County Tobacco Asset Securitization Corp. RITES 8.200 8/15/43 3,844,176
8,390,000 SONYMA RITES 8.010 10/1/34 7,869,484
2,645,000 SONYMA, Series 69 RITES 6.955 10/1/28 2,706,972
9,275,000 SONYMA, Series 71 RITES 6.783 4/1/29 9,633,572
5,500,000 SONYMA, Series 73 RITES 9.315 10/1/28 5,738,040
42,000,000 Syracuse IDA (Carousel Center) ROLs 7.900 1/1/36 45,439,800
4,190,000 Triborough Bridge & Tunnel Authority RITES 8.104 1/1/32 4,634,810
8,265,000 Triborough Bridge & Tunnel Authority RITES 8.133 1/1/27 8,979,592
57,750,000 TSASC, Inc. (TFABs) RITES 6.010 6/1/34 58,497,285
74,545,000 TSASC, Inc. (TFABs) RITES 6.450 6/1/42 77,412,001
7,335,000 TSASC, Inc. (TFABs) RITES 6.450 6/1/42 7,617,104
33,750,000 TSASC, Inc. (TFABs) ROLs 3 6.260 6/1/42 34,615,350
21,325,000 Westchester County Tobacco Asset Securitization Corp. RITES 5.920 6/1/38 21,933,189
675,000 Westchester County Tobacco Asset Securitization Corp. RITES 5.920 6/1/38 694,251
4,250,000 Westchester County Tobacco Asset Securitization Corp. RITES 5.920 6/1/38 4,371,210
6,325,000 Westchester County Tobacco Asset Securitization Corp. RITES 5.920 6/1/45 6,472,246
13,340,000 Westchester County Tobacco Asset Securitization Corp. RITES 7.490 6/1/45 13,805,833
--------------
$ 838,061,776
==============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 55 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
71 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
take action to terminate the Fund's investment in such inverse floating rate
securities, if it deems it appropriate to do so. As of June 30, 2007, in
addition to the exposure detailed in the preceding table, the Fund's maximum
exposure under such agreements is estimated at approximately $435,830,000.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and may be more sensitive to economic conditions than
lower-yielding, higher-rated fixed-income securities. The Fund may acquire
securities in default, and is not obligated to dispose of securities whose
issuers subsequently default. As of June 30, 2007, securities with an aggregate
market value of $10,999,518, representing 0.10% of the Fund's net assets, were
in default.
There are certain risks arising from geographic concentration in any
state. Certain revenue or tax related events in a state may impair the ability
of certain issuers of municipal securities to pay principal and interest on
their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of June 30, 2007, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $67,589,955 expiring by 2015.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. As of June
30, 2007, it is estimated that the Fund will utilize $20,416,233 of capital loss
carryforward to offset realized capital gains. 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.
72 | ROCHESTER FUND MUNICIPALS
As of December 31, 2006, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
-----------------------
2011 $ 57,673,288
2012 30,332,900
------------
Total $ 88,006,188
============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
June 30, 2007, the Fund's projected benefit obligations were increased by
$235,126 and payments of $37,921 were made to retired trustees, resulting in an
accumulated liability of $1,156,085 as of June 30, 2007.
In January 1995, the then existing Board of Trustees of the Fund adopted
an unfunded retirement plan for its independent trustees. The retirement plan,
as amended and restated in October 1995, provides that no independent trustee of
the Fund who is elected after September 1995 may be eligible to receive benefits
there under. Upon retirement, eligible trustees receive annual payments based
upon their years of service. In connection with the sale of certain assets of
Rochester Capital Advisors, L.P. (the Fund's former investment advisor) to the
Manager, all but one of the existing independent trustees retired effective
January 4, 1996. During the six months ended June 30, 2007 payments of $6,750
were made to retired trustees. As of June 30, 2007, the Fund had recognized an
accumulated liability of $10,125.
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 compensation deferral 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.
73 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED JUNE 30, 2007 YEAR ENDED DECEMBER 31, 2006
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS A
Sold 79,111,012 $ 1,482,659,211 126,089,178 $ 2,331,720,588
Dividends and/or distributions
reinvested 6,747,345 126,229,619 11,286,033 208,623,392
Redeemed (31,547,651) (590,087,181) (38,279,698) (705,953,976)
----------------------------------------------------------------
Net increase 54,310,706 $ 1,018,801,649 99,095,513 $ 1,834,390,004
================================================================
- --------------------------------------------------------------------------------------------------
CLASS B
Sold 2,422,801 $ 45,376,882 5,710,045 $ 105,315,335
Dividends and/or distributions
reinvested 542,261 10,141,484 1,283,328 23,671,707
Redeemed (9,685,029) (181,561,019) (11,082,310) (204,333,818)
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Net decrease (6,719,967) $ (126,042,653) (4,088,937) $ (75,346,776)
================================================================
74 | ROCHESTER FUND MUNICIPALS
SIX MONTHS ENDED JUNE 30, 2007 YEAR ENDED DECEMBER 31, 2006
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS C
Sold 23,255,923 $ 435,425,255 32,402,099 $ 598,672,944
Dividends and/or distributions
reinvested 1,085,088 20,270,110 1,484,633 27,424,594
Redeemed (5,978,034) (111,538,058) (6,043,138) (111,488,998)
----------------------------------------------------------------
Net increase 18,362,977 $ 344,157,307 27,843,594 $ 514,608,540
================================================================
- --------------------------------------------------------------------------------------------------
CLASS Y
Sold 1,525,715 $ 28,547,628 636,021 $ 11,800,255
Dividends and/or distributions
reinvested 22,917 427,674 12,282 227,931
Redeemed (120,396) (2,240,960) (125,699) (2,338,648)
----------------------------------------------------------------
Net increase 1,428,236 $ 26,734,342 522,604 $ 9,689,538
================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and investments in IMMF, for the six months ended
June 30, 2007, were as follows:
PURCHASES SALES
-----------------------------------------------------------
Investment securities $ 2,647,637,164 $ 978,603,597
- --------------------------------------------------------------------------------
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 six months
ended June 30, 2007, the Fund paid $1,605,604 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
75 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
account fee. For the six months ended June 30, 2007, the Fund paid $1,575,963 to
OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 per
annum for assets of $10 million or more. The Class Y shares are subject to the
minimum fees in the event that the per account fee does not equal or exceed the
applicable minimum fees. OFS may voluntarily waive the minimum fees.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee of 0.25% per year under each
plan. If either the Class B or Class C plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees must
determine whether the Distributor shall be entitled to payment from the Fund of
all or a portion of the service fee and/or asset-based sales charge in respect
to shares sold prior to the effective date of such termination. The Distributor
determines its uncompensated expenses under the plan at calendar quarter ends.
The Distributor's aggregate uncompensated expenses under the plan at June 30,
2007 for Class B and Class C shares were $35,328,966 and $27,502,820,
respectively. Fees incurred by the Fund under the plans are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
76 | ROCHESTER FUND MUNICIPALS
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
June 30, 2007 $2,761,323 $401,549 $685,232 $255,361
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of June 30, 2007, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund will not invest more than 15% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities. Securities that are
illiquid are marked with the applicable footnote on the Statement of
Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to 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 (5.288% as of June 30, 2007). The Fund pays additional fees
of 0.30% per annum to the lender on its outstanding borrowings to manage and
administer the facility and is allocated its pro-rata share of a 0.13% per annum
commitment fee for a liquidity backstop facility with respect to the $300
million facility size.
For the six months ended June 30, 2007, the average daily loan balance was
$128,635,912 at an average daily interest rate of 5.273%. The Fund had
borrowings outstanding of $110,300,000 at June 30, 2007 at an interest rate of
5.288%. The Fund had gross borrowings and gross loan repayments of
$1,204,100,000 and $1,316,100,000, respectively, during the six months ended
June 30, 2007. The maximum amount of borrowings outstanding at any month-end
during the six months ended June 30, 2007 was $214,700,000. The Fund paid
$310,469 in fees and $3,187,647 in interest during the six months ended June 30,
2007.
77 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board 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 June 30, 2007, 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.
78 | ROCHESTER FUND MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 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.
79 | ROCHESTER FUND MUNICIPALS
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S AUDIT COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Audit Committee (the "Committee") will evaluate potential Board
candidates to assess their qualifications. The Committee shall have the
authority, upon approval of the Board, to retain an executive search firm
to assist in this effort. The Committee may consider recommendations by
business and personal contacts of current Board members and by executive
search firms which the Committee may engage from time to time and may also
consider shareholder recommendations. The Committee may consider the advice
and recommendation of the Funds' investment manager and its affiliates in
making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met by
a trustee nominee. In evaluating trustee nominees, the Committee considers,
among other things, an individual's background, skills, and experience;
whether the individual is an "interested person" as defined in the
Investment Company Act of 1940; and
whether the individual would be deemed an "audit committee financial
expert" within the meaning of applicable SEC rules. The Committee also
considers whether the individual's background, skills, and experience will
complement the background, skills, and experience of other nominees and
will contribute to the Board. There are no differences in the manner in
which the Committee evaluates nominees for trustees based on whether the
nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates to
present to the Board and, in such cases where required, to shareholders.
Recommendations for trustee nominees should, at a minimum, be accompanied
by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person" as
defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in a
proxy statement concerning the person if he or she was nominated; and
o the name and address of the person submitting the recommendation and,
if that person is a shareholder, the period for which that person held
Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under the
Investment Company Act of 1940. In addition, certain other relationships
with Massachusetts Mutual Life Insurance Company or its subsidiaries, with
registered broker-dealers, or with the Funds' outside legal counsel may
cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving as
a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 06/30/2007, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Rochester Fund Municipals
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 08/08/2007
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: 08/08/2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/08/2007