UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-3614
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Rochester Fund Municipals
-------------------------
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: December 31
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Date of reporting period: 06/30/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
June 30,2008
[ROCHESTER FUND LOGO]
- --------------------------------------------------------------------------------
Management
Rochester Fund Commentaries
Municipals and
Semiannual
Report
- --------------------------------------------------------------------------------
MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Investment Strategy Discussion
Listing of Top Holdings
SEMIANNUAL REPORT
Listing of Investments
Financial Statements
"After 25 years in the business of municipal fund management, I still
don't pretend to have seen it all. But, allowing tax-free yields to
compound over time has clearly been a winning strategy for shareholders."
-- RONALD H. FIELDING, Chief Strategist, Senior Vice President
and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[OPPENHEIMERFUNDS LOGO]
TOP HOLDINGS AND ALLOCATIONS
TOP TEN CATEGORIES
<Table>
Tobacco Master Settlement Agreement 11.8%
Hospital/Health Care 8.6
Electric Utilities 7.2
Tax Increment Financing (TIF) 7.1
Airlines 6.1
Special Tax 5.3
General Obligation 4.7
Marine/Aviation Facilities 4.6
Higher Education 4.1
Multifamily Housing 3.9
</Table>
Portfolio holdings are subject to change. Percentages are as of June 30, 2008,
and are based on the total market value of investments.
CREDIT ALLOCATION
<Table>
AAA 8.1%
AA 27.5
A 16.2
BBB 32.5
BB or lower 15.7
</Table>
Allocations are subject to change. Percentages are as of June 30, 2008, and are
dollar-weighted based on the total market value of investments. Market value,
the total value of the Fund's securities, does not include cash. 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 19.5% of the Fund'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.
17 | ROCHESTER FUND MUNICIPALS
NOTES
Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the
periods shown. Cumulative total returns are not annualized. The Fund's
total returns shown do not reflect the deduction of income taxes on an
individual's investment. Taxes may reduce your actual investment returns
on income or gains paid by the Fund or any gains you may realize if you
sell your shares.
THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT
PROSPECTUS OF OPPENHEIMER ROCHESTER FUND MUNICIPALS. BEFORE INVESTING IN
ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES
CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION,
ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention
of specific fund holdings does not constitute a recommendation by
OppenheimerFunds, Inc.
CLASS A shares of the Fund were first publicly offered on 5/15/86. The
average annual total returns are shown net of the applicable 4.75% maximum
initial sales charge.
CLASS B shares of the Fund were first publicly offered on 3/17/97. The
average annual total returns are shown net of the applicable contingent
deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B
shares convert to Class A shares 72 months after purchase, the 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 a special
agreement with the Distributor, and to present or former officers,
directors, trustees or employees (and their eligible family members) of
the Fund, the Manager, its affiliates, its parent company and the
subsidiaries of its parent company, and retirement plans established for
the benefit of such individuals.
An explanation of the calculation of performance is in the Fund's
Statement of Additional Information.
18 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs:
(1) transaction costs, which may include sales charges (loads) on purchase
payments, contingent deferred sales charges on redemptions; and redemption
fees (if applicable); 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, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in
this section 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 first section 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 second section of the
table provides 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 for each
class before expenses, which is not the 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
19 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES Continued
the Statement of Additional Information). Therefore, the "hypothetical"
section of the table is 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.
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL JANUARY 1, 2008 JUNE 30, 2008 JUNE 30, 2008
- ------------ -------------------- ------------------ --------------------
Class A $ 1,000.00 $ 967.60 $ 6.58
Class B 1,000.00 962.70 10.94
Class C 1,000.00 962.80 10.80
Class Y 1,000.00 968.40 5.79
</Table>
<Table>
HYPOTHETICAL
(5% return before expenses)
Class A 1,000.00 1,018.20 6.75
Class B 1,000.00 1,013.77 11.23
Class C 1,000.00 1,013.92 11.08
Class Y 1,000.00 1,019.00 5.94
</Table>
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 182/366
(to reflect the one-half year period). Those annualized expense ratios, based on
the 6-month period ended June 30, 2008 are as follows:
<Table>
<Caption>
CLASS EXPENSE RATIOS
- --------- --------------
Class A 1.34%
Class B 2.23
Class C 2.20
Class Y 1.18
</Table>
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
20 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------- ------ ---------- -------------
MUNICIPAL BONDS AND NOTES--124.7%
NEW YORK--92.2%
$ 1,420,000 Albany County, NY Airport Authority (1) 5.000% 12/15/2035 $ 1,354,751
1,035,000 Albany County, NY IDA (Albany College of Pharmacy) (1) 5.375 12/01/2024 988,239
1,700,000 Albany County, NY IDA (Albany College of Pharmacy) (1) 5.625 12/01/2034 1,603,083
605,000 Albany County, NY IDA (Wildwood Programs) 4.900 07/01/2021 540,217
1,085,000 Albany, NY Hsg. Authority (Lark Drive) 5.500 12/01/2028 1,071,839
2,700,000 Albany, NY IDA (Albany Law School) (1) 5.000 07/01/2031 2,473,983
310,000 Albany, NY IDA (Albany Law School) (1) 5.000 07/01/2037 277,177
1,420,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2019 1,401,540
2,460,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2029 2,308,439
285,000 Albany, NY IDA (Albany Municipal Golf Course
Clubhouse) 7.500 05/01/2012 286,827
820,000 Albany, NY IDA (Albany Rehabilitation) 8.375 06/01/2023 813,030
3,125,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2027 2,806,594
1,350,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2032 1,170,167
900,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2037 768,078
7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 6,575,734
3,730,000 Albany, NY IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,833,470
2,180,000 Albany, NY IDA (Hampton Plaza) 6.250 03/15/2018 2,178,954
900,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2025 710,433
1,285,000 Albany, NY IDA (Sage Colleges) 5.250 04/01/2019 1,285,051
1,760,000 Albany, NY IDA (Sage Colleges) 5.300 04/01/2029 1,704,965
2,550,000 Albany, NY IDA (St. Peter's Hospital) 5.250 11/15/2027 2,477,402
1,000,000 Albany, NY IDA (St. Peter's Hospital) 5.250 11/15/2032 946,080
1,000,000 Albany, NY IDA (St. Peter's Hospital) 5.500 11/15/2027 1,010,140
1,120,000 Albany, NY Parking Authority 5.625 07/15/2020 1,155,000
895,000 Albany, NY Parking Authority 5.625 07/15/2025 917,518
1,770,000 Albany, NY Parking Authority (2) 7.052 (3) 11/01/2017 1,102,250
5,700,000 Allegany County, NY IDA (Houghton College) (1) 5.250 01/15/2024 5,715,732
925,000 Amherst, NY IDA (Asbury Pointe) 5.800 02/01/2015 924,982
10,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2023 9,412
3,000,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2029 2,753,010
5,300,000 Amherst, NY IDA (Beechwood Health Care Center) 5.200 01/01/2040 4,289,767
25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.) (1) 5.250 08/01/2031 25,456
250,000 Babylon, NY IDA (WWH Ambulance) 7.375 09/15/2008 250,085
905,000 Bethlehem, NY Water System 5.375 03/01/2020 923,815
955,000 Bethlehem, NY Water System 5.500 03/01/2021 978,187
505,000 Bethlehem, NY Water System 5.500 03/01/2022 516,418
1,065,000 Blauvelt, NY Volunteer Fire Company 6.250 10/15/2017 1,048,631
2,735,000 Brookhaven, NY IDA (Enecon Corp.) 6.300 01/01/2033 2,483,024
2,425,000 Brookhaven, NY IDA (Stony Brook Foundation) 6.500 11/01/2020 2,496,659
65,000 Broome County, NY IDA (University Plaza) 5.000 08/01/2025 55,054
F1 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ----------------- ------- ---------- --------------
NEW YORK Continued
$ 3,030,000 Broome County, NY IDA (University Plaza) 5.000% 08/01/2036 $ 2,370,733
1,000,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2030 820,320
1,250,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2036 993,688
3,000,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2030 2,495,370
4,450,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2036 3,593,331
3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 2,737,140
915,000 Canton, NY Human Services Initiatives 5.700 09/01/2024 933,648
1,155,000 Canton, NY Human Services Initiatives 5.750 09/01/2032 1,170,327
4,295,000 Cattaraugus County, NY IDA (Olean General Hospital) (1) 5.250 08/01/2023 4,342,073
1,465,000 Cattaraugus County, NY IDA (St. Bonaventure
University) (1) 5.450 09/15/2019 1,460,620
11,875,000 Cayuga County, NY COP (Auburn Memorial Hospital) (1) 6.000 01/01/2021 11,892,813
230,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 230,124
3,395,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,362,340
1,900,000 Chautauqua County, NY IDA
(Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,839,941
95,000 Chautauqua, NY Utility District 5.000 06/01/2023 96,674
105,000 Chautauqua, NY Utility District 5.000 06/01/2025 106,366
3,250,000 Chemung County, NY IDA (Arnot Ogden Medical Center) (1) 5.000 11/01/2029 3,139,338
1,915,000 Chemung County, NY IDA (Arnot Ogden Medical Center) (1) 5.000 11/01/2029 1,849,794
1,000,000 Chemung County, NY IDA (Arnot Ogden Medical Center) (1) 5.000 11/01/2034 946,070
1,455,000 Chemung County, NY IDA (Arnot Ogden Medical Center) (1) 5.000 11/01/2034 1,376,532
1,125,000 Chemung County, NY IDA (Hathorn Redevel. Company) (1) 4.850 07/01/2023 1,080,371
1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company) (1) 5.000 07/01/2033 1,452,431
4,745,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 4,563,504
4,800,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 4,801,920
4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,910,638
1,150,000 Clifton Springs, NY Hospital & Clinic 7.650 01/01/2012 1,159,660
2,545,000 Clifton Springs, NY Hospital & Clinic 8.000 01/01/2020 2,548,487
35,000 Cohoes, NY GO 6.200 03/15/2012 35,234
25,000 Cohoes, NY GO 6.200 03/15/2013 25,148
25,000 Cohoes, NY GO 6.250 03/15/2014 25,144
25,000 Cohoes, NY GO 6.250 03/15/2015 25,125
25,000 Cohoes, NY GO 6.250 03/15/2016 25,108
1,435,000 Columbia County, NY IDA (Berkshire Farms) 7.500 12/15/2014 1,435,287
3,300,000 Corinth, NY IDA (International Paper Company) (1) 5.750 02/01/2022 3,128,532
40,000 Corinth, NY IDA (International Paper Company) (1) 5.850 12/01/2020 38,747
5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital) (1) 5.250 07/01/2032 5,227,158
155,000 Dutchess County, NY IDA
(Astor Learning Center Civic Facility) (1) 5.150 11/01/2024 158,320
2,310,000 Dutchess County, NY IDA (Elant Fishkill) 5.250 01/01/2037 1,900,298
280,000 Dutchess County, NY IDA (IBM Corp.) (1) 5.450 12/01/2029 291,617
F2 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------- ------- ---------- --------------
NEW YORK Continued
$ 900,000 Dutchess County, NY IDA (St. Francis Hospital) 7.500% 03/01/2029 $ 959,166
1,000,000 Dutchess County, NY Water & Wastewater Authority (1) 5.400 (3) 06/01/2027 385,660
3,240,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,356,802
1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,420,853
1,400,000 East Rochester, NY Hsg. Authority
(Genesee Valley Nursing Home) 5.200 12/20/2024 1,443,148
2,465,000 East Rochester, NY Hsg. Authority
(Jefferson Park Apartments) 6.750 03/01/2030 2,483,340
2,000,000 East Rochester, NY Hsg. Authority (Linden Knoll) (1) 5.350 02/01/2038 1,970,680
16,210,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.000 02/15/2047 15,572,461
4,095,000 East Rochester, NY Hsg. Authority (St. John's Meadows) (1) 5.950 08/01/2027 4,131,527
1,700,000 East Rochester, NY Hsg. Authority (Woodland Village) 5.500 08/01/2033 1,471,197
3,325,000 Elmira, NY Hsg. Authority (Eastgate Apartments) 6.250 06/01/2044 2,937,870
2,380,000 Erie County, NY IDA (Air Cargo) 8.500 10/01/2015 2,392,162
4,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.750 06/01/2025 4,067,960
7,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.875 06/01/2035 7,064,400
1,960,000 Erie County, NY IDA (DePaul Properties) 5.750 09/01/2028 1,605,142
2,605,000 Erie County, NY IDA (DePaul Properties) 6.500 09/01/2018 2,445,340
1,800,000 Erie County, NY IDA (Global Concepts Charter School) 6.250 10/01/2037 1,656,666
11,310,000 Erie County, NY IDA (Medaille College) 7.625 04/01/2035 12,125,112
3,515,000 Erie County, NY IDA (Medaille College) 8.250 11/01/2026 3,758,449
9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 9,266,994
9,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 8,255,255
9,600,000 Erie County, NY IDA (The Episcopal Church Home) 6.000 02/01/2028 8,996,256
2,630,000 Erie County, NY Sewer District (1) 5.000 12/01/2030 2,626,371
1,360,000 Erie County, NY Sewer District (1) 5.000 12/01/2035 1,347,910
25,290,000 Erie County, NY Tobacco Asset Securitization Corp. (1) 5.000 06/01/2038 21,761,286
72,380,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2045 61,020,683
93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140 (3) 06/01/2047 4,619,310
135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488 (3) 06/01/2050 4,826,084
150,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.751 (3) 06/01/2055 3,025,500
1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650 (3) 06/01/2060 13,629,440
1,410,000 Essex County, NY IDA (International Paper Company) (1) 4.600 03/01/2027 1,101,732
2,300,000 Essex County, NY IDA (International Paper Company) (1) 6.450 11/15/2023 2,311,868
30,000 Essex County, NY IDA (Moses Ludington Nursing Home) (1) 6.200 02/01/2030 31,589
5,000,000 Essex County, NY IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,282,250
975,000 Essex County, NY IDA
(North Country Community College Foundation) 5.000 06/01/2020 922,545
320,000 Essex County, NY IDA
(North Country Community College Foundation) 5.000 06/01/2020 302,784
1,235,000 Essex County, NY IDA
(North Country Community College Foundation) 5.200 06/01/2025 1,138,596
F3 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ------------- -------------
NEW YORK Continued
$ 410,000 Essex County, NY IDA
(North Country Community College Foundation) 5.200% 06/01/2025 $ 377,995
1,100,000 Essex County, NY IDA
(North Country Community College Foundation) 5.300 06/01/2035 973,082
8,800,000 Essex County, NY IDA Solid Waste Disposal
(International Paper Company) (1) 5.200 12/01/2023 7,887,880
4,440,000 Essex County, NY IDA Solid Waste Disposal
(International Paper Company) (1) 5.200 03/01/2028 3,731,554
1,850,000 Essex County, NY IDA Solid Waste Disposal
(International Paper Company) (1) 5.500 08/15/2022 1,708,679
1,625,000 Essex County, NY IDA Solid Waste Disposal
(International Paper Company) (1) 5.500 10/01/2026 1,439,133
5,680,000 Franklin County, NY IDA (Adirondack Medical
Center) (1) 5.500 12/01/2029 5,706,014
900,000 Franklin County, NY IDA
(North Country Community College Foundation) 5.200 06/01/2025 829,746
1,000,000 Genesee County, NY IDA
(United Memorial Medical Center) 5.000 12/01/2027 850,000
70,000 Glen Cove, NY IDA (SLCD) 6.875 07/01/2008 69,999
3,775,000 Glen Cove, NY IDA (SLCD) 7.375 07/01/2023 3,763,071
1,225,000 Green Island, NY Power Authority (1) 5.125 12/15/2024 1,195,061
2,660,000 Green Island, NY Power Authority 6.000 12/15/2020 2,742,566
1,695,000 Green Island, NY Power Authority 6.000 12/15/2025 1,736,121
840,000 Hempstead Village, NY GO 5.000 07/01/2020 818,194
1,025,000 Hempstead Village, NY GO 5.000 07/01/2021 988,438
1,270,000 Hempstead Village, NY GO 5.000 07/01/2022 1,216,317
2,500,000 Hempstead, NY IDA (Adelphi University) (1) 5.500 06/01/2032 2,548,325
235,000 Hempstead, NY IDA (Dentaco Corp.) 7.250 11/01/2012 237,418
1,270,000 Hempstead, NY IDA (Dentaco Corp.) 8.250 11/01/2025 1,304,481
2,260,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 2,352,863
18,825,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,646,147
660,000 Hempstead, NY IDA (Franklin Hospital Medical
Center) 5.750 11/01/2008 659,347
9,375,000 Hempstead, NY IDA (Franklin Hospital Medical
Center) 6.375 11/01/2018 8,859,094
8,550,000 Hempstead, NY IDA (Franklin Hospital Medical
Center) 7.750 11/01/2022 9,068,643
4,710,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,483,523
12,365,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 14,395,704
2,470,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,875,648
25,260,000 Hempstead, NY IDA (Lynbrook Facilities) 6.500 11/01/2042 23,887,119
3,665,000 Hempstead, NY IDA (Peninsula Counseling
Center) 6.500 11/01/2038 3,450,744
6,355,000 Hempstead, NY IDA (South Shore Y JCC) 6.750 11/01/2024 5,587,634
2,220,000 Herkimer County, NY IDA (Burrows Paper) 8.000 01/01/2009 2,226,061
3,225,000 Herkimer County, NY IDA (Folts Adult Home) 5.500 03/20/2040 3,377,897
F4 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ------------- -------------
NEW YORK Continued
$ 1,000,000 Herkimer County, NY IDA
(Herkimer County College Foundation) (1) 6.250% 08/01/2034 $ 1,003,160
1,285,000 Herkimer County, NY IDA
(Herkimer County College Foundation) (1) 6.400 11/01/2020 1,306,935
2,000,000 Herkimer County, NY IDA
(Herkimer County College Foundation) (1) 6.500 11/01/2030 2,006,120
175,000 Herkimer, NY Hsg. Authority (1) 7.150 03/01/2011 175,564
697,480,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 669,043,740
101,340,000 Hudson Yards, NY Infrastructure Corp. 5.000 02/15/2047 97,532,656
1,255,000 Hudson, NY IDA (Hudson Fabrics) 6.750 11/01/2024 1,083,442
145,000 Huntington, NY Hsg. Authority (GJSR) 5.875 05/01/2019 138,882
1,000,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2029 933,020
8,500,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2039 7,701,935
770,000 Islip, NY IDA (Leeway School) 9.000 08/01/2021 771,286
17,380,000 Islip, NY IDA (Southside Hospital Civic
Facilities) 7.750 12/01/2022 17,709,351
9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 8,425,731
1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 977,715
1,100,000 Islip, NY Res Rec, Series E (1) 5.750 07/01/2020 1,144,286
1,315,000 Islip, NY Res Rec, Series E (1) 5.750 07/01/2021 1,364,799
1,000,000 Islip, NY Res Rec, Series E (1) 5.750 07/01/2023 1,036,090
3,000,000 Kenmore, NY Hsg. Authority (SUNY at
Buffalo) (1) 5.500 08/01/2024 3,023,520
60,000 L.I., NY Power Authority, Series A (1) 5.125 09/01/2029 59,919
24,130,000 L.I., NY Power Authority, Series A (1) 5.125 09/01/2029 24,285,880
31,530,000 L.I., NY Power Authority, Series C (1) 5.000 09/01/2035 31,569,728
3,830,000 Lyons, NY Community Health Initiatives
Corp. (1) 5.550 09/01/2024 3,936,972
5,300,000 Madison County, NY IDA (Commons II Student
Hsg.) 5.000 06/01/2040 4,970,446
750,000 Madison County, NY IDA
(Morrisville State College Foundation) (1) 5.000 06/01/2028 718,928
1,100,000 Madison County, NY IDA
(Morrisville State College Foundation) (1) 5.000 06/01/2032 1,051,204
1,290,000 Madison County, NY IDA (Oneida Healthcare
Center) (1) 5.300 02/01/2021 1,295,147
5,500,000 Madison County, NY IDA (Oneida Healthcare
Center) (1) 5.350 02/01/2031 5,449,895
2,605,000 Middletown, NY Hsg. Authority
(Summitfield & Moore Heights) 4.800 07/01/2039 2,317,460
630,000 Middletown, NY IDA (Flanagan Design & Display) 7.500 11/01/2018 632,381
3,210,000 Middletown, NY IDA (Southwinds Retirement
Home) 6.375 03/01/2018 3,107,473
165,000 Middletown, NY IDA (YMCA) 6.250 11/01/2009 165,741
1,255,000 Middletown, NY IDA (YMCA) 7.000 11/01/2019 1,254,561
130,000 Monroe County, NY COP (1) 8.050 01/01/2011 130,304
490,000 Monroe County, NY IDA (Canal Ponds) 7.000 06/15/2013 497,017
50,000 Monroe County, NY IDA (Cloverwood Senior
Living) 6.750 05/01/2023 49,648
1,000,000 Monroe County, NY IDA (Cloverwood Senior 6.875 05/01/2033 993,980
Living)
F5 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 678,573 Monroe County, NY IDA (Cottrone Devel.) 9.500% 12/01/2010 $ 682,162
720,000 Monroe County, NY IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 716,450
4,120,000 Monroe County, NY IDA (DePaul Community Facilities) 5.875 02/01/2028 3,439,912
5,195,000 Monroe County, NY IDA (DePaul Community Facilities) 5.950 08/01/2028 4,473,674
640,000 Monroe County, NY IDA (DePaul Community Facilities) 6.450 02/01/2014 642,131
1,285,000 Monroe County, NY IDA (DePaul Community Facilities) (1) 6.500 02/01/2024 1,287,339
4,485,000 Monroe County, NY IDA (DePaul Properties) 6.150 09/01/2021 3,985,012
1,000,000 Monroe County, NY IDA (Highland Hospital of Rochester) (1) 5.000 08/01/2022 966,590
1,250,000 Monroe County, NY IDA (Highland Hospital of Rochester) (1) 5.000 08/01/2025 1,191,925
375,000 Monroe County, NY IDA (Melles Griot) 9.500 12/01/2009 378,675
2,520,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,370,614
2,890,000 Monroe County, NY IDA
(Rochester Institute of Technology) 5.375 04/01/2029 2,615,017
1,000,000 Monroe County, NY IDA (Southview Towers) (1) 6.125 02/01/2020 1,025,990
2,190,000 Monroe County, NY IDA (St. John Fisher College) (1) 5.250 06/01/2026 2,194,599
3,075,000 Monroe County, NY IDA (St. John Fisher College) (1) 5.375 06/01/2024 3,086,777
2,175,000 Monroe County, NY IDA (Summit at Brighton) 5.375 07/01/2032 1,798,551
3,660,000 Monroe County, NY IDA (Summit at Brighton) 5.500 07/01/2027 3,175,928
855,000 Monroe County, NY IDA (Volunteers of America) 5.700 08/01/2018 792,388
2,765,000 Monroe County, NY IDA (Volunteers of America) 5.750 08/01/2028 2,366,425
650,000,000 Monroe County,
NY Tobacco Asset Securitization Corp. (TASC) 7.701 (3) 06/01/2061 7,956,000
580,000 Monroe, NY Newpower Corp (1) 5.625 01/01/2026 545,861
2,265,000 Monroe, NY Newpower Corp. (1) 5.500 01/01/2034 2,016,847
500,000 Mount Vernon, NY IDA (Kings Court) 5.200 12/01/2033 471,740
3,275,000 Mount Vernon, NY IDA (Macedonia Towers) 5.200 12/01/2033 3,089,897
2,295,000 Mount Vernon, NY IDA (Meadowview) 6.150 06/01/2019 2,270,627
2,600,000 Mount Vernon, NY IDA (Meadowview) 6.200 06/01/2029 2,492,698
802,824 Municipal Assistance Corp. for Troy, NY (1) 5.733 (3) 07/15/2021 418,930
1,218,573 Municipal Assistance Corp. for Troy, NY (1) 5.741 (3) 01/15/2022 615,318
5,015,000 Nassau County, NY (CSMR) 5.950 11/01/2022 4,727,540
775,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 730,577
725,000 Nassau County, NY IDA (ALIA-ACDS) 7.500 06/01/2015 747,598
2,975,000 Nassau County, NY IDA (ALIA-ACLD) 6.250 09/01/2022 2,849,098
195,000 Nassau County, NY IDA (ALIA-ACLD) 7.125 06/01/2017 198,643
290,000 Nassau County, NY IDA (ALIA-ACLD) 7.500 06/01/2015 299,039
5,065,000 Nassau County, NY IDA (ALIA-CSMR) 7.000 11/01/2016 5,132,516
2,890,000 Nassau County, NY IDA (ALIA-CSMR) 7.125 06/01/2017 2,943,985
1,445,000 Nassau County, NY IDA (ALIA-CSMR) 7.500 06/01/2015 1,490,041
200,000 Nassau County, NY IDA (ALIA-FREE) 7.125 06/01/2012 203,990
1,780,000 Nassau County, NY IDA (ALIA-FREE) 7.500 06/01/2015 1,835,483
4,030,000 Nassau County, NY IDA (ALIA-FREE) 8.150 06/01/2030 4,167,947
F6 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 6,255,000 Nassau County, NY IDA (ALIA-FREE) 8.250% 06/01/2032 $ 6,494,692
775,000 Nassau County, NY IDA (ALIA-HH) 7.125 06/01/2017 787,168
595,000 Nassau County, NY IDA (ALIA-HHS) 7.125 06/01/2017 604,342
175,000 Nassau County, NY IDA (ALIA-LVH) 7.500 06/01/2015 180,455
10,500,000 Nassau County, NY IDA (Amsterdam at Harborside) 6.700 01/01/2043 10,531,395
435,000 Nassau County, NY IDA (CNGCS) 7.500 06/01/2030 448,559
2,245,000 Nassau County, NY IDA (CNGCS) 8.150 06/01/2030 2,328,559
635,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.) 5.950 11/01/2022 598,602
1,660,000 Nassau County, NY IDA (Hispanic Counseling Center) 6.500 11/01/2037 1,548,664
3,150,000 Nassau County, NY IDA
(Keyspan-Glenwood Energy Center) (1) 5.250 06/01/2027 3,079,692
685,000 Nassau County, NY IDA (Life's WORCA) 5.950 11/01/2022 645,736
3,750,000 Nassau County, NY IDA (Little Village School) 7.500 12/01/2031 3,844,725
3,535,000 Nassau County, NY IDA (New York Water Service Corp.) (1) 5.000 12/01/2035 3,225,581
2,290,000 Nassau County, NY IDA (North Shore CFGA) 6.750 05/01/2024 2,139,570
1,300,000 Nassau County, NY IDA (PLUS Group Home) 6.150 11/01/2022 1,225,692
2,050,000 Nassau County, NY IDA (United Cerebral Palsy) 6.250 11/01/2014 1,980,997
645,000 Nassau County, NY IDA (United Veteran's Beacon House) 6.500 11/01/2037 601,740
23,215,000 Nassau County, NY IDA (Westbury Senior Living) 7.900 11/01/2031 25,975,264
735,000 Nassau County, NY IDA, Series A-A 6.000 07/02/2021 702,711
7,325,000 Nassau County, NY IDA, Series A-B 6.000 07/01/2021 7,003,213
705,000 Nassau County, NY IDA, Series A-C 6.000 07/01/2021 674,029
800,000 Nassau County, NY IDA, Series A-D 6.000 07/01/2021 764,856
1,675,000 Nassau County, NY Interim Finance Authority (1) 5.125 11/15/2021 1,676,759
40,000,000 Nassau County, NY Tobacco Settlement Corp. (4) 5.125 06/01/2046 34,390,200
9,000,000 Nassau County, NY Tobacco Settlement Corp. (1) 0.000 (5) 06/01/2026 8,127,540
82,685,000 Nassau County, NY Tobacco Settlement Corp. 5.125 06/01/2046 71,087,602
20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820 (3) 06/01/2046 1,167,000
105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221 (3) 06/01/2046 5,685,559
1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537 (3) 06/01/2060 16,967,857
40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351 (3) 06/01/2060 532,400
19,280,000 Nassau County, NY Tobacco Settlement Corp. (TASC) (1) 5.000 06/01/2035 16,697,058
7,155,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 8,309,674
3,340,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 3,879,009
4,290,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,059,369
4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,545,590
4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,545,590
13,010,000 New Rochelle, NY IDA (College of New Rochelle) 5.250 07/01/2027 13,052,933
5,655,000 New Rochelle, NY IDA (College of New Rochelle) 5.500 07/01/2019 5,764,481
3,670,000 New Rochelle, NY IDA (Soundview Apartments) (1) 5.375 04/01/2036 3,634,658
500,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2038 461,365
2,810,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2048 2,526,218
F7 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company) 5.550% 11/15/2024 $ 3,195,324
3,400,000 Niagara County, NY IDA
(Niagara Falls Memorial Medical Center) 5.250 06/01/2018 3,098,114
1,500,000 Niagara County, NY IDA (Niagara University) (1) 5.350 11/01/2023 1,506,795
5,400,000 Niagara County, NY IDA (Niagara University) (1) 5.400 11/01/2031 5,385,366
2,600,000 Niagara County, NY IDA (Solid Waste Disposal) (1) 5.550 11/15/2024 2,567,214
6,800,000 Niagara County, NY IDA (Solid Waste Disposal) (1) 5.625 11/15/2024 6,698,816
20,000 Niagara County, NY Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,099
1,395,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,414,600
6,295,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,366,826
315,000 Niagara, NY Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.000 04/01/2028 290,436
1,370,000 Niagara, NY Frontier Transportation Authority
(Buffalo Niagara International Airport) (1) 5.625 04/01/2029 1,372,110
715,000 North Babylon, NY Volunteer Fire Company (1) 5.750 08/01/2022 723,487
3,295,000 North Tonawanda, NY HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,691,323
25,000 Nunda, NY GO 8.000 05/01/2010 26,908
560,000 NY Capital District Youth Center (1) 6.000 02/01/2017 565,930
500,000 NY Carnegie Redevel. Corp. (2) 7.000 09/01/2021 467,435
6,235,000 NY Counties Tobacco Trust I (1) 6.500 06/01/2035 6,365,374
19,230,000 NY Counties Tobacco Trust I 6.625 06/01/2042 19,669,982
10,250,000 NY Counties Tobacco Trust I (TASC) (4) 6.250 06/01/2028 10,461,252
29,800,000 NY Counties Tobacco Trust II (TASC) (4) 5.625 06/01/2035 29,052,914
53,850,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 52,970,630
245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 246,433
7,000,000 NY Counties Tobacco Trust IV (1) 5.000 06/01/2038 6,023,290
131,335,000 NY Counties Tobacco Trust IV 5.920 (3) 06/01/2050 5,175,912
304,690,000 NY Counties Tobacco Trust IV 6.395 (3) 06/01/2055 7,294,279
608,700,000 NY Counties Tobacco Trust IV 6.816 (3) 06/01/2060 8,101,797
45,020,000 NY Counties Tobacco Trust IV (TASC) (4) 5.000 06/01/2042 38,353,438
31,850,000 NY Counties Tobacco Trust IV (TASC) (4) 5.000 06/01/2045 26,831,396
82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 (5) 06/01/2041 77,601,975
7,440,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2042 6,338,210
82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 (6) 06/01/2041 9,335,700
345,760,000 NY Counties Tobacco Trust V 6.152 (3) 06/01/2038 37,276,386
627,860,000 NY Counties Tobacco Trust V 6.204 (3) 06/01/2050 24,743,963
643,195,000 NY Counties Tobacco Trust V 6.850 (3) 06/01/2055 15,398,088
3,845,000,000 NY Counties Tobacco Trust V 7.846 (3) 06/01/2060 51,176,950
248,570,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) (4) 5.250 10/01/2035 256,243,665
29,735,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) (4) 5.500 10/01/2037 31,672,115
2,500,000 NY Liberty Devel. Corp. (National Sports Museum) 6.125 02/15/2019 2,472,725
49,510,000 NY MTA Service Contract, Series A (1) 5.125 01/01/2029 50,053,620
F8 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 8,880,000 NY MTA Service Contract, Series A (4) 5.125% 01/01/2024 $ 9,153,948
20,000,000 NY MTA Service Contract, Series A (1) 5.750 07/01/2031 21,176,600
33,290,000 NY MTA Service Contract, Series B (1) 5.250 01/01/2031 33,781,360
20,000 NY MTA, Series A (1) 5.000 11/15/2032 20,018
17,255,000 NY MTA, Series A (1) 5.000 11/15/2035 17,289,165
7,640,000 NY MTA, Series A (4) 5.000 11/15/2028 7,735,309
71,560,000 NY MTA, Series A (4) 5.000 11/15/2030 72,594,042
8,500,000 NY MTA, Series A (4) 5.000 11/15/2032 8,565,918
5,585,000 NY MTA, Series A (1) 5.125 11/15/2031 5,610,691
25,000 NY MTA, Series B (1) 5.000 01/01/2031 25,198
34,845,000 NY MTA, Series E (1) 5.250 11/15/2031 35,167,665
52,510,000 NY MTA, Series F (1) 5.000 11/15/2035 52,429,135
2,000,000 NY New Hartford-Sunset Wood Funding Corp. (1) 5.500 02/01/2029 2,044,460
4,450,000 NY Newark-Wayne Community Hospital (1) 5.875 01/15/2033 4,458,322
2,020,000 NY Newark-Wayne Community Hospital 7.600 09/01/2015 2,021,737
17,120,000 NY Seneca Nation Indians Capital Improvements (1) 5.000 12/01/2023 14,982,226
13,825,000 NY Tobacco Settlement Financing Corp. (TASC) (1) 5.500 06/01/2021 14,440,904
25,000 NY Triborough Bridge & Tunnel Authority (1) 5.000 01/01/2032 25,216
16,760,000 NY Triborough Bridge & Tunnel Authority (4) 5.000 01/01/2032 16,866,929
33,060,000 NY Triborough Bridge & Tunnel Authority, Series A (4) 5.000 01/01/2027 33,515,236
2,400,000 NY TSASC, Inc. (TFABs) (1) 5.000 06/01/2026 2,176,752
146,255,000 NY TSASC, Inc. (TFABs) (1) 5.000 06/01/2034 126,965,428
104,800,000 NY TSASC, Inc. (TFABs) (4) 5.000 06/01/2034 90,978,976
49,120,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 42,671,526
287,180,000 NY TSASC, Inc. (TFABs) (4) 5.125 06/01/2042 249,488,535
2,000,000 NY United Nations Devel. Corp., Series A (1) 5.250 07/01/2026 2,000,380
20,000,000 NYC GO (4) 5.000 04/01/2030 20,218,900
46,000,000 NYC GO (4) 5.000 06/01/2030 46,502,320
10,920,000 NYC GO (4) 5.000 08/01/2030 11,038,318
27,400,000 NYC GO (4) 5.000 06/01/2033 27,615,638
12,455,000 NYC GO (4) 5.000 12/01/2033 12,543,591
30,150,000 NYC GO (4) 5.000 11/01/2034 30,331,865
12,765,000 NYC GO (4) 5.000 03/01/2035 12,843,341
19,405,000 NYC GO (4) 5.000 04/01/2035 19,525,113
5,400,000 NYC GO (4) 5.000 08/01/2035 5,434,992
25,530,000 NYC GO (4) 5.250 06/01/2027 26,072,342
37,945,000 NYC GO (4) 5.375 06/01/2032 38,741,970
25,000 NYC GO 0.000 (5) 03/15/2029 23,384
15,000 NYC GO (1) 5.000 06/01/2020 15,519
5,000 NYC GO (1) 5.000 03/15/2021 5,065
25,000 NYC GO (1) 5.000 03/01/2025 25,393
5,000 NYC GO (1) 5.000 03/15/2029 5,167
F9 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 5,000 NYC GO (1) 5.000% 03/15/2029 $ 5,167
15,000 NYC GO (1) 5.000 03/15/2029 15,105
60,000 NYC GO (1) 5.000 03/01/2033 60,338
75,000 NYC GO (1) 5.000 06/01/2033 75,590
60,000 NYC GO (1) 5.100 11/01/2019 61,750
5,000 NYC GO (1) 5.250 08/01/2021 5,058
2,735,000 NYC GO (1) 5.250 10/15/2021 2,832,010
265,000 NYC GO (1) 5.250 08/15/2023 268,034
5,000 NYC GO (1) 5.375 12/01/2026 5,069
5,000 NYC GO 5.375 03/01/2027 5,443
515,000 NYC GO (1) 5.375 08/01/2027 518,960
50,000 NYC GO (1) 5.500 08/01/2022 50,576
850,000 NYC GO (1) 5.500 06/01/2028 875,577
5,000 NYC GO (1) 5.500 12/01/2031 5,070
3,705,000 NYC GO (1) 5.500 11/15/2037 3,725,674
5,000 NYC GO (1) 5.950 08/01/2014 5,064
12,880,000 NYC GO (1) 6.000 01/15/2021 13,950,972
40,000 NYC GO (1) 6.154 (3) 10/01/2012 34,154
335,000 NYC GO (1) 6.350 05/15/2014 339,399
20,000 NYC GO (1) 7.000 02/01/2010 20,076
15,000 NYC GO (1) 7.250 08/15/2024 15,058
5,000 NYC GO (1) 7.750 08/15/2028 5,023
837,000 NYC GO RIBS 7.620 (7) 09/01/2011 842,173
837,000 NYC GO RIBS 8.320 (7) 08/12/2010 842,173
965,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 965,637
4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,057,068
304,172 NYC HDC (Bay Towers) 6.500 08/15/2017 304,656
47,070 NYC HDC (Beekman) 6.500 10/15/2017 47,748
315,572 NYC HDC (Bridgeview III) 6.500 12/15/2017 332,010
902,389 NYC HDC (Cadman Towers) 6.500 11/15/2018 949,232
2,499,197 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,502,871
58,130 NYC HDC (Essex Terrace) 6.500 07/15/2018 58,217
338,811 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 356,412
273,076 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 273,510
3,450,000 NYC HDC (Linden Boulevard Apartments) 4.750 01/15/2039 3,046,040
5,000,000 NYC HDC (Multifamily Hsg.) 4.700 11/01/2040 4,429,050
2,365,000 NYC HDC (Multifamily Hsg.) (1) 4.750 11/01/2035 2,290,952
60,000 NYC HDC (Multifamily Hsg.) (1) 5.050 11/01/2023 58,866
3,185,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 2,946,762
2,435,000 NYC HDC (Multifamily Hsg.) (1) 5.100 11/01/2027 2,370,034
3,000,000 NYC HDC (Multifamily Hsg.) (1) 5.125 11/01/2032 2,861,430
F10 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 5,100,000 NYC HDC (Multifamily Hsg.) (1) 5.150% 11/01/2037 $ 4,927,518
8,035,000 NYC HDC (Multifamily Hsg.) 5.200 11/01/2040 7,671,898
6,330,000 NYC HDC (Multifamily Hsg.) (1) 5.250 11/01/2027 6,229,859
8,500,000 NYC HDC (Multifamily Hsg.) (1) 5.250 11/01/2030 8,601,490
7,205,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2045 6,760,163
5,140,000 NYC HDC (Multifamily Hsg.) (1) 5.350 11/01/2037 4,977,062
15,000 NYC HDC (Multifamily Hsg.) (1) 5.400 11/01/2033 14,775
3,735,000 NYC HDC (Multifamily Hsg.) 5.450 11/01/2040 3,635,089
4,785,000 NYC HDC (Multifamily Hsg.) (1) 5.500 11/01/2028 4,813,519
10,470,000 NYC HDC (Multifamily Hsg.), Series A (4) 5.600 11/01/2042 10,558,923
3,000,000 NYC HDC (Multifamily Hsg.), Series A (1) 5.500 11/01/2034 2,987,340
31,900,000 NYC HDC (Multifamily Hsg.), Series B (4) 5.350 05/01/2049 31,173,796
11,250,000 NYC HDC (Multifamily Hsg.), Series C (4) 5.050 11/01/2036 10,588,942
8,365,000 NYC HDC (Multifamily Hsg.), Series C 5.125 05/01/2040 7,824,119
385,000 NYC HDC (Multifamily Hsg.), Series C (1) 5.700 05/01/2031 386,482
1,000,000 NYC HDC (Multifamily Hsg.), Series E (1) 5.200 11/01/2033 960,490
2,155,000 NYC HDC (Multifamily Hsg.), Series F (1) 5.200 11/01/2032 2,077,075
13,180,000 NYC HDC (Multifamily Hsg.), Series G-1 (4) 4.875 11/01/2039 12,405,534
3,515,000 NYC HDC (Multifamily Hsg.), Series G-1 (1) 4.750 11/01/2027 3,298,019
1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,285,672
3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,187,738
15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 (4) 5.200 11/01/2038 14,598,622
8,600,000 NYC HDC (Ocean Gate Devel.) 5.150 11/01/2040 8,048,396
29,500,000 NYC HDC (Progress of Peoples Devel.) (1) 4.950 05/15/2036 27,596,365
5,185,000 NYC HDC (Seaview Towers) 4.750 07/15/2039 4,588,051
259,052 NYC HDC (St. Martin Tower) 6.500 11/15/2018 272,517
1,182,383 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,243,110
2,750,000 NYC HDC, Series C (1) 5.000 11/01/2026 2,641,320
1,000,000 NYC Health & Hospital Corp. (1) 5.375 02/15/2026 1,006,470
1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,029,138
3,480,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,216,112
38,115,000 NYC IDA (AIRIS JFK I/JFK International Airport) (1) 5.500 07/01/2028 32,172,490
22,745,000 NYC IDA (AIRIS JFK I/JFK International Airport) (1) 6.000 07/01/2027 21,151,485
255,000 NYC IDA (Allied Metal) 6.375 12/01/2014 246,317
940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 897,258
3,065,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 2,752,860
2,905,000 NYC IDA (American Airlines) (1) 5.400 07/01/2019 1,398,496
32,580,000 NYC IDA (American Airlines) (1) 5.400 07/01/2020 15,686,944
41,550,000 NYC IDA (American Airlines) (1) 6.900 08/01/2024 20,003,832
8,500,000 NYC IDA (American Airlines) (1) 7.125 08/01/2011 8,230,890
540,000 NYC IDA (American Airlines) (1) 7.500 08/01/2016 495,407
F11 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 18,200,000 NYC IDA (American Airlines) (1) 7.625% 08/01/2025 $ 16,099,902
61,350,000 NYC IDA (American Airlines) (1) 7.750 08/01/2031 53,911,313
44,610,000 NYC IDA (American Airlines) 8.000 08/01/2028 40,666,030
338,060,000 NYC IDA (American Airlines) (1) 8.500 08/01/2028 325,311,757
3,530,000 NYC IDA (American National Red Cross) 5.000 02/01/2036 3,567,595
4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,453,957
1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,172,644
380,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 377,712
1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,684,242
1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,416,975
10,240,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 9,822,925
5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,264,545
1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,023,139
4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,092,851
52,740,000 NYC IDA (British Airways) (1) 5.250 12/01/2032 32,855,965
34,360,000 NYC IDA (British Airways) (1) 7.625 12/01/2032 29,685,322
86,000,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) (1) 5.650 10/01/2028 83,916,220
151,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) (1) 5.750 10/01/2036 147,985,669
21,220,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) (1) 6.200 10/01/2022 22,001,957
16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 16,840,236
4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,331,649
2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,855,860
12,370,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 10,608,883
3,400,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 2,900,642
29,135,000 NYC IDA (Chapin School) 5.000 11/01/2038 25,835,170
2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,546,307
2,975,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,019,447
1,275,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 1,289,675
1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,378,220
3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 2,893,086
3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,819,180
1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,504,976
1,650,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,684,898
795,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 796,169
600,000 NYC IDA (Continental Airlines) (1) 7.250 11/01/2008 597,240
4,685,000 NYC IDA (Continental Airlines) (1) 8.375 11/01/2016 4,474,128
1,745,000 NYC IDA (Cool Wind Ventilation) 5.250 11/01/2017 1,655,290
1,570,000 NYC IDA (Cool Wind Ventilation) 5.450 11/01/2017 1,489,286
5,685,000 NYC IDA (Cool Wind Ventilation) 5.875 11/01/2027 5,256,408
3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,605,256
975,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,032,398
F12 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 5,500,000 NYC IDA (Family Support Systems) 7.500% 11/01/2034 $ 5,318,885
7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,605,698
13,780,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 11,959,662
2,265,000 NYC IDA (Gateway School of New York) 6.500 11/01/2019 2,323,482
14,935,000 NYC IDA (General Motors Corp.) (1) 5.125 12/30/2023 10,363,845
1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,716,441
1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,626,102
2,175,000 NYC IDA (Good Shepherd Services) (1) 5.875 06/01/2014 2,137,655
4,170,000 NYC IDA (Gourmet Boutique) 5.750 05/01/2021 3,721,350
7,290,000 NYC IDA (Guttmacher Institute) 5.750 12/01/2036 6,228,649
95,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 95,010
2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,211,111
800,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 739,144
1,000,000 NYC IDA (Institute of International Education) (1) 5.250 09/01/2021 1,023,730
3,000,000 NYC IDA (Institute of International Education) (1) 5.250 09/01/2031 3,046,980
7,890,000 NYC IDA (JetBlue Airways Corp.) (1) 5.000 05/15/2020 5,500,592
11,870,000 NYC IDA (JetBlue Airways Corp.) (1) 5.125 05/15/2030 7,227,880
9,000,000 NYC IDA (JFK International Airport) (1) 8.000 08/01/2012 8,890,200
1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,601,983
700,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 733,040
970,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,014,416
575,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 575,339
10,175,000 NYC IDA (Liberty-7 World Trade Center) 6.250 03/01/2015 10,141,117
10,000,000 NYC IDA (Liberty-7 World Trade Center) (2) 6.500 03/01/2035 10,004,300
12,000,000 NYC IDA (Liberty-7 World Trade Center) 6.750 03/01/2015 12,267,000
45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.) (1) 5.000 09/01/2035 37,997,050
3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,102,712
205,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 202,667
2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,709,247
2,035,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 1,921,182
23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 21,778,700
3,745,000 NYC IDA (Manhattan Community Access Corp.) 6.000 12/01/2036 3,193,699
1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) 6.375 11/01/2038 1,801,141
9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) 6.375 11/01/2038 8,720,562
680,000 NYC IDA (Marymount School of New York) (1) 5.125 09/01/2021 647,700
4,010,000 NYC IDA (Marymount School of New York) (1) 5.250 09/01/2031 3,614,975
18,585,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 15,779,223
925,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 915,278
4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,654,491
8,405,000 NYC IDA (Metro Biofuels) 6.000 11/01/2028 8,027,616
3,000,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 2,790,960
F13 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 2,275,000 NYC IDA (Morrisons Pastry) 6.500% 11/01/2019 $ 2,128,012
175,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 175,600
25,000 NYC IDA (NYU) 5.000 07/01/2041 25,090
40,000,000 NYC IDA (NYU) (8) 5.250 07/01/2048 40,975,600
4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,204,576
60,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 60,064
3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,802,264
940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 947,633
10,065,000 NYC IDA (Polytechnic University) (1) 5.250 11/01/2027 9,431,207
24,125,000 NYC IDA (Polytechnic University) (1) 5.250 11/01/2037 21,685,480
2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,071,373
1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,766,215
930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 945,959
4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,062,075
38,945,000 NYC IDA (Queens Baseball Stadium) 5.000 01/01/2046 37,916,073
6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,871,060
2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,300,092
2,150,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,105,216
8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 8,039,677
1,000,000 NYC IDA (Roundabout Theatre) 5.000 10/01/2023 894,900
545,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 538,542
4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,734,303
875,000 NYC IDA (Services for the Underserved/
Young Adult Institute Obligated Group) 5.000 07/01/2026 749,761
4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 3,972,178
3,275,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,135,387
1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,440,839
995,000 NYC IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 902,614
4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,496,897
6,630,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 6,768,633
5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,227,990
1,550,000 NYC IDA (St. Francis College) (1) 5.000 10/01/2034 1,488,605
5,760,000 NYC IDA (Stallion) 5.500 11/01/2036 4,787,194
955,000 NYC IDA (Stallion) 6.000 11/01/2027 900,422
10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 9,599
4,405,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,228,271
1,455,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,407,320
500,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 485,940
1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,247,014
6,808,500 NYC IDA (Studio School) 7.000 11/01/2038 5,910,935
715,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 663,449
F14 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------ -------- ---------- --------------
NEW YORK Continued
$ 2,480,000 NYC IDA (Surprise Plastics) 8.500% 11/01/2023 $ 2,199,562
7,245,000 NYC IDA (Terminal One Group Assoc.) (1) 5.500 01/01/2020 7,405,694
7,750,000 NYC IDA (Terminal One Group Assoc.) (1) 5.500 01/01/2021 7,883,300
11,390,000 NYC IDA (Terminal One Group Assoc.) (1) 5.500 01/01/2024 11,543,537
380,000 NYC IDA (The Bank Street College) (1) 5.250 12/01/2021 379,259
1,000,000 NYC IDA (The Bank Street College) (1) 5.250 12/01/2030 969,220
10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,042,500
270,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 273,737
3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,807,384
8,955,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 7,671,569
4,260,000 NYC IDA (Ulano) 6.900 11/01/2019 3,839,240
32,040,000 NYC IDA (Unicef) 5.300 11/01/2038 26,960,699
1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,008,350
385,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 386,756
9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,942,455
3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,602,435
1,295,000 NYC IDA (Utleys) 7.375 11/01/2023 1,166,937
2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,041,467
2,800,000 NYC IDA (Vaughn College Aeronautics) (1) 5.000 12/01/2021 2,474,584
1,330,000 NYC IDA (Vaughn College Aeronautics) (1) 5.000 12/01/2028 1,083,511
3,235,000 NYC IDA (Vaughn College Aeronautics) (1) 5.000 12/01/2028 2,635,457
900,000 NYC IDA (Vaughn College Aeronautics) (1) 5.000 12/01/2031 716,355
1,800,000 NYC IDA (Vaughn College Aeronautics) (1) 5.250 12/01/2036 1,453,806
17,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 17,023,290
70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 70,593,060
1,930,000 NYC IDA (Vocational Instruction) (9) 6.500 02/01/2033 1,452,730
280,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 283,685
1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,615,536
5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 5,504,641
2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,691,983
2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,636,775
6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,577,695
1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,592,139
93,105,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 90,020,431
24,270,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 20,896,470
9,500,000 NYC IDA (YMCA of Greater New York) (1) 5.000 08/01/2036 9,289,195
57,700,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2026 58,568,097
27,500,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2031 28,082,450
11,720,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2032 11,793,309
64,190,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2034 64,819,802
31,400,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2034 31,643,821
F15 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 40,100,000 NYC Municipal Water Finance Authority (4) 5.000% 06/15/2037 $ 40,497,993
18,000,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2038 18,125,190
22,000,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2038 22,203,885
19,740,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 19,909,468
33,600,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 33,911,147
18,000,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 18,165,870
31,500,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 31,754,363
44,840,000 NYC Municipal Water Finance Authority (4) 5.125 06/15/2032 45,236,386
11,220,000 NYC Municipal Water Finance Authority (1) 5.000 06/15/2027 11,258,260
65,000 NYC Municipal Water Finance Authority (1) 5.000 06/15/2029 65,603
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 50,382
200,000 NYC Municipal Water Finance Authority (1) 5.000 06/15/2035 201,830
675,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 680,447
30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 30,249
30,000 NYC Municipal Water Finance Authority (1) 5.125 06/15/2033 30,315
25,000 NYC Municipal Water Finance Authority (1) 5.125 06/15/2033 25,280
145,000 NYC Municipal Water Finance Authority (1) 5.125 06/15/2034 146,704
650,000 NYC Municipal Water Finance Authority (1) 5.250 06/15/2034 663,702
145,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 135,869
350,000 NYS DA (Augustana Lutheran Home) (1) 5.400 02/01/2031 355,660
1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,524,615
14,360,000 NYS DA (Buena Vida Nursing Home) (4) 5.250 07/01/2028 14,512,001
8,425,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 8,635,962
2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,946,280
2,250,000 NYS DA
(CHSLI/GSHMC/MMC/SCHRC Obligated
Group) (1) 5.000 07/01/2027 2,205,383
5,000 NYS DA (City University) 5.000 07/01/2023 5,035
3,180,000 NYS DA (Concord Nursing Home) (1) 5.500 02/15/2030 3,294,130
1,250,000 NYS DA (D'Youville College) (1) 5.250 07/01/2025 1,250,538
525,000 NYS DA (Dept. of Health) (1) 5.500 07/01/2021 530,702
20,000 NYS DA (Ellis Hospital) (1) 5.600 08/01/2025 20,025
6,790,000 NYS DA
(Frances Schervier Home & Hospital
Obligated Group) (1) 5.500 07/01/2027 6,804,395
880,000 NYS DA
(Grace Manor Health Care Facility) (1) 6.150 07/01/2018 881,804
1,575,000 NYS DA (Health Quest Systems) (1) 5.250 07/01/2027 1,647,403
2,700,000 NYS DA (Health Quest Systems) (1) 5.250 07/01/2027 2,824,119
3,970,000 NYS DA (Hospital for Special Surgery) (1) 5.000 08/15/2033 3,971,985
141,115,000 NYS DA (Insured Hospital) (1) 5.529 (3) 08/15/2036 28,417,739
1,000,000 NYS DA (Jones Memorial Hospital) (1) 5.375 08/01/2034 1,011,220
1,815,000 NYS DA (L.I. Jewish Medical Center) 5.000 11/01/2026 1,785,996
F16 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 3,255,000 NYS DA (L.I. University) 5.125% 09/01/2023 $ 3,307,536
235,000 NYS DA (L.I. University) (1) 5.250 09/01/2028 234,981
1,335,000 NYS DA (L.I. University) 5.250 09/01/2028 1,321,797
1,585,000 NYS DA (L.I. University) (1) 5.500 09/01/2020 1,615,527
1,710,000 NYS DA (Lenox Hill Hospital Obligated
Group) 5.375 07/01/2020 1,668,396
405,000 NYS DA (Lenox Hill Hospital Obligated
Group) 5.500 07/01/2030 375,091
20,000,000 NYS DA (Maimonides Medical Center) (4) 5.750 08/01/2029 20,809,700
45,000 NYS DA (Maimonides Medical Center) (1) 5.750 08/01/2035 45,063
3,865,000 NYS DA (Manhattan College) 5.000 07/01/2041 3,714,226
3,260,000 NYS DA (Manhattan College) (1) 5.300 07/01/2037 3,260,000
18,230,000 NYS DA (Memorial Sloan-Kettering) (4) 5.000 07/01/2035 18,458,000
1,000,000 NYS DA (Menorah Campus) (1) 6.100 02/01/2037 1,011,970
23,300,000 NYS DA (Menorah Home & Hospital) 5.150 08/01/2038 23,358,716
12,460,000 NYS DA (Menorah) (1) 5.100 08/01/2028 12,551,332
18,500,000 NYS DA (Mental Health Services
Facilities) (4) 5.000 02/15/2023 18,650,868
17,100,000 NYS DA (Mental Health Services
Facilities) (1) 5.000 02/15/2030 17,320,248
3,660,000 NYS DA (Mental Health Services
Facilities) (1) 5.000 02/15/2033 3,688,328
3,800,000 NYS DA (Millard Fillmore Hospital) (1) 5.375 02/01/2032 3,844,270
4,125,000 NYS DA (Miriam Osborn Memorial Home
Assoc.) (1) 6.375 07/01/2029 4,156,763
2,430,000 NYS DA (Miriam Osborn Memorial Home
Assoc.) (1) 6.875 07/01/2019 2,515,560
6,860,000 NYS DA (Miriam Osborn Memorial Home
Assoc.) (1) 6.875 07/01/2025 7,057,294
13,240,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 12,696,630
1,750,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 1,677,533
9,500,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 9,651,620
10,150,000 NYS DA
(MSH/NYU Hospital Center/HJDOI Obligated
Group) 5.500 07/01/2026 10,148,985
6,800,000 NYS DA
(MSH/NYU Hospital Center/HJDOI Obligated
Group) (1) 6.000 07/01/2014 7,038,272
25,240,000 NYS DA
(MSH/NYU Hospital Center/HJDOI Obligated
Group) 6.500 07/01/2025 26,006,539
2,335,000 NYS DA (Mt. Sinai Hospital) (1) 6.625 07/01/2019 2,417,239
10,450,000 NYS DA (Mt. Sinai/NYU Health) (1) 5.500 07/01/2026 10,448,955
2,280,000 NYS DA (Mt. Sinai/NYU Health) (1) 6.500 07/01/2017 2,362,855
5,745,000 NYS DA (Mt. Sinai/NYU Health) (1) 6.750 07/01/2020 5,961,931
11,400,000 NYS DA (Municipal Health Facilities) (2,4) 5.000 01/15/2023 11,510,694
3,500,000 NYS DA (New York Hospital Medical Center
of Queens) (1) 4.650 08/15/2027 3,431,155
21,305,000 NYS DA (New York Hospital Medical Center
of Queens) (1) 4.750 02/15/2037 20,466,435
6,950,000 NYS DA (New York Hospital Medical Center) 5.600 02/15/2039 7,131,048
2,265,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2033 2,132,928
62,010,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center Obligated
Group) (2,4) 2.755 (6) 05/01/2033 49,545,966
F17 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 9,966,670 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) (4) 2.654% (6) 05/01/2018 $ 8,770,670
400,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) (1) 5.000 05/01/2020 402,388
3,455,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) (1) 5.000 05/01/2027 3,398,891
7,500,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) (1) 5.000 05/01/2032 7,201,875
25,000,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) (1) 5.000 05/01/2037 23,631,750
990,000 NYS DA (Norwegian Christian Home & Health
Center) (1) 5.200 08/01/2036 997,296
2,000,000 NYS DA (Norwegian Christian Home & Health
Center) 6.100 08/01/2041 2,144,760
24,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated
Group) (1) 5.000 11/01/2034 23,065,187
6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 6,135,830
7,450,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,384,813
18,825,000 NYS DA (Nursing Homes) (1) 5.300 02/01/2038 18,915,737
15,000 NYS DA (NYS Dept. of Mental Hygiene) (1) 5.250 08/15/2031 15,132
5,000,000 NYS DA (NYU Hospitals Center) (1) 5.000 07/01/2020 4,759,250
11,100,000 NYS DA (NYU Hospitals Center) (1) 5.000 07/01/2026 10,144,845
20,580,000 NYS DA (NYU Hospitals Center) (1) 5.000 07/01/2026 18,809,091
40,320,000 NYS DA (NYU Hospitals Center) (1) 5.000 07/01/2036 35,153,395
4,600,000 NYS DA (NYU Hospitals Center) (1) 5.250 07/01/2024 4,393,874
2,000,000 NYS DA (NYU Hospitals Center) (1) 5.625 07/01/2037 1,911,220
505,000 NYS DA (NYU) 5.000 07/01/2041 506,813
7,275,000 NYS DA (Orange Regional Medical Center) 6.125 12/01/2029 7,189,955
17,980,000 NYS DA (Orange Regional Medical Center) 6.250 12/01/2037 17,847,308
2,925,000 NYS DA (Ozanam Hall of Queens Nursing
Home) 5.000 11/01/2026 2,960,597
5,150,000 NYS DA (Ozanam Hall of Queens Nursing
Home) 5.000 11/01/2031 5,153,142
6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 4,734,035
2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,220,885
3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 2,709,090
1,750,000 NYS DA (Residential Institution for
Children) (1) 5.000 06/01/2033 1,756,720
3,075,000 NYS DA (Residential Institution for
Children) (1) 5.000 06/01/2038 3,060,671
6,260,000 NYS DA (Rochester General Hospital) (1) 5.000 12/01/2025 6,096,426
17,660,000 NYS DA (Rochester General Hospital) (1) 5.000 12/01/2035 16,416,383
675,000 NYS DA (Sarah Neuman Nursing Home) (1) 5.450 08/01/2027 684,700
50,000 NYS DA (School Districts Financing
Program), Series B (1) 6.000 10/01/2022 53,912
25,000 NYS DA (School Districts Financing
Program), Series B (1) 6.000 10/01/2029 26,815
20,520,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) (1) 6.000 07/01/2030 20,772,191
1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated
Group) (1) 5.100 07/01/2034 1,032,398
415,000 NYS DA (Special Act School Districts) (1) 6.000 07/01/2019 415,934
2,470,000 NYS DA (St. Barnabas Hospital) (1) 5.450 08/01/2035 2,472,816
F18 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 1,005,000 NYS DA (St. Catherine of Siena Medical
Center) (1) 6.000% 07/01/2030 $ 1,017,351
2,580,000 NYS DA (St. James Mercy Hospital) (1) 5.400 02/01/2038 2,602,033
101,800,000 NYS DA (St. Lukes Roosevelt Hospital) (4) 4.900 08/15/2031 102,134,413
1,505,000 NYS DA (St. Thomas Aquinas College) (1) 5.250 07/01/2028 1,490,296
3,910,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 3,991,328
2,500,000 NYS DA (University of Rochester) 5.000 07/01/2039 2,509,450
2,095,000 NYS DA (Vassar Brothers) (1) 5.375 07/01/2025 2,134,156
11,695,000 NYS DA (Vassar College) (4) 5.000 07/01/2046 11,813,287
7,055,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,151,089
2,500,000 NYS DA (Willow Towers) (1) 5.400 02/01/2034 2,582,400
26,090,000 NYS DA (Wyckoff Heights Medical Center) (1) 5.300 08/15/2021 26,479,263
715,000 NYS DA, Series B (1) 6.650 08/15/2030 739,832
100,000 NYS EFC (Clean Water & Drinking
Revolving Funds) (1) 5.125 06/15/2031 101,661
4,095,000 NYS EFC (Clean Water & Drinking
Revolving Funds) (1) 5.400 07/15/2021 4,153,845
7,500,000 NYS EFC (NYS Water Services) (1) 5.950 01/15/2020 7,758,450
2,365,000 NYS EFC (NYS Water Services) (1) 6.000 01/15/2031 2,418,544
50,000 NYS EFC (United Waterworks) (1) 5.150 03/01/2034 46,887
7,000,000 NYS ERDA (Brooklyn Union Gas Company)
RIBS 9.435 (7) 04/01/2020 7,309,190
16,300,000 NYS ERDA (Brooklyn Union Gas Company)
RIBS 10.461 (7) 07/01/2026 16,767,973
235,000 NYS ERDA (Central Hudson Gas & Electric
Co.) (1) 5.450 08/01/2027 240,525
5,000,000 NYS ERDA (LILCO) (1) 5.150 03/01/2016 5,004,200
23,270,000 NYS ERDA (LILCO) (1) 5.300 11/01/2023 23,581,120
350,000 NYS ERDA (LILCO) (1) 5.300 10/01/2024 354,557
100,000 NYS ERDA (LILCO) (1) 5.300 08/01/2025 101,268
75,000 NYS ERDA (LILCO) (1) 5.300 08/01/2025 75,161
13,940,000 NYS ERDA (Niagara Mohawk Power Corp.) (1) 5.150 11/01/2025 14,085,534
14,500,000 NYS ERDA (Rochester Gas & Electric) (1) 5.950 09/01/2033 14,591,640
3,095,000 NYS HFA (Affordable Hsg.) 5.100 11/01/2028 2,973,614
4,400,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2027 4,394,368
2,365,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2038 2,233,175
8,185,000 NYS HFA (Affordable Hsg.) 5.300 11/01/2037 8,005,585
10,220,000 NYS HFA (Affordable Hsg.) 5.450 11/01/2045 10,052,494
2,605,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 2,605,208
1,735,000 NYS HFA (Crotona Estates Apartments) 4.950 08/15/2038 1,588,098
990,000 NYS HFA (Friendship) 5.100 08/15/2041 918,532
15,000 NYS HFA (General Hsg.) (1) 6.600 11/01/2008 15,170
1,495,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 1,383,697
5,960,000 NYS HFA (Highland Avenue Senior Apartments) 5.000 02/15/2039 5,654,848
8,865,000 NYS HFA (Horizons at Wawayanda) (1) 5.350 06/01/2025 8,889,822
7,640,000 NYS HFA (Hospital & Nursing Home) (1) 5.150 11/01/2016 7,656,655
1,645,000 NYS HFA (Kensico Terrace Apartments) (1) 4.900 02/15/2038 1,494,729
F19 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 950,000 NYS HFA (Kensico Terrace Apartments) (1) 4.950% 02/15/2038 $ 870,096
5,000 NYS HFA (Meadow Manor) (1) 7.750 11/01/2019 5,100
3,980,000 NYS HFA (Multifamily Hsg.) (1) 4.850 02/15/2038 3,585,463
6,580,000 NYS HFA (Multifamily Hsg.) 4.850 11/01/2040 5,875,611
745,000 NYS HFA (Multifamily Hsg.) (1) 5.250 11/15/2028 731,247
1,340,000 NYS HFA (Multifamily Hsg.) (1) 5.300 08/15/2024 1,341,863
1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,629,756
1,070,000 NYS HFA (Multifamily Hsg.) (1) 5.350 08/15/2020 1,080,133
2,860,000 NYS HFA (Multifamily Hsg.) (1) 5.350 08/15/2031 2,818,759
2,080,000 NYS HFA (Multifamily Hsg.) (1) 5.375 02/15/2035 2,035,197
3,290,000 NYS HFA (Multifamily Hsg.) (1) 5.450 08/15/2032 3,273,583
2,075,000 NYS HFA (Multifamily Hsg.) (1) 5.500 08/15/2030 2,076,204
1,215,000 NYS HFA (Multifamily Hsg.) (1) 5.550 08/15/2019 1,231,123
1,385,000 NYS HFA (Multifamily Hsg.) (1) 5.600 08/15/2019 1,404,722
1,240,000 NYS HFA (Multifamily Hsg.) (1) 5.600 02/15/2026 1,242,009
1,730,000 NYS HFA (Multifamily Hsg.) (1) 5.600 08/15/2033 1,735,986
1,125,000 NYS HFA (Multifamily Hsg.) (1) 5.650 08/15/2030 1,130,670
3,200,000 NYS HFA (Multifamily Hsg.) (1) 5.650 08/15/2030 3,216,128
1,000,000 NYS HFA (Multifamily Hsg.) (1) 5.650 08/15/2031 1,004,300
1,710,000 NYS HFA (Multifamily Hsg.) (1) 5.650 02/15/2034 1,688,437
2,120,000 NYS HFA (Multifamily Hsg.) (1) 5.700 08/15/2033 2,129,455
4,715,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,730,937
25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,029
695,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 701,422
1,255,000 NYS HFA (Multifamily Hsg.) (1) 6.400 11/15/2027 1,259,681
2,735,000 NYS HFA (Multifamily Hsg.) (1) 6.700 08/15/2025 2,737,598
5,450,000 NYS HFA (Multifamily Hsg.) (1) 6.750 11/15/2036 5,536,928
480,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2009 488,736
525,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2010 534,555
565,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2011 575,283
605,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2012 616,011
655,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2013 666,921
780,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2014 794,196
835,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2015 850,197
900,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2016 916,380
990,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2017 1,008,018
1,060,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2018 1,079,292
460,000 NYS HFA (Nonprofit Hsg.) (1) 8.400 11/01/2019 468,372
1,490,000 NYS HFA (North Street) 5.050 08/15/2039 1,378,652
4,535,000 NYS HFA (Phillips Village) (1) 7.750 08/15/2017 4,624,067
4,200,000 NYS HFA (Senior Devel. Hsg.) 5.400 11/15/2042 4,032,042
F20 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 70,000 NYS HFA (Service Contract) (1) 5.375% 03/15/2023 $ 70,040
5,600,000 NYS HFA (Service Contract) (1) 5.500 09/15/2022 5,659,808
5,520,000 NYS HFA (Service Contract) (1) 5.500 03/15/2025 5,578,567
35,000 NYS HFA (Service Contract) (1) 6.500 03/15/2025 35,062
1,540,000 NYS HFA (Tiffany Gardens) (1) 4.900 08/15/2025 1,473,811
3,210,000 NYS HFA (Tiffany Gardens) (1) 5.125 08/15/2037 3,035,986
230,000 NYS LGSC (SCSB) (2) 7.250 12/15/2011 229,821
810,000 NYS LGSC (SCSB) (2) 7.375 12/15/2016 811,312
980,000 NYS LGSC (SCSB) (2) 7.750 12/15/2021 972,278
960,000 NYS Medcare (Hospital & Nursing Home) (1) 6.300 08/15/2023 962,074
740,000 NYS Medcare (Hospital & Nursing Home) (1) 6.375 08/15/2033 741,650
270,000 NYS Medcare (Hospital & Nursing Home) (1) 7.400 11/01/2016 271,023
195,000 NYS Medcare (Hospital & Nursing Home) (1) 9.375 11/01/2016 198,052
30,000 NYS Medcare (M.G. Nursing Home) (1) 6.200 02/15/2015 30,083
1,670,000 NYS Medcare (M.G. Nursing Home) (1) 6.375 02/15/2035 1,673,624
5,000 NYS UDC (Correctional Facilities) (1) 6.309 (3) 01/01/2013 3,992
5,300,000 Oneida County, NY IDA (Bonide Products) 6.250 11/01/2018 4,912,994
830,000 Oneida County, NY IDA (Civic
Facilities-Mohawk Valley) 5.000 09/15/2035 638,702
450,000 Oneida County, NY IDA
(Mohawk Valley Handicapped Services) 5.300 03/15/2019 424,485
840,000 Oneida County, NY IDA
(Mohawk Valley Handicapped Services) 5.350 03/15/2029 731,245
1,190,000 Oneida County, NY IDA (Presbyterian Home) 5.250 03/01/2019 1,203,221
1,015,000 Oneida County, NY IDA (Presbyterian Home) 6.100 06/01/2020 1,053,743
3,990,000 Onondaga County, NY IDA (Air Cargo) 6.125 01/01/2032 3,792,575
2,000,000 Onondaga County, NY IDA (Air Cargo) 7.250 01/01/2032 2,015,960
2,200,000 Onondaga County, NY IDA (Anheuser-Busch) (1) 4.950 07/01/2036 1,973,906
770,000 Onondaga County, NY IDA (Coltec Industries) 9.875 10/01/2010 780,141
1,235,000 Onondaga County, NY IDA
(Community General Hospital) (1) 5.500 11/01/2018 1,165,581
6,485,000 Onondaga County, NY IDA
(Community General Hospital) (1) 6.625 01/01/2018 6,495,700
1,185,000 Onondaga County, NY IDA (Free Library) 5.125 03/01/2030 1,171,918
1,115,000 Onondaga County, NY IDA (Free Library) 5.125 03/01/2037 1,081,528
4,710,000 Onondaga County, NY IDA (Le Moyne College) 5.625 12/01/2021 4,761,998
9,600,000 Onondaga County, NY IDA (Solvay Paperboard) 6.800 11/01/2014 9,664,704
67,200,000 Onondaga County, NY IDA (Solvay Paperboard) 7.000 11/01/2030 67,851,168
500,000 Onondaga County, NY IDA Sewage Waste Facilities
(Anheuser-Busch Companies) (1) 6.250 12/01/2034 504,280
45,699,598 Onondaga County, NY Res Rec 0.000 (5) 05/01/2022 28,614,803
41,580,000 Onondaga County, NY Res Rec 5.000 05/01/2015 38,307,238
2,500,000 Orange County, NY IDA (Arden Hill Life
Care Center) 7.000 08/01/2021 2,587,575
F21 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 2,325,000 Orange County, NY IDA (Arden Hill Life
Care Center) 7.000% 08/01/2031 $ 2,392,169
2,090,000 Orange County, NY IDA (Arden Hill Life
Care Center) 7.000 08/01/2031 2,128,602
2,705,000 Orange County, NY IDA (Glen Arden) 5.625 01/01/2018 2,576,837
5,590,000 Orange County, NY IDA (Glen Arden) 5.700 01/01/2028 4,890,244
195,000 Orange County, NY IDA
(Orange Mental Retardation Properties) (1) 7.800 07/01/2011 195,645
1,715,000 Orange County, NY IDA
(St. Luke's Cornwall Hospital Obligated
Group) (1) 5.375 12/01/2021 1,726,628
6,330,000 Orange County, NY IDA
(St. Luke's Cornwall Hospital Obligated
Group) (1) 5.375 12/01/2026 6,360,574
2,235,000 Orange County, NY IDA
(St. Luke's Cornwall Hospital Obligated
Group) (1) 5.375 12/01/2026 2,245,795
7,435,000 Orange County, NY IDA (Tuxedo Place) (2) 7.000 08/01/2032 6,057,369
2,500,000 Orange County, NY IDA (Tuxedo Place) (2) 7.000 08/01/2033 2,027,150
2,755,000 Oswego County, NY IDA (Bishop's Common) 5.375 02/01/2049 2,786,297
3,260,000 Oswego County, NY IDA (Seneca Hill
Manor) (1) 5.650 08/01/2037 3,330,449
6,870,000 Otsego County, NY IDA (Hartwick College) 5.900 07/01/2022 6,632,229
1,350,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2013 1,373,720
1,435,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2014 1,456,095
1,520,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2015 1,536,386
1,610,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2016 1,620,497
3,030,000 Otsego County, NY IDA
(Mary Imogene Bassett Hospital) (1) 5.350 11/01/2020 3,079,328
12,635,000 Peekskill, NY IDA (Drum Hill) 6.375 10/01/2028 11,708,096
2,055,000 Penfield-Crown Oak, NY Hsg. Devel. Corp.
(Crown Oak Apartments) 4.875 12/01/2038 1,990,021
1,150,000 Port Authority NY/NJ (Continental
Airlines) 9.000 12/01/2010 1,150,713
50,945,000 Port Authority NY/NJ (Continental
Airlines) 9.125 12/01/2015 51,586,907
15,815,000 Port Authority NY/NJ (JFK International
Air Terminal) (1) 5.750 12/01/2022 15,822,591
30,035,000 Port Authority NY/NJ (JFK International
Air Terminal) (1) 5.750 12/01/2025 29,772,794
2,625,000 Port Authority NY/NJ (JFK International
Air Terminal) (1) 5.900 12/01/2017 2,658,863
7,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 7,355,833
48,300,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 48,337,191
35,000 Port Authority NY/NJ, 122nd Series (1) 5.000 07/15/2026 34,712
525,000 Port Authority NY/NJ, 122nd Series (1) 5.125 01/15/2036 520,013
9,810,000 Port Authority NY/NJ, 124th Series (1) 5.000 08/01/2036 9,429,078
270,000 Port Authority NY/NJ, 126th Series (1) 5.125 11/15/2028 266,790
240,000 Port Authority NY/NJ, 126th Series (1) 5.125 11/15/2030 236,995
1,145,000 Port Authority NY/NJ, 127th Series (1) 5.125 06/15/2037 1,122,123
50,000 Port Authority NY/NJ, 127th Series (1) 5.200 12/15/2027 50,050
7,070,000 Port Authority NY/NJ, 127th Series (1) 5.250 12/15/2032 7,084,140
495,000 Port Authority NY/NJ, 132nd Series (1) 5.000 09/01/2026 507,246
80,000,000 Port Authority NY/NJ, 135th Series (4) 5.000 03/15/2039 81,422,800
F22 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 17,855,000 Port Authority NY/NJ, 136th Series (4) 5.125% 05/01/2034 $ 17,672,292
19,175,000 Port Authority NY/NJ, 136th Series (4) 5.375 11/01/2028 19,523,309
22,855,000 Port Authority NY/NJ, 136th Series (4) 5.500 11/01/2029 23,452,789
1,430,000 Port Authority NY/NJ, 137th Series (1) 5.125 07/15/2030 1,431,359
26,000,000 Port Authority NY/NJ, 138th Series (4) 4.750 12/01/2034 24,585,143
27,255,000 Port Authority NY/NJ, 141st Series (1) 4.500 09/01/2029 24,562,751
47,910,000 Port Authority NY/NJ, 143rd Series (4) 5.000 04/01/2036 47,336,198
27,535,000 Port Authority NY/NJ, 143rd Series (4) 5.000 04/01/2036 26,918,655
12,840,000 Port Authority NY/NJ, 146th Series (4) 4.500 12/01/2034 11,492,142
26,100,000 Port Authority NY/NJ, 146th Series (4) 4.750 12/01/2027 24,765,681
10,000 Port Authority NY/NJ, 146th Series (1) 4.500 12/01/2034 8,950
10,000 Port Authority NY/NJ, 146th Series (1) 4.750 12/01/2027 9,489
13,005,000 Port Authority NY/NJ, 147th Series (1) 4.750 10/15/2028 12,198,170
17,790,000 Port Authority NY/NJ, 147th Series (1) 5.000 10/15/2027 17,464,799
20,000,000 Port Authority NY/NJ, 147th Series (1) 5.000 10/15/2032 19,504,200
72,000,000 Port Authority NY/NJ, 151st Series (4) 5.750 03/15/2035 75,937,320
10,000,000 Port Authority NY/NJ, 151st Series (1) 5.750 03/15/2035 10,546,800
101,940,000 Port Authority NY/NJ, 152nd Series (1) 5.250 11/01/2035 102,711,686
13,715,000 Port Authority NY/NJ, 152nd Series (1) 5.250 05/01/2038 13,797,701
18,500,000 Port Authority NY/NJ, 152nd Series (1) 5.750 11/01/2030 19,566,340
50,660,000 Port Authority NY/NJ, 37th Series (4) 5.250 07/15/2034 51,085,291
2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby
Redevel. Corp.) (1) 6.000 08/01/2032 2,803,874
1,990,000 Putnam County, NY IDA (Brewster Plastics) 8.500 12/01/2016 1,977,722
1,500,000 Rensselaer County, NY IDA (Franciscan
Heights) (1) 5.375 12/01/2036 1,511,655
27,455,000 Rensselaer County, NY IDA
(Rensselaer Polytechnical Institute) (1) 5.000 03/01/2036 27,609,572
6,385,000 Rensselaer County, NY Tobacco Asset
Securitization Corp. (1) 5.625 06/01/2035 6,224,864
7,300,000 Rensselaer County, NY Tobacco Asset
Securitization Corp. 5.750 06/01/2043 7,180,791
1,685,000 Rensselaer County, NY Water Service Sewer
Authority 5.250 09/01/2038 1,702,069
2,055,000 Rensselaer County, NY Water Service Sewer
Authority 5.250 09/01/2038 2,079,064
2,470,000 Rensselaer County, NY Water Service Sewer
Authority 5.350 09/01/2047 2,496,454
3,020,000 Rensselaer County, NY Water Service Sewer
Authority 5.350 09/01/2047 3,052,344
17,815,000 Rensselaer, NY Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 17,933,470
1,495,000 Riverhead, NY IDA (Michael Reilly Design) 8.875 08/01/2021 1,473,397
5,365,000 Rochester, NY Hsg. Authority
(Andrews Terrace Apartments) 4.600 12/20/2026 4,891,700
7,565,000 Rochester, NY Hsg. Authority
(Andrews Terrace Apartments) 4.700 12/20/2038 6,628,756
15,695,000 Rochester, NY Hsg. Authority
(Andrews Terrace Apartments) 4.800 12/20/2048 13,603,327
6,790,000 Rochester, NY Museum & Science Center 6.125 12/01/2015 6,519,079
F23 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 1,195,000 Rockland County, NY IDA
(Crystal Run Village/Rockland County Assoc.
for the Learning Disabled Obligated Group) 4.900% 07/01/2021 $ 1,067,039
9,225,000 Rockland County, NY Tobacco Asset
Securitization Corp. (1) 5.625 08/15/2035 8,992,715
10,095,000 Rockland County, NY Tobacco Asset
Securitization Corp. 5.750 08/15/2043 9,929,644
30,000,000 Rockland County, NY Tobacco Asset
Securitization Corp. 5.875 (3) 08/15/2045 1,711,200
486,000,000 Rockland County, NY Tobacco Asset
Securitization Corp. 7.668 (3) 08/15/2060 6,356,880
20,000 Sanford Town, NY GO 5.250 04/15/2015 20,971
20,000 Sanford Town, NY GO 5.250 04/15/2016 20,930
25,000 Sanford Town, NY GO 5.250 04/15/2017 25,968
25,000 Sanford Town, NY GO 5.250 04/15/2018 25,855
25,000 Sanford Town, NY GO 5.250 04/15/2019 25,770
25,000 Sanford Town, NY GO 5.250 04/15/2020 25,750
30,000 Sanford Town, NY GO 5.250 04/15/2021 30,743
30,000 Sanford Town, NY GO 5.250 04/15/2022 30,652
30,000 Sanford Town, NY GO 5.250 04/15/2023 30,593
30,000 Sanford Town, NY GO 5.250 04/15/2024 30,496
35,000 Sanford Town, NY GO 5.250 04/15/2025 35,466
35,000 Sanford Town, NY GO 5.250 04/15/2026 35,376
40,000 Sanford Town, NY GO 5.250 04/15/2027 40,404
40,000 Sanford Town, NY GO 5.250 04/15/2028 40,315
40,000 Sanford Town, NY GO 5.250 04/15/2029 40,251
45,000 Sanford Town, NY GO 5.250 04/15/2030 45,139
45,000 Sanford Town, NY GO 5.250 04/15/2031 44,937
50,000 Sanford Town, NY GO 5.250 04/15/2032 49,814
50,000 Sanford Town, NY GO 5.250 04/15/2033 49,517
55,000 Sanford Town, NY GO 5.250 04/15/2034 54,368
60,000 Sanford Town, NY GO 5.250 04/15/2035 59,062
60,000 Sanford Town, NY GO 5.250 04/15/2036 58,792
3,000,000 Saratoga County, NY IDA (Saratoga Hospital/
Saratoga Care/Benedict Community Health
Center) (1) 5.125 12/01/2033 2,862,600
1,635,000 Schenectady, NY IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,705,240
3,405,000 Schenectady, NY Metroplex Devel. Authority,
Series A (1) 5.375 12/15/2021 3,508,818
68,000 Schroon Lake, NY Fire District (2) 7.250 03/01/2009 68,142
175,000 Scotia, NY Hsg. Authority (Holyrood House) (1) 7.000 06/01/2009 176,036
2,650,000 Seneca County, NY IDA (New York
Chiropractic College) (1) 5.000 10/01/2027 2,515,645
2,480,000 SONYMA, Series 106 (1) 5.100 04/01/2023 2,449,942
22,885,000 SONYMA, Series 106 (1) 5.250 04/01/2034 22,130,482
30,240,000 SONYMA, Series 109 (4) 4.950 10/01/2034 27,823,522
5,500,000 SONYMA, Series 130 (1) 4.650 04/01/2027 5,043,665
5,920,000 SONYMA, Series 130 (1) 4.800 10/01/2037 5,358,310
F24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ---------- ---------------
NEW YORK Continued
$ 14,865,000 SONYMA, Series 133 (1) 5.050% 10/01/2026 $ 14,415,631
23,500,000 SONYMA, Series 137 (1) 4.700 10/01/2031 21,144,595
23,290,000 SONYMA, Series 140 (1) 4.750 10/01/2037 21,106,330
2,000,000 SONYMA, Series 143 (1) 4.850 10/01/2027 1,888,360
2,375,000 SONYMA, Series 143 (1) 4.875 10/01/2030 2,202,860
11,745,000 SONYMA, Series 143 (1) 4.900 10/01/2037 10,693,118
2,700,000 SONYMA, Series 145 (1) 5.050 10/01/2029 2,577,879
5,045,000 SONYMA, Series 145 (1) 5.125 10/01/2037 4,770,905
5,000,000 SONYMA, Series 148 (1) 5.150 10/01/2027 4,903,850
6,370,000 SONYMA, Series 148 (1) 5.200 10/01/2032 6,148,260
1,575,000 SONYMA, Series 152 (1) 5.125 10/01/2019 1,569,551
820,000 SONYMA, Series 152 (1) 5.375 04/01/2023 828,922
2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,471,560
18,785,000 SONYMA, Series 29 5.450 10/01/2031 19,409,601
7,035,000 SONYMA, Series 35 4.800 10/01/2030 6,457,497
25,000 SONYMA, Series 67 (1) 5.700 10/01/2017 25,183
8,250,000 SONYMA, Series 67 (1) 5.800 10/01/2028 8,348,505
3,535,000 SONYMA, Series 69 (1) 5.400 10/01/2019 3,550,094
7,675,000 SONYMA, Series 69 (1) 5.500 10/01/2028 7,713,529
17,690,000 SONYMA, Series 71 (4) 5.400 04/01/2029 17,870,703
11,405,000 SONYMA, Series 71 (1) 5.400 04/01/2029 11,522,928
30,000 SONYMA, Series 71 (1) 5.400 04/01/2029 30,234
30,000 SONYMA, Series 73 (1) 5.250 10/01/2017 30,126
330,000 SONYMA, Series 73 (1) 5.300 10/01/2028 323,153
23,875,000 SONYMA, Series 73-A (1) 5.300 10/01/2028 23,523,321
305,000 SONYMA, Series 77 5.150 04/01/2029 295,158
10,175,000 SONYMA, Series 79 (1) 5.300 04/01/2029 10,290,181
440,000 SONYMA, Series 82 5.650 04/01/2030 454,494
4,805,000 SONYMA, Series 97 (1) 5.500 04/01/2031 4,809,421
4,360,000 St. Lawrence County, NY IDA
(Curran Renewable Energy) 7.250 12/01/2029 4,172,433
1,150,000 Suffolk County, NY IDA (ACLD) 6.000 12/01/2019 1,109,451
460,000 Suffolk County, NY IDA (ALIA-ACDS) 7.125 06/01/2017 467,222
2,200,000 Suffolk County, NY IDA (ALIA-ACLD) 5.950 10/01/2021 1,985,984
250,000 Suffolk County, NY IDA (ALIA-ACLD) 6.375 06/01/2014 245,690
820,000 Suffolk County, NY IDA (ALIA-ACLD) 6.500 03/01/2018 804,076
675,000 Suffolk County, NY IDA (ALIA-ACLD) 7.500 09/01/2015 693,158
235,000 Suffolk County, NY IDA (ALIA-ADD) 6.950 12/01/2014 238,936
415,000 Suffolk County, NY IDA (ALIA-ADD) 7.125 06/01/2017 421,516
345,000 Suffolk County, NY IDA (ALIA-ADD) 7.500 09/01/2015 354,281
845,000 Suffolk County, NY IDA (ALIA-Adelante) 6.500 11/01/2037 788,326
1,300,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 1,224,327
F25 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------- ------ ------------ ------------
NEW YORK Continued
$ 3,200,000 Suffolk County, NY IDA (ALIA-DDI) 5.950% 10/01/2021 $ 2,888,704
965,000 Suffolk County, NY IDA (ALIA-DDI) 6.375 06/01/2014 948,363
100,000 Suffolk County, NY IDA (ALIA-DDI) 7.500 09/01/2015 102,690
840,000 Suffolk County, NY IDA (ALIA-FREE) 5.950 10/01/2021 758,285
555,000 Suffolk County, NY IDA (ALIA-FREE) 6.375 06/01/2014 545,432
1,450,000 Suffolk County, NY IDA (ALIA-FREE) 6.950 12/01/2014 1,474,288
3,290,000 Suffolk County, NY IDA (ALIA-FREE) 7.125 06/01/2017 3,341,653
605,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 10/01/2021 546,146
765,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 11/01/2022 720,469
380,000 Suffolk County, NY IDA (ALIA-IGHL) 6.000 10/01/2031 330,064
445,000 Suffolk County, NY IDA (ALIA-IGHL) 6.375 06/01/2014 437,328
495,000 Suffolk County, NY IDA (ALIA-IGHL) 6.950 12/01/2014 503,291
965,000 Suffolk County, NY IDA (ALIA-IGHL) 7.125 06/01/2017 980,151
1,945,000 Suffolk County, NY IDA (ALIA-IGHL) 7.250 12/01/2033 2,007,415
215,000 Suffolk County, NY IDA (ALIA-IGHL) 7.500 09/01/2015 220,784
2,030,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 1,911,834
260,000 Suffolk County, NY IDA (ALIA-LIHIA) 6.375 06/01/2014 255,518
590,000 Suffolk County, NY IDA (ALIA-LIHIA) 6.950 12/01/2014 599,883
220,000 Suffolk County, NY IDA (ALIA-LIHIA) 7.500 09/01/2015 225,918
435,000 Suffolk County, NY IDA (ALIA-MCH) 6.375 06/01/2014 427,501
1,370,000 Suffolk County, NY IDA (ALIA-MCH) 6.950 12/01/2014 1,392,948
1,180,000 Suffolk County, NY IDA (ALIA-MCH) 7.125 06/01/2017 1,198,526
815,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 767,559
670,000 Suffolk County, NY IDA (ALIA-NYS ARC) 7.500 09/01/2015 688,023
320,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 330,221
540,000 Suffolk County, NY IDA (ALIA-SMCFS) 7.500 09/01/2015 554,526
640,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 657,216
2,000,000 Suffolk County, NY IDA (ALIA-UCPAGS) 5.950 10/01/2021 1,805,440
185,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.375 06/01/2014 181,811
860,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.950 12/01/2014 874,405
670,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.000 06/01/2016 678,342
445,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.500 09/01/2015 456,971
3,530,000 Suffolk County, NY IDA (ALIA-UVBH) 6.500 11/01/2037 3,293,243
800,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950 11/01/2022 753,432
305,000 Suffolk County, NY IDA (ALIA-WORCA) 6.950 12/01/2014 310,109
735,000 Suffolk County, NY IDA (ALIA-WORCA) 7.125 06/01/2017 746,540
530,000 Suffolk County, NY IDA (ALIA-WORCA) 7.500 09/01/2015 544,257
710,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 677,475
225,000 Suffolk County, NY IDA (DDI) 6.000 12/01/2019 217,067
615,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 586,827
635,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 605,911
F26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------- ------ ------------ ------------
NEW YORK Continued
$ 185,000 Suffolk County, NY IDA (DDI) 6.250% 03/01/2009 $ 184,634
5,025,000 Suffolk County, NY IDA (DDI) 7.250 03/01/2024 5,076,707
8,520,000 Suffolk County, NY IDA (DDI) 8.750 03/01/2023 8,879,374
5,000,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2036 3,940,400
3,135,000 Suffolk County, NY IDA (Dowling College) (1) 6.700 12/01/2020 3,141,207
3,000,000 Suffolk County, NY IDA
(Easter Long Island Hospital Assoc.) 5.375 01/01/2027 2,572,050
2,745,000 Suffolk County, NY IDA
(Easter Long Island Hospital Assoc.) 5.500 01/01/2037 2,255,457
1,640,000 Suffolk County, NY IDA (Family Residences) 6.000 12/01/2019 1,582,174
1,345,000 Suffolk County, NY IDA (Family Services League) 5.000 11/01/2027 1,367,542
830,000 Suffolk County, NY IDA (Family Services League) (1) 5.000 11/01/2034 835,005
85,000 Suffolk County, NY IDA (Federation of Organizations) 7.625 04/01/2010 85,247
2,195,000 Suffolk County, NY IDA (Federation of Organizations) 8.125 04/01/2030 2,173,950
2,600,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,639,676
3,860,000 Suffolk County, NY IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,820,088
255,000 Suffolk County, NY IDA
(Independent Group Home Living) 6.000 12/01/2019 246,009
1,225,000 Suffolk County, NY IDA
(Independent Group Home Living) 6.000 10/01/2020 1,168,883
3,275,000 Suffolk County, NY IDA (Innovative Realty I) 6.000 11/01/2037 2,958,995
8,600,000 Suffolk County, NY IDA (Jefferson's Ferry) (1) 5.000 11/01/2028 7,774,486
30,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson
Center) (1) 5.250 06/01/2027 29,804,851
4,065,000 Suffolk County, NY IDA
(L.I. Network Community Services) 7.550 02/01/2034 4,035,000
8,000,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 7,363,920
1,865,000 Suffolk County, NY IDA
(Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,657,444
635,000 Suffolk County, NY IDA
(Nassau-Suffolk Services for Autism) 6.750 11/01/2036 564,331
2,925,000 Suffolk County, NY IDA (New Interdisciplinary School) 6.750 12/01/2019 2,823,473
8,750,000 Suffolk County, NY IDA
(Nissequogue Cogeneration Partners) 5.300 01/01/2013 8,238,475
18,925,000 Suffolk County, NY IDA
(Nissequogue Cogeneration Partners) 5.500 01/01/2023 16,453,395
1,000,000 Suffolk County, NY IDA
(Peconic Landing Retirement Home) 8.000 10/01/2020 1,073,500
2,850,000 Suffolk County, NY IDA
(Peconic Landing Retirement Home) 8.000 10/01/2030 3,045,653
4,800,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.200 02/01/2035 4,881,600
100,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.625 04/01/2010 101,991
2,545,000 Suffolk County, NY IDA (Pederson-Krager Center) 8.125 04/01/2030 2,667,338
F27 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------- ------ ------------ ------------
NEW YORK Continued
$ 930,000 Suffolk County, NY IDA
(Special Needs Facilities Pooled Program) 5.250% 07/01/2022 $ 843,650
105,000 Suffolk County, NY IDA
(St. Vincent De Paul in the Diocese of Rockville Center) 7.000 04/01/2010 105,603
2,595,000 Suffolk County, NY IDA
(St. Vincent De Paul in the Diocese of Rockville Center) 8.000 04/01/2030 2,618,485
535,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 510,492
2,025,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 1,953,599
3,325,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 3,147,179
1,620,000 Suffolk County, NY IDA (Windmill Village) 5.700 12/01/2026 1,648,528
1,305,000 Suffolk County, NY IDA (Windmill Village) 5.750 12/01/2031 1,330,891
995,000 Suffolk County, NY IDA (WORCA) 6.000 10/01/2020 949,419
50,000 Suffolk County, NY Water Authority (1) 5.125 06/01/2026 50,948
4,000,000 Sullivan County, NY Community College COP (2) 5.750 08/15/2025 3,495,840
3,650,000 Sullivan County, NY IDA (Center for Discovery) 5.625 06/01/2013 3,492,247
14,115,000 Sullivan County, NY IDA (Center for Discovery) 5.875 07/01/2022 12,822,631
6,000,000 Sullivan County, NY IDA (Center for Discovery) 6.000 06/01/2019 5,597,220
13,840,000 Sullivan County, NY IDA (Center for Discovery) 6.000 07/01/2037 12,088,548
4,700,000 Sullivan County, NY IDA (Center for Discovery) 6.500 06/01/2025 4,430,032
4,590,000 Sullivan County, NY IDA (Center for Discovery) 6.950 02/01/2035 4,653,480
1,585,000 Sullivan County, NY IDA (Center for Discovery) 7.250 02/01/2012 1,612,278
9,965,000 Sullivan County, NY IDA (Center for Discovery) 7.750 02/01/2027 10,300,721
8,150,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 7,641,603
50,000 Syracuse, NY Hsg. Authority
(Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 49,826
6,995,000 Syracuse, NY Hsg. Authority
(Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,638,395
6,590,000 Syracuse, NY Hsg. Authority (LRRHCF) (1) 5.800 08/01/2037 6,732,608
2,435,000 Syracuse, NY Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,409,457
2,195,000 Syracuse, NY IDA (Anoplate Corp.) 8.000 11/01/2022 2,263,199
168,000,000 Syracuse, NY IDA (Carousel Center) (1) 5.000 01/01/2036 151,766,160
1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 892,350
12,985,000 Syracuse, NY IDA (James Square) (1) 7.197 (3) 08/01/2025 4,103,520
725,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2021 754,413
2,050,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2031 2,125,645
75,000 Taconic Hills, NY Central School District at Craryville (1) 5.000 06/15/2026 75,938
55,000 Tompkins, NY Health Care Corp. (Reconstruction Home) (1) 10.800 02/01/2028 59,120
395,000 Tonawanda, NY Senior Citizen Hsg. Corp. 6.500 12/01/2010 396,485
995,000 UCP/HCA of Chemung County, NY 6.600 08/01/2022 1,017,278
13,200,000 Ulster County, NY IDA (Benedictine Hospital) 6.500 11/01/2036 12,139,908
1,655,000 Ulster County, NY IDA (Brooklyn Bottling) 8.600 06/30/2022 1,661,306
F28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------- ------ ------------ ------------
NEW YORK Continued
$ 4,000,000 Ulster County, NY IDA (Kingston Hospital) (1) 5.650% 11/15/2024 $ 4,071,040
1,465,000 Ulster County, NY IDA
(Mid-Hudson Family Health Services) (1) 5.350 07/01/2023 1,480,368
175,000 Ulster County, NY Res Rec (1) 5.000 03/01/2019 177,370
185,000 Ulster County, NY Res Rec (1) 5.000 03/01/2020 187,196
3,005,000 Ulster County, NY Tobacco Asset Securitization Corp. 0.000 (5) 06/01/2040 2,673,999
2,955,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.000 06/01/2040 2,974,267
2,175,000 Ulster County, NY Tobacco Asset Securitization Corp. (2) 6.250 06/01/2025 2,231,550
3,550,000 Utica, NY IDA (Utica College Civic Facility) 6.850 12/01/2031 3,663,636
2,310,000 Wayne County, NY IDA (ARC) 8.375 03/01/2018 2,313,788
20,000 Westchester County, NY GO (1) 5.375 12/15/2014 20,233
4,300,000 Westchester County, NY Healthcare Corp., Series A (1) 5.875 11/01/2025 4,226,255
1,870,000 Westchester County, NY IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,880,341
90,000 Westchester County, NY IDA (Children's Village) 5.375 03/15/2019 84,888
3,940,000 Westchester County, NY IDA (Children's Village) 6.000 06/01/2022 3,769,753
1,215,000 Westchester County, NY IDA (Clearview School) 7.250 01/01/2035 1,156,862
3,945,000 Westchester County, NY IDA (Field Home) 6.000 08/15/2017 3,845,783
3,335,000 Westchester County, NY IDA (Field Home) 6.500 08/15/2022 3,203,167
1,300,000 Westchester County, NY IDA (Guiding Eyes for
the Blind) (1) 5.375 08/01/2024 1,294,813
1,560,000 Westchester County, NY IDA (JDAM) 6.750 04/01/2016 1,564,508
3,325,000 Westchester County, NY IDA (Lawrence Hospital) (1) 5.000 01/01/2028 3,135,209
820,000 Westchester County, NY IDA (Lawrence Hospital) (1) 5.125 01/01/2018 820,525
1,275,000 Westchester County, NY IDA
(Living Independently for the Elderly) 5.375 08/20/2021 1,318,516
3,035,000 Westchester County, NY IDA
(Living Independently for the Elderly) 5.400 08/20/2032 3,096,641
1,510,000 Westchester County, NY IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,382,194
1,000,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2013 1,025,650
1,710,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2033 1,665,335
160,000 Westchester County, NY IDA
(Westchester Airport Assoc.) (1) 5.950 08/01/2024 160,304
130,000 Westchester County, NY IDA
(Westchester Resco Company) (1) 5.500 07/01/2009 130,176
2,590,000 Westchester County, NY IDA (Winward School) (1) 5.250 10/01/2031 2,521,961
76,375,000 Westchester County,
NY Tobacco Asset Securitization Corp. 0.000 (5) 07/15/2039 88,921,121
59,900,000 Westchester County,
NY Tobacco Asset Securitization Corp. (1) 5.125 06/01/2038 52,576,027
19,440,000 Westchester County, NY Tobacco Asset Securitization
Corp. (4) 5.125 06/01/2045 16,722,699
33,230,000 Westchester County,
NY Tobacco Asset Securitization Corp. 5.125 06/01/2045 28,602,058
F29 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ------------ --------------
NEW YORK Continued
$ 3,430,000 Yates County, NY IDA (SSMH) 5.650% 02/01/2039 $ 3,521,547
4,685,000 Yonkers, NY IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,592,799
4,445,000 Yonkers, NY IDA (Monastery Manor Associates) (1) 5.250 04/01/2037 4,379,747
1,590,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,272,302
730,000 Yonkers, NY IDA (Sacred Heart Assoc.) 4.800 10/01/2026 687,091
2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.) (1) 5.000 10/01/2037 2,240,288
2,515,000 Yonkers, NY IDA (St. John's Riverside Hospital) (1) 7.125 07/01/2031 2,532,328
2,270,000 Yonkers, NY IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,278,422
3,055,000 Yonkers, NY IDA (Westchester School) 8.750 12/30/2023 3,066,395
800,000 Yonkers, NY Parking Authority 6.000 06/15/2018 802,008
1,215,000 Yonkers, NY Parking Authority 6.000 06/15/2024 1,166,801
--------------
9,448,736,975
--------------
OTHER STATES--0.0%
415,000 York County, SC Pollution Control (Bowater) (1) 7.400 01/01/2010 363,685
U.S. POSSESSIONS--32.5%
2,995,000 Guam EDA (Harmon Village Apartments) (2,10) 9.375 11/01/2018 --
1,000,000 Guam Education Financing Foundation COP (1) 5.000 10/01/2023 979,040
3,000,000 Guam Government Waterworks Authority and
Wastewater System 5.875 07/01/2035 2,887,020
300,000 Guam Hsg. Corp. (Single Family Mtg.) (1) 5.750 09/01/2031 308,139
290,000 Guam Power Authority, Series A (1) 5.250 10/01/2023 274,758
20,000,000 Guam Power Authority, Series A (1) 5.250 10/01/2034 17,634,800
35,300,000 Northern Mariana Islands Commonwealth, Series A 5.000 06/01/2030 29,103,085
9,765,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 8,162,759
17,750,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 18,468,875
49,000,000 Puerto Rico Aqueduct & Sewer Authority (4) 5.125 07/01/2047 49,090,160
55,650,000 Puerto Rico Aqueduct & Sewer Authority (1) 0.000 (5) 07/01/2024 48,075,479
69,595,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2038 72,899,371
113,770,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2044 119,261,678
5,000,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2044 5,273,000
56,685,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 54,065,019
268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617 (3) 05/15/2050 12,203,325
745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165 (3) 05/15/2055 18,930,450
3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625 (3) 05/15/2057 79,056,505
3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375 (3) 05/15/2057 54,109,984
13,225,000 Puerto Rico Commonwealth GO (1) 5.000 07/01/2022 12,810,793
20,000 Puerto Rico Commonwealth GO (1) 5.000 07/01/2026 20,117
14,000,000 Puerto Rico Commonwealth GO (1) 5.000 07/01/2027 13,697,600
15,010,000 Puerto Rico Commonwealth GO (1) 5.000 07/01/2029 14,629,046
10,400,000 Puerto Rico Commonwealth GO (1) 5.000 07/01/2031 10,109,216
16,850,000 Puerto Rico Commonwealth GO (1) 5.000 07/01/2033 16,335,570
F30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ------------ --------------
U.S. POSSESSIONS Continued
$ 27,240,000 Puerto Rico Commonwealth GO (1) 5.000% 07/01/2035 $ 26,301,037
5,605,000 Puerto Rico Commonwealth GO (1) 5.125 07/01/2031 5,367,796
5,200,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2024 5,139,056
17,180,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2025 16,952,021
12,395,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2026 12,196,556
4,000,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2026 3,935,960
2,920,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2030 2,845,657
14,500,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2031 14,122,275
10,230,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2034 9,975,068
41,750,000 Puerto Rico Commonwealth GO (1) 5.250 07/01/2037 40,569,728
7,850,000 Puerto Rico Commonwealth GO 5.500 07/01/2029 7,957,781
79,300,000 Puerto Rico Commonwealth GO (1) 5.500 07/01/2032 79,663,194
37,585,000 Puerto Rico Commonwealth GO (8) 6.000 07/01/2027 39,369,536
4,160,000 Puerto Rico Commonwealth GO (8) 6.000 07/01/2028 4,347,699
13,350,000 Puerto Rico Electric Power Authority, Series TT (1) 5.000 07/01/2027 13,093,280
78,075,000 Puerto Rico Electric Power Authority, Series TT (1) 5.000 07/01/2037 75,409,520
60,000,000 Puerto Rico Electric Power Authority, Series UU (4) 2.327 (6) 07/01/2029 51,000,000
106,500,000 Puerto Rico Electric Power Authority, Series UU (4) 2.487 (6) 07/01/2025 84,734,115
209,100,000 Puerto Rico Electric Power Authority, Series UU (4) 2.507 (6) 07/01/2031 166,365,292
5,000,000 Puerto Rico Electric Power Authority, Series VV (1) 5.250 07/01/2029 5,207,850
30,000,000 Puerto Rico Electric Power Authority, Series VV (1) 5.250 07/01/2030 29,768,100
13,000,000 Puerto Rico Electric Power Authority, Series WW (1) 5.250 07/01/2033 13,030,030
76,000,000 Puerto Rico Electric Power Authority, Series WW 5.500 07/01/2038 77,582,320
60,000 Puerto Rico HFC (1) 5.100 12/01/2018 60,119
1,890,000 Puerto Rico HFC (1) 5.500 12/01/2023 1,907,634
9,515,000 Puerto Rico Highway & Transportation Authority (1) 5.000 07/01/2028 9,314,804
4,845,000 Puerto Rico Highway & Transportation Authority (1) 5.250 07/01/2030 4,795,145
4,000,000 Puerto Rico Highway & Transportation Authority (1) 5.500 07/01/2029 4,080,200
270,000 Puerto Rico Highway & Transportation Authority (1) 5.750 07/01/2020 275,813
11,585,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2033 11,231,310
28,565,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2042 27,482,101
10,000,000 Puerto Rico Highway & Transportation Authority,
Series K (1) 5.000 07/01/2025 9,809,200
14,725,000 Puerto Rico Highway & Transportation Authority,
Series K (1) 5.000 07/01/2026 14,433,887
8,500,000 Puerto Rico Highway & Transportation Authority,
Series K (1) 5.000 07/01/2027 8,316,400
9,000,000 Puerto Rico Highway & Transportation Authority,
Series K (1) 5.000 07/01/2030 8,742,780
F31 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ------------ --------------
U.S. POSSESSIONS Continued
$ 6,000,000 Puerto Rico Highway & Transportation Authority,
Series L (1) 5.250% 07/01/2023 $ 5,950,860
17,205,000 Puerto Rico Highway & Transportation Authority,
Series L (1) 5.250 07/01/2030 17,072,005
7,125,000 Puerto Rico Highway & Transportation Authority,
Series M (1) 5.000 07/01/2037 6,871,421
94,120,000 Puerto Rico Highway & Transportation Authority,
Series M 5.000 07/01/2046 90,412,613
125,620,000 Puerto Rico Highway & Transportation Authority,
Series N (4) 2.337 (6) 07/01/2041 92,958,756
74,940,000 Puerto Rico Highway & Transportation Authority,
Series N (4) 2.337 (6) 07/01/2045 55,455,600
47,915,000 Puerto Rico Highway & Transportation Authority,
Series N 5.250 07/01/2039 47,193,400
3,650,000 Puerto Rico Infrastructure 5.000 07/01/2025 3,580,358
19,055,000 Puerto Rico Infrastructure 5.000 07/01/2031 18,522,222
6,000,000 Puerto Rico Infrastructure (1) 5.000 07/01/2037 5,786,460
34,490,000 Puerto Rico Infrastructure 5.000 07/01/2037 33,262,501
202,145,000 Puerto Rico Infrastructure 5.000 07/01/2041 194,564,563
147,520,000 Puerto Rico Infrastructure 5.000 07/01/2046 141,709,187
15,000,000 Puerto Rico Infrastructure (1) 5.500 07/01/2027 15,266,250
2,750,000 Puerto Rico Infrastructure (1) 5.500 07/01/2028 2,783,385
16,955,000 Puerto Rico Infrastructure 5.650 (3) 07/01/2029 5,265,545
65,725,000 Puerto Rico Infrastructure 5.730 (3) 07/01/2045 7,193,601
25,000,000 Puerto Rico Infrastructure 5.800 (3) 07/01/2032 6,229,250
1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) (1) 5.375 02/01/2019 1,074,784
1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) (1) 5.375 12/01/2021 1,551,281
5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) (1) 5.375 02/01/2029 5,395,858
6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) (1) 5.500 12/01/2031 5,961,865
42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 43,318,808
2,550,000 Puerto Rico ITEMECF (Mennonite General Hospital) (1) 5.625 07/01/2017 2,333,837
985,000 Puerto Rico ITEMECF (Mennonite General Hospital) (1) 5.625 07/01/2027 832,453
8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital) (1) 6.500 07/01/2018 8,504,181
12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) (1) 6.500 07/01/2026 11,625,687
170,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) (1) 6.400 05/01/2009 169,334
2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) (1) 6.600 05/01/2014 2,366,872
5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) (1) 6.700 05/01/2024 4,954,110
7,000,000 Puerto Rico ITEMECF
(San Lucas & Cristo Redentor Hospitals) (1) 5.750 06/01/2029 5,468,120
500,000 Puerto Rico ITEMECF (University of the Sacred Heart) (1) 5.250 09/01/2021 491,800
8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) (1) 5.250 09/01/2031 7,554,240
5,000,000 Puerto Rico Municipal Finance Agency, Series A (1) 5.250 08/01/2024 4,940,950
F32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ------------ --------------
U.S. POSSESSIONS Continued
$ 4,990,000 Puerto Rico Municipal Finance Agency, Series A (1) 5.250% 08/01/2025 $ 4,923,334
6,605,000 Puerto Rico Port Authority (American Airlines),
Series A (1) 6.250 06/01/2026 3,579,580
6,395,000 Puerto Rico Port Authority (American Airlines),
Series A (1) 6.300 06/01/2023 3,464,811
1,940,000 Puerto Rico Public Buildings Authority (1) 5.000 07/01/2026 1,901,646
90,855,000 Puerto Rico Public Buildings Authority (1) 5.000 07/01/2036 87,671,441
7,500,000 Puerto Rico Public Buildings Authority (1) 5.000 07/01/2037 7,233,075
23,585,000 Puerto Rico Public Buildings Authority (1) 5.250 07/01/2029 22,999,149
101,175,000 Puerto Rico Public Buildings Authority (1) 5.250 07/01/2033 98,699,248
120,000 Puerto Rico Public Buildings Authority (1) 5.375 07/01/2033 119,102
3,600,000 Puerto Rico Public Buildings Authority (1) 5.750 07/01/2034 3,710,880
2,500,000 Puerto Rico Public Buildings Authority (1) 6.250 07/01/2021 2,700,350
12,335,000 Puerto Rico Public Buildings Authority (1) 6.250 07/01/2022 13,330,558
1,135,000 Puerto Rico Public Buildings Authority (1) 6.250 07/01/2023 1,230,896
7,500,000 Puerto Rico Public Buildings Authority (1) 6.250 07/01/2031 8,218,725
120,000,000 Puerto Rico Sales Tax Financing Corp., Series A (4) 2.855 (6) 08/01/2057 94,080,000
274,945,000 Puerto Rico Sales Tax Financing Corp., Series A 5.250 08/01/2057 271,587,862
643,700,000 Puerto Rico Sales Tax Financing Corp., Series A (8) 5.401 (3) 08/01/2054 44,679,217
221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.939 (3) 08/01/2056 13,088,418
30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500 (3) 08/01/2042 4,197,300
80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504 (3) 08/01/2043 10,984,000
4,525,000 University of Puerto Rico (1) 5.000 06/01/2026 4,435,631
10,010,000 University of Puerto Rico, Series P (1) 5.000 06/01/2022 9,697,388
5,280,000 University of Puerto Rico, Series P (1) 5.000 06/01/2030 5,129,150
24,375,000 University of Puerto Rico, Series Q (1) 5.000 06/01/2030 23,678,606
65,780,000 University of Puerto Rico, Series Q (1) 5.000 06/01/2036 63,475,069
9,230,000 University of V.I. , Series A (1) 5.375 06/01/2034 8,819,911
2,040,000 University of V.I. , Series A 6.250 12/01/2029 2,059,502
1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) (1) 6.500 07/01/2021 1,275,075
25,000 V.I. HFA, Series A 6.450 03/01/2016 25,021
18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes
Loan) (1) 5.000 10/01/2031 18,315,648
550,000 V.I. Public Finance Authority (Gross Receipts Taxes
Loan) (1) 5.000 10/01/2033 524,189
27,733,000 V.I. Public Finance Authority (Hovensa Coker) (1) 6.500 07/01/2021 28,234,690
11,700,000 V.I. Public Finance Authority (Hovensa Refinery) (1) 5.875 07/01/2022 11,384,802
8,000,000 V.I. Public Finance Authority (Hovensa Refinery) (1) 6.125 07/01/2022 7,878,320
750,000 V.I. Public Finance Authority, Series A (1) 5.250 10/01/2024 736,673
1,000,000 V.I. Public Finance Authority, Series A (1) 5.500 10/01/2018 1,007,900
16,220,000 V.I. Public Finance Authority, Series A (1) 5.500 10/01/2022 16,255,846
7,500,000 V.I. Public Finance Authority, Series A (1) 5.625 10/01/2025 7,529,925
50,000 V.I. Public Finance Authority, Series A (1) 5.625 10/01/2025 50,200
3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,836,358
11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300 (3) 05/15/2035 1,526,583
F33 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------- ------ ------------ ----------------
U.S. POSSESSIONS Continued
$ 1,585,000 V.I. Water & Power Authority 5.300% 07/01/2018 $ 1,567,454
3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,379,321
2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,511,975
----------------
3,322,126,039
TOTAL INVESTMENTS, AT VALUE (COST $13,435,479,916)--124.7% 12,771,226,699
LIABILITIES IN EXCESS OF OTHER ASSETS--(24.7) (2,526,042,290)
----------------
NET ASSETS--100.0% $ 10,245,184,409
================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to
cover borrowings. See Note 6 of accompanying Notes.
2. Illiquid security. The aggregate value of illiquid securities as of June
30, 2008 was $88,524,107, which represents 0.86% of the Fund's net assets.
See Note 5 of accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
4. 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.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or
variable interest rate at a designated future date.
6. Represents the current interest rate for a variable or increasing rate
security.
7. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
8. When-issued security or delayed delivery to be delivered and settled after
June 30, 2008. See Note 1 of accompanying Notes.
9. Subject to a deferred-interest forebearance agreement. Rate shown is
current rate.
10. Issue is in default. See Note 1 of accompanying Notes.
F34 | 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
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/Authority
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.
LIHIA Long Island Head Injury Assoc.
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
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
PSCH Professional Service Centers for the Handicapped, Inc.
RIBS Residual Interest Bonds
Res Rec Resource Recovery Facility
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
UCP/HCA United Cerebral Palsy Assoc. and Handicapped Children's Assoc.
UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk
UDC Urban Devel. Corp.
UVBH United Veteran's Beacon House
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
WWH Wyandach/Wheatley Heights
YMCA Young Men's Christian Assoc
F35 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
VALUATION INPUTS
Various data inputs are used in determining the value of each of the Fund's
investments as of the reporting period end. These data inputs are categorized in
the following hierarchy under applicable financial accounting standards:
1) Level 1 - quoted prices in active markets for identical assets or
liabilities (including securities actively traded on a securities
exchange)
2) Level 2 - inputs other than quoted prices that are observable for
the asset (such as quoted prices for similar assets and
market-corroborated inputs such as interest rates, prepayment
speeds, credit risks, etc.)
3) Level 3 - unobservable inputs (including the Manager's own
judgments about assumptions that market participants would use in
pricing the asset).
The market value of the Fund's investments was determined based on the following
inputs as of June 30, 2008:
INVESTMENTS IN OTHER FINANCIAL
SECURITIES INSTRUMENTS*
------------------ ---------------
Level 1 - Quoted Prices $ -- $ --
Level 2 - Other Significant Observable Inputs 12,771,226,699 --
Level 3 - Significant Unobservable Inputs -- --
------------------ ---------------
Total $ 12,771,226,699 $ --
================== ===============
- ----------
* Other financial instruments include options written, currency contracts,
futures, forwards and swap contracts. Currency contracts and forwards are
reported at their unrealized appreciation/depreciation at measurement
date, which represents the change in the contract's value from trade date.
Futures are reported at their variation margin at measurement date, which
represents the amount due to/from the Fund at that date. Options and swaps
are reported at their market value at measurement date.
See the accompanying Notes for further discussion of the methods used in
determining value of the Fund's investments, and a summary of changes to the
valuation techniques, if any, during the reporting period.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F36 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
June 30, 2008
- --------------
ASSETS
Investments, at value (cost $13,435,479,916)--see accompanying statement of investments $ 12,771,226,699
Cash 3,128,458
Receivables and other assets:
Interest 177,765,958
Investments sold (including $27,036,892 sold on a when-issued or delayed delivery basis) 50,279,473
Shares of beneficial interest sold 17,037,082
Other 864,931
-----------------
Total assets 13,020,302,601
=================
LIABILITIES
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 2,244,181,670
Payable on borrowings (See Note 6) 380,000,000
Investments purchased (including $109,449,700 purchased on a when-issued or delayed delivery basis) 115,168,916
Shares of beneficial interest redeemed 18,999,686
Dividends 9,488,800
Distribution and service plan fees 4,278,572
Trustees' compensation 1,742,807
Interest expense on borrowings 633,299
Transfer and shareholder servicing agent fees 293,183
Shareholder communications 36,409
Other 294,850
-----------------
Total liabilities 2,775,118,192
=================
NET ASSETS $ 10,245,184,409
=================
COMPOSITION OF NET ASSETS
Paid-in capital $ 11,184,629,817
Accumulated net investment income 20,505,586
Accumulated net realized loss on investments (295,697,777)
Net unrealized depreciation on investments (664,253,217)
-----------------
NET ASSETS $ 10,245,184,409
=================
F37 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of $8,259,815,182
and 496,079,069 shares of beneficial interest outstanding) $ 16.65
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering
price) $ 17.48
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $452,804,457 and 27,221,254 shares
of beneficial interest outstanding) $ 16.63
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,462,823,504 and 87,990,042 shares
of beneficial interest outstanding) $ 16.62
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$69,741,266 and 4,189,636 shares of beneficial interest outstanding) $ 16.65
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F38 | ROCHESTER FUND MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
For the Six Months Ended June 30, 2008
- ---------------------------------------
INVESTMENT INCOME
Interest $ 356,087,186
EXPENSES
Management fees 23,636,299
Distribution and service plan fees:
Class A 6,447,225
Class B 2,520,581
Class C 7,338,926
Transfer and shareholder servicing agent fees:
Class A 1,131,724
Class B 167,639
Class C 326,810
Class Y 7,881
Shareholder communications:
Class A 142,045
Class B 24,223
Class C 32,549
Class Y 594
Interest expense and fees on short-term floating rate notes issued (See Note 1) 30,221,584
Interest expense on borrowings 2,683,999
Accounting service fees 1,557,337
Trustees' compensation 551,735
Custodian fees and expenses 153,977
Administration service fees 750
Other 1,257,677
-------------
Total expenses 78,203,555
Less reduction to custodian expenses (18,085)
-------------
Net expenses 78,185,470
=============
NET INVESTMENT INCOME 277,901,716
=============
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments (197,564,225)
Increase from payment by affiliate 17,842
-------------
Net realized loss (197,546,383)
Net change in unrealized depreciation on investments (445,809,020)
=============
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(365,453,687)
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F39 | ROCHESTER FUND MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2008 DECEMBER 31,
(UNAUDITED) 2007
---------------- ----------------
OPERATIONS
Net investment income $ 277,901,716 $ 500,548,090
Net realized gain (loss) (197,546,383) 5,857,579
Net change in unrealized depreciation (445,809,020) (713,428,516)
---------------- ----------------
Net decrease in net assets resulting from operations (365,453,687) (207,022,847)
================ ================
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (220,853,025) (403,388,408)
Class B (11,193,332) (28,650,176)
Class C (32,680,709) (56,889,880)
Class Y (1,664,825) (2,106,962)
---------------- ----------------
(266,391,891) (491,035,426)
================ ================
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting from beneficial
interest transactions:
Class A 225,671,165 1,115,177,970
Class B (106,679,271) (270,521,381)
Class C 37,954,493 356,020,349
Class Y 18,034,264 36,884,183
---------------- ----------------
174,980,651 1,237,561,121
================ ================
NET ASSETS
Total increase (decrease) (456,864,927) 539,502,848
Beginning of period 10,702,049,336 10,162,546,488
---------------- ----------------
End of period (including accumulated net investment income of
$20,505,586 and $8,995,761, respectively) $ 10,245,184,409 $ 10,702,049,336
================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F40 | ROCHESTER FUND MUNICIPALS
STATEMENT OF CASH FLOWS Unaudited
For the Six Months Ended June 30, 2008
- ---------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net decrease in net assets from operations $ (365,453,687)
Adjustments to reconcile net decrease in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (1,795,413,720)
Proceeds from disposition of investment securities 1,370,414,796
Short-term investment securities, net (150,010,400)
Premium amortization 6,305,938
Discount accretion (23,999,380)
Net realized loss on investments 197,546,383
Net change in unrealized depreciation on investments 445,809,020
Increase in interest receivable (6,085,836)
Increase in receivable for securities sold (10,608,506)
Increase in other assets (705,257)
Increase in payable for securities purchased 22,659,525
Increase in payable for accrued expenses 486,363
---------------
Net cash used in operating activities (309,054,761)
===============
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings 1,287,600,000
Payments on bank borrowings (939,700,000)
Proceeds from short-term floating rate notes issued 48,987,460
Proceeds from shares sold 1,168,981,514
Payment on shares redeemed (1,171,498,144)
Cash distributions paid (83,927,597)
---------------
Net cash provided by financing activities 310,443,233
Net increase in cash 1,388,472
Cash, beginning balance 1,739,986
---------------
Cash, ending balance $ 3,128,458
===============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $172,979,833.
Cash paid for interest on bank borrowings--$2,376,876.
Cash paid for interest on short-term floating rate notes issued--
$30,221,584.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F41 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- -------- ------------- ------- ------- ------- ------- -------
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 17.67 $ 18.82 $ 18.28 $ 17.76 $ 17.62 $ 17.38
------------- ------- ------- ------- ------- -------
Income (loss) from investment
operations:
Net investment income .47 (1) .88 (1) .93 (1) .99 (1) 1.07 (1) 1.11
Net realized and unrealized gain (loss) (1.05) (1.17) .55 .53 .16 .23
------------- ------- ------- ------- ------- -------
Total from investment operations (.58) (.29) 1.48 1.52 1.23 1.34
------------- ------- ------- ------- ------- -------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.44) (.86) (.94) (1.00) (1.09) (1.10)
------------- ------- ------- ------- ------- -------
Net asset value, end of period $ 16.65 $ 17.67 $ 18.82 $ 18.28 $ 17.76 $ 17.62
============= ======= ======= ======= ======= =======
============= ======= ======= ======= ======= =======
TOTAL RETURN, AT NET ASSET VALUE (2) (3.24)% (1.59)% 8.33% 8.76% 7.25% 8.12%
============= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $ 8,260 $ 8,541 $ 7,979 $ 5,937 $ 4,699 $ 4,228
------------- ------- ------- ------- ------- -------
Average net assets (in millions) $ 8,379 $ 8,598 $ 6,836 $ 5,327 $ 4,387 $ 4,100
------------- ------- ------- ------- ------- -------
Ratios to average net assets: (3)
Net investment income 5.52% 4.78% 5.05% 5.44% 6.09% 6.49%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.76% 0.72% 0.72% 0.73% 0.72% 0.71%
Interest and fees on short-term floating
rate notes issued (4) 0.58% 0.71% 0.62% 0.46% 0.26% 0.26%
------------- ------- ------- ------- ------- -------
Total expenses 1.34% (5) 1.43% (5) 1.34% (5) 1.19% (5) 0.98% (5) 0.97% (5,6)
------------- ------- ------- ------- ------- -------
Portfolio turnover rate 12% 28% 17% 16% 10% 12%
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.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F42 | ROCHESTER FUND MUNICIPALS
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- -------- ------------- ------- ------- ------- ------- -------
PER SHARE OPERATING DATA
Net asset value, beginning of
period $ 17.66 $ 18.80 $ 18.26 $ 17.75 $ 17.60 $ 17.36
------------- ------- ------- ------- ------- -------
Income (loss) from investment
operations:
Net investment income .39 (1) .72 (1) .78 (1) .83 (1) .91 (1) .96
Net realized and unrealized gain
(loss) (1.06) (1.16) .54 .52 .18 .23
------------- ------- ------- ------- ------- -------
Total from investment operations (.67) (.44) 1.32 1.35 1.09 1.19
------------- ------- ------- ------- ------- -------
Dividends and/or distributions
to shareholders:
Dividends from net investment
income (.36) (.70) (.78) (.84) (.94) (.95)
------------- ------- ------- ------- ------- -------
Net asset value, end of period $ 16.63 $ 17.66 $ 18.80 $ 18.26 $ 17.75 $ 17.60
============= ======= ======= ======= ======= =======
============= ======= ======= ======= ======= =======
TOTAL RETURN, AT NET ASSET VALUE (2) (3.73)% (2.41)% 7.39% 7.77% 6.40% 7.19%
============= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
millions) $ 453 $ 591 $ 906 $ 955 $ 1,073 $ 1,231
------------- ------- ------- ------- ------- -------
Average net assets (in millions) $ 508 $ 745 $ 925 $ 1,006 $ 1,130 $ 1,259
------------- ------- ------- ------- ------- -------
Ratios to average net assets: (3)
Net investment income 4.62% 3.88% 4.20% 4.60% 5.23% 5.62%
Expenses excluding interest and
fees on short-term floating rate
notes issued 1.65% 1.62% 1.60% 1.60% 1.59% 1.58%
Interest and fees on short-term
floating rate notes issued (4) 0.58% 0.71% 0.62% 0.46% 0.26% 0.26%
------------- ------- ------- ------- ------- -------
Total expenses 2.23% (5) 2.33% (5) 2.22% (5) 2.06% (5) 1.85% (5) 1.84% (5,6)
------------- ------- ------- ------- ------- -------
Portfolio turnover rate 12% 28% 17% 16% 10% 12%
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.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F43 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- -------- ------------- ------- ------- ------- ------- -------
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 17.65 $ 18.79 $ 18.25 $ 17.74 $ 17.59 $ 17.36
------------- ------- ------- ------- ------- -------
Income (loss) from investment
operations:
Net investment income .40 (1) .71 (1) .76 (1) .82 (1) .91 (1) .96
Net realized and unrealized gain
(loss) (1.07) (1.15) .56 .53 .18 .22
------------- ------- ------- ------- ------- -------
Total from investment operations (.67) (.44) 1.32 1.35 1.09 1.18
------------- ------- ------- ------- ------- -------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.36) (.70) (.78) (.84) (.94) (.95)
------------- ------- ------- ------- ------- -------
Net asset value, end of period $ 16.62 $ 17.65 $ 18.79 $ 18.25 $ 17.74 $ 17.59
============= ======= ======= ======= ======= =======
============= ======= ======= ======= ======= =======
TOTAL RETURN, AT NET ASSET VALUE (2) (3.72)% (2.39)% 7.40% 7.78% 6.40% 7.14%
============= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
millions) $ 1,463 $ 1,514 $ 1,256 $ 712 $ 498 $ 443
Average net assets (in millions) $ 1,478 $ 1,492 $ 956 $ 600 $ 459 $ 436
Ratios to average net assets: (3)
Net investment income 4.66% 3.90% 4.15% 4.56% 5.22% 5.62%
Expenses excluding interest and
fees on short-term floating rate
notes issued 1.62% 1.59% 1.58% 1.59% 1.59% 1.58%
Interest and fees on short-term
floating rate notes issued (4) 0.58% 0.71% 0.62% 0.46% 0.26% 0.26%
------------- ------- ------- ------- ------- -------
Total expenses 2.20% (5) 2.30% (5) 2.20% (5) 2.05% (5) 1.85% (5) 1.84% (5,6)
------------- ------- ------- ------- ------- -------
Portfolio turnover rate 12% 28% 17% 16% 10% 12%
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.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F44 | ROCHESTER FUND MUNICIPALS
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS Y (UNAUDITED) 2007 2006 2005 2004 2003
- -------- ------------- ------- ------- ------- ------- -------
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 17.67 $ 18.82 $ 18.28 $ 17.76 $ 17.61 $ 17.38
Income (loss) from investment
operations:
Net investment income .48 (1) .89 (1) .95 (1) 1.01 (1) 1.10 (1) 1.14
Net realized and unrealized gain
(loss) (1.05) (1.15) .55 .54 .17 .21
------------- ------- ------- ------- ------- -------
Total from investment operations (.57) (.26) 1.50 1.55 1.27 1.35
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.45) (.89) (.96) (1.03) (1.12) (1.12)
------------- ------- ------- ------- ------- -------
Net asset value, end of period $ 16.65 $ 17.67 $ 18.82 $ 18.28 $ 17.76 $ 17.61
============= ======= ======= ======= ======= =======
============= ======= ======= ======= ======= =======
TOTAL RETURN, AT NET ASSET VALUE (2) (3.16)% (1.44)% 8.45% 8.93% 7.50% 8.16%
============= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
millions) $ 69 $ 56 $ 22 $ 11 $ 8 $ 9
------------- ------- ------- ------- ------- -------
Average net assets (in millions) $ 62 $ 44 $ 16 $ 10 $ 8 $ 11
------------- ------- ------- ------- ------- -------
Ratios to average net assets: (3)
Net investment income 5.67% 4.91% 5.14% 5.59% 6.27% 6.79%
Expenses excluding interest and fees
on short-term floating rate notes
issued 0.60% 0.56% 0.60% 0.58% 0.55% 0.61%
Interest and fees on short-term
floating rate notes issued (4) 0.58% 0.71% 0.62% 0.46% 0.26% 0.26%
------------- ------- ------- ------- ------- -------
Total expenses 1.18% (5) 1.27% (5) 1.22% (5) 1.04% (5) 0.81% (5) 0.87% (5)
------------- ------- ------- ------- ------- -------
Portfolio turnover rate 12% 28% 17% 16% 10% 12%
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.
5. Reduction to custodian expenses less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F45| 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 adviser 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 72
months 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 trading.
Effective for fiscal periods beginning after November 15, 2007, FASB
Statement of Financial Accounting Standards No. 157, Fair Value Measurements,
establishes a hierarchy for measuring fair value of assets and liabilities. As
required by the standard, each investment asset or liability of the Fund is
assigned a level at measurement date based on the significance and source of the
inputs to its valuation. Quoted prices in active markets for identical
securities are classified as "Level 1", inputs other than quoted prices for an
asset that are observable are classified as "Level 2" and unobservable inputs,
including the Manager's judgment about the assumptions that a market participant
would use in pricing an asset or liability are classified as "Level 3". The
inputs used for valuing securities are not necessarily an indication of the
risks associated with investing in those securities. A table summarizing the
Fund's investments under these levels of classification is included following
the Statement of Investments.
Securities are valued using quoted market prices, when available, as
supplied primarily either by portfolio pricing services approved by the Board of
Trustees or dealers. These securities are typically classified within Level 1 or
2; however, they may be designated as
F46 | ROCHESTER FUND MUNICIPALS
Level 3 if the dealer or portfolio pricing service values a security through an
internal model with significant unobservable market data inputs.
Securities traded on a registered U.S. securities exchange are valued
based on the last sale price of the security reported on the principal exchange
on which traded, prior to the time when the Fund's assets are valued. Securities
whose principal exchange is NASDAQ(R) are valued based on the official closing
prices reported 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 current day's closing "bid"
and "asked" prices, and if not, at the current day's closing bid price. A
foreign security traded on a foreign exchange is valued based on the last sale
price on the principal exchange on which the security is traded, as identified
by the portfolio pricing service used by the Manager, prior to the time when the
Fund's assets are valued. In the absence of a sale, the security is valued at
the most recent official closing price on the principal exchange on which it is
traded.
Shares of a registered investment company that are not traded on an
exchange are valued at that investment company's net asset value per share.
Corporate, government and municipal debt instruments having a remaining
maturity in excess of sixty days and all mortgage-backed securities,
collateralized mortgage obligations and other asset-backed securities are valued
at the mean between the "bid" and "asked" prices.
"Money market-type" debt instruments with remaining maturities of sixty
days or less are valued at cost adjusted by the amortization of discount or
premium to maturity (amortized cost), which approximates market value. These
securities are typically designated as Level 2.
In the absence of a readily available quoted market price, including for
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 the securities' respective exchanges, the Manager, acting
through its internal valuation committee, in good faith determines the fair
valuation of that asset using consistently applied procedures under the
supervision of the Board of Trustees (which reviews those fair valuations by the
Manager). Those procedures include certain standardized methodologies to fair
value securities. Such methodologies include, but are not limited to, pricing
securities initially at cost and subsequently adjusting the value based on:
changes in company specific fundamentals, changes in an appropriate securities
index, or changes in the value of similar securities which may be adjusted for
any discounts related to resale restrictions. When possible, such methodologies
use observable market inputs such as quoted prices of similar securities,
observable interest rates, currency rates and yield curves. The methodologies
used for valuing securities are not necessarily an indication of the risks
associated with investing in those securities.
Fair valued securities may be classified as "Level 3" if the valuation
primarily reflects the Manager's own assumptions about the inputs that market
participants would use in valuing such securities.
F47 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. SIGNIFICANT ACCOUNTING POLICIES Continued
There have been no significant changes to the fair valuation methodologies
during the period.
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the 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 purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. 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, 2008, the Fund had purchased securities issued on a when-issued
or delayed delivery basis and sold securities issued on a delayed delivery basis
as follows:
WHEN-ISSUED OR DELAYED DELIVERY
BASIS TRANSACTIONS
-------------------------------
Purchased securities $ 109,449,700
Sold securities 27,036,892
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 may invest up to 20% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $2,127,795,509 as of June 30, 2008, which represents 16.34%
of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(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
F48 | ROCHESTER FUND MUNICIPALS
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 do 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, 2008, municipal bond holdings with a value
of $2,987,307,925 shown on the Fund's Statement of Investments are held by such
Trusts and serve as collateral for the $2,244,181,670 in short-term floating
rate notes issued and outstanding at that date.
At June 30, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL INVERSE COUPON MATURITY
AMOUNT FLOATER (1) RATES (2) DATE VALUE
- ------------ ---------------------------------------- --------- -------- ------------
$ 20,000,000 Nassau County,
NY Tobacco Settlement Corp. RITES 7.393% 6/1/46 $ 14,390,200
8,700,000 NY Austin Trust Various States
Inverse Certificates 10.718 12/1/27 7,365,681
4,280,000 NY Austin Trust Various States
Inverse Certificates 9.957 12/1/34 2,932,142
9,490,000 NY Austin Trust Various States
Inverse Certificates 16.293 6/1/32 10,286,970
6,385,000 NY Austin Trust Various States
Inverse Certificates 15.786 6/1/27 6,927,342
9,180,000 NY Austin Trust Various States
Inverse Certificates 11.477 4/1/36 8,563,655
15,970,000 NY Austin Trust Various States
Inverse Certificates 11.478 10/1/30 15,396,198
13,315,000 NY Austin Trust Various States
Inverse Certificates 11.304 11/1/38 10,968,098
7,975,000 NY Austin Trust Various States
Inverse Certificates 15.567 5/1/49 7,248,797
4,190,000 NY Austin Trust Various States
Inverse Certificates 14.770 6/15/34 4,354,416
1,185,000 NY Counties Tobacco Trust I (TASC)
Fixed Receipts 6.225 6/1/28 1,209,435
3,020,000 NY Counties Tobacco Trust I (TASC) RITES 8.434 6/1/28 3,206,817
F49 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL INVERSE COUPON MATURITY
AMOUNT FLOATER (1) RATES (2) DATE VALUE
- ------------ --------------------------------------------- --------- -------- ------------
$ 14,900,000 NY Counties Tobacco Trust II RITES 8.351% 6/1/35 $ 14,152,914
5,725,000 NY Counties Tobacco Trust IV RITES 7.141 6/1/45 3,920,824
8,700,000 NY Counties Tobacco Trust IV RITES 7.141 6/1/45 5,958,282
12,300,000 NY Counties Tobacco Trust IV RITES 7.141 6/1/42 8,657,232
10,210,000 NY Counties Tobacco Trust IV RITES 7.141 6/1/42 7,186,206
1,500,000 NY Counties Tobacco Trust IV RITES 7.141 6/1/45 1,027,290
57,000,000 NY Liberty Devel. Corp. ROLs (3) 15.770 10/1/35 64,038,360
5,145,000 NY Liberty Devel. Corp. ROLs 15.460 10/1/35 5,780,305
7,435,000 NY Liberty Devel. Corp. ROLs 16.470 10/1/37 9,372,115
2,125,000 NY MTA RITES 14.717 11/15/32 2,190,918
1,910,000 NY MTA RITES 14.717 11/15/28 2,005,309
10,000,000 NY MTA RITES 14.717 11/15/30 10,578,000
5,000,000 NY MTA RITES 14.717 11/15/30 5,289,000
2,890,000 NY MTA RITES 14.717 11/15/30 3,057,042
2,220,000 NY MTA Service Contract RITES 15.010 1/1/24 2,493,948
4,190,000 NY Triborough Bridge & Tunnel Authority RITES 14.717 1/1/32 4,296,929
8,265,000 NY Triborough Bridge & Tunnel Authority RITES 14.746 1/1/27 8,720,236
88,850,000 NY TSASC, Inc. (TFABs) RITES 8.771 6/1/42 62,607,264
8,760,000 NY TSASC, Inc. (TFABs) RITES 8.758 6/1/42 6,172,646
52,400,000 NY TSASC, Inc. (TFABs) RITES 7.141 6/1/34 38,578,976
12,350,000 NY TSASC, Inc. (TFABs) ROLs (3) 20.430 6/1/42 3,488,628
11,500,000 NYC GO ROLs (3) 14.770 6/1/30 12,002,320
6,850,000 NYC GO ROLs (3) 14.770 6/1/33 7,065,638
2,730,000 NYC GO ROLs (3) 14.770 8/1/30 2,848,318
1,350,000 NYC GO ROLs (3) 14.770 8/1/35 1,384,992
7,540,000 NYC GO ROLs 14.769 11/1/34 7,721,865
3,115,000 NYC GO ROLs (3) 14.460 12/1/33 3,203,591
3,195,000 NYC GO ROLs (3) 14.460 3/1/35 3,273,341
5,000,000 NYC GO ROLs (3) 14.470 4/1/30 5,218,900
4,855,000 NYC GO ROLs (3) 14.460 4/1/35 4,975,113
2,620,000 NYC HDC ROLs 16.350 11/1/42 2,708,923
12,750,000 NYC Municipal Water Finance Authority
DRIVERS 14.480 6/15/39 13,222,643
11,210,000 NYC Municipal Water Finance Authority RITES 15.217 6/15/32 11,606,386
7,850,000 NYC Municipal Water Finance Authority RITES 14.717 6/15/34 8,093,821
2,930,000 NYC Municipal Water Finance Authority RITES 14.717 6/15/32 3,003,309
11,860,000 NYC Municipal Water Finance Authority RITES 14.977 6/15/34 12,325,386
4,500,000 NYC Municipal Water Finance Authority RITES 14.977 6/15/38 4,625,190
14,425,000 NYC Municipal Water Finance Authority RITES 14.796 6/15/26 15,293,097
1,150,000 NYC Municipal Water Finance Authority RITES 14.558 6/15/39 1,192,389
6,875,000 NYC Municipal Water Finance Authority ROLs 14.753 6/15/31 7,457,450
10,025,000 NYC Municipal Water Finance Authority ROLs 14.753 6/15/37 10,422,993
7,875,000 NYC Municipal Water Finance Authority ROLs 14.753 6/15/39 8,129,363
4,935,000 NYC Municipal Water Finance Authority ROLs 13.673 6/15/39 5,104,468
4,500,000 NYC Municipal Water Finance Authority ROLs 14.773 6/15/39 4,665,870
4,625,000 NYS DA (Mental Health) RITES 14.757 2/15/23 4,775,868
2,850,000 NYS DA (Municipal Health Facilities) RITES 14.757 1/15/23 2,960,694
F50 | ROCHESTER FUND MUNICIPALS
PRINCIPAL INVERSE COUPON MATURITY
AMOUNT FLOATER (1) RATES (2) DATE VALUE
- ------------ ---------------------------------------------- --------- -------- ------------
$ 5,000,000 NYS DA RITES 8.257% 8/1/29 $ 5,809,700
3,590,000 NYS DA ROLs 15.470 7/1/28 3,742,001
4,560,000 NYS DA ROLs 14.460 7/1/35 4,788,000
2,925,000 NYS DA ROLs (3) 14.460 7/1/46 3,043,287
19,735,000 NYS DA ROLs (3) 4.811 5/1/33 7,270,966
2,990,000 NYS DA ROLs (3) 4.662 5/1/18 1,794,000
25,450,000 NYS DA ROLs 13.860 8/15/31 25,784,413
20,000,000 Port Authority NY/NJ RITES 14.837 3/15/39 21,422,800
18,000,000 Port Authority NY/NJ, 2575th Series ROLs 17.410 3/15/35 21,937,320
4,465,000 Port Authority NY/NJ, 2669th Series ROLs 14.760 5/1/34 4,282,292
12,665,000 Port Authority NY/NJ, 2677th Series ROLs 15.260 7/15/34 13,090,291
8,670,000 Port Authority NY/NJ, 2714th Series ROLs 10.420 12/1/34 7,255,143
4,795,000 Port Authority NY/NJ, 2773rd Series ROLs 15.760 11/1/28 5,143,309
5,715,000 Port Authority NY/NJ, 2773rd Series ROLs 16.260 11/1/29 6,312,789
4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs 15.132 7/1/47 4,784,960
7,500,000 Puerto Rico Aqueduct & Sewer Authority ROLs 14.880 7/1/47 7,555,200
15,000,000 Puerto Rico Electric Power Authority ROLs (3) 3.599 7/1/29 6,000,000
93,710,000 Puerto Rico Electric Power Authority ROLs (3) 4.176 7/1/31 29,209,407
24,980,000 Puerto Rico Highway &
Transportation Authority ROLs (3) 1.890 7/1/45 5,495,600
41,875,000 Puerto Rico Highway &
Transportation Authority ROLs (3) 1.890 7/1/41 9,213,756
30,000,000 Puerto Rico Sales Tax Financing Corp. ROLs (3) 5.490 8/1/57 4,080,000
7,560,000 SONYMA RITES 14.589 10/1/34 5,143,522
8,845,000 SONYMA, Series 71 RITES 8.714 4/1/29 9,025,703
7,950,000 Westchester County, NY Tobacco Asset
Securitization Corp. RITES 9.578 6/1/45 5,237,699
------------
$743,126,261
============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page F35 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 short-term floating rate notes issued
by the Trust in conjunction with the inverse floating rate security. Under the
standard terms of an inverse floating rate security, absent such a shortfall and
forbearance agreement, the Fund would not be required to make such a
reimbursement. The Manager monitors the Fund's potential exposure with respect
to these agreements on a daily basis and intends to take action to terminate the
Fund's investment in such inverse floating rate securities, if it deems it
appropriate to do so. As of June 30, 2008, in addition to the exposure detailed
in the preceding table, the Fund's maximum exposure under such agreements is
estimated at approximately $890,516,670.
F51 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. SIGNIFICANT ACCOUNTING POLICIES Continued
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may impair the ability of certain issuers of
municipal securities to pay principal and interest on their obligations.
The Fund has entered into forbearance agreements with certain obligors
under which the Fund has agreed to temporarily forego payment of the original
coupon interest rates. As of June 30, 2008, securities with an aggregate market
value of $1,452,730, representing 0.01% of the Fund's net assets, were subject
to these deferred-interest forbearance agreements. Interest is owed to the Fund
under these agreements in the amount of $4,021.
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which
may be subject to a greater degree of credit risk. Credit risk relates to the
ability of the issuer to meet interest or principal payments or both as they
become due. The Fund may acquire securities in default, and is not obligated to
dispose of securities whose issuers subsequently default. As of June 30, 2008,
securities with an aggregate market value of zero were in default.
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
During the fiscal year ended December 31, 2007, the Fund utilized $6,170,077 of
capital loss carryforward to offset capital gains realized in that fiscal year.
As of December 31, 2007, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
- ---------
2011 $ 51,503,211
2012 30,332,900
------------
Total $ 81,836,111
============
As of June 30, 2008, the Fund had available for federal income tax purposes an
estimated capital loss carryforward of $279,396,759 expiring by 2016. 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
F52 | ROCHESTER FUND MUNICIPALS
decreased by capital losses or gains realized in the first six months of the
current fiscal year. During the six months ended June 30, 2008, it is estimated
that the Fund will not utilize any capital loss carryforward to offset realized
capital gains.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of June 30, 2008 are noted in the following
table. The primary difference between book and tax appreciation or depreciation
of securities and other investments, if applicable, is attributable to the tax
deferral of losses or tax realization of financial statement unrealized gain or
loss.
Federal tax cost of securities $ 13,441,430,092
================
Gross unrealized appreciation $ 136,207,225
Gross unrealized depreciation (806,410,618)
----------------
Net unrealized depreciation $ (670,203,393)
================
TRUSTEES' COMPENSATION. On November 19, 2007, the Fund's Board of Trustees voted
to freeze participation in the retirement plan for the Board's independent
trustees by not adding new participants to the plan after December 31, 2007.
Active independent trustees who have accrued benefits under the plan prior to
the freeze date will elect a distribution method with respect to their benefits.
Benefits already accrued under the plan for Trustees who were participants prior
to that freeze date are not affected.
During the six months ended June 30, 2008, the Fund's projected benefit
obligations, payments to retired trustees and accumulated liability were as
follows:
Projected Benefit Obligations Increased $ 400,708
Payments Made to Retired Trustees 2,488
Accumulated Liability as of June 30, 2008 1,633,701
In January 1995, the then existing Board of Trustees of the Fund adopted an
unfunded retirement plan for its independent trustees. The retirement plan, as
amended and restated in October 1995, provides that no independent trustee of
the Fund who is elected after September 1995 may be eligible to receive benefits
thereunder. Upon retirement, eligible trustees receive annual payments based
upon their years of service. In connection with the sale of certain assets of
Rochester Capital Advisors, L.P. (the Fund's former investment adviser) to the
Manager, all but one of the existing independent trustees retired effective
January 4, 1996. During the six months ended June 30, 2008 payments of $3,375
were made to retired trustees. As of June 30, 2008, the Fund had recognized an
accumulated liability of $0.
F53 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 and
may differ from U.S. generally accepted accounting principles, 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 is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
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.
F54 | ROCHESTER FUND MUNICIPALS
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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 increases and
decreases in net assets from operations 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, 2008 YEAR ENDED DECEMBER 31, 2007
SHARES AMOUNT SHARES AMOUNT
------------- -------------- -------------- ----------------
CLASS A
Sold 52,787,513 $ 904,752,243 135,832,004 $ 2,503,436,674
Dividends and/or
distributions reinvested 8,278,722 140,534,138 14,424,856 263,968,201
Redeemed (48,230,650) (819,615,216) (90,925,472) (1,652,226,905)
------------- -------------- -------------- ----------------
Net increase 12,835,585 $ 225,671,165 59,331,388 $ 1,115,177,970
============= ============== ============== ================
CLASS B
Sold 1,243,803 $ 21,166,043 3,621,510 $ 66,918,572
Dividends and/or
distributions reinvested 413,608 7,024,572 1,006,492 18,469,987
Redeemed (7,920,640) (134,869,886) (19,329,357) (355,909,940)
------------- -------------- -------------- ----------------
Net decrease (6,263,229) $ (106,679,271) (14,701,355) $ (270,521,381)
============= ============== ============== ================
CLASS C
Sold 11,974,547 $ 204,581,037 35,085,634 $ 647,826,015
Dividends and/or
distributions reinvested 1,426,557 24,185,496 2,373,896 43,366,388
Redeemed (11,212,545) (190,812,040) (18,495,052) (335,172,054)
------------- -------------- -------------- ----------------
Net increase 2,188,559 $ 37,954,493 18,964,478 $ 356,020,349
============= ============== ============== ================
CLASS Y
Sold 1,701,746 $ 29,074,450 2,770,788 $ 50,878,442
Dividends and/or
distributions reinvested 72,927 1,235,627 76,362 1,385,375
Redeemed (722,540) (12,275,813) (859,044) (15,379,634)
------------- -------------- -------------- ----------------
Net increase 1,052,133 $ 18,034,264 1,988,106 $ 36,884,183
============= ============== ============== ================
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended June 30, 2008, were as
follows:
PURCHASES SALES
--------------- ---------------
Investment securities $ 1,795,413,720 $ 1,370,414,796
F55 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate 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
Next $6 billion 0.44
Over $14 billion 0.42
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 SERVICE FEES. Accounting service 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, 2008, the Fund paid $1,557,330 to the
Manager for accounting and pricing services.
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended June 30, 2008, the
Fund paid $1,764,220 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000
annually 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 (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund 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 service 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.
F56 | ROCHESTER FUND MUNICIPALS
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 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's aggregate
uncompensated expenses under the Plans at June 30, 2008 for Class B and Class C
shares were $33,653,082 and $29,544,689, 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.
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, 2008 $ 1,366,291 $ 444,387 $ 579,889 $ 201,328
------------- ------------- ------------- -------------
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.
During the six months ended June 30, 2008, the Manager voluntarily
reimbursed the Fund $3,577 for certain transactions. The payment increased the
Fund's total return by less than 0.01%.
5. ILLIQUID SECURITIES
As of June 30, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. 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 an applicable footnote
on the Statement of Investments.
F57 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
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 use of leverage will
subject the Fund to greater costs than funds that do not borrow for leverage,
and may also make the Fund's share price more sensitive to interest changes. The
interest on borrowed money is an expense that might reduce the Fund's yield.
Expenses incurred by the Fund with respect to interest on borrowings and
commitment fees are disclosed separately or as other expenses on the Statement
of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $1.25 billion, 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 (2.7043% as of June 30, 2008). The Fund pays
additional fees annually to its lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of an annual
commitment fee on the amount of the unused portion of the total facility size.
The Fund has the right to prepay such loans and terminate its participation in
the conduit loan facility at any time upon prior notice.
As of June 30, 2008, the Fund had borrowings outstanding at an interest rate of
2.7043%. Details of the borrowings for the six months ended June 30, 2008 are as
follows:
Average Daily Loan Balance $ 173,520,330
Average Daily Interest Rate 3.513%
Fees Paid $ 699,274
Interest Paid $ 2,376,876
7. RECENT ACCOUNTING PRONOUNCEMENT
In March 2008, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 161, "Disclosures about
Derivative Instruments and Hedging Activities." This standard requires enhanced
disclosures about derivative and hedging activities, including qualitative
disclosures about how and why the Fund uses derivative instruments, how these
activities are accounted for, and their effect on the Fund's financial position,
financial performance and cash flows. SFAS No. 161 is effective for financial
statements issued for fiscal years beginning after November 15, 2008 and interim
periods within those fiscal years. At this time, management is evaluating the
implications of SFAS No. 161 and its impact on the Fund's financial statements
and related disclosures.
F58 | 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.
21 | 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:
- the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
- a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
- 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
- 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 06/30/2008, 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: 08/07/2008
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: 08/07/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/07/2008