-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rj26hYxYGpgenVIMYDjQ+oiztpjCvz5pQFRyo7DleKk7F61zToiZ4kSy0DRoAfk3 /pF4U59JWpPLCkxY/gIXjQ== /in/edgar/work/20000905/0000093621-00-000016/0000093621-00-000016.txt : 20000922 0000093621-00-000016.hdr.sgml : 20000922 ACCESSION NUMBER: 0000093621-00-000016 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 STANDARD INDUSTRIAL CLASSIFICATION: [5411 ] IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03614 FILM NUMBER: 716404 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 N-30D 1 0001.txt ROCHESTER FUND MUNICIPALS SAR [photo montage--NY state] Semiannual Report June 30, 2000 Rochester Fund Municipals [logo] OppenheimerFunds(R) The Right Way to Invest REPORT HIGHLIGHTS - ------------------------------------------------------------------------------- CONTENTS 3 President's Letter 5 An Interview with your Fund's Managers 14 Financial Statements 55 Officers & Trustees o As of June 30, 2000, Rochester Fund Municipals' Class A shares provided a 30-day SEC yield of 5.86%, and a distribution yield, at Net Asset Value, of 6.14%.(1) At this level, the Fund exceeded the median distribution yield in Lipper's New York State Municipal Funds category for the same period by 130 basis points.(2) o The Fund's Net Asset Value staged two rallies during the first half of 2000. Overall, Class A Net Asset Value increased by 1.5%, from $16.78 at January 1 to $17.03 as of June 30, 2000. o The combination of both yield strength and rise in the Fund's share price has enabled the Fund's Class A shares to provide a cumulative total return of 4.78% (without sales charges) for this six month reporting period ended 6/30/00. Shareholders are directed to the Fund's performance data contained elsewhere in this report. o Despite the Fund's gains, the municipal bond market continued to exhibit volatility during this period. However, by executing time-tested strategies, portfolio management sought to make improvements in the yield and quality characteristics of the portfolio, adding bonds that are expected to make the Fund less sensitive to interest rate fluctuations.
Dividend Distributions 7/1/99 - 6/30/00(3) Dividend per Share (in cents) Month Class A Class B Class C Class Y Month Class A Class B Class C Class Y - ------------------------------------------------ --------------------------------------------------- July 8.7 7.2 7.2 -- January 8.7 7.6 7.7 -- - ------------------------------------------------ --------------------------------------------------- August 8.7 7.5 7.5 -- February 8.7 7.6 7.6 -- - ------------------------------------------------ --------------------------------------------------- September 8.7 7.5 7.6 -- March 8.7 7.3 7.3 -- - ------------------------------------------------ --------------------------------------------------- October 8.7 7.3 7.3 -- April 8.7 7.6 7.6 -- - ------------------------------------------------ --------------------------------------------------- November 8.7 7.6 7.6 -- May 8.7 7.6 7.6 7.4 - ------------------------------------------------ --------------------------------------------------- December 8.7 7.3 7.3 -- June 8.7 7.3 7.3 9.0 - ------------------------------------------------ ---------------------------------------------------
1. Distribution yield at NAV is annualized (based on last distribution) and divided by Net Asset Value on distribution date. Standardized yield (based on net investment income for the 30-day period ended 6/30/00) is annualized and divided by period-end offering price. Distribution yield at NAV does not include sales charges. Falling share prices may artificially increase yields. 2. According to Lipper Analytical Services, Inc. Lipper calculations do not include sales charges, which, if included, would affect results. 3. This assumes shares were purchased and held for the entire accrual period. Since dividends accrue daily, your actual distributions will vary depending on the date you purchased your shares and any account activity during the month. Income distributions include all accrued income earned by the Fund during the reporting period. The Fund attempts to pay dividends on Class A shares at a constant level. There is no assurance that it will be able to do so. The Board of Trustees may change the targeted dividend rate at any time without prior notice to shareholders. Additionally, the amount of those dividends and the dividends paid on Class B and Class C shares may vary over time, depending upon market conditions, the composition of the Fund's portfolio, and expenses borne by the particular class of shares. Dividends and distributions paid on Class A shares will generally be higher than dividends for Class B and Class C shares, which normally have higher expenses than Class A. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. The Fund cannot guarantee that it will pay any dividends or distributions. The Fund's policy of seeking to maintain a steady dividend for its Class A shares did not materially affect portfolio strategies during this reporting period. 2 | ROCHESTER FUND MUNICIPALS PRESIDENT'S LETTER - ------------------------------------------------------------------------------- [photo] Bridget A. Macaskill President, Rochester Fund Municipals Dear Shareholder, The 1990s, although not free of volatility, were distinguished by an overall bull market. In contrast, the year 2000 has been characterized so far as a relatively difficult investment environment with high levels of volatility. As we entered the year, a vital concern weighing on investors' minds was growing evidence of a trend toward higher inflation. While productivity improvements and various economic forces helped keep inflation low over the last decade, the year 2000 has seen upward pressure on wages and some prices. That's primarily because the U.S. economy has been growing at a vigorous pace, creating a labor shortage for businesses and high spending levels among consumers. In response, since the summer of 1999, the Federal Reserve Board raised short-term interest rates six times through June 30, 2000, in an attempt to forestall inflationary pressures. During that period, higher interest rates adversely affected many stocks and bonds. In a dramatic decline, previously high-flying technology stocks generally fell to more reasonable valuations. At the same time, long-neglected value stocks began to attract investor interest. The result: narrowing of the valuation gap between growth stocks and value stocks. Finally, in the bond market, higher interest rates caused prices of most fixed income securities to fall. At OppenheimerFunds, we were not surprised by these developments, many of which we anticipated in our recent letters to investors. What did concern us was that, prior to the April 2000 correction, we began to see disturbing signs that short-term trading was taking place not just in technology stocks, but also in mutual funds. Prudent investors will understand our concern: most stock and bond funds are carefully designed as long-term investments to help individuals and families progress toward significant financial goals. In general, short-term trading is risky and may compromise a well planned financial strategy. It may also result in unforeseen adverse consequences, such as unnecessarily high tax bills. 3 | ROCHESTER FUND MUNICIPALS PRESIDENT'S LETTER - ------------------------------------------------------------------------------- We continue to believe that maintaining a long-term perspective and practicing diversification are the fundamental drivers of consistent performance over time. These strategies have helped individual investors, as well as professional investors, weather declining markets and participate in rising ones. On the following pages, your portfolio manager discusses the long-term strategies and particular investment decisions that affected your fund during the reporting period. You can remain confident that our portfolio managers will continue to monitor areas of opportunity in the arenas in which your fund invests, as the effects of today's changing investment environment take hold. Knowing what's going on in the world's economies, markets and companies--and making investment decisions designed to try to take advantage of them over the long term--is central to what makes OppenheimerFunds The Right Way to Invest. Sincerely, /s/ Bridget A. Macaskill Bridget A. Macaskill July 24, 2000 These general market views represent opinions of OppenheimerFunds, Inc. and are not intended to predict or depict performance of any particular fund. Specific discussion, as it applies to your Fund, is contained in the pages that follow. Stocks and bonds have different types of investment risks; stocks are subject to market volatility and bonds are subject to credit and interest rate risks. 4 | ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS - ------------------------------------------------------------------------------- [callout] As of June 30, 2000, the Fund's Class A distribution yield of 6.14%, at Net Asset Value, is 130 basis points more than the median yield of all 105 New York State Municipal Debt Funds.(3) How has Rochester Fund Municipals performed during the six-month period ending June 30, 2000? Rochester Fund Municipals continued its strategic role of providing a consistent monthly dividend yield which is exempt from federal, New York State and New York City income taxes, and very competitive with alternative investments.(1) In addition, the Net Asset Value (of Class A shares) began to recover from a challenging 1999 during the six-month period, actually rising from $16.78 on the first day of the year and closing at $17.03 at the end of the period. Following the declines of 1999, the Fund's NAV has staged two rallies in 2000 so far and, in our opinion, shares of the Fund currently represent a comparatively outstanding value for investors. The taxable equivalent yields of Rochester Fund Municipals remain very attractive, especially when compared to the current level of inflation in the U.S. economy, or against corporate or Treasury bonds. Compared with the median yield of 4.84% in Lipper's New York State Municipal Debt Funds category as of June 30, 2000, Rochester Fund Municipals has clearly provided shareholders with a strong flow of tax-free income. And, since 84% of a bond's 10-year total return is derived from income, according to the Lehman Brothers Aggregate Bond Index,(2) we feel confident that an income-oriented approach serves investors best over the longer term. At month-end, our 5.9% 30-day SEC Yield (for Class A shares) is the equivalent of 9.9% in taxable yield for a New York State taxpayer in the 40.4% combined New York State and federal income tax bracket. If you are taxed at higher combined tax rates, or are subject to additional local income taxes, the 1. For those investors subject to the federal Alternative Minimum Tax, a portion of the dividend may increase that tax. 2. Bonds as represented by the Lehman Brothers Aggregate Bond Index, a broad-based index of domestic bonds, for the ten-year period ended 6/30/00. 3. According to Lipper Analytical Services, Inc. Lipper calculations do not include sales charges which, if included, would affect results. 5 | ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued - ------------------------------------------------------------------------------- equivalent yield would make your Fund investment even more attractive. (For New York City residents in the highest tax bracket, the dividend is equivalent to a taxable yield of 10.9%.) Don't bond prices decrease when the Federal Reserve raises short-term interest rates? Clearly, one advantage of owning a portfolio of fixed income securities, such as a mutual fund, over a handful of individual issues is the ability to keep the portfolio apace of the current interest rate environment. As issues mature, or are called, we are able to return to the market seeking higher yields. We also `tweak and tune' the portfolio daily by dealing in the secondary market to maintain a competitive yield. On the downside, interest rate increases can cause prices to fall. Now, during the first half of 2000, the Federal Reserve Board raised interest rates three times--moves that were highly anticipated by many analysts and journalists. Which leads one to ask: "If rate changes are predictable, why can't the Fund--or any fund, for that matter--take advantage of the market?" The reality is that the Fed implements changes in the overnight interest rates banks charge each other. Which, in turn, affects short-term interest rates. However, the long bond market typically anticipates Fed action and, in fact, this was the case in late 1999 when long bond prices reflected the likelihood of 75 - 100 basis points (75 - 100% of a full percentage point) of rate increases to control inflation. So, in essence, long-term bond market participants anticipated Fed Fund rate increases throughout last year! And the confidence and tenacity of Fed action since then has actually served to raise bond prices depressed during 1999. [photo] Portfolio Management Team (l to r) Anthony A. Tanner, CFA Vice President and Portfolio Manager, Rochester Division Joined the Rochester Funds Investment Team in June, 1991 Ronald H. Fielding, CFA Senior Vice President, Portfolio Manager and Chief Strategist, Rochester Division Founded the Rochester Funds Investment Team in May, 1983 Daniel G. Loughran, CFA Vice President and Associate Portfolio Manager, Rochester Division Joined the Rochester Funds Investment Team in October, 1994 6 | ROCHESTER FUND MUNICIPALS Describe the New York State municipal bond market during this period. The New York State municipal bond market has mirrored that of the national municipal bond market during this reporting period. The strong U.S. economy has boosted tax revenues for New York State and many of its municipalities. National statistics indicate that, overall, municipalities enjoy a $60 billion budget surplus. New York State and New York City continue to improve their fiscal operations, reinforcing their credit upgrades received last year from the major bond rating agencies. While indicative of sound fiscal growth, these factors have also combined to reduce new issuance of municipal bonds in New York State to less than last year's level, leaving investors with a limited variety of new bonds to choose from. How do you manage the portfolio to take advantage of these conditions? Fortunately, the market continues to offer a good supply of bonds issued in previous years. With regular access to more than 30 dealers in municipal bonds, we made portfolio enhancements by buying bonds in the secondary market that are often overlooked by both competing fund managers and individual investors. We also purchased small, upstate issues, diversified over many different risk categories, to offer shareholders generous tax-free income without exposing the portfolio to undue risk. And we continued to "scavenger hunt" the markets, buying bonds in smaller quantities that offer good value now and the potential, over time, for significant yield advantages as well. In this way, our unique approach to municipal bond portfolio management has enabled us to turn recent market fluctuation to the Fund's advantage. As we find underappreciated credits--at lower than normal prices--we also discover fine opportunities to regularly purchase bonds in small quantities. And that's the distinct advantage of owning municipal bonds in the mutual fund format that likely cannot be realized through ownership of individual municipal bonds. 7 | ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued - ------------------------------------------------------------------------------- We are continuously grooming the portfolio, making what we believe are improvements in both the yield and quality characteristics of our holdings. One of our primary strategies during this period has been executing "swaps"--exchanging selected bonds for others with different characteristics--to reduce interest rate volatility. Additionally, we've added bonds that we believe represent good value at very attractive prices, and introduced new names into the portfolio. One particularly beneficial strategy has been the purchase of premium callable bonds. This strategy turns on the fact that, while bond issuers are entitled to redeem a bond at its "call date", the issuer may not choose to do so, for a variety of reasons. For example, New York State ERDA Consolidated Edison bonds, currently in the portfolio, became callable in January, 2000. These bonds pay a 7 1/2% interest rate, a portion of which was used to offset the "premium" we paid to acquire them. Now, after offsetting the premium, the income resulted in an actual yield for the portfolio, at the rate of approximately 5%, up to the call date. When the issuer didn't call them on their call date, they continued to produce income at the attractive rate of 7 1/2%--quite a bit higher than comparable non-callable issues which were paying only 6 1/4% at the time. Also, since the bond is callable at any time, its price stays near its $101 call price, irrespective of changes in market interest rates.(3) Is it time to consider fixed income investments, like municipal securities, instead of stocks? We believe that now is an attractive time to own municipal securities. But different individuals have different risk tolerances, different income needs--completely different financial objectives. The question really needs to be addressed by the individual's financial advisor, who is best able to combine objective analysis with the investor's own unique circumstance. [photo] Portfolio Management Team (l to r) Christopher D. Weiler, CFA Assistant Vice President- Credit Analysis, Rochester Division Joined the Rochester Funds Investment Team in January, 1999 Richard A. Stein, CFA Vice President-Credit Analysis, Rochester Division Joined the Rochester Funds Investment Team in May, 1993 James E. Bragg Credit Analyst, Rochester Division Joined the Rochester Funds Investment Team in June, 1999 3. See Statement of investments for a complete listing of portfolio holdings. 8 | ROCHESTER FUND MUNICIPALS But it does bring to mind a special thought: The Fund's current yields, adjusted for inflation, are very attractive, partially because the rate of inflation in the U.S. economy continues to be low. Equity investors know that companies with a Price/Earnings ratio of 30 or better are not at all uncommon at today's market prices; which means that investors stand to earn 1/30 of each dollar invested--about 3.33%--by owning stocks in those companies. This 3.33% represents "earnings yield," or the relationship of the company's earnings per share to its current stock price. Generally, most of the earnings yield is retained by the company for reinvestment, while a small portion might be paid out to shareholders as dividends, fully taxable to the recipient. For New York State investors, the value of dividends can be reduced by up to 40% as federal, New York State and, if applicable, New York City personal income taxes take their toll. It makes your yield on Rochester Fund Municipals look pretty good in comparison, doesn't it? Going forward, what effect will additional Federal Reserve interest rate hikes, if any, have on the Fund? We continue to manage Rochester Fund Municipals according to the premise that balancing many different types of risk minimizes potentially adverse effects of any single risk. While we cannot be certain what interest rate measures the Federal Reserve Board may take, we believe that short-term interest rates may rise some more. We address interest rate risk by including bonds with specific characteristics that may make them less sensitive to interest rate fluctuations to minimize portfolio volatility. Since there are signs that recent increases have begun to slow the economy to a pace of sustainable growth, they may well be achieving the desired effect. In orchestrating a "soft landing," the Fed must engineer an economy that's strong enough to provide jobs for willing workers, and to prevent defaults, but not so strong as to create inflation. And while the effects on bonds may be painful in the short-term, keeping inflation in check ultimately benefits all fixed-income investors. 9 | ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued - ------------------------------------------------------------------------------- The longer-term bonds contained in the Fund's portfolio help us to maximize the triple tax-free income paid out to our shareholders. However, a portfolio of longer-term bonds can also result in short-term volatility in Net Asset Value during periodic interest rate fluctuations. Maintaining a long-term investment approach is the key for investors who seek the attractive, triple tax-free income that Rochester Fund Municipals has to offer. And, as mentioned earlier, maintaining a relationship with your financial advisor can help to keep your long-term investment approach on track through short-term market cycles. Taking advantage of solid, professional advice goes a long way toward building the focused, balanced investment portfolio that serves you best. * * * * Rochester Fund Municipals (Class A shares) has received Morningstar's 4-star overall rating at June 30, 2000. The Fund's current 3-year, 5-year and 10-year ratings are three stars, four stars and five stars, respectively. 1688, 1447 and 410 municipal funds were rated for these periods, respectively.(1) 1. Overall star rankings are based on a weighted average of the Fund's 3-, 5- and 10-year rankings. Ten percent of the funds in an investment category receive five stars (highest), 22.5% receive four stars (above average), 35% receive three stars (average), 22.5% receive two stars (below average), and 10% receive one star (lowest). Morningstar, Inc. is a nationally recognized mutual fund rating service. Morningstar proprietary star rankings reflect historical risk-adjusted total return as of June 30, 2000. The rankings are subject to change every month. Rankings are based on past performance, which is no guarantee of future results. Morningstar rankings are calculated from the fund's three-, five-, and ten-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects fund performance below 90-day T-bill returns. 10 | ROCHESTER FUND MUNICIPALS PERFORMANCE UPDATE - ------------------------------------------------------------------------------- Rochester Fund Municipals has performed well over the past six months, with Class A shares providing a cumulative return of 4.78% without sales charges.(1) The Fund's positive results can be largely attributed to management's focus on high returns, coupled with a portfolio of over 1000 issues that helps to reduce the Fund's exposure to interest rate risk. Rochester Fund Municipals, Class A Shares The value of $10,000 invested since June 30, 1990 without sales charges, and the Lipper New York Municipal Debt Fund Index. [mountain chart]
Date Rochester Fund Municipals Lipper New York Municipal Debt Fund Index 06/30/1990 $10,000 $ 10,000 09/30/1990 10,080 9,944 12/31/1990 10,324 10,291 03/31/1991 10,594 10,537 06/30/1991 10,919 10,782 09/30/1991 11,357 11,325 12/31/1991 11,645 11,688 03/31/1992 11,798 11,709 06/30/1992 12,316 12,269 09/30/1992 12,650 12,573 12/31/1992 12,949 12,832 03/31/1993 13,583 13,370 06/30/1993 14,175 13,832 09/30/1993 14,702 14,291 12/31/1993 14,840 14,456 03/31/1994 13,998 13,619 06/30/1994 13,977 13,666 09/30/1994 13,987 13,691 12/31/1994 13,601 13,385 03/31/1995 14,652 14,338 06/30/1995 15,160 14,643 09/30/1995 15,483 14,979 12/31/1995 16,131 15,691 03/31/1996 15,897 15,353 06/30/1996 16,048 15,450 09/30/1996 16,499 15,814 12/31/1996 16,995 16,177 03/31/1997 17,023 16,110 06/30/1997 17,627 16,661 09/30/1997 18,208 17,170 12/31/1997 18,729 17,661 03/31/1998 19,019 17,835 06/30/1998 19,330 18,093 09/30/1998 19,911 18,657 12/31/1998 19,949 18,683 03/31/1999 20,122 18,783 06/30/1999 19,774 18,357 09/30/1999 19,329 18,066 12/31/1999 18,852 17,757 03/31/2000 19,517 18,308 06/30/2000 19,752 18,547
Results of a hypothetical $10,000 investment in Class A shares on June 30, 1990, including reinvested dividends. The Lipper New York Municipal Debt Fund Index is an arithmetical average of all funds, including reinvested dividends, that limit assets to those securities which are exempt from New York State and New York City personal income taxes. The Index cannot be purchased directly by investors. [key] (bright orange) Rochester Fund Municipals (light orange) Lipper New York Municipal Debt Fund Index 1. Includes the reinvestment of dividends and changes in net asset value per share, without deducting sales charges. The performance would have been lower if sales charges were taken into account. 11 | ROCHESTER FUND MUNICIPALS PERFORMANCE UPDATE Continued - ------------------------------------------------------------------------------- Total Returns (as of 6/30/00)
Cumulative Average Annual NAV MOP NAV MOP A Shares - ------------------------------------------------------- 6-Month 4.78% (0.20)% -- -- - ------------------------------------------------------- 1-Year (0.11)% (4.86)% (0.11)% (4.86)% - ------------------------------------------------------- 5-Year 30.31% 24.12% 5.44% 4.42% - ------------------------------------------------------- 10-Year 97.53% 88.15% 7.04% 6.52% - ------------------------------------------------------- Life (5/15/86) 176.46% 163.32% 7.46% 7.09% - ------------------------------------------------------- B Shares - ------------------------------------------------------- 6-month 4.33% (0.67)% -- -- - ------------------------------------------------------- 1-Year (0.98)% (5.68)% (0.98)% (5.68)% - ------------------------------------------------------- 3-Year 9.22% 6.40% 2.98% 2.09% - ------------------------------------------------------- Life (3/17/97) 12.30% 9.44% 3.59% 2.78% - ------------------------------------------------------- C Shares - ------------------------------------------------------- 6-Month 4.40% 3.40% -- -- - ------------------------------------------------------- 1-Year (0.91)% (1.85)% (0.91)% (1.85)% - ------------------------------------------------------- 3-Year 9.26% 9.26% 3.00% 3.00% - ------------------------------------------------------- Life (3/17/97) 12.34% 12.34% 3.60% 3.60% - ------------------------------------------------------- Y Shares - ------------------------------------------------------- Life (4/28/00) 1.97% 1.97% -- -- - -------------------------------------------------------
Total returns include changes in share price and assume reinvestment of dividends and capital gains in a hypothetical investment for the periods shown. MOP stands for Maximum Offering Price, and calculations for Class A returns at MOP include the maximum initial sales charge of 4.75%. Class B returns at MOP include the applicable contingent deferred sales charge of 5% (1-year), 3% (3-year) and 3% (life-of-class). Class C returns at MOP include the applicable contingent deferred sales charge of 1%. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the different performance calculations is in the Fund's Prospectus. Class B and C shares are subject to an annual 0.75% asset-based sales charge. NAV stands for Net Asset Value, and returns at NAV do not reflect payment of any sales charge. Yields As of 6/30/00
Dividend Yield Standardized At NAV At MOP Yield Class A 6.14% 5.85% 5.86% - --------------------------------------------- Class B 5.17% 5.17% 5.29% - --------------------------------------------- Class C 5.18% 5.18% 5.30% - --------------------------------------------- Class Y 6.37% 6.37% 6.35% - ---------------------------------------------
Dividend yield at MOP (based on last distribution) and standardized yield (based on net investment income for the 30-day period ended 6/30/00) are annualized and divided by period-end offering price. Dividend yield at NAV does not include sales charges. Falling share prices may artificially increase yields. 12 | ROCHESTER FUND MUNICIPALS PORTFOLIO REVIEW(1) - ------------------------------------------------------------------------------- Rochester Fund Municipals is for investors looking for income that's exempt from New York State, New York City and federal income taxes. What we look for o Issues that provide high triple tax-free income. o Value-oriented issues with price appreciation potential. o A diversity of issues across the state. o Municipal regions with improving credit quality. Credit Allocation(1) [pie chart] AAA 19.3% AA 14.2% A 20.3% BBB 23.3% BB 1.6% B 0.7% NR 20.6% Top 5 Sectors Hospital/Healthcare 16.3% - ---------------------------------- Special Assessment 9.1% - ---------------------------------- Electric Utilities 8.9% - ---------------------------------- Multifamily Housing 8.5% - ---------------------------------- Marine/Aviation Facilities 6.3% - ---------------------------------- Hospital/Healthcare in Detail Insured (Private Municipal Bond Insurance) 4.4% Insured (FHA or SONYMA Insurance) 3.4% Backed, NYS Appropriations 1.8% Backed, Financial Institution Letter of Credit 0.6% Backed, NYC Moral Obligation 0.4% Neither insured nor otherwise enhanced 5.7% TOTAL 16.3% While the Fund's largest municipal sector continues to be Hospital/Healthcare, investors should note that the majority of these holdings have "belt and suspenders" credit support of both the hospitals' revenues and backup guarantees of U.S. Government FHA insurance, bank letters of credit or New York State appropriations. 1. Portfolio data are as of 6/30/00, and are subject to change. Portfolio data are dollar-weighted based on total market value of investments. Securities rated by any rating organization are included in the equivalent Standard & Poor's rating category. The allocation includes rated securities and those not rated by a national rating organization but to which the ratings given above have been assigned by the Manager as being comparable, in the Manager's judgment, to securities rated by a rating agency in the same category. See page 40 for further explanation. 13 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS JUNE 30, 2000 / Unaudited - -------------------------------------------------------------------------------
Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== Municipal Bonds and Notes--99.1% - ------------------------------------------------------------------------------------------------------------------------------------ New York--89.6% $ 170,000 Albany County IDA (Upper Hudson Library) 8.750% 05/01/2007 $ 170,233 - ------------------------------------------------------------------------------------------------------------------------------------ 955,000 Albany County IDA (Upper Hudson Library) 8.750 05/01/2022 985,102 - ------------------------------------------------------------------------------------------------------------------------------------ 366,247 Albany Hsg. Authority 0.000 10/01/2012(p) 113,544 - ------------------------------------------------------------------------------------------------------------------------------------ 620,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 559,265 - ------------------------------------------------------------------------------------------------------------------------------------ 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,207,426 - ------------------------------------------------------------------------------------------------------------------------------------ 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,013,043 - ------------------------------------------------------------------------------------------------------------------------------------ 1,965,000 Albany IDA (Albany Medical Center) 8.250 08/01/2004 2,026,504 - ------------------------------------------------------------------------------------------------------------------------------------ 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 414,412 - ------------------------------------------------------------------------------------------------------------------------------------ 985,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 1,029,502 - ------------------------------------------------------------------------------------------------------------------------------------ 1,710,000 Albany IDA (MARA Mansion Rehab.) 6.500 02/01/2023 1,726,177 - ------------------------------------------------------------------------------------------------------------------------------------ 1,395,000 Albany IDA (Port of Albany) 7.250 02/01/2024 1,433,893 - ------------------------------------------------------------------------------------------------------------------------------------ 1,135,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,040,432 - ------------------------------------------------------------------------------------------------------------------------------------ 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,568,934 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2029 108,421 - ------------------------------------------------------------------------------------------------------------------------------------ 1,770,000 Albany Parking Authority 0.000 11/01/2017 646,475 - ------------------------------------------------------------------------------------------------------------------------------------ 2,170,000 Allegany County IDA (Cuba Memorial Hospital) 6.500 11/01/2009 2,023,785 - ------------------------------------------------------------------------------------------------------------------------------------ 4,230,000 Allegany County IDA (Cuba Memorial Hospital) 7.250 11/01/2019 3,741,054 - ------------------------------------------------------------------------------------------------------------------------------------ 4,200,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 3,674,034 - ------------------------------------------------------------------------------------------------------------------------------------ 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 797,990 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 2,471,370 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 2,883,480 - ------------------------------------------------------------------------------------------------------------------------------------ 915,000 Babylon IDA (JFB & Sons Lithographers) 7.625 12/01/2006 925,641 - ------------------------------------------------------------------------------------------------------------------------------------ 2,570,000 Babylon IDA (JFB & Sons Lithographers) 8.625 12/01/2016 2,643,630 - ------------------------------------------------------------------------------------------------------------------------------------ 1,330,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 1,394,704 - ------------------------------------------------------------------------------------------------------------------------------------ 515,000 Batavia Hsg. Authority (Washington Towers) 6.500 01/01/2023 523,673 - ------------------------------------------------------------------------------------------------------------------------------------ 740,000 Battery Park City Authority 10.000 06/01/2023 743,537 - ------------------------------------------------------------------------------------------------------------------------------------ 1,420,000 Bayshore HDC 7.500 02/01/2023 1,487,237 - ------------------------------------------------------------------------------------------------------------------------------------ 320,000 Beacon IDA (Craig House) 9.000 07/01/2011 320,566 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Bethany Retirement Home 7.450 02/01/2024 1,094,920 - ------------------------------------------------------------------------------------------------------------------------------------ 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 978,490 - ------------------------------------------------------------------------------------------------------------------------------------ 35,000 Bleeker Terrace HDC 8.100 07/01/2001 35,228 - ------------------------------------------------------------------------------------------------------------------------------------ 45,000 Bleeker Terrace HDC 8.350 07/01/2004 45,348 - ------------------------------------------------------------------------------------------------------------------------------------ 900,000 Bleeker Terrace HDC 8.750 07/01/2007 908,703 - ------------------------------------------------------------------------------------------------------------------------------------ 6,965,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 7,189,969 - ------------------------------------------------------------------------------------------------------------------------------------ 590,000 Brookhaven IDA (Farber)(a) 7.125(v) 12/01/2002 589,705 - ------------------------------------------------------------------------------------------------------------------------------------ 490,000 Brookhaven IDA (Farber)(a) 7.125(v) 12/01/2004 489,755 - ------------------------------------------------------------------------------------------------------------------------------------ 410,000 Brookhaven IDA (Interdisciplinary School) 8.500 12/01/2004 427,556 - ------------------------------------------------------------------------------------------------------------------------------------ 3,220,000 Brookhaven IDA (Interdisciplinary School) 9.500 12/01/2019 3,484,201 - ------------------------------------------------------------------------------------------------------------------------------------ 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,227,575 - ------------------------------------------------------------------------------------------------------------------------------------ 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,325,720 - ------------------------------------------------------------------------------------------------------------------------------------ 1,050,000 Brookhaven IDA (TDS Realty) 6.550 12/01/2019 1,056,636 - ------------------------------------------------------------------------------------------------------------------------------------ 345,000 Broome County IDA (Binghamton Simulator) 8.250 01/01/2002 345,673 - ------------------------------------------------------------------------------------------------------------------------------------ 190,000 Broome County IDA (Industrial Park) 7.550 12/01/2000 189,829 14 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 195,000 Broome County IDA (Industrial Park) 7.600% 12/01/2001 $ 194,711 - ------------------------------------------------------------------------------------------------------------------------------------ 3,615,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park) 8.750 11/01/2030 3,612,144 - ------------------------------------------------------------------------------------------------------------------------------------ 600,000 Capital District Youth Center 6.000 02/01/2017 604,158 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 Carnegie Redevelopment Corp.(a) 7.000 09/01/2021 506,620 - ------------------------------------------------------------------------------------------------------------------------------------ 1,745,000 Cattaraugus County IDA (Cherry Creek) 9.800 09/01/2010 1,805,011 - ------------------------------------------------------------------------------------------------------------------------------------ 570,000 Cattaraugus County IDA (Jamestown Community College)(w) 6.400 07/01/2019 572,417 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Cattaraugus County IDA (Jamestown Community College)(w) 6.500 07/01/2030 1,006,210 - ------------------------------------------------------------------------------------------------------------------------------------ 4,360,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 3,986,958 - ------------------------------------------------------------------------------------------------------------------------------------ 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,352,825 - ------------------------------------------------------------------------------------------------------------------------------------ 8,615,000 Cayuga County COP (Auburn Memorial Hospital) 6.000 01/01/2021 8,644,980 - ------------------------------------------------------------------------------------------------------------------------------------ 2,900,000 Chautauqua County IDA (Jamestown Devel. Corp.) 5.250 08/01/2028 2,587,902 - ------------------------------------------------------------------------------------------------------------------------------------ 1,580,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 1,490,051 - ------------------------------------------------------------------------------------------------------------------------------------ 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,108,530 - ------------------------------------------------------------------------------------------------------------------------------------ 9,800,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 8,785,308 - ------------------------------------------------------------------------------------------------------------------------------------ 10,165,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 9,389,715 - ------------------------------------------------------------------------------------------------------------------------------------ 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,413,943 - ------------------------------------------------------------------------------------------------------------------------------------ 1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,927,758 - ------------------------------------------------------------------------------------------------------------------------------------ 4,530,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 4,455,481 - ------------------------------------------------------------------------------------------------------------------------------------ 35,000 Cohoes GO 6.200 03/15/2012 33,991 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.200 03/15/2013 24,073 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.250 03/15/2014 24,030 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.250 03/15/2015 23,943 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.250 03/15/2016 23,693 - ------------------------------------------------------------------------------------------------------------------------------------ 530,000 Columbia County IDA (ARC) 7.750 06/01/2005 547,702 - ------------------------------------------------------------------------------------------------------------------------------------ 2,650,000 Columbia County IDA (ARC) 8.650 06/01/2018 2,819,732 - ------------------------------------------------------------------------------------------------------------------------------------ 520,000 Columbia County IDA (Berkshire Farms) 6.900 12/15/2004 534,378 - ------------------------------------------------------------------------------------------------------------------------------------ 1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,932,094 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 Cortland County IDA (Paul Bunyon Products) 8.000 07/01/2000 30,001 - ------------------------------------------------------------------------------------------------------------------------------------ 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,726,590 - ------------------------------------------------------------------------------------------------------------------------------------ 2,750,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,836,570 - ------------------------------------------------------------------------------------------------------------------------------------ 5,545,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 5,670,871 - ------------------------------------------------------------------------------------------------------------------------------------ 1,700,000 Dutchess County Res Rec (Solid Waste) 6.800 01/01/2010(p) 1,811,690 - ------------------------------------------------------------------------------------------------------------------------------------ 1,805,000 Dutchess County Res Rec (Solid Waste) 7.000 01/01/2010(p) 1,929,003 - ------------------------------------------------------------------------------------------------------------------------------------ 1,540,000 Dutchess County Water & Wastewater Authority 0.000 06/01/2026 318,380 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Dutchess County Water & Wastewater Authority 0.000 06/01/2027 194,330 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 1,769,060 - ------------------------------------------------------------------------------------------------------------------------------------ 3,125,000 East Rochester Hsg. Authority (St. John's Meadows) 5.250 08/01/2038 2,672,781 - ------------------------------------------------------------------------------------------------------------------------------------ 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 3,769,570 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Elmira HDC 7.500 08/01/2007 25,254 - ------------------------------------------------------------------------------------------------------------------------------------ 3,320,000 Erie County IDA (Affordable Hospitality)(a,b) 9.250 12/01/2015 3,044,440 - ------------------------------------------------------------------------------------------------------------------------------------ 1,175,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 1,197,055 - ------------------------------------------------------------------------------------------------------------------------------------ 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,469,179 15 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $44,000,000 Erie County IDA (Canfibre Lackawanna) 9.050% 12/01/2025 $46,306,920 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Erie County IDA (Episcopal Church Home) 5.875 02/01/2018 21,012 - ------------------------------------------------------------------------------------------------------------------------------------ 9,050,000 Erie County IDA (Episcopal Church Home) 6.000 02/01/2028 7,454,213 - ------------------------------------------------------------------------------------------------------------------------------------ 3,230,000 Erie County IDA (Medaille College) 8.000 12/30/2022 3,393,922 - ------------------------------------------------------------------------------------------------------------------------------------ 2,655,000 Erie County IDA (Mercy Hospital) 6.250 06/01/2010 2,389,420 - ------------------------------------------------------------------------------------------------------------------------------------ 1,850,000 Essex County IDA (International Paper Co.) 5.500 08/15/2022 1,620,637 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,111,700 - ------------------------------------------------------------------------------------------------------------------------------------ 325,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 326,544 - ------------------------------------------------------------------------------------------------------------------------------------ 5,720,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 5,286,024 - ------------------------------------------------------------------------------------------------------------------------------------ 4,245,000 Franklin County SWMA 6.250 06/01/2015 4,079,785 - ------------------------------------------------------------------------------------------------------------------------------------ 3,655,000 Fulton County IDA (Nathan Littauer) 7.000 11/01/2004 3,667,061 - ------------------------------------------------------------------------------------------------------------------------------------ 535,000 Geneva IDA (Finger Lakes Cerebral Palsy) 8.250 11/01/2004 554,709 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Geneva IDA (Finger Lakes Cerebral Palsy) 8.500 11/01/2016 1,036,960 - ------------------------------------------------------------------------------------------------------------------------------------ 850,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 823,582 - ------------------------------------------------------------------------------------------------------------------------------------ 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,514,638 - ------------------------------------------------------------------------------------------------------------------------------------ 16,855,000 Glen Cove IDA (The Regency at Glen Cove) 0.000 10/15/2019(p) 4,713,669 - ------------------------------------------------------------------------------------------------------------------------------------ 1,055,000 Glen Cove IDA (The Regency at Glen Cove) 0.000 10/15/2019(p) 295,600 - ------------------------------------------------------------------------------------------------------------------------------------ 2,375,000 Grand Central BID (Grand Central District Management) 5.250 01/01/2022 2,178,825 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 Groton Community Health Care Center 7.450 07/15/2021 2,205,160 - ------------------------------------------------------------------------------------------------------------------------------------ 765,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015 807,962 - ------------------------------------------------------------------------------------------------------------------------------------ 455,000 Hempstead IDA (Dentaco) 7.250 12/28/2000 454,800 - ------------------------------------------------------------------------------------------------------------------------------------ 1,270,000 Hempstead IDA (Dentaco) 8.250 11/01/2025 1,270,559 - ------------------------------------------------------------------------------------------------------------------------------------ 6,175,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 5,730,523 - ------------------------------------------------------------------------------------------------------------------------------------ 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 17,015,541 - ------------------------------------------------------------------------------------------------------------------------------------ 4,810,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 4,474,743 - ------------------------------------------------------------------------------------------------------------------------------------ 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,214,844 - ------------------------------------------------------------------------------------------------------------------------------------ 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 5,813,554 - ------------------------------------------------------------------------------------------------------------------------------------ 525,000 Herkimer County IDA (Burrows Paper) 7.250 01/01/2001 525,577 - ------------------------------------------------------------------------------------------------------------------------------------ 14,440,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 14,955,219 - ------------------------------------------------------------------------------------------------------------------------------------ 420,000 Herkimer Hsg. Authority 7.150 03/01/2011 423,473 - ------------------------------------------------------------------------------------------------------------------------------------ 60,000 Hsg. NY Corp. 5.500 11/01/2020 57,413 - ------------------------------------------------------------------------------------------------------------------------------------ 1,595,000 Hsg. NY Corp. 5.500 11/01/2020 1,526,240 - ------------------------------------------------------------------------------------------------------------------------------------ 990,000 Hudson IDA (Have) 8.125 12/01/2017 1,015,978 - ------------------------------------------------------------------------------------------------------------------------------------ 1,300,000 Hudson IDA (Wittcomm)a 7.125 11/01/2009 897,000 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 803,700 - ------------------------------------------------------------------------------------------------------------------------------------ 8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 6,705,140 - ------------------------------------------------------------------------------------------------------------------------------------ 935,000 Islip IDA (Leeway School) 9.000 08/01/2021 968,950 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 Islip IDA (WJL Realty) 7.800 03/01/2003 50,670 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Islip IDA (WJL Realty) 7.850 03/01/2004 101,791 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Islip IDA (WJL Realty) 7.900 03/01/2005 101,828 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 Islip IDA (WJL Realty) 7.950 03/01/2010 510,375 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 Islip Res Rec 6.500 07/01/2009 2,168,140 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 2,800,980 - ------------------------------------------------------------------------------------------------------------------------------------ 980,000 Kiryas Joel BAN 7.000 12/15/2000 989,986 16 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $21,000,000 L.I. Power Authority RITES(a) 5.480%(f) 12/01/2022 $13,492,500 - ------------------------------------------------------------------------------------------------------------------------------------ 5,905,000 L.I. Power Authority RITES(a) 5.490(f) 12/01/2022 3,793,962 - ------------------------------------------------------------------------------------------------------------------------------------ 12,500,000 L.I. Power Authority RITES(a) 5.990(f) 12/01/2026 8,708,000 - ------------------------------------------------------------------------------------------------------------------------------------ 11,250,000 L.I. Power Authority RITES(a) 6.370(f) 12/01/2029 8,898,075 - ------------------------------------------------------------------------------------------------------------------------------------ 13,000,000 L.I. Power Authority RITES(a) 6.980(f) 12/01/2029 10,282,220 - ------------------------------------------------------------------------------------------------------------------------------------ 2,650,000 Lockport HDC 6.000 10/01/2018 2,571,162 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2005 108,685 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 Lowville GO 7.200 09/15/2007 83,073 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2012 114,135 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2013 114,219 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2014 114,083 - ------------------------------------------------------------------------------------------------------------------------------------ 5,350,000 Lyons Community Health Initiatives Corp. 6.800 09/01/2024 5,624,990 - ------------------------------------------------------------------------------------------------------------------------------------ 4,585,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,781,055 - ------------------------------------------------------------------------------------------------------------------------------------ 1,690,000 Madison County IDA (Oneida Healthcare Center) 6.100 07/01/2014 1,513,294 - ------------------------------------------------------------------------------------------------------------------------------------ 2,470,000 Mechanicsville HDC 6.900 08/01/2022 2,499,467 - ------------------------------------------------------------------------------------------------------------------------------------ 180,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 171,450 - ------------------------------------------------------------------------------------------------------------------------------------ 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 624,616 - ------------------------------------------------------------------------------------------------------------------------------------ 905,000 Middleton IDA (Fleurchem) 8.000 12/01/2016 935,770 - ------------------------------------------------------------------------------------------------------------------------------------ 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,521,334 - ------------------------------------------------------------------------------------------------------------------------------------ 3,740,000 Middletown IDA (Southwinds Retirement Home) 8.375 03/01/2018(p) 4,130,306 - ------------------------------------------------------------------------------------------------------------------------------------ 660,000 Middletown IDA (YMCA) 6.250 11/01/2009 615,615 - ------------------------------------------------------------------------------------------------------------------------------------ 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,138,059 - ------------------------------------------------------------------------------------------------------------------------------------ 405,000 Monroe County COP 8.050 01/01/2011 410,079 - ------------------------------------------------------------------------------------------------------------------------------------ 4,260,000 Monroe County IDA (Al Sigl Center) 6.600 12/15/2017 3,925,420 - ------------------------------------------------------------------------------------------------------------------------------------ 1,590,000 Monroe County IDA (Al Sigl Center) 7.250 12/15/2015 1,577,534 - ------------------------------------------------------------------------------------------------------------------------------------ 3,120,000 Monroe County IDA (Brazill Merk) 7.900 12/15/2014 3,215,534 - ------------------------------------------------------------------------------------------------------------------------------------ 900,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 946,179 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 Monroe County IDA (Cohber Press) 7.550 12/01/2001 10,000 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 Monroe County IDA (Cohber Press) 7.650 12/01/2002 10,129 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 Monroe County IDA (Cohber Press) 7.700 12/01/2003 10,133 - ------------------------------------------------------------------------------------------------------------------------------------ 170,000 Monroe County IDA (Cohber Press) 7.850 12/01/2009 172,773 - ------------------------------------------------------------------------------------------------------------------------------------ 1,965,000 Monroe County IDA (Collegiate Hsg. Foundation--RIT) 5.375 04/01/2029 1,653,135 - ------------------------------------------------------------------------------------------------------------------------------------ 2,019,035 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 2,086,149 - ------------------------------------------------------------------------------------------------------------------------------------ 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 901,322 - ------------------------------------------------------------------------------------------------------------------------------------ 5,750,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 4,991,230 - ------------------------------------------------------------------------------------------------------------------------------------ 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 930,230 - ------------------------------------------------------------------------------------------------------------------------------------ 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,330,425 - ------------------------------------------------------------------------------------------------------------------------------------ 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,075,968 - ------------------------------------------------------------------------------------------------------------------------------------ 260,000 Monroe County IDA (DePaul Properties) 8.300 09/01/2002 271,651 - ------------------------------------------------------------------------------------------------------------------------------------ 4,605,000 Monroe County IDA (DePaul Properties) 8.800 09/01/2021(p) 4,909,529 - ------------------------------------------------------------------------------------------------------------------------------------ 14,575,000 Monroe County IDA (Genesee Hospital) 7.000 11/01/2018 13,170,407 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Monroe County IDA (Jewish Home) 6.875 04/01/2017 940,330 - ------------------------------------------------------------------------------------------------------------------------------------ 4,945,000 Monroe County IDA (Jewish Home) 6.875 04/01/2027 4,571,504 - ------------------------------------------------------------------------------------------------------------------------------------ 545,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 536,923 - ------------------------------------------------------------------------------------------------------------------------------------ 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 577,380 17 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 300,000 Monroe County IDA (Machine Tool Research) 8.500% 12/01/2013 $ 292,431 - ------------------------------------------------------------------------------------------------------------------------------------ 1,345,000 Monroe County IDA (Melles Groit) 9.500 12/01/2009 1,362,243 - ------------------------------------------------------------------------------------------------------------------------------------ 1,790,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 1,784,809 - ------------------------------------------------------------------------------------------------------------------------------------ 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,452,019 - ------------------------------------------------------------------------------------------------------------------------------------ 2,625,000 Monroe County IDA (Roberts Wesleyan College) 6.700 09/01/2011 2,630,644 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,004,050 - ------------------------------------------------------------------------------------------------------------------------------------ 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 2,823,280 - ------------------------------------------------------------------------------------------------------------------------------------ 1,215,000 Monroe County IDA (St. Joseph's Parking Garage) 7.000 11/01/2008 1,173,155 - ------------------------------------------------------------------------------------------------------------------------------------ 4,345,000 Monroe County IDA (St. Joseph's Parking Garage) 7.500 11/01/2022 4,093,729 - ------------------------------------------------------------------------------------------------------------------------------------ 7,420,000 Monroe County IDA (The Children's Beverage Group) 8.750 11/01/2010 7,300,538 - ------------------------------------------------------------------------------------------------------------------------------------ 915,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 807,195 - ------------------------------------------------------------------------------------------------------------------------------------ 2,710,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,323,256 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 Monroe County IDA (West End Business) 6.750 12/01/2004 95,366 - ------------------------------------------------------------------------------------------------------------------------------------ 55,000 Monroe County IDA (West End Business) 6.750 12/01/2004 55,212 - ------------------------------------------------------------------------------------------------------------------------------------ 400,000 Monroe County IDA (West End Business) 6.750 12/01/2004 401,540 - ------------------------------------------------------------------------------------------------------------------------------------ 345,000 Monroe County IDA (West End Business) 8.000 12/01/2014 359,652 - ------------------------------------------------------------------------------------------------------------------------------------ 170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 177,220 - ------------------------------------------------------------------------------------------------------------------------------------ 515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 536,872 - ------------------------------------------------------------------------------------------------------------------------------------ 1,375,000 Monroe County IDA (West End Business) 8.000 12/01/2014 1,433,396 - ------------------------------------------------------------------------------------------------------------------------------------ 460,000 Monroe HDC (Multifamily Hsg.) 7.000 08/01/2021 466,044 - ------------------------------------------------------------------------------------------------------------------------------------ 5,860,000 Montgomery County IDA (ASMF)(a,b,d) 7.250 01/15/2019 4,025,820 - ------------------------------------------------------------------------------------------------------------------------------------ 920,000 Montgomery County IDA (New Dimensions in Living) 8.900 05/01/2016 947,913 - ------------------------------------------------------------------------------------------------------------------------------------ 495,000 Mt. Vernon IDA (Meadowview) 6.150 06/01/2019 427,319 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 Mt. Vernon IDA (Meadowview) 6.200 06/01/2029 2,106,475 - ------------------------------------------------------------------------------------------------------------------------------------ 3,800,000 MTA Dedicated Tax Fund RITES(a) 5.079(f) 04/01/2023 2,193,664 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000,000 MTA IVRC(a) 5.798(f) 06/15/2029 10,237,500 - ------------------------------------------------------------------------------------------------------------------------------------ 9,400,000 MTA YCR(a) 6.683(f) 07/01/2013 9,322,356 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 MTA YCR(a) 6.683(f) 07/01/2022 2,774,280 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 MTA, Series J 5.500 07/01/2022 48,118 - ------------------------------------------------------------------------------------------------------------------------------------ 802,824 Municipal Assistance Corp. for Troy, NY 0.000 07/15/2021 238,864 - ------------------------------------------------------------------------------------------------------------------------------------ 1,218,573 Municipal Assistance Corp. for Troy, NY 0.000 01/15/2022 350,791 - ------------------------------------------------------------------------------------------------------------------------------------ 2,725,000 Nassau County IDA (ACLDD) 8.125 10/01/2022 2,825,334 - ------------------------------------------------------------------------------------------------------------------------------------ 1,535,000 Nassau County IDA (ALIA--ACDS) 7.500 06/01/2015 1,537,824 - ------------------------------------------------------------------------------------------------------------------------------------ 485,000 Nassau County IDA (ALIA--ACLDD) 7.500 06/01/2015 485,892 - ------------------------------------------------------------------------------------------------------------------------------------ 2,405,000 Nassau County IDA (ALIA--CSMR) 7.500 06/01/2015 2,409,425 - ------------------------------------------------------------------------------------------------------------------------------------ 2,980,000 Nassau County IDA (ALIA--FREE) 7.500 06/01/2015 2,985,483 - ------------------------------------------------------------------------------------------------------------------------------------ 4,030,000 Nassau County IDA (ALIA--FREE) 8.150 06/01/2030 4,047,571 - ------------------------------------------------------------------------------------------------------------------------------------ 325,000 Nassau County IDA (ALIA--LVH) 7.500 06/01/2015 325,598 - ------------------------------------------------------------------------------------------------------------------------------------ 725,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 726,334 - ------------------------------------------------------------------------------------------------------------------------------------ 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,254,788 - ------------------------------------------------------------------------------------------------------------------------------------ 2,290,000 Nassau County IDA (NSCFGA) 6.750 05/01/2024 2,091,594 - ------------------------------------------------------------------------------------------------------------------------------------ 3,900,000 Nassau County IDA (NY Institute of Technology) 6.150 03/01/2029 3,527,745 - ------------------------------------------------------------------------------------------------------------------------------------ 245,000 Nassau County IDA (RJS Scientific) 8.050 12/01/2005 254,178 - ------------------------------------------------------------------------------------------------------------------------------------ 2,700,000 Nassau County IDA (RJS Scientific) 9.050 12/01/2025 2,931,633 18 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 2,850,000 Nassau County IDA (Sharp International)(a,b,d) 7.375% 12/01/2007 $ 570,000 - ------------------------------------------------------------------------------------------------------------------------------------ 1,810,000 Nassau County IDA (Sharp International)(a,b,d) 7.375 12/01/2007 362,000 - ------------------------------------------------------------------------------------------------------------------------------------ 2,610,000 Nassau County IDA (Sharp International)(a,b,d) 7.875 12/01/2012 522,000 - ------------------------------------------------------------------------------------------------------------------------------------ 1,650,000 Nassau County IDA (Sharp International)(a,b,d) 7.875 12/01/2012 330,000 - ------------------------------------------------------------------------------------------------------------------------------------ 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 1,984,687 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,557,250 - ------------------------------------------------------------------------------------------------------------------------------------ 2,215,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 2,227,205 - ------------------------------------------------------------------------------------------------------------------------------------ 3,295,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 3,318,065 - ------------------------------------------------------------------------------------------------------------------------------------ 4,000,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 4,028,000 - ------------------------------------------------------------------------------------------------------------------------------------ 2,040,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2021 2,051,240 - ------------------------------------------------------------------------------------------------------------------------------------ 4,900,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 4,937,877 - ------------------------------------------------------------------------------------------------------------------------------------ 1,320,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2022 1,330,204 - ------------------------------------------------------------------------------------------------------------------------------------ 31,385,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 31,742,789 - ------------------------------------------------------------------------------------------------------------------------------------ 21,070,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 21,451,367 - ------------------------------------------------------------------------------------------------------------------------------------ 35,185,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 35,816,219 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 New Hartford HDC (Village Point) 7.375 01/01/2024 20,538 - ------------------------------------------------------------------------------------------------------------------------------------ 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 11,602,058 - ------------------------------------------------------------------------------------------------------------------------------------ 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,159,140 - ------------------------------------------------------------------------------------------------------------------------------------ 4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 4,865,256 - ------------------------------------------------------------------------------------------------------------------------------------ 2,325,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,361,409 - ------------------------------------------------------------------------------------------------------------------------------------ 2,310,000 Newburgh IDA (ARMA Textile Printers)(a) 7.125 11/01/2007 2,065,140 - ------------------------------------------------------------------------------------------------------------------------------------ 4,880,000 Newburgh IDA (ARMA Textile Printers)(a) 8.000 11/01/2017 4,362,720 - ------------------------------------------------------------------------------------------------------------------------------------ 1,900,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,904,788 - ------------------------------------------------------------------------------------------------------------------------------------ 1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,494,402 - ------------------------------------------------------------------------------------------------------------------------------------ 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 699,141 - ------------------------------------------------------------------------------------------------------------------------------------ 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,460,005 - ------------------------------------------------------------------------------------------------------------------------------------ 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 2,856,195 - ------------------------------------------------------------------------------------------------------------------------------------ 585,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 609,933 - ------------------------------------------------------------------------------------------------------------------------------------ 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,573,757 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Nunda GO 8.000 05/01/2010 29,823 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000,000 NY Convention Center COP (Yale Building Acquisition) 6.500 12/01/2004 20,001,600 - ------------------------------------------------------------------------------------------------------------------------------------ 270,000 NYC GO 0.000 05/15/2011 149,899 - ------------------------------------------------------------------------------------------------------------------------------------ 4,990,000 NYC GO 0.000 11/15/2011 2,696,396 - ------------------------------------------------------------------------------------------------------------------------------------ 200,000 NYC GO 0.000 05/15/2012 104,100 - ------------------------------------------------------------------------------------------------------------------------------------ 40,000 NYC GO 0.000 10/01/2012 20,392 - ------------------------------------------------------------------------------------------------------------------------------------ 855,000 NYC GO 5.125 08/01/2025 764,148 - ------------------------------------------------------------------------------------------------------------------------------------ 8,000,000 NYC GO 5.125 08/01/2025 7,149,920 - ------------------------------------------------------------------------------------------------------------------------------------ 7,970,000 NYC GO 5.250 08/01/2021 7,362,686 - ------------------------------------------------------------------------------------------------------------------------------------ 1,015,000 NYC GO 5.250 08/15/2023 934,044 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 NYC GO 5.250 08/01/2024 458,765 - ------------------------------------------------------------------------------------------------------------------------------------ 1,170,000 NYC GO 5.375 08/01/2027 1,085,737 - ------------------------------------------------------------------------------------------------------------------------------------ 85,000 NYC GO 5.500 10/01/2018 82,376 - ------------------------------------------------------------------------------------------------------------------------------------ 9,515,000 NYC GO 5.500 11/15/2037 8,816,314 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 NYC GO 5.625 08/01/2016 19,915 19 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 35,000 NYC GO 5.750% 02/01/2020 $ 34,613 - ------------------------------------------------------------------------------------------------------------------------------------ 4,845,000 NYC GO 6.000 02/01/2011 5,062,008 - ------------------------------------------------------------------------------------------------------------------------------------ 80,000 NYC GO 6.000 10/15/2026(p) 86,074 - ------------------------------------------------------------------------------------------------------------------------------------ 103,000 NYC GO 6.500 08/01/2014(p) 111,793 - ------------------------------------------------------------------------------------------------------------------------------------ 397,000 NYC GO 6.500 08/01/2014 422,932 - ------------------------------------------------------------------------------------------------------------------------------------ 1,580,000 NYC GO 6.500 08/01/2015 1,670,155 - ------------------------------------------------------------------------------------------------------------------------------------ 1,580,000 NYC GO 6.625 08/01/2025 1,629,786 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.000 02/01/2010 5,010 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000,000 NYC GO 7.000 10/01/2011 15,847,950 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.000 10/01/2012 5,279 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.000 02/01/2018(p) 5,254 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 NYC GO 7.000 02/01/2018 20,877 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.000 02/01/2020(p) 5,251 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.000 02/01/2020 5,219 - ------------------------------------------------------------------------------------------------------------------------------------ 190,000 NYC GO 7.000 02/01/2022 198,478 - ------------------------------------------------------------------------------------------------------------------------------------ 85,000 NYC GO 7.100 02/01/2009 88,930 - ------------------------------------------------------------------------------------------------------------------------------------ 315,000 NYC GO 7.100 02/01/2010 329,562 - ------------------------------------------------------------------------------------------------------------------------------------ 140,000 NYC GO 7.100 02/01/2011 146,472 - ------------------------------------------------------------------------------------------------------------------------------------ 220,000 NYC GO 7.200 02/01/2015 230,479 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.250 08/15/2024 5,129 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.400 02/01/2002 5,200 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 NYC GO 7.500 02/01/2016(p) 31,764 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 NYC GO 7.500 02/01/2016 15,770 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 NYC GO 7.500 02/01/2018 10,514 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.625 02/01/2014 5,271 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 NYC GO 7.750 08/15/2012(p) 15,766 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 8.250 08/01/2012(p) 5,276 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 8.250 08/01/2014 5,251 - ------------------------------------------------------------------------------------------------------------------------------------ 1,750,000 NYC GO CAB 0.000 05/15/2014 1,518,352 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 NYC GO CAB 0.000 08/01/2014 417,240 - ------------------------------------------------------------------------------------------------------------------------------------ 16,387,000 NYC GO CARS 7.430(f) 08/12/2010 17,472,639 - ------------------------------------------------------------------------------------------------------------------------------------ 8,387,000 NYC GO CARS 7.430(f) 09/01/2011 8,942,639 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 NYC GO DIAMONDS 0.000 08/15/2016(p) 91,848 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 NYC GO DIAMONDS 0.000 08/01/2025 64,696 - ------------------------------------------------------------------------------------------------------------------------------------ 13,640,000 NYC GO Indexed Inverse Floater 4.220(f) 08/01/2014 13,663,188 - ------------------------------------------------------------------------------------------------------------------------------------ 6,200,000 NYC GO RIBS 6.521(f) 08/13/2009 6,463,500 - ------------------------------------------------------------------------------------------------------------------------------------ 4,200,000 NYC GO RIBS 6.572(f) 07/29/2010 4,368,000 - ------------------------------------------------------------------------------------------------------------------------------------ 5,400,000 NYC GO RIBS 6.619(f) 08/22/2013 5,535,000 - ------------------------------------------------------------------------------------------------------------------------------------ 3,050,000 NYC GO RIBS 6.670(f) 08/01/2015 3,076,687 - ------------------------------------------------------------------------------------------------------------------------------------ 13,150,000 NYC GO RIBS 7.296(f) 08/01/2013 13,906,125 - ------------------------------------------------------------------------------------------------------------------------------------ 3,375,000 NYC GO RITES(a) 4.990(f) 05/15/2023 1,913,760 - ------------------------------------------------------------------------------------------------------------------------------------ 3,500,000 NYC GO RITES(a) 4.990(f) 05/15/2028 1,834,280 - ------------------------------------------------------------------------------------------------------------------------------------ 303,968 NYC HDC (Albert Einstein Staff Hsg.) 6.500 12/15/2017 307,802 - ------------------------------------------------------------------------------------------------------------------------------------ 1,433,389 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,481,594 20 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 1,045,000 NYC HDC (Barclay Avenue) 6.450% 04/01/2017 $ 1,045,502 - ------------------------------------------------------------------------------------------------------------------------------------ 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,056,906 - ------------------------------------------------------------------------------------------------------------------------------------ 356,809 NYC HDC (Bay Towers) 6.500 08/15/2017 361,263 - ------------------------------------------------------------------------------------------------------------------------------------ 2,666,704 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,699,505 - ------------------------------------------------------------------------------------------------------------------------------------ 455,954 NYC HDC (Bridgeview III) 6.500 12/15/2017 461,704 - ------------------------------------------------------------------------------------------------------------------------------------ 482,122 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 493,274 - ------------------------------------------------------------------------------------------------------------------------------------ 1,231,884 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,254,329 - ------------------------------------------------------------------------------------------------------------------------------------ 180,650 NYC HDC (Candia House) 6.500 06/15/2018 172,554 - ------------------------------------------------------------------------------------------------------------------------------------ 3,464,783 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,507,469 - ------------------------------------------------------------------------------------------------------------------------------------ 296,062 NYC HDC (Contello III) 7.000 12/15/2018 305,059 - ------------------------------------------------------------------------------------------------------------------------------------ 1,428,257 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,445,825 - ------------------------------------------------------------------------------------------------------------------------------------ 1,089,749 NYC HDC (Court Plaza) 6.500 08/15/2017 1,109,082 - ------------------------------------------------------------------------------------------------------------------------------------ 1,641,494 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,723,980 - ------------------------------------------------------------------------------------------------------------------------------------ 3,476,257 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,427,937 - ------------------------------------------------------------------------------------------------------------------------------------ 3,351,614 NYC HDC (Esplanade Gardens) 7.000 01/15/2019 3,454,576 - ------------------------------------------------------------------------------------------------------------------------------------ 80,072 NYC HDC (Essex Terrace) 6.500 07/15/2018 76,570 - ------------------------------------------------------------------------------------------------------------------------------------ 489,539 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 495,653 - ------------------------------------------------------------------------------------------------------------------------------------ 1,598,289 NYC HDC (Gouverneur Gardens) 7.034 02/15/2019 1,652,583 - ------------------------------------------------------------------------------------------------------------------------------------ 351,650 NYC HDC (Heywood Towers) 6.500 10/15/2017 355,990 - ------------------------------------------------------------------------------------------------------------------------------------ 3,966,171 NYC HDC (Hudsonview Terrace) 6.500 09/15/2017 4,014,956 - ------------------------------------------------------------------------------------------------------------------------------------ 1,120,061 NYC HDC (Janel Towers) 6.500 09/15/2017 1,134,073 - ------------------------------------------------------------------------------------------------------------------------------------ 391,310 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 396,194 - ------------------------------------------------------------------------------------------------------------------------------------ 222,351 NYC HDC (Kingsbridge Arms) 6.500 11/15/2018 225,194 - ------------------------------------------------------------------------------------------------------------------------------------ 1,200,123 NYC HDC (Leader House) 6.500 03/15/2018 1,215,125 - ------------------------------------------------------------------------------------------------------------------------------------ 1,676,857 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,758,772 - ------------------------------------------------------------------------------------------------------------------------------------ 199,646 NYC HDC (Middagh St. Studio Apartments) 6.500 01/15/2018 202,146 - ------------------------------------------------------------------------------------------------------------------------------------ 2,601,493 NYC HDC (Montefiore Hospital Hsg. Sec. II) 6.500 10/15/2017 2,633,596 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 NYC HDC (Multifamily Hsg.), Series A 5.850 05/01/2025 97,437 - ------------------------------------------------------------------------------------------------------------------------------------ 38,880,00 NYC HDC (Multifamily Hsg.), Series A 6.600 04/01/2030 40,593,830 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 NYC HDC (Multifamily Hsg.), Series A 7.300 06/01/2010 31,176 - ------------------------------------------------------------------------------------------------------------------------------------ 1,145,000 NYC HDC (Multifamily Hsg.), Series A 7.350 06/01/2019 1,190,388 - ------------------------------------------------------------------------------------------------------------------------------------ 775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 724,958 - ------------------------------------------------------------------------------------------------------------------------------------ 844,792 NYC HDC (New Amsterdam House) 6.500 08/15/2018 807,698 - ------------------------------------------------------------------------------------------------------------------------------------ 863,566 NYC HDC (New Amsterdam House) 6.500 08/15/2018 863,696 - ------------------------------------------------------------------------------------------------------------------------------------ 1,047,395 NYC HDC (Riverbend) 6.500 11/15/2018 1,060,970 - ------------------------------------------------------------------------------------------------------------------------------------ 6,453,441 NYC HDC (Riverside Park Community) 7.250 11/15/2018 6,777,727 - ------------------------------------------------------------------------------------------------------------------------------------ 458,225 NYC HDC (RNA House) 7.000 12/15/2018 472,270 - ------------------------------------------------------------------------------------------------------------------------------------ 656,954 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 665,239 - ------------------------------------------------------------------------------------------------------------------------------------ 239,428 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 247,526 - ------------------------------------------------------------------------------------------------------------------------------------ 636,790 NYC HDC (Scott Tower) 7.000 12/15/2018 633,569 - ------------------------------------------------------------------------------------------------------------------------------------ 873,646 NYC HDC (Seaview Towers) 6.500 01/15/2018 884,584 - ------------------------------------------------------------------------------------------------------------------------------------ 1,625,166 NYC HDC (Sky View Towers) 6.500 11/15/2018 1,645,936 - ------------------------------------------------------------------------------------------------------------------------------------ 3,120,000 NYC HDC (South Bronx Cooperatives) 8.100 09/01/2023 3,191,822 - ------------------------------------------------------------------------------------------------------------------------------------ 360,325 NYC HDC (St. Martin Tower) 6.500 11/15/2018 364,996 21 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 1,660,496 NYC HDC (Stevenson Commons) 6.500% 05/15/2018 $ 1,681,402 - ------------------------------------------------------------------------------------------------------------------------------------ 475,343 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 470,462 - ------------------------------------------------------------------------------------------------------------------------------------ 1,662,874 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,683,894 - ------------------------------------------------------------------------------------------------------------------------------------ 225,882 NYC HDC (Town House West) 6.500 01/15/2018 228,711 - ------------------------------------------------------------------------------------------------------------------------------------ 347,088 NYC HDC (Tri-Faith House) 7.000 01/15/2019 357,661 - ------------------------------------------------------------------------------------------------------------------------------------ 1,472,504 NYC HDC (University River View) 6.500 08/15/2017 1,490,881 - ------------------------------------------------------------------------------------------------------------------------------------ 442,311 NYC HDC (Washington Square Southeast) 7.500 01/15/2019 451,064 - ------------------------------------------------------------------------------------------------------------------------------------ 398,656 NYC HDC (West Side Manor) 6.500 11/15/2018 403,751 - ------------------------------------------------------------------------------------------------------------------------------------ 4,330,245 NYC HDC (West Village) 6.500 11/15/2013 4,376,103 - ------------------------------------------------------------------------------------------------------------------------------------ 255,261 NYC HDC (Westview Apartments) 6.500 10/15/2017 258,465 - ------------------------------------------------------------------------------------------------------------------------------------ 590,262 NYC HDC (Woodstock Terrace) 7.034 02/15/2019 584,761 - ------------------------------------------------------------------------------------------------------------------------------------ 5,205,000 NYC HDC, Series B 5.875 11/01/2018 5,138,428 - ------------------------------------------------------------------------------------------------------------------------------------ 20,100,000 NYC Health & Hospital Corp. 5.250 02/15/2017 18,556,119 - ------------------------------------------------------------------------------------------------------------------------------------ 26,500,000 NYC Health & Hospital Corp. LEVRRS 6.684(f) 02/15/2011 26,765,000 - ------------------------------------------------------------------------------------------------------------------------------------ 5,875,000 NYC Health & Hospital Corp. RITES(a) 5.069(f) 02/15/2020 3,446,392 - ------------------------------------------------------------------------------------------------------------------------------------ 300,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 238,290 - ------------------------------------------------------------------------------------------------------------------------------------ 3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,215,232 - ------------------------------------------------------------------------------------------------------------------------------------ 1,155,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.000 11/01/2010 1,153,995 - ------------------------------------------------------------------------------------------------------------------------------------ 5,985,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.500 11/01/2026 5,980,691 - ------------------------------------------------------------------------------------------------------------------------------------ 1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,056,538 - ------------------------------------------------------------------------------------------------------------------------------------ 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,552,993 - ------------------------------------------------------------------------------------------------------------------------------------ 680,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 634,052 - ------------------------------------------------------------------------------------------------------------------------------------ 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,247,753 - ------------------------------------------------------------------------------------------------------------------------------------ 425,000 NYC IDA (Allied Metal) 6.375 12/01/2014 395,339 - ------------------------------------------------------------------------------------------------------------------------------------ 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 875,037 - ------------------------------------------------------------------------------------------------------------------------------------ 3,475,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,260,453 - ------------------------------------------------------------------------------------------------------------------------------------ 29,260,000 NYC IDA (American Airlines) 5.400 07/01/2020 24,930,398 - ------------------------------------------------------------------------------------------------------------------------------------ 29,735,000 NYC IDA (American Airlines) 6.900 08/01/2024 30,442,396 - ------------------------------------------------------------------------------------------------------------------------------------ 2,595,000 NYC IDA (American Airlines) 7.750 07/01/2019 2,220,516 - ------------------------------------------------------------------------------------------------------------------------------------ 1,255,000 NYC IDA (Amplaco Group)(a) 7.250 11/01/2008 1,214,212 - ------------------------------------------------------------------------------------------------------------------------------------ 2,645,000 NYC IDA (Amplaco Group)(a) 8.125 11/01/2018 2,559,037 - ------------------------------------------------------------------------------------------------------------------------------------ 1,635,000 NYC IDA (Atlantic Paste & Glue Co.) 6.000 11/01/2007 1,542,688 - ------------------------------------------------------------------------------------------------------------------------------------ 4,620,000 NYC IDA (Atlantic Paste & Glue Co.) 6.625 11/01/2019 4,173,246 - ------------------------------------------------------------------------------------------------------------------------------------ 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,213,256 - ------------------------------------------------------------------------------------------------------------------------------------ 525,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 497,663 - ------------------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,370,985 - ------------------------------------------------------------------------------------------------------------------------------------ 11,480,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 9,966,592 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 NYC IDA (Blood Center) 7.200 05/01/2012(p) 541,270 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 NYC IDA (Blood Center) 7.250 05/01/2022(p) 3,252,810 - ------------------------------------------------------------------------------------------------------------------------------------ 23,895,000 NYC IDA (British Airways) 5.250 12/01/2032 19,574,306 - ------------------------------------------------------------------------------------------------------------------------------------ 130,000 NYC IDA (Brooklyn Heights Montessori School) 8.400 09/01/2002 130,220 - ------------------------------------------------------------------------------------------------------------------------------------ 3,075,000 NYC IDA (Brooklyn Heights Montessori School) 8.500 01/01/2027 3,320,170 - ------------------------------------------------------------------------------------------------------------------------------------ 660,000 NYC IDA (Brooklyn Heights Montessori School) 8.900 09/01/2011 695,825 - ------------------------------------------------------------------------------------------------------------------------------------ 1,690,000 NYC IDA (Brooklyn Heights Montessori School) 9.200 09/01/2021 1,820,502 22 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 56,285,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650% 10/01/2027 $ 48,891,965 - ------------------------------------------------------------------------------------------------------------------------------------ 115,175,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 100,189,581 - ------------------------------------------------------------------------------------------------------------------------------------ 450,000 NYC IDA (Cellini Furniture Crafters) 6.625 11/01/2009 434,979 - ------------------------------------------------------------------------------------------------------------------------------------ 885,000 NYC IDA (Cellini Furniture Crafters) 7.125 11/01/2019 843,847 - ------------------------------------------------------------------------------------------------------------------------------------ 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,200,447 - ------------------------------------------------------------------------------------------------------------------------------------ 1,550,000 NYC IDA (CNC Associates NY) 6.500 11/01/2007 1,504,213 - ------------------------------------------------------------------------------------------------------------------------------------ 4,685,000 NYC IDA (CNC Associates NY) 7.500 11/01/2019 4,502,988 - ------------------------------------------------------------------------------------------------------------------------------------ 6,390,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 5,665,246 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,479,600 - ------------------------------------------------------------------------------------------------------------------------------------ 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 2,803,227 - ------------------------------------------------------------------------------------------------------------------------------------ 3,765,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 3,470,125 - ------------------------------------------------------------------------------------------------------------------------------------ 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,391,788 - ------------------------------------------------------------------------------------------------------------------------------------ 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,348,373 - ------------------------------------------------------------------------------------------------------------------------------------ 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,814,480 - ------------------------------------------------------------------------------------------------------------------------------------ 1,810,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,877,694 - ------------------------------------------------------------------------------------------------------------------------------------ 7,750,000 NYC IDA (Crowne Plaza-LaGuardia) 6.000 11/01/2028 6,627,335 - ------------------------------------------------------------------------------------------------------------------------------------ 1,280,000 NYC IDA (Dioni) 6.000 11/01/2007 1,213,018 - ------------------------------------------------------------------------------------------------------------------------------------ 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,277,296 - ------------------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYC IDA (Display Creations) 9.250 06/01/2008 1,558,575 - ------------------------------------------------------------------------------------------------------------------------------------ 255,000 NYC IDA (Eden II School) 7.750 06/01/2004 261,084 - ------------------------------------------------------------------------------------------------------------------------------------ 2,505,000 NYC IDA (Eden II School) 8.750 06/01/2019 2,647,810 - ------------------------------------------------------------------------------------------------------------------------------------ 10,255,000 NYC IDA (Elmhurst Parking Garage) 7.500 07/30/2003 10,679,967 - ------------------------------------------------------------------------------------------------------------------------------------ 3,705,000 NYC IDA (Friends Seminary School) 7.000 12/01/2017 3,770,986 - ------------------------------------------------------------------------------------------------------------------------------------ 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,366,067 - ------------------------------------------------------------------------------------------------------------------------------------ 2,325,000 NYC IDA (Gateway School of NY) 6.200 11/01/2012 2,178,734 - ------------------------------------------------------------------------------------------------------------------------------------ 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,102,599 - ------------------------------------------------------------------------------------------------------------------------------------ 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,022,424 - ------------------------------------------------------------------------------------------------------------------------------------ 1,235,000 NYC IDA (Graphic Artists) 8.250 12/30/2023 1,283,153 - ------------------------------------------------------------------------------------------------------------------------------------ 740,000 NYC IDA (Gutmann Plastics) 7.750 12/01/2007 730,831 - ------------------------------------------------------------------------------------------------------------------------------------ 2,205,000 NYC IDA (Hebrew Academy) 10.000 03/01/2021 2,328,083 - ------------------------------------------------------------------------------------------------------------------------------------ 640,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 651,770 - ------------------------------------------------------------------------------------------------------------------------------------ 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,329,027 - ------------------------------------------------------------------------------------------------------------------------------------ 80,000 NYC IDA (HiTech Res Rec) 8.750 08/01/2000 80,062 - ------------------------------------------------------------------------------------------------------------------------------------ 695,000 NYC IDA (HiTech Res Rec) 9.250 08/01/2008 716,906 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYC IDA (Holiday Inn/JFK Airport) 6.000 11/01/2028 4,275,700 - ------------------------------------------------------------------------------------------------------------------------------------ 220,000 NYC IDA (House of Spices) 9.000 10/15/2001 224,510 - ------------------------------------------------------------------------------------------------------------------------------------ 2,140,000 NYC IDA (House of Spices) 9.250 10/15/2011 2,232,619 - ------------------------------------------------------------------------------------------------------------------------------------ 3,170,000 NYC IDA (Japan Airlines) 6.000 11/01/2015 3,283,359 - ------------------------------------------------------------------------------------------------------------------------------------ 6,040,000 NYC IDA (JBFS) 6.750 12/15/2012 6,096,232 - ------------------------------------------------------------------------------------------------------------------------------------ 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,571,279 - ------------------------------------------------------------------------------------------------------------------------------------ 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,762,066 - ------------------------------------------------------------------------------------------------------------------------------------ 2,380,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 2,368,528 - ------------------------------------------------------------------------------------------------------------------------------------ 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 2,755,230 - ------------------------------------------------------------------------------------------------------------------------------------ 805,000 NYC IDA (Lucky Polyethylene Manufacturing Co.) 7.000 11/01/2009 787,733 23 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Co.) 7.800% 11/01/2024 $ 2,912,937 - ------------------------------------------------------------------------------------------------------------------------------------ 3,400,000 NYC IDA (Marymount Manhattan College) 7.000 07/01/2023(p) 3,619,946 - ------------------------------------------------------------------------------------------------------------------------------------ 19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,727,488 - ------------------------------------------------------------------------------------------------------------------------------------ 2,510,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 2,470,116 - ------------------------------------------------------------------------------------------------------------------------------------ 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,665,795 - ------------------------------------------------------------------------------------------------------------------------------------ 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,066,997 - ------------------------------------------------------------------------------------------------------------------------------------ 5,070,000 NYC IDA (Nekboh) 9.625 05/01/2011 5,183,112 - ------------------------------------------------------------------------------------------------------------------------------------ 10,600,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 9,415,768 - ------------------------------------------------------------------------------------------------------------------------------------ 740,000 NYC IDA (NY Hostel Co.) 6.750 01/01/2004 735,464 - ------------------------------------------------------------------------------------------------------------------------------------ 4,400,000 NYC IDA (NY Hostel Co.) 7.600 01/01/2017 4,385,656 - ------------------------------------------------------------------------------------------------------------------------------------ 695,000 NYC IDA (NY Vanities & Manufacturing) 7.000 11/01/2009 662,523 - ------------------------------------------------------------------------------------------------------------------------------------ 1,405,000 NYC IDA (NY Vanities & Manufacturing) 7.500 11/01/2019 1,318,115 - ------------------------------------------------------------------------------------------------------------------------------------ 2,030,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 2,070,072 - ------------------------------------------------------------------------------------------------------------------------------------ 3,435,000 NYC IDA (Ohel Children's Home & Family Services) 8.250 03/15/2023(p) 3,797,736 - ------------------------------------------------------------------------------------------------------------------------------------ 960,000 NYC IDA (Paradise Products) 7.125 11/01/2007 951,830 - ------------------------------------------------------------------------------------------------------------------------------------ 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,589,515 - ------------------------------------------------------------------------------------------------------------------------------------ 1,525,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 1,532,289 - ------------------------------------------------------------------------------------------------------------------------------------ 425,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 427,235 - ------------------------------------------------------------------------------------------------------------------------------------ 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,864,218 - ------------------------------------------------------------------------------------------------------------------------------------ 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 962,231 - ------------------------------------------------------------------------------------------------------------------------------------ 785,000 NYC IDA (Pop Display) 6.750 12/15/2004 800,041 - ------------------------------------------------------------------------------------------------------------------------------------ 2,645,000 NYC IDA (Pop Display) 7.900 12/15/2014 2,759,555 - ------------------------------------------------------------------------------------------------------------------------------------ 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,727,194 - ------------------------------------------------------------------------------------------------------------------------------------ 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,025,610 - ------------------------------------------------------------------------------------------------------------------------------------ 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 917,073 - ------------------------------------------------------------------------------------------------------------------------------------ 815,000 NYC IDA (PRFF) 7.000 10/01/2016 841,610 - ------------------------------------------------------------------------------------------------------------------------------------ 1,490,000 NYC IDA (Priority Mailers) 9.000 03/01/2010 1,538,589 - ------------------------------------------------------------------------------------------------------------------------------------ 710,000 NYC IDA (Promotional Slideguide) 7.500 12/01/2010 722,524 - ------------------------------------------------------------------------------------------------------------------------------------ 1,065,000 NYC IDA (Promotional Slideguide) 7.875 12/01/2015 1,100,848 - ------------------------------------------------------------------------------------------------------------------------------------ 630,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 643,545 - ------------------------------------------------------------------------------------------------------------------------------------ 3,705,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 3,381,220 - ------------------------------------------------------------------------------------------------------------------------------------ 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,675,335 - ------------------------------------------------------------------------------------------------------------------------------------ 2,170,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 2,071,287 - ------------------------------------------------------------------------------------------------------------------------------------ 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,860,774 - ------------------------------------------------------------------------------------------------------------------------------------ 4,555,000 NYC IDA (Sequins International) 8.950 01/30/2016 4,764,849 - ------------------------------------------------------------------------------------------------------------------------------------ 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 3,850,690 - ------------------------------------------------------------------------------------------------------------------------------------ 1,830,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 1,814,665 - ------------------------------------------------------------------------------------------------------------------------------------ 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 6,906,042 - ------------------------------------------------------------------------------------------------------------------------------------ 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,228,604 - ------------------------------------------------------------------------------------------------------------------------------------ 4,140,000 NYC IDA (St. Christopher Ottilie) 7.500 07/01/2021 4,283,534 - ------------------------------------------------------------------------------------------------------------------------------------ 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 594,413 - ------------------------------------------------------------------------------------------------------------------------------------ 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,317,100 - ------------------------------------------------------------------------------------------------------------------------------------ 130,000 NYC IDA (Summit School) 7.250 12/01/2004 131,290 - ------------------------------------------------------------------------------------------------------------------------------------ 1,485,000 NYC IDA (Summit School) 8.250 12/01/2024 1,543,940 24 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 5,500,000 NYC IDA (Terminal One Group Association) 6.000% 01/01/2019 $ 5,537,070 - ------------------------------------------------------------------------------------------------------------------------------------ 5,525,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 5,565,940 - ------------------------------------------------------------------------------------------------------------------------------------ 12,250,000 NYC IDA (Touro College) 6.350 06/01/2029 11,394,092 - ------------------------------------------------------------------------------------------------------------------------------------ 4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,275,192 - ------------------------------------------------------------------------------------------------------------------------------------ 90,000 NYC IDA (Ultimate Display) 8.750 10/15/2000 90,540 - ------------------------------------------------------------------------------------------------------------------------------------ 1,910,000 NYC IDA (Ultimate Display) 9.000 10/15/2011 1,993,410 - ------------------------------------------------------------------------------------------------------------------------------------ 10,465,000 NYC IDA (United Air Lines) 5.650 10/01/2032 8,827,541 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 950,400 - ------------------------------------------------------------------------------------------------------------------------------------ 1,720,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,625,108 - ------------------------------------------------------------------------------------------------------------------------------------ 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 8,938,419 - ------------------------------------------------------------------------------------------------------------------------------------ 230,000 NYC IDA (Utleys) 6.625 11/01/2006 224,353 - ------------------------------------------------------------------------------------------------------------------------------------ 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,283,349 - ------------------------------------------------------------------------------------------------------------------------------------ 1,180,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 1,181,971 - ------------------------------------------------------------------------------------------------------------------------------------ 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,041,764 - ------------------------------------------------------------------------------------------------------------------------------------ 1,125,000 NYC IDA (Visual Display) 7.250 11/01/2008 1,063,609 - ------------------------------------------------------------------------------------------------------------------------------------ 2,375,000 NYC IDA (Visual Display) 8.325 11/01/2018 2,223,902 - ------------------------------------------------------------------------------------------------------------------------------------ 1,300,000 NYC IDA (Visy Paper) 7.550 01/01/2005 1,320,566 - ------------------------------------------------------------------------------------------------------------------------------------ 10,500,000 NYC IDA (Visy Paper) 7.800 01/01/2016 10,994,445 - ------------------------------------------------------------------------------------------------------------------------------------ 26,750,000 NYC IDA (Visy Paper) 7.950 01/01/2028 28,081,882 - ------------------------------------------------------------------------------------------------------------------------------------ 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,604,490 - ------------------------------------------------------------------------------------------------------------------------------------ 530,000 NYC Municipal Water Finance Authority 0.000 06/15/2018 185,733 - ------------------------------------------------------------------------------------------------------------------------------------ 530,000 NYC Municipal Water Finance Authority 0.000 06/15/2019 173,914 - ------------------------------------------------------------------------------------------------------------------------------------ 6,030,000 NYC Municipal Water Finance Authority 0.000 06/15/2020 1,851,331 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 72,301 - ------------------------------------------------------------------------------------------------------------------------------------ 65,000 NYC Municipal Water Finance Authority 5.500 06/15/2027 62,356 - ------------------------------------------------------------------------------------------------------------------------------------ 40,000 NYC Municipal Water Finance Authority 5.750 06/15/2020 40,049 - ------------------------------------------------------------------------------------------------------------------------------------ 12,500,000 NYC Municipal Water Finance Authority IRS 6.520(f) 06/15/2013 12,125,000 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000,000 NYC Municipal Water Finance Authority IVRC(a) 6.745(f) 06/15/2017 30,937,500 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000,000 NYC Municipal Water Finance Authority LEVRRS 6.712(f) 06/15/2019 9,825,000 - ------------------------------------------------------------------------------------------------------------------------------------ 4,775,000 NYC Municipal Water Finance Authority RITES(a) 5.079(f) 06/15/2021 2,860,129 - ------------------------------------------------------------------------------------------------------------------------------------ 2,805,000 NYC Municipal Water Finance Authority RITES(a) 5.079(f) 06/15/2027 1,523,115 - ------------------------------------------------------------------------------------------------------------------------------------ 18,240,000 NYC Municipal Water Finance Authority RITES(a) 5.569(f) 06/15/2030 10,756,128 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYC Municipal Water Finance Authority RITES(a) 5.579(f) 06/15/2030 2,948,500 - ------------------------------------------------------------------------------------------------------------------------------------ 4,030,000 NYC Municipal Water Finance Authority RITES(a) 5.579(f) 06/15/2030 2,376,491 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYC Municipal Water Finance Authority RITES(a) 5.579(f) 06/15/2030 2,948,500 - ------------------------------------------------------------------------------------------------------------------------------------ 2,150,000 NYC TFA RITES(a) 5.069(f) 08/15/2027 1,142,295 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000,000 NYC TFA, Series B 4.750 11/15/2023 8,556,500 - ------------------------------------------------------------------------------------------------------------------------------------ 21,109,301 NYS Certificate of Lease(a) 5.875 01/02/2023 18,764,481 - ------------------------------------------------------------------------------------------------------------------------------------ 160,000 NYS COP (BOCES)(a) 7.875 10/01/2000 160,946 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 NYS COP (Hanson Redevelopment) 8.250 11/01/2001 102,263 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 10,083 - ------------------------------------------------------------------------------------------------------------------------------------ 2,450,000 NYS DA (Brookdale Hospital) 5.200 02/15/2015 2,321,718 - ------------------------------------------------------------------------------------------------------------------------------------ 11,615,000 NYS DA (Brooklyn Hospital) 5.200 02/01/2039 10,301,111 - ------------------------------------------------------------------------------------------------------------------------------------ 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 12,907,773 25 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 8,435,000 NYS DA (Center for Nursing) 5.550% 08/01/2037 $ 7,892,629 - ------------------------------------------------------------------------------------------------------------------------------------ 1,100,000 NYS DA (Chapel Oaks) 5.375 07/01/2017 1,053,899 - ------------------------------------------------------------------------------------------------------------------------------------ 2,855,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,661,973 - ------------------------------------------------------------------------------------------------------------------------------------ 1,485,000 NYS DA (City University) 5.000 07/01/2028 1,272,289 - ------------------------------------------------------------------------------------------------------------------------------------ 12,930,000 NYS DA (City University) 5.250 07/01/2025 11,674,626 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,574,575 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 NYS DA (Cornell University) 7.375 07/01/2030(p) 20,402 - ------------------------------------------------------------------------------------------------------------------------------------ 4,750,000 NYS DA (Dept. of Health) 5.000 07/01/2024 4,114,687 - ------------------------------------------------------------------------------------------------------------------------------------ 410,000 NYS DA (Dept. of Health) 5.500 07/01/2020 390,197 - ------------------------------------------------------------------------------------------------------------------------------------ 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 497,180 - ------------------------------------------------------------------------------------------------------------------------------------ 150,000 NYS DA (Dept. of Health) 5.500 07/01/2025 139,527 - ------------------------------------------------------------------------------------------------------------------------------------ 6,480,000 NYS DA (Frances Schervier Home & Hospital) 5.500 07/01/2027 6,016,810 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,025,690 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 1,855,680 - ------------------------------------------------------------------------------------------------------------------------------------ 10,600,000 NYS DA (Hospital for Special Surgery) 5.000 02/01/2038 9,072,858 - ------------------------------------------------------------------------------------------------------------------------------------ 140,510,000 NYS DA (Insured Hospital) 0.000 08/15/2036 15,599,420 - ------------------------------------------------------------------------------------------------------------------------------------ 5,735,000 NYS DA (Interfaith Medical Center) 5.300 02/15/2019 5,345,766 - ------------------------------------------------------------------------------------------------------------------------------------ 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 35,459,056 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 920,760 - ------------------------------------------------------------------------------------------------------------------------------------ 35,000 NYS DA (KMH Homes) 6.950 08/01/2031 36,342 - ------------------------------------------------------------------------------------------------------------------------------------ 3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,108,312 - ------------------------------------------------------------------------------------------------------------------------------------ 1,400,000 NYS DA (L.I. University) 5.250 09/01/2028 1,277,052 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 25,317 - ------------------------------------------------------------------------------------------------------------------------------------ 9,650,000 NYS DA (LSSUNY) RITES(a) 5.613(f) 02/01/2038 7,974,374 - ------------------------------------------------------------------------------------------------------------------------------------ 23,300,000 NYS DA (Menorah Home & Hospital) 5.150 08/01/2038 20,637,975 - ------------------------------------------------------------------------------------------------------------------------------------ 3,115,000 NYS DA (Menorah Home & Hospital) RITES(a) 5.449(f) 08/01/2038 1,793,928 - ------------------------------------------------------------------------------------------------------------------------------------ 4,625,000 NYS DA (Mental Health) RITES(a) 5.079(f) 02/15/2023 2,590,647 - ------------------------------------------------------------------------------------------------------------------------------------ 2,810,000 NYS DA (Mental Health) RITES(a) 5.079(f) 02/15/2028 1,451,140 - ------------------------------------------------------------------------------------------------------------------------------------ 3,465,000 NYS DA (Millard Hospital) 5.375 02/01/2032 3,202,838 - ------------------------------------------------------------------------------------------------------------------------------------ 3,180,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 3,230,657 - ------------------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 1,414,725 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYS DA (Mount Sinai NYU Health Obligated Group) 6.000 07/01/2013 2,569,950 - ------------------------------------------------------------------------------------------------------------------------------------ 19,695,000 NYS DA (Mount Sinai NYU Health Obligated Group) 6.500 07/01/2025 20,327,603 - ------------------------------------------------------------------------------------------------------------------------------------ 42,630,000 NYS DA (Mount Sinai NYU Health Obligated Group) 6.600 07/01/2026 43,480,042 - ------------------------------------------------------------------------------------------------------------------------------------ 8,820,000 NYS DA (Mount Sinai NYU Health Obligated Group) 6.625 07/01/2019 9,313,920 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000,000 NYS DA (Mount Sinai NYU Health Obligated Group) 6.750 07/01/2020 15,952,500 - ------------------------------------------------------------------------------------------------------------------------------------ 2,850,000 NYS DA (Municipal Health Facilities) RITES(a) 5.079(f) 01/15/2023 1,599,135 - ------------------------------------------------------------------------------------------------------------------------------------ 9,800,000 NYS DA (North General Hospital) 5.300 02/15/2019 9,134,874 - ------------------------------------------------------------------------------------------------------------------------------------ 29,440,000 NYS DA (NY & Presbyterian Hospital) 4.750 08/01/2027 24,814,976 - ------------------------------------------------------------------------------------------------------------------------------------ 15,120,000 NYS DA (NY & Presbyterian Hospital) 5.000 08/01/2032 13,148,352 - ------------------------------------------------------------------------------------------------------------------------------------ 2,200,000 NYS DA (NY & Presbyterian Hospital) 6.500 08/01/2034 2,276,978 - ------------------------------------------------------------------------------------------------------------------------------------ 6,700,000 NYS DA (NY Downtown Hospital) 5.300 02/15/2020 6,220,414 - ------------------------------------------------------------------------------------------------------------------------------------ 7,000,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 6,645,590 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS DA (NY Medical College) 6.875 07/01/2021(p) 26,533 26 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $13,561,483 NYS DA (Our Lady of Mercy Medical Center) Computer Lease(a) 6.200% 08/15/2006 $13,208,207 - ------------------------------------------------------------------------------------------------------------------------------------ 1,185,000 NYS DA (Park Ridge Hsg.) 7.850 02/01/2029 1,199,362 - ------------------------------------------------------------------------------------------------------------------------------------ 12,750,000 NYS DA (Rochester General Hospital) RITES(a) 6.315(f) 08/01/2033 11,706,795 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS DA (Ryan-Clinton Community Health Center) 6.100 07/01/2019 5,126,750 - ------------------------------------------------------------------------------------------------------------------------------------ 600,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 565,140 - ------------------------------------------------------------------------------------------------------------------------------------ 3,045,000 NYS DA (Special Surgery) RITES(a) 5.079(f) 02/01/2028 1,530,112 - ------------------------------------------------------------------------------------------------------------------------------------ 4,500,000 NYS DA (St. Agnes Hospital) 5.300 02/15/2019 4,194,585 - ------------------------------------------------------------------------------------------------------------------------------------ 9,000,000 NYS DA (St. Agnes Hospital) 5.400 02/15/2025 8,314,650 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,791,170 - ------------------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,398,195 - ------------------------------------------------------------------------------------------------------------------------------------ 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 2,743,834 - ------------------------------------------------------------------------------------------------------------------------------------ 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,355,153 - ------------------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,339,020 - ------------------------------------------------------------------------------------------------------------------------------------ 3,885,000 NYS DA (St. Vincent's Hospital) 5.300 07/01/2018 3,663,516 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 NYS DA (St. Vincent's Hospital) 7.400 08/01/2030 31,253 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS DA (State University Educational Facilities) 0.000 05/15/2007 34,978 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 30,004 - ------------------------------------------------------------------------------------------------------------------------------------ 3,315,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014 3,792,890 - ------------------------------------------------------------------------------------------------------------------------------------ 3,500,000 NYS DA (Teresian House) 5.250 07/01/2017 3,256,085 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS DA (Upstate Community Colleges) 5.000 07/01/2028 4,271,900 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 48,541 - ------------------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,589,330 - ------------------------------------------------------------------------------------------------------------------------------------ 2,250,000 NYS DA (Victory Memorial Hospital) 5.500 08/01/2038 2,102,737 - ------------------------------------------------------------------------------------------------------------------------------------ 32,915,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 30,355,200 - ------------------------------------------------------------------------------------------------------------------------------------ 1,840,000 NYS EFC (Consolidated Water) 7.150 11/01/2014 1,887,178 - ------------------------------------------------------------------------------------------------------------------------------------ 7,500,000 NYS EFC (NYS Water Services) 8.375 01/15/2020 7,713,300 - ------------------------------------------------------------------------------------------------------------------------------------ 8,955,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 7,877,355 - ------------------------------------------------------------------------------------------------------------------------------------ 15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 14,300,910 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 5,225,050 - ------------------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 6.474(f) 07/08/2026 1,502,375 - ------------------------------------------------------------------------------------------------------------------------------------ 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 7.869(f) 04/01/2020 7,525,000 - ------------------------------------------------------------------------------------------------------------------------------------ 10,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 8.956(f) 07/01/2026 11,677,625 - ------------------------------------------------------------------------------------------------------------------------------------ 290,000 NYS ERDA (Con Ed) 6.375 12/01/2027 295,000 - ------------------------------------------------------------------------------------------------------------------------------------ 3,135,000 NYS ERDA (Con Ed) 6.750 01/15/2027 3,164,971 - ------------------------------------------------------------------------------------------------------------------------------------ 8,010,000 NYS ERDA (Con Ed) 7.125 12/01/2029 8,640,707 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS ERDA (Con Ed) 7.500 01/01/2026 50,600 - ------------------------------------------------------------------------------------------------------------------------------------ 600,000 NYS ERDA (Con Ed)(a) 7.500 01/01/2026 612,750 - ------------------------------------------------------------------------------------------------------------------------------------ 9,350,000 NYS ERDA (Con Ed) RITES(a) 5.513(f) 08/15/2020 8,210,422 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 4,586,500 - ------------------------------------------------------------------------------------------------------------------------------------ 7,500,000 NYS ERDA (LILCO) 5.300 11/01/2023 6,774,150 - ------------------------------------------------------------------------------------------------------------------------------------ 300,000 NYS ERDA (LILCO) 5.300 10/01/2024 270,102 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYS ERDA (LILCO) 5.300 08/01/2025 2,244,300 - ------------------------------------------------------------------------------------------------------------------------------------ 14,810,000 NYS ERDA (LILCO) 7.150 09/01/2019(p) 15,712,669 - ------------------------------------------------------------------------------------------------------------------------------------ 11,740,000 NYS ERDA (LILCO) 7.150 09/01/2019 12,260,082 27 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 2,575,000 NYS ERDA (LILCO) 7.150% 06/01/2020(p) $ 2,731,946 - ------------------------------------------------------------------------------------------------------------------------------------ 12,625,000 NYS ERDA (LILCO) 7.150 06/01/2020 13,184,287 - ------------------------------------------------------------------------------------------------------------------------------------ 7,545,000 NYS ERDA (LILCO) 7.150 12/01/2020(p) 8,004,868 - ------------------------------------------------------------------------------------------------------------------------------------ 4,355,000 NYS ERDA (LILCO) 7.150 12/01/2020 4,547,926 - ------------------------------------------------------------------------------------------------------------------------------------ 11,115,000 NYS ERDA (LILCO) 7.150 02/01/2022(p) 11,792,459 - ------------------------------------------------------------------------------------------------------------------------------------ 4,180,000 NYS ERDA (LILCO) 7.150 02/01/2022 4,365,174 - ------------------------------------------------------------------------------------------------------------------------------------ 3,485,000 NYS ERDA (NIMO) RITES(a) 5.679(f) 11/01/2025 2,208,026 - ------------------------------------------------------------------------------------------------------------------------------------ 400,000 NYS ERDA (NYSEG) 5.700 12/01/2028 386,132 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 NYS ERDA (NYSEG) 5.950 12/01/2027 29,750 - ------------------------------------------------------------------------------------------------------------------------------------ 3,625,000 NYS ERDA (RG&E) Residual Certificates(a) 8.380(f) 09/01/2033 3,575,700 - ------------------------------------------------------------------------------------------------------------------------------------ 3,555,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,672,955 - ------------------------------------------------------------------------------------------------------------------------------------ 2,200,000 NYS HFA (Dominican Village) 6.600 08/15/2027 2,288,594 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,427 - ------------------------------------------------------------------------------------------------------------------------------------ 12,230,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 12,488,787 - ------------------------------------------------------------------------------------------------------------------------------------ 1,210,000 NYS HFA (HELP-Suffolk Hsg.) 8.100 11/01/2005 1,211,609 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010(p) 2,264 - ------------------------------------------------------------------------------------------------------------------------------------ 205,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017(p) 231,500 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,011 - ------------------------------------------------------------------------------------------------------------------------------------ 9,730,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2014 4,151,694 - ------------------------------------------------------------------------------------------------------------------------------------ 14,590,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2015 5,771,074 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2016 18,470 - ------------------------------------------------------------------------------------------------------------------------------------ 12,695,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2017 4,375,205 - ------------------------------------------------------------------------------------------------------------------------------------ 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 648,306 - ------------------------------------------------------------------------------------------------------------------------------------ 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,188,446 - ------------------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,455,659 - ------------------------------------------------------------------------------------------------------------------------------------ 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,505,074 - ------------------------------------------------------------------------------------------------------------------------------------ 1,135,000 NYS HFA (Multifamily Hsg.) 5.400 08/15/2031 1,001,876 - ------------------------------------------------------------------------------------------------------------------------------------ 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 1,885,635 - ------------------------------------------------------------------------------------------------------------------------------------ 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,131,007 - ------------------------------------------------------------------------------------------------------------------------------------ 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,296,969 - ------------------------------------------------------------------------------------------------------------------------------------ 1,255,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,166,083 - ------------------------------------------------------------------------------------------------------------------------------------ 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 2,973,280 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 928,360 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2030 467,980 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 92,155 - ------------------------------------------------------------------------------------------------------------------------------------ 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,288,225 - ------------------------------------------------------------------------------------------------------------------------------------ 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,675,513 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 51,198 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,332 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2027 100,287 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 5,039,450 - ------------------------------------------------------------------------------------------------------------------------------------ 725,000 NYS HFA (Multifamily Hsg.) 6.300 02/15/2032 725,507 - ------------------------------------------------------------------------------------------------------------------------------------ 4,100,000 NYS HFA (Multifamily Hsg.) 6.350 08/15/2023 4,208,158 - ------------------------------------------------------------------------------------------------------------------------------------ 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,274,365 28 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 2,905,000 NYS HFA (Multifamily Hsg.) 6.500% 08/15/2024 $ 2,983,755 - ------------------------------------------------------------------------------------------------------------------------------------ 11,980,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 12,106,509 - ------------------------------------------------------------------------------------------------------------------------------------ 5,640,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,842,871 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 78,437 - ------------------------------------------------------------------------------------------------------------------------------------ 2,790,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2024 2,806,517 - ------------------------------------------------------------------------------------------------------------------------------------ 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,623,884 - ------------------------------------------------------------------------------------------------------------------------------------ 1,536,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 1,569,393 - ------------------------------------------------------------------------------------------------------------------------------------ 2,485,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 2,522,797 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS HFA (Multifamily Hsg.) 7.850 02/15/2030(p) 51,196 - ------------------------------------------------------------------------------------------------------------------------------------ 385,000 NYS HFA (Multifamily Hsg.) 8.000 11/01/2008 395,330 - ------------------------------------------------------------------------------------------------------------------------------------ 930,000 NYS HFA (Multifamily Hsg.)(a) 6.250 02/15/2031 935,264 - ------------------------------------------------------------------------------------------------------------------------------------ 200,000 NYS HFA (Multifamily Hsg.)(a) 6.250 02/15/2031 200,986 - ------------------------------------------------------------------------------------------------------------------------------------ 2,940,000 NYS HFA (NH&HC) RITES(a) 5.535(f) 11/01/2016 2,306,371 - ------------------------------------------------------------------------------------------------------------------------------------ 40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 40,845 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 25,529 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 20,427 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 20,427 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,320,050 - ------------------------------------------------------------------------------------------------------------------------------------ 8,985,000 NYS HFA (Service Contract) 5.375 03/15/2023 8,339,877 - ------------------------------------------------------------------------------------------------------------------------------------ 4,185,000 NYS HFA (Service Contract) 5.500 09/15/2022 3,956,625 - ------------------------------------------------------------------------------------------------------------------------------------ 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,281,248 - ------------------------------------------------------------------------------------------------------------------------------------ 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,174,273 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS HFA (Service Contract) 6.125 03/15/2020 25,274 - ------------------------------------------------------------------------------------------------------------------------------------ 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 263,624 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYS HFA (Service Contract) 7.700 03/15/2006 5,198 - ------------------------------------------------------------------------------------------------------------------------------------ 965,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 976,001 - ------------------------------------------------------------------------------------------------------------------------------------ 80,000 NYS LGAC 5.500 04/01/2023 76,350 - ------------------------------------------------------------------------------------------------------------------------------------ 810,000 NYS LGSC (SCSB)(a) 7.375 12/15/2016 822,263 - ------------------------------------------------------------------------------------------------------------------------------------ 1,015,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 861,014 - ------------------------------------------------------------------------------------------------------------------------------------ 2,965,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 3,125,110 - ------------------------------------------------------------------------------------------------------------------------------------ 45,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/2019 47,304 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 10,136 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 NYS Medcare (Hospital & Nursing Home) 6.200 02/15/2023 96,353 - ------------------------------------------------------------------------------------------------------------------------------------ 60,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2029 63,713 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,020,720 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2019 31,331 - ------------------------------------------------------------------------------------------------------------------------------------ 2,065,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2034 2,132,753 - ------------------------------------------------------------------------------------------------------------------------------------ 12,230,000 NYS Medcare (Hospital & Nursing Home) 6.650 08/15/2032 12,847,004 - ------------------------------------------------------------------------------------------------------------------------------------ 4,505,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 4,604,110 - ------------------------------------------------------------------------------------------------------------------------------------ 3,560,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 3,680,435 - ------------------------------------------------------------------------------------------------------------------------------------ 1,740,000 NYS Medcare (Hospital & Nursing Home)(a) 9.000 02/15/2026 1,783,500 - ------------------------------------------------------------------------------------------------------------------------------------ 70,000 NYS Medcare (Insured Mortgage Nursing) 6.500 11/01/2015 73,601 - ------------------------------------------------------------------------------------------------------------------------------------ 1,650,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,698,675 - ------------------------------------------------------------------------------------------------------------------------------------ 630,000 NYS Medcare (Mental Health) 0.000 08/15/2018 158,382 29 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 600,000 NYS Medcare (Mental Health) 5.250% 08/15/2023 $ 553,572 - ------------------------------------------------------------------------------------------------------------------------------------ 250,000 NYS Medcare (Mental Health) 5.500 08/15/2024 236,433 - ------------------------------------------------------------------------------------------------------------------------------------ 305,000 NYS Medcare (Mental Health) 7.500 02/15/2021(p) 315,751 - ------------------------------------------------------------------------------------------------------------------------------------ 365,000 NYS Medcare (Mental Health) 7.625 08/15/2017 382,411 - ------------------------------------------------------------------------------------------------------------------------------------ 3,535,000 NYS Medcare (Mental Health) 7.700 02/15/2018 3,542,388 - ------------------------------------------------------------------------------------------------------------------------------------ 35,000 NYS Medcare (Mental Health) 7.750 08/15/2011(p) 36,316 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYS Medcare (Mental Health) 7.750 02/15/2020 5,111 - ------------------------------------------------------------------------------------------------------------------------------------ 220,000 NYS Medcare (Mental Health) 7.875 08/15/2015 220,847 - ------------------------------------------------------------------------------------------------------------------------------------ 1,645,000 NYS Medcare (Mental Health) 8.875 08/15/2007 1,677,242 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 24,594 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 NYS Medcare (NY & Presbyterian Hospital) 5.375 02/15/2025 2,805,810 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 25,275 - ------------------------------------------------------------------------------------------------------------------------------------ 110,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/2019 112,420 - ------------------------------------------------------------------------------------------------------------------------------------ 22,000,000 NYS Medcare (St. Luke's Hospital) IVRC(a) 6.259(f) 02/15/2029 20,295,000 - ------------------------------------------------------------------------------------------------------------------------------------ 8,400,000 NYS Medcare (St. Luke's Hospital) RITES(a) 6.266(f) 02/15/2029 7,791,168 - ------------------------------------------------------------------------------------------------------------------------------------ 12,500,000 NYS Medcare (St. Luke's Hospital) RITES(a) 6.266(f) 02/15/2029 11,594,000 - ------------------------------------------------------------------------------------------------------------------------------------ 5,750,000 NYS Medcare (St. Luke's Hospital) RITES(a) 6.315(f) 02/15/2029 5,333,240 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000,000 NYS Medcare (St. Luke's Hospital) RITES(a) 6.315(f) 02/15/2029 9,275,200 - ------------------------------------------------------------------------------------------------------------------------------------ 5,925,000 NYS Medcare RITES(a) 5.513(f) 02/15/2019 5,207,186 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000,000 NYS Medcare RITES(a) 5.763(f) 02/15/2025 8,558,500 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 NYS Power Authority 6.750 01/01/2018(p) 10,318 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS Thruway Authority 0.000 01/01/2003 882,120 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 NYS Thruway Authority 0.000 01/01/2004 1,674,560 - ------------------------------------------------------------------------------------------------------------------------------------ 260,000 NYS Thruway Authority 0.000 01/01/2005 206,567 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000,000 NYS Thruway Authority Convertible INFLOS 5.095(f) 01/01/2024 18,718,750 - ------------------------------------------------------------------------------------------------------------------------------------ 7,140,000 NYS Thruway Authority RITES(a) 5.069(f) 01/01/2025 3,949,562 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 NYS UDC (Correctional Facilities) 0.000 01/01/2003 13,303 - ------------------------------------------------------------------------------------------------------------------------------------ 900,000 NYS UDC (Correctional Facilities) 0.000 01/01/2008 603,198 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 NYS UDC (Correctional Facilities) 0.000 01/01/2013 2,542 - ------------------------------------------------------------------------------------------------------------------------------------ 2,555,000 NYS UDC (Correctional Facilities) 5.250 01/01/2021 2,337,697 ----------------------------------------------------------------------------------------------------------------------------------- 5,590,000 NYS UDC (Correctional Facilities) 5.375 01/01/2025 5,154,539 ----------------------------------------------------------------------------------------------------------------------------------- 3,200,000 NYS UDC (Correctional Facilities) RITES(a) 5.079(f) 01/01/2028 1,721,024 - ------------------------------------------------------------------------------------------------------------------------------------ 104,870,000 NYS UDC (South Mall) 0.000 01/01/2011 53,729,096 - ------------------------------------------------------------------------------------------------------------------------------------ 80,000 NYS UDC (South Mall) 0.000 01/01/2011 42,246 - ------------------------------------------------------------------------------------------------------------------------------------ 345,000 NYS UDC (South Mall) 0.000 01/01/2011 182,184 - ------------------------------------------------------------------------------------------------------------------------------------ 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,124,403 - ------------------------------------------------------------------------------------------------------------------------------------ 1,180,000 Oneida County IDA (Mobile Climate Control) 8.000 11/01/2008 1,227,365 - ------------------------------------------------------------------------------------------------------------------------------------ 2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,935,090 - ------------------------------------------------------------------------------------------------------------------------------------ 450,000 Oneida County IDA - ------------------------------------------------------------------------------------------------------------------------------------ (Mohawk Valley Handicapped Services) 5.300 03/15/2019 413,078 - ------------------------------------------------------------------------------------------------------------------------------------ 740,000 Oneida County IDA - ------------------------------------------------------------------------------------------------------------------------------------ (Mohawk Valley Handicapped Services) 5.350 03/15/2029 660,124 - ------------------------------------------------------------------------------------------------------------------------------------ 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,072,559 - ------------------------------------------------------------------------------------------------------------------------------------ 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,016,624 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Oneida Healthcare Corp. 7.100 08/01/2011 25,909 30 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 170,000 Oneida Healthcare Corp. 7.200% 08/01/2031 $ 176,108 - ------------------------------------------------------------------------------------------------------------------------------------ 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 802,571 - ------------------------------------------------------------------------------------------------------------------------------------ 535,000 Onondaga County IDA (Coltec Industries)(a) 7.250 06/01/2008 539,173 - ------------------------------------------------------------------------------------------------------------------------------------ 1,770,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,414,920 - ------------------------------------------------------------------------------------------------------------------------------------ 8,345,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,704,521 - ------------------------------------------------------------------------------------------------------------------------------------ 1,490,000 Onondaga County IDA (Gear Motion) 8.900 12/15/2011 1,518,325 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 4,792,200 - ------------------------------------------------------------------------------------------------------------------------------------ 32,400,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 30,949,776 - ------------------------------------------------------------------------------------------------------------------------------------ 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 677,198 - ------------------------------------------------------------------------------------------------------------------------------------ 27,850,000 Onondaga County Res Rec 6.875 05/01/2006 28,339,603 - ------------------------------------------------------------------------------------------------------------------------------------ 68,670,000 Onondaga County Res Rec 7.000 05/01/2015 69,316,185 - ------------------------------------------------------------------------------------------------------------------------------------ 995,000 Ontario County IDA (Ontario Design) 6.500 11/01/2005 976,413 - ------------------------------------------------------------------------------------------------------------------------------------ 2,250,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 1,837,823 - ------------------------------------------------------------------------------------------------------------------------------------ 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,401,342 - ------------------------------------------------------------------------------------------------------------------------------------ 22,450,000 Orange County IDA (Glen Arden) 8.875 01/01/2025(p) 26,313,196 - ------------------------------------------------------------------------------------------------------------------------------------ 7,600,000 Orange County IDA (Kingston Manufacturing) 8.000 11/01/2017 7,769,936 - ------------------------------------------------------------------------------------------------------------------------------------ 495,000 Orange County IDA (Mental Retardation Project) 7.800 07/01/2011 505,999 - ------------------------------------------------------------------------------------------------------------------------------------ 8,000,000 Orange County IDA (Tuxedo Place) 7.000 08/01/2032 7,620,080 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 Orange County IDA (Tuxedo Place) 7.000 08/01/2033 2,380,675 - ------------------------------------------------------------------------------------------------------------------------------------ 2,770,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,503,609 - ------------------------------------------------------------------------------------------------------------------------------------ 4,700,000 Oswego County IDA (SLRHF) 5.400 02/01/2038 4,290,395 - ------------------------------------------------------------------------------------------------------------------------------------ 3,260,000 Oswego IDA (Seneca Hill Manor) 5.650 08/01/2037 3,098,728 - ------------------------------------------------------------------------------------------------------------------------------------ 2,970,000 Otsego County IDA (Bassett Healthcare Project) 5.350 11/01/2020 2,789,454 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 Otsego County IDA (Hartwick College) 5.500 07/01/2019 2,826,420 - ------------------------------------------------------------------------------------------------------------------------------------ 10,900,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 9,355,034 - ------------------------------------------------------------------------------------------------------------------------------------ 887,716 Peekskill IDA (Karta) 9.000 07/01/2010 901,591 - ------------------------------------------------------------------------------------------------------------------------------------ 1,075,000 Pilgrim Village HDC (Multifamily Hsg.) 6.800 02/01/2021 1,081,622 - ------------------------------------------------------------------------------------------------------------------------------------ 4,000,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 4,182,840 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 9,927 - ------------------------------------------------------------------------------------------------------------------------------------ 485,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 485,631 - ------------------------------------------------------------------------------------------------------------------------------------ 8,310,000 Port Authority NY/NJ (US Airways) 9.000 12/01/2006 8,574,424 - ------------------------------------------------------------------------------------------------------------------------------------ 1,150,000 Port Authority NY/NJ (US Airways) 9.000 12/01/2010 1,186,593 - ------------------------------------------------------------------------------------------------------------------------------------ 23,915,000 Port Authority NY/NJ (US Airways) 9.125 12/01/2015 24,704,434 - ------------------------------------------------------------------------------------------------------------------------------------ 295,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025 298,496 - ------------------------------------------------------------------------------------------------------------------------------------ 145,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025 146,727 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025 75,893 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 Port Authority NY/NJ, 71st Series 6.500 01/15/2026 96,835 - ------------------------------------------------------------------------------------------------------------------------------------ 70,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/2026 71,654 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/2026 15,354 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 Port Authority NY/NJ, 74th Series 6.750 08/01/2026 15,495 - ------------------------------------------------------------------------------------------------------------------------------------ 85,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026 86,681 - ------------------------------------------------------------------------------------------------------------------------------------ 60,000 Portchester CDC (Southport) 7.300 08/01/2011 60,394 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Portchester CDC (Southport) 7.375 08/01/2022 25,185 - ------------------------------------------------------------------------------------------------------------------------------------ 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,068,048 31 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 10,000 Rensselaer Hsg. Authority (Renwyck) 7.650% 01/01/2011 $ 10,714 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 Rensselaer IDA (Millbrook Millwork) 8.500 12/15/2002 30,272 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000,000 Rensselaer Municipal Leasing Corp. 6.900 06/01/2024 20,033,000 - ------------------------------------------------------------------------------------------------------------------------------------ 40,000 Riverhead HDC 8.250 08/01/2010 41,077 - ------------------------------------------------------------------------------------------------------------------------------------ 20,990,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 22,350,152 - ------------------------------------------------------------------------------------------------------------------------------------ 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,223,782 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 Rockland County IDA (Dominican College) 6.250 05/01/2028 1,698,120 - ------------------------------------------------------------------------------------------------------------------------------------ 2,090,000 Rockland County IDA (Dominican College) 8.000 03/01/2013(p) 2,295,363 - ------------------------------------------------------------------------------------------------------------------------------------ 1,395,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,467,945 - ------------------------------------------------------------------------------------------------------------------------------------ 456,000 Schroon Lake Fire District(a) 7.250 03/01/2009 460,218 - ------------------------------------------------------------------------------------------------------------------------------------ 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 180,073 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 SONYMA, Series 27 6.450 04/01/2004 25,666 - ------------------------------------------------------------------------------------------------------------------------------------ 8,695,000 SONYMA, Series 28 6.650 04/01/2022 8,843,771 - ------------------------------------------------------------------------------------------------------------------------------------ 8,830,000 SONYMA, Series 28 7.050 10/01/2023 9,076,710 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 SONYMA, Series 30-A 4.375 10/01/2023 9,661 - ------------------------------------------------------------------------------------------------------------------------------------ 18,020,000 SONYMA, Series 30-B 6.650 10/01/2025 18,415,539 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 SONYMA, Series 30-C2 5.800 10/01/2025 14,486 - ------------------------------------------------------------------------------------------------------------------------------------ 11,510,000 SONYMA, Series 36-A 6.625 04/01/2025 11,820,770 - ------------------------------------------------------------------------------------------------------------------------------------ 12,855,000 SONYMA, Series 38 RITES(a) 7.063(f) 04/01/2025 12,674,259 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 SONYMA, Series 40-A 6.350 04/01/2021 76,287 - ------------------------------------------------------------------------------------------------------------------------------------ 7,595,000 SONYMA, Series 40-A 6.700 04/01/2025 7,818,065 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 SONYMA, Series 40-B 6.400 10/01/2012 76,889 - ------------------------------------------------------------------------------------------------------------------------------------ 5,885,000 SONYMA, Series 40-B 6.600 04/01/2025 6,032,302 - ------------------------------------------------------------------------------------------------------------------------------------ 13,605,000 SONYMA, Series 42 6.650 04/01/2026 13,983,491 - ------------------------------------------------------------------------------------------------------------------------------------ 110,000 SONYMA, Series 42 6.650 04/01/2026 113,458 - ------------------------------------------------------------------------------------------------------------------------------------ 11,990,000 SONYMA, Series 44 7.500 04/01/2026 12,869,946 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 SONYMA, Series 46 6.500 04/01/2013 102,951 - ------------------------------------------------------------------------------------------------------------------------------------ 65,000 SONYMA, Series 46 6.600 10/01/2019 66,912 - ------------------------------------------------------------------------------------------------------------------------------------ 22,680,000 SONYMA, Series 46 6.650 10/01/2025 23,358,586 - ------------------------------------------------------------------------------------------------------------------------------------ 6,520,000 SONYMA, Series 50 6.625 04/01/2025 6,716,382 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 SONYMA, Series 54 6.100 10/01/2015 101,979 - ------------------------------------------------------------------------------------------------------------------------------------ 55,000 SONYMA, Series 54 6.200 10/01/2026 55,464 - ------------------------------------------------------------------------------------------------------------------------------------ 45,000 SONYMA, Series 54 6.200 10/01/2026 45,380 - ------------------------------------------------------------------------------------------------------------------------------------ 5,980,000 SONYMA, Series 58 6.400 04/01/2027 6,109,826 - ------------------------------------------------------------------------------------------------------------------------------------ 10,285,000 SONYMA, Series 60 6.050 04/01/2026 10,270,498 - ------------------------------------------------------------------------------------------------------------------------------------ 10,150,000 SONYMA, Series 65 5.850 10/01/2028 9,846,312 - ------------------------------------------------------------------------------------------------------------------------------------ 11,650,000 SONYMA, Series 67 5.800 10/01/2028 11,293,510 - ------------------------------------------------------------------------------------------------------------------------------------ 4,705,000 SONYMA, Series 69 RITES(a) 5.962(f) 10/01/2028 3,948,060 - ------------------------------------------------------------------------------------------------------------------------------------ 905,000 SONYMA, Series 7 0.000 10/01/2014 907,154 - ------------------------------------------------------------------------------------------------------------------------------------ 940,000 SONYMA, Series 71 5.350 10/01/2018 878,421 - ------------------------------------------------------------------------------------------------------------------------------------ 10,150,000 SONYMA, Series 71 RITES(a) 5.764(f) 04/01/2029 8,212,264 - ------------------------------------------------------------------------------------------------------------------------------------ 5,500,000 SONYMA, Series 73 RITES(a) 6.131(f) 10/01/2028 2,937,220 - ------------------------------------------------------------------------------------------------------------------------------------ 1,675,000 SONYMA, Series 73-A 5.300 10/01/2028 1,479,863 - ------------------------------------------------------------------------------------------------------------------------------------ 10,830,000 SONYMA, Series 79 5.300 04/01/2029 9,639,566 32 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 655,000 SONYMA, Series 8-A 6.875% 04/01/2017 $ 655,524 - ------------------------------------------------------------------------------------------------------------------------------------ 85,000 SONYMA, Series EE-4 7.750 10/01/2010 86,911 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 SONYMA, Series MM-1 7.750 10/01/2005 5,063 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 SONYMA, Series MM-2 7.700 04/01/2005 101,710 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 SONYMA, Series QQ 7.700 10/01/2012 15,267 - ------------------------------------------------------------------------------------------------------------------------------------ 65,000 SONYMA, Series RR 7.700 10/01/2010 66,470 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 SONYMA, Series TT 6.950 10/01/2002 5,128 - ------------------------------------------------------------------------------------------------------------------------------------ 90,000 SONYMA, Series VV 7.375 10/01/2011 92,767 - ------------------------------------------------------------------------------------------------------------------------------------ 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,158,288 - ------------------------------------------------------------------------------------------------------------------------------------ 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,619,057 - ------------------------------------------------------------------------------------------------------------------------------------ 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,342,056 - ------------------------------------------------------------------------------------------------------------------------------------ 1,310,000 Suffolk County IDA (ACLDD) 6.500 03/01/2018 1,216,217 - ------------------------------------------------------------------------------------------------------------------------------------ 470,000 Suffolk County IDA (ALIA-ACLDD) 6.375 06/01/2014 434,712 - ------------------------------------------------------------------------------------------------------------------------------------ 395,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 387,392 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 Suffolk County IDA (ALIA-DDI) 6.375 06/01/2014 1,849,840 - ------------------------------------------------------------------------------------------------------------------------------------ 850,000 Suffolk County IDA (ALIA-DDI) 6.950 12/01/2014 833,629 - ------------------------------------------------------------------------------------------------------------------------------------ 1,035,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 957,292 - ------------------------------------------------------------------------------------------------------------------------------------ 2,455,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 2,407,717 - ------------------------------------------------------------------------------------------------------------------------------------ 835,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 772,308 - ------------------------------------------------------------------------------------------------------------------------------------ 840,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 823,822 - ------------------------------------------------------------------------------------------------------------------------------------ 495,000 Suffolk County IDA (ALIA-LIHIA) 6.375 06/01/2014 457,835 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Suffolk County IDA (ALIA-LIHIA) 6.950 12/01/2014 980,740 - ------------------------------------------------------------------------------------------------------------------------------------ 810,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 749,185 - ------------------------------------------------------------------------------------------------------------------------------------ 2,540,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 2,491,080 - ------------------------------------------------------------------------------------------------------------------------------------ 350,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 323,722 - ------------------------------------------------------------------------------------------------------------------------------------ 1,460,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,431,880 - ------------------------------------------------------------------------------------------------------------------------------------ 515,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 505,081 - ------------------------------------------------------------------------------------------------------------------------------------ 23,000,000 Suffolk County IDA (Camelot Village) 7.900 11/01/2031 22,592,670 - ------------------------------------------------------------------------------------------------------------------------------------ 405,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 402,590 - ------------------------------------------------------------------------------------------------------------------------------------ 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,574,006 - ------------------------------------------------------------------------------------------------------------------------------------ 865,000 Suffolk County IDA (CPCLI) 6.000 06/01/2009 819,259 - ------------------------------------------------------------------------------------------------------------------------------------ 3,230,000 Suffolk County IDA (CPCLI) 6.875 06/01/2024 2,994,404 - ------------------------------------------------------------------------------------------------------------------------------------ 390,000 Suffolk County IDA (CPCLI) 7.250 11/01/2007 390,823 - ------------------------------------------------------------------------------------------------------------------------------------ 1,825,000 Suffolk County IDA (CPCLI) 8.250 11/01/2022 1,875,717 - ------------------------------------------------------------------------------------------------------------------------------------ 1,390,000 Suffolk County IDA (DDI) 6.250 03/01/2009 1,327,089 - ------------------------------------------------------------------------------------------------------------------------------------ 5,270,000 Suffolk County IDA (DDI) 7.250 03/01/2024 4,958,965 - ------------------------------------------------------------------------------------------------------------------------------------ 510,000 Suffolk County IDA (DDI) 7.375 03/01/2003 511,938 - ------------------------------------------------------------------------------------------------------------------------------------ 9,675,000 Suffolk County IDA (DDI) 8.750 03/01/2023 10,328,837 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 1,913,360 - ------------------------------------------------------------------------------------------------------------------------------------ 3,115,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,039,430 - ------------------------------------------------------------------------------------------------------------------------------------ 920,000 Suffolk County IDA (Dowling College) 8.250 12/01/2020(p) 949,652 - ------------------------------------------------------------------------------------------------------------------------------------ 305,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 305,040 - ------------------------------------------------------------------------------------------------------------------------------------ 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,196,558 - ------------------------------------------------------------------------------------------------------------------------------------ 445,000 Suffolk County IDA (Fil-Coil Corp.)(a) 9.000 12/01/2015 440,995 33 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 1,060,000 Suffolk County IDA (Fil-Coil Corp.)(a) 9.250% 12/01/2025 $ 1,050,460 - ------------------------------------------------------------------------------------------------------------------------------------ 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,672,636 - ------------------------------------------------------------------------------------------------------------------------------------ 3,250,000 Suffolk County IDA (Jefferson's Ferry) 6.125 11/01/2029 3,191,663 - ------------------------------------------------------------------------------------------------------------------------------------ 6,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 6,266,455 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 9,588,000 - ------------------------------------------------------------------------------------------------------------------------------------ 135,000 Suffolk County IDA (Microwave Power) 7.750 06/30/2002 136,104 - ------------------------------------------------------------------------------------------------------------------------------------ 4,320,000 Suffolk County IDA (Microwave Power) 8.500 06/30/2022 4,555,138 - ------------------------------------------------------------------------------------------------------------------------------------ 715,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 740,697 - ------------------------------------------------------------------------------------------------------------------------------------ 355,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 355,046 - ------------------------------------------------------------------------------------------------------------------------------------ 2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,546,807 - ------------------------------------------------------------------------------------------------------------------------------------ 290,000 Suffolk County IDA (Rainbow Chimes) 7.000 05/01/2007 286,479 - ------------------------------------------------------------------------------------------------------------------------------------ 2,210,000 Suffolk County IDA (Rainbow Chimes) 8.000 11/01/2024 2,189,977 - ------------------------------------------------------------------------------------------------------------------------------------ 1,670,000 Suffolk County IDA (Rimland Facilities)(a) 7.125(v) 12/01/2009 1,669,666 - ------------------------------------------------------------------------------------------------------------------------------------ 1,260,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 1,325,722 - ------------------------------------------------------------------------------------------------------------------------------------ 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,295,122 - ------------------------------------------------------------------------------------------------------------------------------------ 2,890,000 Sunnybrook EHC 11.250 12/01/2014 2,976,816 - ------------------------------------------------------------------------------------------------------------------------------------ 9,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 9,393,405 - ------------------------------------------------------------------------------------------------------------------------------------ 625,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 590,200 - ------------------------------------------------------------------------------------------------------------------------------------ 1,990,000 Syracuse Hsg. Authority (Seneca Heights) 7.500 12/01/2007 1,482,689 - ------------------------------------------------------------------------------------------------------------------------------------ 4,720,000 Syracuse Hsg. Authority (Seneca Heights) 8.500 12/01/2017 3,495,490 - ------------------------------------------------------------------------------------------------------------------------------------ 470,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 476,275 - ------------------------------------------------------------------------------------------------------------------------------------ 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,251,829 - ------------------------------------------------------------------------------------------------------------------------------------ 31,865,000 Syracuse IDA (James Square) 0.000 08/01/2025 5,949,514 - ------------------------------------------------------------------------------------------------------------------------------------ 7,050,000 Syracuse IDA (Pavilion on James Senior Hsg.) 7.500 08/01/2030 6,753,971 - ------------------------------------------------------------------------------------------------------------------------------------ 980,000 Syracuse IDA (Rockwest Center I)(a) 7.625 12/01/2010 781,060 - ------------------------------------------------------------------------------------------------------------------------------------ 1,150,000 Syracuse IDA (Rockwest Center I)(a) 8.000 06/01/2013 1,147,125 - ------------------------------------------------------------------------------------------------------------------------------------ 1,470,000 Syracuse IDA (Rockwest Center I)(a) 8.625 12/01/2015 1,171,590 - ------------------------------------------------------------------------------------------------------------------------------------ 8,085,000 Syracuse IDA (Spectrum Medsystems Corp.) 8.500 11/01/2010 7,958,793 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 34th Street BID (34th Street Partnership) 5.500 01/01/2023 23,541 - ------------------------------------------------------------------------------------------------------------------------------------ 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 3,840,675 - ------------------------------------------------------------------------------------------------------------------------------------ 140,000 Tompkins County IDA (Kendall at Ithaca) 7.250 06/01/2003 139,121 - ------------------------------------------------------------------------------------------------------------------------------------ 455,000 Tompkins County IDA (Kendall at Ithaca) 7.625 06/01/2009 455,018 - ------------------------------------------------------------------------------------------------------------------------------------ 2,790,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015 2,813,938 - ------------------------------------------------------------------------------------------------------------------------------------ 5,735,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2024 5,827,448 - ------------------------------------------------------------------------------------------------------------------------------------ 215,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2007 245,281 - ------------------------------------------------------------------------------------------------------------------------------------ 60,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 71,474 - ------------------------------------------------------------------------------------------------------------------------------------ 725,000 Tonawanda SCHC 6.500 12/01/2010 701,039 - ------------------------------------------------------------------------------------------------------------------------------------ 3,525,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 3,544,670 - ------------------------------------------------------------------------------------------------------------------------------------ 1,505,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 1,511,140 - ------------------------------------------------------------------------------------------------------------------------------------ 1,940,000 TSASC, Inc. (TFABs) 6.000 07/15/2021 1,947,915 - ------------------------------------------------------------------------------------------------------------------------------------ 7,500,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 7,552,500 - ------------------------------------------------------------------------------------------------------------------------------------ 40,945,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 41,170,607 - ------------------------------------------------------------------------------------------------------------------------------------ 118,505,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 119,618,947 - ------------------------------------------------------------------------------------------------------------------------------------ 65,000 Tupper Lake HDC 8.125 10/01/2010 65,166 34 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 995,000 UCP/HCA of Chemung County 6.600% 08/01/2022 $ 1,052,193 - ------------------------------------------------------------------------------------------------------------------------------------ 4,870,000 UFA Devel. Corp. (Loretto-Utica Corp.) 5.950 07/01/2035 4,847,939 - ------------------------------------------------------------------------------------------------------------------------------------ 725,000 Ulster County IDA (Benedictine Hospital) 6.400 06/01/2014 669,161 - ------------------------------------------------------------------------------------------------------------------------------------ 1,945,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,716,404 - ------------------------------------------------------------------------------------------------------------------------------------ 270,000 Ulster County IDA (Brooklyn Bottling) 7.800 06/30/2002 271,841 - ------------------------------------------------------------------------------------------------------------------------------------ 1,915,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,987,176 - ------------------------------------------------------------------------------------------------------------------------------------ 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 3,603,240 - ------------------------------------------------------------------------------------------------------------------------------------ 1,465,000 Ulster County IDA (Mid-Hsg. Family Health) 5.350 07/01/2023 1,334,293 - ------------------------------------------------------------------------------------------------------------------------------------ 2,250,000 Ulster County Res Rec 6.000 03/01/2014 2,279,408 - ------------------------------------------------------------------------------------------------------------------------------------ 2,470,000 Union Hsg. Authority (Methodist Homes) 7.625 11/01/2016 2,561,983 - ------------------------------------------------------------------------------------------------------------------------------------ 120,000 Union Hsg. Authority (Methodist Homes) 8.250 04/01/2001 121,930 - ------------------------------------------------------------------------------------------------------------------------------------ 150,000 Union Hsg. Authority (Methodist Homes) 8.350 04/01/2002 155,318 - ------------------------------------------------------------------------------------------------------------------------------------ 2,010,000 Union Hsg. Authority (Methodist Homes) 8.500 04/01/2012 2,147,705 - ------------------------------------------------------------------------------------------------------------------------------------ 20,005,000 United Nations Devel. Corp., Series B 5.600 07/01/2026 18,745,885 - ------------------------------------------------------------------------------------------------------------------------------------ 17,150,000 United Nations Devel. Corp., Series C 5.600 07/01/2026 16,134,377 - ------------------------------------------------------------------------------------------------------------------------------------ 50,000 Utica GO 5.800 12/01/2001 49,875 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Utica GO 5.900 12/01/2002 99,243 - ------------------------------------------------------------------------------------------------------------------------------------ 580,000 Utica GO 6.000 01/15/2006 566,005 - ------------------------------------------------------------------------------------------------------------------------------------ 560,000 Utica GO 6.250 01/15/2007 551,303 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 Utica GO(w) 6.100 01/15/2013 502,550 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 Utica GO(w) 6.200 01/15/2014 502,305 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 Utica GO(w) 6.250 01/15/2015 502,115 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000,000 Utica IDA (Utica College) 5.750 08/01/2028 2,730,780 - ------------------------------------------------------------------------------------------------------------------------------------ 25,000 Utica SCHC (Brook Apartments) 0.000 07/01/2002 20,706 - ------------------------------------------------------------------------------------------------------------------------------------ 3,410,000 Utica SCHC (Brook Apartments) 0.000 07/01/2026 310,583 - ------------------------------------------------------------------------------------------------------------------------------------ 360,000 Valley Health Devel. Corp. 11.300 02/01/2007 397,415 - ------------------------------------------------------------------------------------------------------------------------------------ 165,000 Valley Health Devel. Corp. 11.300 02/01/2023 181,979 - ------------------------------------------------------------------------------------------------------------------------------------ 20,000 Valley Health Devel. Corp. 7.850 08/01/2035 21,119 - ------------------------------------------------------------------------------------------------------------------------------------ 950,000 Vigilant EHL (Thomaston Volunteer Fire Dept.) 7.500 11/01/2012 976,448 - ------------------------------------------------------------------------------------------------------------------------------------ 8,440,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.000 12/15/2012 8,100,290 - ------------------------------------------------------------------------------------------------------------------------------------ 8,555,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,361,657 - ------------------------------------------------------------------------------------------------------------------------------------ 8,965,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,762,391 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Watervliet EHC 8.000 11/15/2003 100,814 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 Watervliet EHC 8.000 11/15/2004 95,773 - ------------------------------------------------------------------------------------------------------------------------------------ 95,000 Watervliet EHC 8.000 11/15/2005 95,773 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Watervliet EHC 8.000 11/15/2006 100,814 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Watervliet EHC 8.000 11/15/2007 100,814 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Watervliet EHC 8.000 11/15/2008 100,814 - ------------------------------------------------------------------------------------------------------------------------------------ 100,000 Watervliet EHC 8.000 11/15/2009 100,814 - ------------------------------------------------------------------------------------------------------------------------------------ 245,000 Wayne County IDA (ARC) 7.250 03/01/2003 244,373 - ------------------------------------------------------------------------------------------------------------------------------------ 2,925,000 Wayne County IDA (ARC) 8.375 03/01/2018 3,050,366 - ------------------------------------------------------------------------------------------------------------------------------------ 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,998,843 35 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== New York Continued $ 1,285,200 Westchester County IDA (Clearview School) 9.375% 01/01/2021 $ 1,374,946 - ------------------------------------------------------------------------------------------------------------------------------------ 2,220,000 Westchester County IDA (JBFS) 6.750 12/15/2012 2,232,854 - ------------------------------------------------------------------------------------------------------------------------------------ 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,527,848 - ------------------------------------------------------------------------------------------------------------------------------------ 3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 2,541,468 - ------------------------------------------------------------------------------------------------------------------------------------ 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 680,432 - ------------------------------------------------------------------------------------------------------------------------------------ 1,750,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,654,695 - ------------------------------------------------------------------------------------------------------------------------------------ 65,000 Westchester County IDA (Westchester Airport) 5.950 08/01/2024 63,096 - ------------------------------------------------------------------------------------------------------------------------------------ 24,110,000 Westchester County Tobacco Asset Securitization Corp. 0.000 07/15/2029 21,054,058 - ------------------------------------------------------------------------------------------------------------------------------------ 76,275,000 Westchester County Tobacco Asset Securitization Corp. 0.000 07/15/2039 41,505,804 - ------------------------------------------------------------------------------------------------------------------------------------ 1,815,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,997,516 - ------------------------------------------------------------------------------------------------------------------------------------ 975,000 Yates County IDA (Keuka College) 9.000 08/01/2011 1,026,266 - ------------------------------------------------------------------------------------------------------------------------------------ 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 3,632,679 - ------------------------------------------------------------------------------------------------------------------------------------ 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,288,274 - ------------------------------------------------------------------------------------------------------------------------------------ 1,590,000 Yonkers IDA (Philipsburgh Hall) 7.500 11/01/2030 1,592,290 - ------------------------------------------------------------------------------------------------------------------------------------ 720,000 Yonkers IDA (St. Joseph's Hospital) 7.500 12/30/2003 727,517 - ------------------------------------------------------------------------------------------------------------------------------------ 3,270,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,465,873 - ------------------------------------------------------------------------------------------------------------------------------------ 2,200,000 Yonkers IDA (St. Joseph's Hospital), Series 98-A 6.150 03/01/2015 1,936,176 - ------------------------------------------------------------------------------------------------------------------------------------ 2,100,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 6.150 03/01/2015 1,848,168 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-C 6.200 03/01/2020 864,520 - ------------------------------------------------------------------------------------------------------------------------------------ 250,000 Yonkers IDA (Westchester School) 7.375 12/30/2003 252,905 - ------------------------------------------------------------------------------------------------------------------------------------ 3,375,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,618,068 - ------------------------------------------------------------------------------------------------------------------------------------ 800,000 Yonkers Parking Authority 6.000 06/15/2018 763,232 - ------------------------------------------------------------------------------------------------------------------------------------ 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,135,405 - ------------------------------------------------------------------------------------------------------------------------------------ 655,000 Yonkers Parking Authority 7.750 12/01/2004 668,270 -------------- 3,808,991,777 ==================================================================================================================================== U.S. Possessions--9.5% 400,000 American Samoa Power Authority 6.800 09/01/2000 401,012 - ------------------------------------------------------------------------------------------------------------------------------------ 400,000 American Samoa Power Authority 6.850 09/01/2001 407,088 - ------------------------------------------------------------------------------------------------------------------------------------ 400,000 American Samoa Power Authority 6.900 09/01/2002 411,916 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 American Samoa Power Authority 6.950 09/01/2003 520,285 - ------------------------------------------------------------------------------------------------------------------------------------ 500,000 American Samoa Power Authority 7.000 09/01/2004 525,560 - ------------------------------------------------------------------------------------------------------------------------------------ 800,000 American Samoa Power Authority 7.100 09/01/2001 815,864 - ------------------------------------------------------------------------------------------------------------------------------------ 800,000 American Samoa Power Authority 7.200 09/01/2002 828,544 - ------------------------------------------------------------------------------------------------------------------------------------ 4,225,000 Guam Airport Authority, Series A 6.500 10/01/2023 4,275,869 - ------------------------------------------------------------------------------------------------------------------------------------ 3,675,000 Guam Airport Authority, Series B 6.600 10/01/2010 3,823,066 - ------------------------------------------------------------------------------------------------------------------------------------ 60,730,000 Guam Airport Authority, Series B 6.700 10/01/2023 61,704,717 - ------------------------------------------------------------------------------------------------------------------------------------ 2,995,000 Guam EDA (Harmon Village Apartments)(a,b,d) 9.375 11/01/2018 1,791,010 - ------------------------------------------------------------------------------------------------------------------------------------ 2,530,000 Guam EDA (Royal Socio Apartments) 9.500 11/01/2018 2,544,598 - ------------------------------------------------------------------------------------------------------------------------------------ 7,000,000 Guam GO, Series A 5.400 11/15/2018 6,206,550 - ------------------------------------------------------------------------------------------------------------------------------------ 651,926 Puerto Rico Dept. of Corrections Equipment Lease(a) 8.000 04/17/2003 651,210 - ------------------------------------------------------------------------------------------------------------------------------------ 17,800,000 Puerto Rico Electric Power Authority LEVRRS 7.510(f) 07/01/2023(p) 19,135,000 - ------------------------------------------------------------------------------------------------------------------------------------ 2,379,574 Puerto Rico Family Dept. Furniture Lease(a) 12.725 08/12/2003 2,562,398 - ------------------------------------------------------------------------------------------------------------------------------------ 744,290 Puerto Rico Family Dept. Furniture Lease(a) 8.000 08/18/2003 745,988 - ------------------------------------------------------------------------------------------------------------------------------------ 30,000 Puerto Rico GO 5.875 07/01/2018(p) 31,325 36 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== U.S. Possessions Continued $ 1,600,000 Puerto Rico GO RITES(a) 7.104%(f) 07/01/2022 $ 1,638,000 - ------------------------------------------------------------------------------------------------------------------------------------ 40,250,000 Puerto Rico GO YCN 7.359(f) 07/01/2020 40,753,125 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Puerto Rico GO YCN(a) 7.845(f) 07/01/2015(p) 1,087,410 - ------------------------------------------------------------------------------------------------------------------------------------ 4,346,786 Puerto Rico Health Dept. Computer Lease(a,d) 7.438 03/26/2003 4,312,013 - ------------------------------------------------------------------------------------------------------------------------------------ 785,000 Puerto Rico HFA (Affordable Hsg.) 6.250 04/01/2029 785,714 - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 Puerto Rico HFC 7.300 10/01/2006 10,217 - ------------------------------------------------------------------------------------------------------------------------------------ 205,000 Puerto Rico HFC 7.500 10/01/2015 209,477 - ------------------------------------------------------------------------------------------------------------------------------------ 5,040,000 Puerto Rico HFC 7.500 04/01/2022 5,150,376 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 Puerto Rico HFC 7.650 10/15/2022 15,342 - ------------------------------------------------------------------------------------------------------------------------------------ 185,000 Puerto Rico IMEPCF (Instituto Medico) 9.500 04/01/2003 186,941 - ------------------------------------------------------------------------------------------------------------------------------------ 434,130 Puerto Rico Industrial Commission Computer Lease(a) 8.000 03/26/2003 434,287 - ------------------------------------------------------------------------------------------------------------------------------------ 1,215,000 Puerto Rico Infrastructure 7.500 07/01/2009 1,217,697 - ------------------------------------------------------------------------------------------------------------------------------------ 660,000 Puerto Rico Infrastructure 7.750 07/01/2008 661,597 - ------------------------------------------------------------------------------------------------------------------------------------ 165,000 Puerto Rico Infrastructure 7.900 07/01/2007 168,333 - ------------------------------------------------------------------------------------------------------------------------------------ 40,800,000 Puerto Rico ITEMECF (AES Puerto Rico) 6.625 06/01/2026 41,638,848 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 2,196,600 - ------------------------------------------------------------------------------------------------------------------------------------ 485,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 405,979 - ------------------------------------------------------------------------------------------------------------------------------------ 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 771,068 - ------------------------------------------------------------------------------------------------------------------------------------ 12,205,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 10,861,840 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 Puerto Rico ITEMECF (Polytech University) 5.700 08/01/2013 4,898 - ------------------------------------------------------------------------------------------------------------------------------------ 955,000 Puerto Rico ITEMECF (Polytech University) 6.500 08/01/2024 964,225 - ------------------------------------------------------------------------------------------------------------------------------------ 750,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 753,713 - ------------------------------------------------------------------------------------------------------------------------------------ 2,150,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,065,118 - ------------------------------------------------------------------------------------------------------------------------------------ 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 4,943,768 - ------------------------------------------------------------------------------------------------------------------------------------ 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 5,827,010 - ------------------------------------------------------------------------------------------------------------------------------------ 133,890 Puerto Rico Medical Services Equipment Lease(a) 7.300 02/27/2003 132,867 - ------------------------------------------------------------------------------------------------------------------------------------ 516,519 Puerto Rico Medical Services Ventilator Lease(a) 7.500 04/01/2003 514,133 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000 Puerto Rico Port Authority 7.300 07/01/2007 15,300 - ------------------------------------------------------------------------------------------------------------------------------------ 29,925,000 Puerto Rico Port Authority (American Airlines) 6.250 06/01/2026 29,210,990 - ------------------------------------------------------------------------------------------------------------------------------------ 12,370,000 Puerto Rico Port Authority (American Airlines) 6.300 06/01/2023 12,163,174 - ------------------------------------------------------------------------------------------------------------------------------------ 12,469,434 Puerto Rico Public Buildings Authority Computer Lease(a) 6.528 05/01/2004 12,239,997 - ------------------------------------------------------------------------------------------------------------------------------------ 702,999 Puerto Rico Rio Grande Computer Lease(a) 8.000 09/02/2003 701,580 - ------------------------------------------------------------------------------------------------------------------------------------ 2,007,313 Puerto Rico Rio Grande Equipment Lease(a,d) 8.800 10/13/2003 2,078,151 - ------------------------------------------------------------------------------------------------------------------------------------ 111,560 Puerto Rico Rio Grande Vehicle Lease(a) 9.000 01/23/2003 111,333 - ------------------------------------------------------------------------------------------------------------------------------------ 503,487 Puerto Rico San Sebastian Garage Lease(a) 10.000 09/16/2005 531,567 - ------------------------------------------------------------------------------------------------------------------------------------ 276,228 Puerto Rico State Courts Vehicle Lease(a) 8.000 03/26/2003 278,004 - ------------------------------------------------------------------------------------------------------------------------------------ 16,550,000 Puerto Rico Telephone Authority RIBS(a) 6.715(f) 01/16/2015(p) 17,522,313 - ------------------------------------------------------------------------------------------------------------------------------------ 15,000,000 Puerto Rico Telephone Authority RIBS(a) 7.399(f) 01/01/2022 16,081,050 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000,000 University of V.I. 6.250 12/01/2029 2,031,700 - ------------------------------------------------------------------------------------------------------------------------------------ 1,205,000 University of V.I. 7.250 10/01/2004 1,326,223 - ------------------------------------------------------------------------------------------------------------------------------------ 3,570,000 University of V.I. 7.700 10/01/2019(p) 4,058,233 - ------------------------------------------------------------------------------------------------------------------------------------ 5,175,000 University of V.I. 7.750 10/01/2024(p) 5,892,617 - ------------------------------------------------------------------------------------------------------------------------------------ 298,000 V.I. GO (Hugo Insurance Claims Program) 7.750 10/01/2006(p) 313,350 - ------------------------------------------------------------------------------------------------------------------------------------ 60,000 V.I. HFA 6.450 03/01/2016 60,868 37 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- Principal Market Value Amount Coupon Maturity See Note 1 ==================================================================================================================================== U.S. Possessions Continued $10,000,000 V.I. Public Finance Authority 5.500% 10/01/2015 $ 9,282,200 - ------------------------------------------------------------------------------------------------------------------------------------ 3,750,000 V.I. Public Finance Authority 5.500 10/01/2022 3,403,575 - ------------------------------------------------------------------------------------------------------------------------------------ 7,500,000 V.I. Public Finance Authority 5.625 10/01/2025 6,841,425 - ------------------------------------------------------------------------------------------------------------------------------------ 7,750,000 V.I. Public Finance Authority 5.875 10/01/2018 7,177,275 - ------------------------------------------------------------------------------------------------------------------------------------ 3,005,000 V.I. Public Finance Authority 6.000 10/01/2022 2,790,894 - ------------------------------------------------------------------------------------------------------------------------------------ 8,400,000 V.I. Public Finance Authority 6.125 10/01/2029 8,460,144 - ------------------------------------------------------------------------------------------------------------------------------------ 8,250,000 V.I. Public Finance Authority 6.500 10/01/2024 8,370,615 - ------------------------------------------------------------------------------------------------------------------------------------ 1,135,000 V.I. Public Finance Authority 7.125 10/01/2004(p) 1,193,872 - ------------------------------------------------------------------------------------------------------------------------------------ 12,375,000 V.I. Public Finance Authority Computer Lease(a) 6.250 01/01/2005 11,971,823 - ------------------------------------------------------------------------------------------------------------------------------------ 75,000 V.I. Water & Power Authority 5.300 07/01/2018 66,572 - ------------------------------------------------------------------------------------------------------------------------------------ 2,515,000 V.I. Water & Power Authority 5.300 07/01/2021 2,201,254 - ------------------------------------------------------------------------------------------------------------------------------------ 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,250,950 -------------- 403,719,645 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments, at Value (Cost $4,343,790,719)--99.1% 4,212,711,422 - ------------------------------------------------------------------------------------------------------------------------------------ Other Assets Net of Liabilities--0.9% 38,634,484 -------------- Net Assets--100.0% $4,251,345,906 ==============
Footnotes to Statement of Investments a. Illiquid security--See Note 5 of Notes to Financial Statements. b. Non-income accruing security. d. Issuer is in default. f. Represents the current interest rate for a variable rate bond known as an "inverse floater" which pays interest at a rate that varies inversely with short-term interest rates. As interest rates rise, inverse floaters produce less current income. Their price may be more volatile than the price of a comparable fixed-rate security. Inverse floaters amount to $885,742,924, or 20.52% of the Fund's total assets as of June 30, 2000. p. This issue has been prerefunded to an earlier date. v. Represents the current interest rate for a variable or increasing rate security. w. When-issued security or forward purchase commitment to be delivered and settled after June 30, 2000. See accompanying Notes to Financial Statements. 38 | ROCHESTER FUND MUNICIPALS FOOTNOTES TO STATEMENT OF INVESTMENTS Continued - ------------------------------------------------------------------------------- ================================================================================ Portfolio Abbreviations June 30, 2000 / Unaudited To simplify the listing of securities in the Statement of Investments, abbreviations are used per the table below: ACDS Association for Children with LEVRRS Leveraged Reverse Rate Security Down Syndrome LGAC Local Government Assistance Corporation ACLDD Adults and Children with Learning and LGSC Local Government Services Corporation Developmental Disabilities LIHIA Long Island Head Injury Association ADD Aid to the Developmentally Disabled LILCO Long Island Lighting Corporation ALIA Alliance of Long Island Agencies LRRHCF Loretto Rest Residential Health Care Facility ARC Association of Retarded Citizens LSSUNY Lutheran Social Services of Upstate ASMF Amsterdam Sludge Management Facility New York BAN Bond Anticipation Notes LVH Little Village House BID Business Improvement District MCH Maryhaven Center of Hope BOCES Board of Cooperative Educational Services MTA Metropolitan Transportation Authority CAB Capital Appreciation Bond NH&HC Nursing Home and Health Care CARS Complimentary Auction Rate Security NIMO Niagara Mohawk Power Corporation CCSSVD Central Council of the Society of NJ New Jersey St. Vincent dePaul NSCFGA North Shore Child and Family CDC Community Development Corporation Guidance Association CNGCS Central Nassau Guidance and NY New York Counseling Services NYC New York City Con Ed Consolidated Edison Company NYS New York State COP Certificates of Participation NYSEG New York State Electric and Gas CPCLI Community Programs Center of Long Island NYU New York University CSD Central School District OBPWC Ocean Bay Park Water Corporation CSMR Community Services for the PRFF Puerto Rican Family Foundation Mentally Retarded Res Rec Resource Recovery Facility DA Dormitory Authority RG&E Rochester Gas and Electric DDI Developmental Disabilities Institute RIBS Residual Interest Bonds DIAMONDS Direct Investment of Accrued Municipals RIT Rochester Institute of Technology EDA Economic Development Authority RITES Residual Interest Tax Exempt Security EFC Environmental Facilities Corporation SCHC Senior Citizen Housing Corporation EHC Elderly Housing Corporation SCSB Schuyler Community Services Board EHL Engine Hook and Ladder SLCD School for Language and ERDA Energy Research and Development Authority Communication Development FREE Family Residences and Essential Enterprises SLRHF St. Luke Residential Healthcare Facility GJSR Gurwin Jewish Senior Residences SONYMA State of New York Mortgage Agency GO General Obligation SSMH Soldiers and Sailors Memorial Hospital HDC Housing Development Corporation SUNY State University of New York HELP Homeless Economic Loan Program SWMA Solid Waste Management Authority HFA Housing Finance Agency TFA Transitional Finance Authority HFC Housing Finance Corporation TFABs Tobacco Flexible Amortization Bonds IDA Industrial Development Agency UCPAGS United Cerebral Palsy Association of IGHL Independent Group Home for Living Greater Suffolk IMEPCF Industrial, Medical and Environmental UCP/HCA United Cerebral Palsy and Handicapped Pollution Control Facilities Children's Association INFLOS Inverse Floating Rate Securities UDC Urban Development Corporation IRS Inverse Rate Security UFA Utica Free Academy ITEMECF Industrial, Tourist, Educational, Medical and V.I. United States Virgin Islands Environmental Community Facilities WORCA Working Organization for Retarded IVRC Inverse Variable Rate Certificate Children and Adults JBFS Jewish Board of Family Services WWH Wyandach/Wheatley Heights JCC Jewish Community Center YCN Yield Curve Note JDAM Julia Dyckman Angus Memorial YCR Yield Curve Receipt JFK John Fitzgerald Kennedy YMCA Young Men's Christian Association L.I. Long Island
39 | ROCHESTER FUND MUNICIPALS FOOTNOTES TO STATEMENT OF INVESTMENTS Continued - ------------------------------------------------------------------------------- ================================================================================ Industry Concentrations June 30, 2000 / Unaudited Distribution of investments by industry of issue, as a percentage of total investments at value, is as follows:
Industry Market Value Percent - ------------------------------------------------------------------------------------ Hospital/Healthcare $ 687,924,777 16.3% Special Assessment 381,891,234 9.1 Electric Utilities 375,352,717 8.9 Multifamily Housing 357,448,678 8.5 Marine/Aviation Facilities 265,618,984 6.3 Municipal Leases 262,326,918 6.2 Adult Living Facilities 243,615,466 5.8 Manufacturing, Non-Durable Goods 222,215,715 5.3 Single Family Housing 199,712,411 4.7 General Obligation 190,798,500 4.5 Nonprofit Organization 190,655,332 4.5 Manufacturing, Durable Goods 156,117,727 3.7 Resource Recovery 153,246,632 3.6 Higher Education 126,069,156 3.0 Water Utilities 91,790,881 2.2 Education 90,766,264 2.2 Sales Tax Revenue 59,932,427 1.4 Highways/Railways 50,007,478 1.2 Other 107,220,125 2.6 -------------------------------- $4,212,711,422 100.0% ================================
================================================================================ Summary of Ratings June 30, 2000 / Unaudited Distribution of investments by rating category, as a percentage of total investments at value, is as follows:
Rating Percent - --------------------------------- AAA 19.3% AA 14.2 A 20.3 BBB 23.3 BB 1.6 B 0.7 CCC 0.0 CC 0.0 C 0.0 Not Rated 20.6 ------ 100.0% ======
Bonds rated by any nationally recognized statistical rating organization are included in the equivalent Standard & Poor's rating category. As a general matter, unrated bonds may be backed by mortgage liens or equipment liens on the underlying property, and also may be guaranteed. Bonds which are backed by a letter of credit or by other financial institutions or agencies may be assigned an investment grade rating by the Manager, which reflects the quality of the guarantor, institution or agency. Unrated bonds may also be assigned a rating when the issuer has rated bonds outstanding with comparable credit characteristics, or when, in the opinion of the Manager, the bond itself possesses credit characteristics which allow for rating. The unrated bonds in the portfolio are predominantly smaller issuers which have not applied for a bond rating. Only those unrated bonds which subsequent to purchase have not been designated investment grade by the Manager are included in the "Not Rated" category. 40 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Unaudited - -------------------------------------------------------------------------------
June 30, 2000 ================================================================================================== Assets Investments, at value (cost $4,343,790,719)--see accompanying statement $4,212,711,422 - -------------------------------------------------------------------------------------------------- Cash 6,578,563 - -------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 73,017,328 Investments sold 15,078,569 Shares of beneficial interest sold 8,424,266 Other 41,073 -------------- Total assets 4,315,851,221 ================================================================================================== Liabilities Payables and other liabilities: Note payable to bank (interest rate 7.875% at 6/30/00) 50,300,000 Shares of beneficial interest redeemed 5,829,174 Dividends 3,763,526 Investments purchased 3,072,425 Trustees' compensation 1,169,149 Other 371,041 -------------- Total liabilities 64,505,315 ================================================================================================== Net Assets $4,251,345,906 ============== ================================================================================================== Composition of Net Assets Paid-in capital $4,521,486,645 - -------------------------------------------------------------------------------------------------- Excess of distributions over net investment income (3,293,143) - -------------------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (135,768,299) - -------------------------------------------------------------------------------------------------- Net unrealized depreciation on investments (131,079,297) -------------- Net Assets $4,251,345,906 ============== ================================================================================================== Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $3,318,074,153 and 194,822,004 shares of beneficial interest outstanding) $17.03 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $17.88 - -------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $702,561,195 and 41,272,828 shares of beneficial interest outstanding) $17.02 - -------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $220,385,141 and 12,950,998 shares of beneficial interest outstanding) $17.02 - -------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $10,325,417 and 606,310 shares of beneficial interest outstanding) $17.03
See accompanying Notes to Financial Statements. 41 | ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS Unaudited - -------------------------------------------------------------------------------
For the Six Months Ended June 30, 2000 ==================================================================================== Investment Income Interest $143,688,790 ==================================================================================== Expenses Management fees 9,676,646 - ------------------------------------------------------------------------------------ Distribution and service plan fees: Class A 2,386,312 Class B 3,346,357 Class C 1,068,264 - ------------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees: Class A 981,664 Class B 247,669 Class C 64,522 Class Y 206 - ------------------------------------------------------------------------------------ Interest 721,887 - ------------------------------------------------------------------------------------ Accounting service fees 621,411 - ------------------------------------------------------------------------------------ Trustees' compensation 227,939 - ------------------------------------------------------------------------------------ Custodian fees and expenses 222,288 - ------------------------------------------------------------------------------------ Other 419,059 ------------ Total expenses 19,984,224 Less expenses paid indirectly (100,219) ------------ Net expenses 19,884,005 ==================================================================================== Net Investment Income 123,804,785 ==================================================================================== Realized and Unrealized Gain (Loss) Net realized loss on investments (24,802,457) - ------------------------------------------------------------------------------------ Net change in unrealized appreciation or depreciation on investments 93,371,662 ------------ Net realized and unrealized gain 68,569,205 ==================================================================================== Net Increase in Net Assets Resulting from Operations $192,373,990 ============
See accompanying Notes to Financial Statements. 42 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------
Six Months Year Ended Ended June 30, 2000 December 31, (Unaudited) 1999 ==================================================================================================================== Operations Net investment income $ 123,804,785 $ 247,716,169 - -------------------------------------------------------------------------------------------------------------------- Net realized loss (24,802,457) (41,602,735) - -------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation or depreciation 93,371,662 (471,101,165) --------------------------------- Net increase (decrease) in net assets resulting from operations 192,373,990 (264,987,731) ==================================================================================================================== Dividends and/or Distributions to Shareholders Dividends from net investment income: Class A (104,400,435) (204,429,524) Class B (18,577,070) (30,543,603) Class C (5,956,040) (10,772,109) Class Y (108,945) -- ==================================================================================================================== Beneficial Interest Transactions Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A (19,814,482) 261,241,800 Class B 18,929,236 255,736,157 Class C (2,564,007) 72,307,141 Class Y 10,234,516 -- ==================================================================================================================== Net Assets Total increase 70,116,763 78,552,131 - -------------------------------------------------------------------------------------------------------------------- Beginning of period 4,181,229,143 4,102,677,012 --------------------------------- End of period (including excess of distributions over net investment income of $3,293,143 and undistributed net investment income of $1,944,562, respectively) $4,251,345,906 $4,181,229,143 =================================
See accompanying Notes to Financial Statements. 43 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------
Six Months Year Ended Ended June 30, 2000 Dec. 31, Class A (Unaudited) 1999 1998 1997 1996(1) 1995 ============================================================================================================================== Per Share Operating Data Net asset value, beginning of period $16.78 $18.81 $18.67 $18.00 $18.18 $16.31 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .50 1.04 1.04 1.10(2) 1.10(2) 1.10(2) Net realized and unrealized gain (loss) .27 (2.03) .15 .67 (.18) 1.86 ------------------------------------------------------------------------------- Total income (loss) from investment operations .77 (.99) 1.19 1.77 .92 2.96 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.52) (1.04) (1.04) (1.10) (1.10) (1.09) Undistributed net investment income--prior year -- -- (.01) -- -- -- ------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.52) (1.04) (1.05) (1.10) (1.10) (1.09) - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $17.03 $16.78 $18.81 $18.67 $18.00 $18.18 =============================================================================== ============================================================================================================================== Total Return, at Net Asset Value(3) 4.78% (5.51)% 6.52% 10.20% 5.37% 18.58% ============================================================================================================================== Ratios/Supplemental Data Net assets, end of period (in millions) $3,318 $3,288 $3,435 $2,848 $2,308 $2,145 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $3,264 $3,559 $3,161 $2,539 $2,191 $2,005 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets:(4) Net investment income 6.14% 5.78% 5.50% 5.96% 6.20% 6.25% Expenses 0.78% 0.77% 0.78%(5) 0.76% 0.82% 0.82% Expenses, net of indirect expenses and interest(6) 0.74% 0.73% 0.75% 0.74% 0.77% 0.78% - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 10% 30% 25% 5% 13% 15%
1. On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 2. Based on average shares outstanding for the period. 3. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 4. Annualized for periods of less than one full year. 5. Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly. 6. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. See accompanying Notes to Financial Statements. 44 | ROCHESTER FUND MUNICIPALS
Six Months Year Ended Ended June 30, 2000 Dec. 31, Class B (Unaudited) 1999 1998 1997(7) =============================================================================================== Per Share Operating Data Net asset value, beginning of period $16.77 $18.79 $18.65 $17.89 - ----------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .43 .89 .89 .74(2) Net realized and unrealized gain (loss) .27 (2.03) .14 .76 ------------------------------------------- Total income (loss) from investment operations .70 (1.14) 1.03 1.50 - ----------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.45) (.88) (.89) (.74) Undistributed net investment income--prior year -- -- -- -- ------------------------------------------- Total dividends and/or distributions to shareholders (.45) (.88) (.89) (.74) - ----------------------------------------------------------------------------------------------- Net asset value, end of period $17.02 $16.77 $18.79 $18.65 =========================================== =============================================================================================== Total Return, at Net Asset Value(3) 4.33% (6.27)% 5.61% 8.74% =============================================================================================== Ratios/Supplemental Data Net assets, end of period (in millions) $703 $673 $494 $172 - ----------------------------------------------------------------------------------------------- Average net assets (in millions) $673 $635 $329 $76 - ----------------------------------------------------------------------------------------------- Ratios to average net assets:(4) Net investment income 5.27% 4.91% 4.57% 4.91% Expenses 1.64% 1.64% 1.64%(5) 1.59% Expenses, net of indirect expenses and interest(6) 1.60% 1.59% 1.61% 1.58% - ----------------------------------------------------------------------------------------------- Portfolio turnover rate 10% 30% 25% 5%
1. On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 2. Based on average shares outstanding for the period. 3. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 4. Annualized for periods of less than one full year. 5. Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly. 6. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 7. For the period from March 17, 1997 (inception of offering) to December 31, 1997. See accompanying Notes to Financial Statements. 45 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------
Six Months Year Ended Ended June 30, 2000 Dec. 31, Class C (Unaudited) 1999 1998 1997(7) =============================================================================================== Per Share Operating Data Net asset value, beginning of period $16.76 $18.79 $18.66 $17.89 - ----------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .43 .89 .89 .74(2) Net realized and unrealized gain (loss) .28 (2.04) .13 .77 ------------------------------------------- Total income (loss) from investment operations .71 (1.15) 1.02 1.51 - ----------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.45) (.88) (.89) (.74) Undistributed net investment income--prior year -- -- -- -- ------------------------------------------- Total dividends and/or distributions to shareholders (.45) (.88) (.89) (.74) - ----------------------------------------------------------------------------------------------- Net asset value, end of period $17.02 $16.76 $18.79 $18.66 =========================================== =============================================================================================== Total Return, at Net Asset Value(3) 4.40% (6.32)% 5.56% 8.80% =============================================================================================== Ratios/Supplemental Data Net assets, end of period (in millions) $220 $220 $174 $49 - ----------------------------------------------------------------------------------------------- Average net assets (in millions) $215 $221 $111 $21 - ----------------------------------------------------------------------------------------------- Ratios to average net assets:(4) Net investment income 5.29% 4.92% 4.57% 4.92% Expenses 1.63% 1.63% 1.63%(5) 1.58% Expenses, net of indirect expenses and interest(6) 1.59% 1.58% 1.59% 1.56% - ----------------------------------------------------------------------------------------------- Portfolio turnover rate 10% 30% 25% 5%
1. On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 2. Based on average shares outstanding for the period. 3. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 4. Annualized for periods of less than one full year. 5. Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly. 6. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 7. For the period from March 17, 1997 (inception of offering) to December 31, 1997. See accompanying Notes to Financial Statements. 46 | ROCHESTER FUND MUNICIPALS
Period Ended June 30, 2000 Class Y (Unaudited)(8) ================================================================ Per Share Operating Data Net asset value, beginning of period $16.88 - ---------------------------------------------------------------- Income (loss) from investment operations: Net investment income .15 Net realized and unrealized gain (loss) .16 ------ Total income (loss) from investment operations .31 - ---------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.16) Undistributed net investment income--prior year -- ------ Total dividends and/or distributions to shareholders (.16) - ---------------------------------------------------------------- Net asset value, end of period $17.03 ====== ================================================================ Total Return, at Net Asset Value(3) 1.97% ================================================================ Ratios/Supplemental Data Net assets, end of period (in millions) $10 - ---------------------------------------------------------------- Average net assets (in millions) $10 - ---------------------------------------------------------------- Ratios to average net assets:(4) Net investment income 6.17% Expenses 0.56% Expenses, net of indirect expenses and interest(6) 0.54% - ---------------------------------------------------------------- Portfolio turnover rate 10%
1. On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 2. Based on average shares outstanding for the period. 3. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 4. Annualized for periods of less than one full year. 5. Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly. 6. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 7. For the period from March 17, 1997 (inception of offering) to December 31, 1997. 8. For the period from April 28, 2000 (inception of offering) to June 30, 2000. See accompanying Notes to Financial Statements. 47 | 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 provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders' capital. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own expenses directly attributable to that class and exclusive voting rights with respect to matters affecting that class. Classes A, B and C have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith under consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- Securities Purchased on a When-Issued Basis. Delivery and payment for securities that have been purchased by the Fund on a forward commitment or when-issued basis can take place a month or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends beyond six months and possibly as long as two years or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains segregated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a 48 | ROCHESTER FUND MUNICIPALS when-issued or forward commitment basis may increase the volatility of the Fund's net asset value to the extent the Fund makes such purchases while remaining substantially fully invested. As of June 30, 2000, the Fund had entered into outstanding net when-issued or forward commitments of $3,072,425. - -------------------------------------------------------------------------------- Security Credit Risk. The Fund invests in high yield securities, which may be subject to a greater degree of credit risk, greater market fluctuations and risk of loss of income and principal, and may be more sensitive to economic conditions than lower yielding, higher rated fixed income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2000, securities with an aggregate market value of $13,990,994, representing 0.33% of the Fund's net assets, 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 daily 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 continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income, including any net realized gain on investments not offset by loss carryovers, to shareholders. Therefore, no federal income or excise tax provision is required. As of December 31, 1999, the Fund had available for federal income tax purposes an unused capital loss carryover of approximately $110,651,000, which expires between 2000 and 2007. - -------------------------------------------------------------------------------- Trustees' Compensation. In June, 1998, the Fund adopted an unfunded retirement plan for the Fund's independent Board of Trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended June 30, 2000, a provision of $176,608 was made for the Fund's projected benefit obligations, resulting in an accumulated liability of $687,542 as of June 30, 2000. In January, 1995, the then existing Board of Trustees of the Fund adopted an unfunded retirement plan for its independent trustees. The retirement plan, as amended and restated in October, 1995, provides that no independent trustee of the Fund who is elected after September, 1995 may be eligible to receive benefits thereunder. Upon retirement, eligible trustees receive annual payments based upon their years of service. In connection with the sale of certain assets of Rochester Capital Advisors, L.P. (the Fund's former investment advisor) to the Manager, all but one of the existing independent trustees retired effective January 4, 1996. During the six months ended June 30, 2000, payments of $33,750 were made to retired trustees. As of June 30, 2000, the Fund had recognized an accumulated liability of $472,266. 49 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - ------------------------------------------------------------------------------- ================================================================================ 1. Significant Accounting Policies Continued Trustees' Compensation Continued The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of annual compensation they are entitled to receive from the Fund. Under the plan, the compensation deferred is periodically adjusted as though an equivalent amount had been invested for the Board of Trustees in shares of one or more Oppenheimer funds selected by the trustee. The amount paid to the Board of Trustees under the plan will be determined based upon the performance of the selected funds. 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. - -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. - -------------------------------------------------------------------------------- Classification of Dividends and Distributions to Shareholders. 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 its 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 realized gain was recorded by the Fund. - -------------------------------------------------------------------------------- Expense Offset Arrangements. Expenses paid indirectly represent a reduction of custodian fees for earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- Other. Investment transactions are accounted for as of trade date. Original issue discount is accreted and premium is amortized in accordance with federal income tax requirements. For municipal bonds acquired after April 30, 1993, on disposition or maturity, taxable ordinary income is recognized to the extent of the lesser of gain or market discount that would have accrued over the holding period. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. There are certain risks arising from geographic concentration in any state. Certain revenue or tax related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 50 | ROCHESTER FUND MUNICIPALS ================================================================================ 2. Shares of Beneficial Interest The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended June 30, 2000(1) Year Ended December 31, 1999 Shares Amount Shares Amount - ------------------------------------------------------------------------------------------- Class A Sold 16,208,293 $ 271,475,337 44,147,686 $ 802,354,647 Dividends and/or distributions reinvested 3,163,658 53,093,824 6,141,926 110,148,797 Redeemed (20,527,864) (344,383,643) (36,952,671) (651,261,644) -------------------------------------------------------------- Net increase (decrease) (1,155,913) $ (19,814,482) 13,336,941 $ 261,241,800 ============================================================== - ------------------------------------------------------------------------------------------- Class B Sold 5,088,994 $ 85,379,599 18,541,189 $ 337,286,647 Dividends and/or distributions reinvested 653,880 10,964,766 1,104,735 19,720,059 Redeemed (4,629,150) (77,415,129) (5,768,976) (101,270,549) -------------------------------------------------------------- Net increase 1,113,724 $ 18,929,236 13,876,948 $ 255,736,157 ============================================================== - ------------------------------------------------------------------------------------------- Class C Sold 1,858,568 $ 31,155,731 7,558,824 $ 137,341,468 Dividends and/or distributions reinvested 230,136 3,858,249 417,688 7,463,417 Redeemed (2,247,735) (37,577,987) (4,122,846) (72,497,744) -------------------------------------------------------------- Net increase (decrease) (159,031) $ (2,564,007) 3,853,666 $ 72,307,141 ============================================================== - ------------------------------------------------------------------------------------------- Class Y Sold 606,310 $ 10,234,516 -- $ -- Dividends and/or distributions reinvested -- -- -- -- Redeemed -- -- -- -- -------------------------------------------------------------- Net increase 606,310 $ 10,234,516 -- $ -- ==============================================================
1. For the six months ended June 30, 2000, for Class A, B and C shares and for the period from April 28, 2000 (inception of offering) to June 30, 2000, for Class Y shares. ================================================================================ 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, 2000, were $412,872,656 and $567,582,267, respectively. 51 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - ------------------------------------------------------------------------------- ================================================================================ 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.54% of the first $100 million of average daily net assets, 0.52% on the next $150 million, 0.47% on the next $1.75 billion of average daily net assets, 0.46% on the next $3 billion, and 0.45% of average daily net assets over $5 billion. The Fund's management fee for the six months ended June 30, 2000, was an annualized rate of 0.47%, before any waiver by the Manager. - -------------------------------------------------------------------------------- Accounting Fees. Accounting fees paid to the Manager were in accordance with the accounting services agreement with the Fund, which provides for an annual fee of $12,000 for the first $30 million of net assets and $9,000 for each additional $30 million of net assets. During the six months ended June 30, 2000, the Fund paid $621,411 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 and for other Oppenheimer funds. The Fund pays OFS an annual maintenance fee for each Fund shareholder account and reimburses OFS for its out-of-pocket expenses. During the six months ended June 30, 2000, the Fund paid OFS $1,294,061. - -------------------------------------------------------------------------------- Distribution and Service Plan Fees. Under its General Distributor's Agreement with the Manager, the Distributor acts as the Fund's principal underwriter in the continuous public offering of the different classes of shares of the Fund. The compensation paid to (or retained by) the Distributor from the sale of shares or on the redemption of shares is shown in the table below for the period indicated.
Aggregate Class A Commissions Commissions Commissions Front-End Front-End on Class A on Class B on Class C Sales Charges Sales Charges Shares Shares Shares on Class A Retained by Advanced by Advanced by Advanced by Six Months Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1) - -------------------------------------------------------------------------------------------------- June 30, 2000 $3,677,245 $570,538 $262,049 $3,011,065 $276,965
1. The Distributor advances commission payments to dealers for certain sales of Class A shares and for sales of Class B and Class C shares from its own resources at the time of sale.
Class A Class B Class C Contingent Contingent Contingent Deferred Deferred Deferred Sales Charges Sales Charges Sales Charges Retained by Retained by Retained by Six Months Ended Distributor Distributor Distributor - -------------------------------------------------------------------------- June 30, 2000 $243,189 $1,698,233 $80,328
The Fund has adopted a Service Plan for Class A shares and Distribution and Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment Company Act. Under those plans the Fund pays the Distributor for all or a portion of its costs incurred in connection with the distribution and/or servicing of the shares of the particular class. 52 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- Class A Service Plan Fees. Under the Class A service plan, the Distributor currently uses the fees it receives from the Fund to pay brokers, dealers and other financial institutions. The Class A service plan permits reimbursements to the Distributor at a rate of up to 0.25% of average annual net assets of Class A shares. Currently, the Board of Trustees has limited the rate to 0.15% per year on Class A shares. The Distributor makes payments to plan recipients quarterly at an annual rate not to exceed 0.15% of the average annual net assets consisting of Class A shares of the Fund. For the six months ended June 30, 2000, payments under the Class A Plan totaled $2,386,312, all of which were paid by the Distributor to recipients, and included $16,043 paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. - -------------------------------------------------------------------------------- Class B and Class C Distribution and Service Plan Fees. Under each plan, service fees and distribution fees are computed on the average of the net asset value of shares in the respective class, determined as of the close of each regular business day during the period. The Class B and Class C plans provide for the Distributor to be compensated at a flat rate, whether the Distributor's distribution expenses are more or less than the amounts paid by the Fund under the plan during the period for which the fee is paid. The Distributor retains the asset-based sales charge on Class B shares. The Distributor retains the asset-based sales charge on Class C shares during the first year the shares are outstanding. The asset-based sales charges on Class B and Class C shares allow investors to buy shares without a front-end sales charge while allowing the Distributor to compensate dealers that sell those shares. The Distributor's actual expenses in selling Class B and Class C shares may be more than the payments it receives from the contingent deferred sales charges collected on redeemed shares and asset-based sales charges from the Fund under the plans. If any plan is terminated by the Fund, the Board of Trustees may allow the Fund to continue payments of the asset-based sales charge to the Distributor for distributing shares before the plan was terminated. The plans allow for the carry-forward of distribution expenses, to be recovered from asset-based sales charges in subsequent fiscal periods. Distribution fees paid to the Distributor for the six months ended June 30, 2000, were as follows:
Distributor's Distributor's Aggregate Unreimbursed Unreimbursed Expenses as % Total Payments Amount Retained Expenses of Net Assets Under Plan by Distributor Under Plan of Class - ---------------------------------------------------------------------------------- Class B Plan $3,346,357 $2,918,088 $29,639,140 4.22% Class C Plan 1,068,264 409,901 3,389,011 1.54
53 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - ------------------------------------------------------------------------------- ================================================================================ 5. Illiquid Securities As of June 30, 2000, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of June 30, 2000, was $419,505,247, which represents 9.87% of the Fund's net assets. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limit. ================================================================================ 6. Bank Borrowings The Fund may borrow up to 5% of its total assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The Fund has entered into an agreement which enables it to participate with certain other Oppenheimer funds in an unsecured line of credit with a bank, which permits borrowings up to $100 million, collectively. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.625%. The Fund also pays a commitment fee equal to its pro rata share of the average unutilized amount of the credit facility at a rate of 0.09% per annum. The Fund had borrowings outstanding of $50,300,000 at June 30, 2000. For the six months ended June 30, 2000, the average monthly loan balance was $21,996,755 at an average interest rate of 6.631%. The maximum amount of borrowings outstanding at any month-end was $69,300,000. 54 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS - ------------------------------------------------------------------------------- =============================================================================================== Officers and Trustees Bridget A. Macaskill, Chairman of the Board of Trustees and President John Cannon, Trustee Paul Y. Clinton, Trustee Thomas W. Courtney, Trustee Robert G. Galli, Trustee Lacy B. Herrmann, Trustee George Loft, Trustee Ronald H. Fielding, Vice President Andrew J. Donohue, Secretary Brian W. Wixted, Treasurer Robert J. Bishop, Assistant Treasurer Adele A. Campbell, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary =============================================================================================== Investment Advisor OppenheimerFunds, Inc. =============================================================================================== Distributor OppenheimerFunds Distributor, Inc. =============================================================================================== Transfer and Shareholder OppenheimerFunds Services Servicing Agent =============================================================================================== Custodian of Citibank, N.A. Portfolio Securities =============================================================================================== Independent Auditors KPMG LLP =============================================================================================== Legal Counsel Mayer, Brown & Platt The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent auditors. This is a copy of a report to shareholders of Rochester Fund Municipals. This report must be preceded or accompanied by a Prospectus of Rochester Fund Municipals. For other material information concerning the Fund, see the Prospectus. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two World Trade Center, New York, NY 10048-0203. (C)Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
55 | ROCHESTER FUND MUNICIPALS INFORMATION AND SERVICES - ------------------------------------------------------------------------------- As an Oppenheimer fund shareholder, you can benefit from special services designed to make investing simple. Whether it's automatic investment plans, timely market updates, or immediate account access, you can count on us whenever you need assistance. So call us today, or visit our website--we're here to help. Internet 24-hr access to account information and transactions(1) www.oppenheimerfunds.com - -------------------------------------------------------------------------------- General Information Mon-Fri 8am-9pm ET, Sat 10am-4pm ET 1.800.525.7048 - -------------------------------------------------------------------------------- Telephone Transactions Mon-Fri 8am-9pm ET, Sat 10am-4pm ET 1.800.852.8457 - -------------------------------------------------------------------------------- PhoneLink 24-hr automated information and automated transactions 1.800.533.3310 - -------------------------------------------------------------------------------- Telecommunications Device for the Deaf (TDD) Mon-Fri 9am-6:30pm ET 1.800.843.4461 - -------------------------------------------------------------------------------- OppenheimerFunds Market Hotline 24 hours a day, timely and insightful messages on the economy and issues that may affect your investments 1.800.835.3104 - -------------------------------------------------------------------------------- Transfer and Shareholder Servicing Agent OppenheimerFunds Services P.O. Box 5270, Denver, CO 80217-5270 - -------------------------------------------------------------------------------- Ticker Symbols Class A: RMUNX Class B: RMUBX Class C: RMUCX Class Y: RMUYX 1. At times this website may be inaccessible or its transaction feature may be unavailable. [LOGO]OppenheimerFunds(R) Distributor, Inc. RS0365.001.0600 August 30, 2000 -----END PRIVACY-ENHANCED MESSAGE-----