-----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, NnbKfUtlRN8xYO5x55yktz9ApLaCwVe4kOqOTVJQ/v2EVWpxrKUOfb1qi9LcQFQD ODctw6s8vwN8D1sC+xKjOA== 0000935069-02-001028.txt : 20020905 0000935069-02-001028.hdr.sgml : 20020905 20020905171736 ACCESSION NUMBER: 0000935069-02-001028 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020630 FILED AS OF DATE: 20020905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 02757771 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: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 N-30D 1 g5285_opprochmuni.txt [GRAPHIC OMITTED] Semiannual Report June 30, 2002 ROCHESTER FUND MUNICIPALS [LOGO OMITTED] OPPENHEIMERFUNDS[REGISTRATION MARK] The Right Way to Invest REPORT HIGHLIGHTS CONTENTS 4 LETTER TO SHAREHOLDERS 6 AN INTERVIEW WITH YOUR FUND'S MANAGERS 16 FINANCIAL STATEMENTS 62 TRUSTEES AND OFFICERS 66 PRIVACY POLICY NOTICE As of June 30, 2002, Rochester Fund Municipals' Class A shares provided a distribution yield of 5.94% (without sales charges) and a 30-day SEC yield of 5.68%.(1) This exceeded the average SEC yield in Lipper's New York State Municipal Funds category by 194 basis points.(2) The Fund's 5.68% SEC yield, as of June 30, 2002, (Class A) is the equivalent of 9.07% in taxable yield for a New York City taxpayer at the 37.4% combined New York State, New York City and federal tax rate.(3) Despite lower short-term interest rates during the period of this report, Rochester Fund Municipals paid shareholders a special, one-time monthly distribution of 10 cents per share (Class A) in February 2002. For all other months during the period of this report the Fund maintained a monthly distribution of 8.7 cents per share (Class A). Except for the special February 2002 distribution, the Fund has maintained a constant distribution level over the 37 months since it was last increased in May 1999.(4) 1. As of 6/30/02, the Fund's Class A distribution yield at Maximum Offering Price was 5.66%. Distribution yield at Net Asset Value (NAV) is annualized (based on last distribution) and divided by the NAV on the Fund's 6/25/02 distribution date. Standardized yield (based on net investment income for the 30-day period ended 6/30/02) is annualized and divided by the period-end offering price. Distribution yield at NAV does not include sales charges, which would reduce results. Falling share prices may artificially increase yields. 2. Lipper Analytical Services, Inc. Lipper calculations do not include sales charges which, if included, would reduce results. 3. A portion of the Fund's income may be subject to income taxes. Capital gains distributions, if any, are taxable as capital gains. For investors subject to the Alternative Minimum Tax, a portion of the Fund's distributions may increase that tax. 4. There can be no guarantee that the Fund will be able to pay any stated dividend rate. The Fund's Board of Trustees may change the targeted dividend rate at any time, without notice to shareholders. 2 ROCHESTER FUND MUNICIPALS DIVIDEND DISTRIBUTIONS 7/1/01-6/30/02(5) Distribution per Share (in cents) MONTH CLASS A CLASS B CLASS C CLASS Y - ----------------------------------------------------------- July 8.7 7.5 7.5 8.9 - ----------------------------------------------------------- August 8.7 7.2 7.2 8.9 - ----------------------------------------------------------- September 8.7 7.5 7.5 8.7 - ----------------------------------------------------------- October 8.7 7.5 7.5 8.7 - ----------------------------------------------------------- November 8.7 7.2 7.2 9.0 - ----------------------------------------------------------- December 8.7 7.3 7.3 8.9 - ----------------------------------------------------------- January 8.7 7.8 7.8 8.8 - ----------------------------------------------------------- February 10.0 8.8 8.8 10.2 - ----------------------------------------------------------- March 8.7 7.3 7.3 8.9 - ----------------------------------------------------------- April 8.7 7.6 7.6 8.9 - ----------------------------------------------------------- May 8.7 7.3 7.3 9.1 - ----------------------------------------------------------- June 8.7 7.6 7.6 9.0 - ----------------------------------------------------------- 5. This assumes shares were purchased and held for the entire accrual period. Since distributions 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 distributions on Class A shares at a constant level on a month-to-month basis. There is no assurance that it will be able to do so. The Board of Trustees may change the targeted distribution rate at any time without prior notice to shareholders. Additionally, the amount of those distributions and the distributions paid on Class B, Class C and Class Y shares may vary over time, depending on market conditions, the composition of the Fund's portfolio, and expenses borne by the particular class of shares. Distributions on Class A and Class Y shares will generally be higher than distributions for Class B and Class C shares, which normally have higher expenses than Class A and Class Y. 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 distributions. The Fund's efforts to maintain a steady dividend for its Class A shares did not materially affect portfolio strategies during this reporting period. 3 ROCHESTER FUND MUNICIPALS LETTER TO SHAREHOLDERS [PHOTO OMITTED] JOHN V. MURPHY President Rochester Fund Municipals DEAR SHAREHOLDER, Although we're well into 2002, global tensions and economic challenges that began in 2001 continue to impact events around the world and in the financial markets. Not surprisingly, many investors are unsure what their next step should be and where they should turn to for help in deciding where to invest their money. When it comes to investing, words like trust, experience and consistency have never been more meaningful. Despite the continued challenges, there are signs of a slow but steady recovery in the U.S. economy. Rooted in a combination of low inflation, little pressure on the Federal Reserve Board (the Fed) to raise interest rates and the resilient U.S. consumer, business conditions are gradually improving. We believe the prospects for long-term investors look bright. In the short term, however, one factor unnerving the markets is what the investment industry refers to as "headline risk." That is, the chances of a company receiving negative media attention for actual or perceived wrong doing. Over the last year, scandals in the accounting industry and on Wall Street and stories of poor leadership in big corporations have fueled this negative attention, creating an atmosphere of mistrust between investors and many big businesses. Consequently, the prices of individual stocks have fallen sharply over short periods of time, leaving many shareholders wondering what effect these price drops can have on mutual funds. The fact is, mutual funds, while certainly not immune to declining stock prices, offer clear-cut advantages over direct ownership of individual stocks. Perhaps the biggest advantage is the inherent diversification of many mutual funds. Because fund portfolios often contain a number of different investments, one company's poor performance usually does not have a dramatic 4 ROCHESTER FUND MUNICIPALS effect on the fund as a whole. In addition, OppenheimerFunds portfolio management teams are made up of experienced professionals with the skills, experience and resources necessary to make informed investment decisions. Your financial advisor is an equally important player on your team of investment professionals. Even if you consult with your advisor on a regular basis, now may be a good time to make sure that your portfolio still reflects the right mix of investments to help you reach your long-term goals. We at OppenheimerFunds appreciate and thank you for your continued trust as we strive toward our ongoing goal of investment excellence. To us, this is not a phrase uttered lightly. It's a commitment to providing shareholders with world-class asset management, top-quality service and strong fund performance over time. In other words, it's what makes OppenheimerFunds, THE RIGHT WAY TO INVEST. Sincerely, /S/SIGNATURE John V. Murphy President Rochester Fund Municipals July 22, 2002 THESE GENERAL MARKET VIEWS REPRESENT OPINIONS OF OPPENHEIMERFUNDS, INC. AND ARE NOT INTENDED TO PREDICT PERFORMANCE OF THE SECURITIES MARKETS OR ANY PARTICULAR FUND. SPECIFIC INFORMATION THAT APPLIES TO YOUR FUND IS CONTAINED IN THE PAGES THAT FOLLOW. 5 ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS [PHOTO OMITTED] PORTFOLIO MANAGEMENT TEAM (l to r) ANTHONY A. TANNER, CFA Vice President and Portfolio Manager, Rochester Division Joined the Rochester Investment Team in June 1991 RONALD H. FIELDING, CFA Senior Vice President, Portfolio Manager and Chief Strategist, Rochester Division Founded the Rochester Investment Team in May 1983 DANIEL G. LOUGHRAN, CFA Vice President and Portfolio Manager, Rochester Division Joined the Rochester Investment Team in October 1994 HOW HAS ROCHESTER FUND MUNICIPALS PERFORMED DURING THE PAST SIX-MONTH PERIOD ENDED JUNE 30, 2002? Over this report period, Rochester Fund Municipals' yield compared very favorably with that of other fixed-income investments. Tax-free income made up most of Rochester Fund Municipals' total return during this reporting period. In 2002, municipal bond prices have experienced much less overall volatility than in 2001, making income the main driver of municipal bond performance. In this reporting period, the Fund made five monthly distributions of $0.087 per Class A share, and one monthly distribution of $0.010 per Class A share, despite a January 2002 reduction in short-term interest rates by the Federal Reserve Board (the Fed). While short-term interest-rate reductions have left the overnight rate banks charge each other at 1.75%, the Fund's Class A shares produced a distribution yield of 5.94% (without sales charges) as of the date of this report. Lipper Analytical Services Inc.--an independent mutual fund rating service--reported an average distribution yield of 4.25% among 103 funds in its New York State Municipal Debt Funds category as of June 30, 2002. We continue to believe that an income-oriented approach can benefit fixed-income investors over the longer term. As of June 30, 2002, the Fund's 5.68%, 30-day SEC Yield (for Class A shares) was the equivalent of 9.07% in taxable yield for a New York State taxpayer at the 37.4% combined New York State and federal income tax rate.(1) If you are taxed at a higher combined tax rate, or are subject to additional local income taxes, the equivalent yield would make your Fund investment even more attractive. (For New York City residents at the highest tax rate, this SEC Yield is equivalent to a taxable yield of 10.35%.) 1. A portion of the Fund's income may be subject to income taxes. Capital gains distributions, if any, may be taxable as capital gains. For investors subject to the Alternative Minimum Tax, a portion of the Fund's distributions may increase that tax. 6 ROCHESTER FUND MUNICIPALS AS OF JUNE 30, 2002, THE FUND'S ANNUALIZED CLASS A DISTRIBUTION YIELD OF 5.94%, AT NET ASSET VALUE, IS 169 BASIS POINTS HIGHER THAN THE AVERAGE YIELD OF ALL 103 NEW YORK STATE MUNICIPAL DEBT FUNDS.(2) DESCRIBE THE NEW YORK STATE MUNICIPAL BOND MARKET DURING THIS PERIOD. The condition of the New York State municipal bond market has reflected that of the national municipal bond market during this reporting period. Declining income tax revenues and generally lower interest rates have prompted municipalities nationwide to increase borrowing, as evidenced by the record $162 billion of total new municipal securities sold in the first half of 2002. Yields on short- and intermediate-term municipal bonds dropped precipitously with the Fed's recent short-term interest-rate reductions, as did rates on short-term taxable bonds. This has created opportunities for municipalities to refinance higher cost debt with new bonds issued at these lower rates, adding to the supply of new issues as well. In New York, the surge in issuance of new municipal bonds has been even more pronounced. A total of $21.5 billion of new municipal bonds were issued in New York in the first half of 2002, a 102% increase over this period last year. Continued overall weakness in the U.S. economy has led to an increase in both supply and demand for municipal securities. So far in 2002, investors have been faced with a third consecutive year in which equities have produced negative total returns while municipal bonds have provided positive total returns. This stark dichotomy in performance, coupled with the continued level of volatility and uncertainty in the stock market, has created strong demand for municipal securities as investors have sought both reduced risk and greater income in municipal bonds and bond funds. Previously-issued, often higher-yielding municipal securities available in the "secondary" market have been a popular choice among investors in 2002. During this period we have 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 help offer shareholders generous tax-free income without exposing the portfolio to undue interest-rate risk. And we con- 2. Lipper Analytical Services, Inc. Lipper calculations do not include sales charges which, if included, would reduce results. 7 ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued tinued to "scavenger-hunt" the markets, buying bonds in smaller quantities that we believe offer good value and the potential, over time, for significant yield advantages as well. We believe that our unique approach to municipal bond portfolio management has been a major component of our ability to turn recent market fluctuation to the Fund's advantage. Our efforts in turning these and other time-tested strategies to the advantage of the Fund's shareholders have provided dimensions of professional management that we believe could not be realized through ownership of individual municipal bonds. HOW HAVE YOU MANAGED THE PORTFOLIO TO TAKE ADVANTAGE OF THESE CONDITIONS? The interest-rate reductions of the Fed in 2001, largely intended to stimulate the U.S. economy, have had a much more dramatic effect on short- and intermediate-term municipal bonds than on longer-term securities. This has resulted in a dramatically greater-than-normal difference between the lower yields of short-maturity bonds and higher yields of long-maturity bonds. This condition, often described as a "steep yield curve," has left the average yield of 2-year, insured New York City municipal bond at only 2.11% while the yield on a 30-year insured New York City municipal bond is 5.09%.(3) With widespread belief that short-term interest rates will rise in 2002, we are often asked what effect rising interest rates might have on Rochester Fund Municipals. Some investors are even looking back to 1994 and 1999--two recent periods of rising short-term interest rates--in an attempt to answer that question. However, current conditions are different enough from those two periods that simple projection may not prove accurate. The very steep shape of the yield curve now is one difference--while the Fed reduced short-term interest rates dramatically in 2001, some longer-term bond yields actually rose. This condition is coupled with a currently large difference in yield between higher-rated and lower-rated bonds. Combined, we feel that these factors may well cause prospective increases in short-term interest rates to have different results than those 3. Source: Bloomberg Business News. Used by permission. 8 ROCHESTER FUND MUNICIPALS [PHOTO OMITTED] CREDIT RESEARCH TEAM (l to r) CHRISTOPHER D. WEILER, CFA Assistant Vice President--Credit Analysis, Rochester Division Joined the Rochester Investment Team in January 1999 RICHARD A. STEIN, CFA Vice President-- Credit Analysis, Rochester Division Joined the Rochester Investment Team in May 1993 (Not pictured: Mark DeMitry, Credit Analyst, Robert Bertucci, Credit Analyst) seen in 1994 and 1999. Specifically, while minor increases in short-term interest rates--often intended to control inflation--could well raise yields on shorter-term municipal securities, their anti-inflationary effects may well leave yields of longer-term bonds unaffected. Of course, this is only one possible scenario that could unfold if the Fed increases short-term interest rates. We have long felt that trying to guess the exact scenario is impossible to do consistently over the long term, and works against the best interests of our shareholders. That's why we prefer to use real strategies to try to offset the risks of long-term municipal bonds. For example, we have continued to manage average effective maturity through the purchase of premium coupon callable bonds during this report period. This strategy is based on the fact that a longer-maturity, above-market coupon bond that can be redeemed--or "called"--before it matures generally has less price volatility than a bond that cannot be called before maturity. We have actively sought out longer-maturity, callable bonds with coupon rates higher than the market average. These bonds are sometimes purchased at a price higher than their face value--or at a "premium." Interest payments received through these bonds help the portfolio to generate attractive dividend distributions for shareholders, while the fact that the bonds are callable helps to dampen portfolio volatility. The higher-than-market interest generated by these bonds helps to offset their higher cost. And if the bonds are not redeemed by their issuer at the first possible date, the continuing interest payments can help the portfolio to generate even more attractive yield. After adding this type of bond to the portfolio, we monitor it very closely to ensure that its yield and strategic advantages remain intact. In return, we can achieve a much higher yield than could be earned on a simple, non-callable bond maturing in ten years. This strategy is intended to allow the portfolio to benefit from yield advantages offered by longer-term bonds while seeking to limit portfolio volatility. HOW HAS THE FUND COMPARED TO OTHER INVESTMENTS? Rochester Fund Municipals' attractive yield and investment consistency was appealing to investors during this period, especially when compared to the significant volatility and negative returns 9 ROCHESTER FUND MUNICIPALS AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued of the stock markets. During the period covered by this report, the Dow Jones Industrial Average declined 7.77%, and the NASDAQ Composite Index declined 24.98%.(4) Yields on U.S. Treasury securities remained near 5.5%.(5) Returns on tax-exempt money funds have also remained sluggish since reaching historic lows in December 2001.(6) In the face of continuing uncertainty in many investments, the Fund offered investors an attractive distribution yield, investment consistency and positive total return performance during the reporting period. Despite currently low short-term interest rates, Rochester Fund Municipals has continued to offer individual investors a high level of income exempt from federal, New York State and New York City personal income taxes.(7) The Fund maintained a level dividend for five months of this reporting period, and executed a one-time, higher distribution in February 2002.(8) This single distribution of $0.100 per Class A share, higher than this period's five other $0.087 monthly Class A distributions, was driven by accumulated excess portfolio income. IS NOW A GOOD TIME FOR ME TO ADD TO MY INVESTMENT IN ROCHESTER FUND MUNICIPALS? As the U.S. proceeds through economic recovery, many believe that short-term interest rates will rise. Although inflation remains under control at present, we would expect the Fed to remain vigilant against it. In the broader analysis, it is important to remember that interest rates generally move in cycles--and the value of an investment through market cycles will exhibit some 4. The Dow Jones Industrial Average is a price-weighted average of 30 large, domestic stocks. The NASDAQ Composite Index is a broad-based, capitalization-weighted index of all NASDAQ National Market and Smallcap stocks. Neither index can be purchased directly by investors. 5. Unlike an investment in the Fund, the value of Treasuries, if held to maturity, is fixed; principal and interest is guaranteed and interest is fixed. 6. Unlike the Fund, money market funds seek a stable Net Asset Value. 7. A portion of the Fund's income distributions may be subject to income taxes. Capital gains distributions, if any, are taxable as capital gains. For investors subject to the Alternative Minimum Tax, a portion of the Fund's distributions may increase that tax. 8. The Board of Trustees may change the Fund's dividend at any time without notice to shareholders. There can be no guarantee that the Fund will be able to maintain this or any dividend rate. 10 ROCHESTER FUND MUNICIPALS volatility. But we continue to believe that it is a mistake for investors to "time" their bond fund purchases (or sales) in reaction to forecasts of future interest-rate changes. This reporting period in particular offers a good example of how--and why--the Fund's management strategies are driven by far more than anticipated fluctuations in interest rates. We seek to address interest-rate risk by including bonds with specific characteristics that may make them less sensitive to interest rates, in an effort to help minimize portfolio volatility. But we diversify the portfolio's bond holdings over many different risk categories to minimize potentially adverse effects associated with any one particular risk. The combination of strategies outlined in this report is the reason that the Fund maintained very attractive yield during the period, despite recent steep declines in short-term interest rates. The first half of 2002 has provided a look at the benefits of these combined strategies over a short term. But we continue to believe that the benefits of the Fund's investment approach are even more compelling when measured over the long-term. That's why the decision to invest in municipal bonds should be made in the context of your long-term investment strategy. When you consider adding to your Fund investment, you should consult your financial advisor. We feel that this portfolio continues to represent an outstanding opportunity for New York investors seeking to enjoy the benefits of investing for tax-free income. 11 ROCHESTER FUND MUNICIPALS PERFORMANCE UPDATE Rochester Fund Municipals has performed well over the past six months, with Class A shares providing total return of 3.47% without sales charges.(1) During the last 12 months, total return for Class A shares has been 5.13%, without sales charges.(1) The Fund's positive results can be largely attributed to management's focus on high tax-free income, coupled with a portfolio currently consisting of over 1,100 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, 1992, WITHOUT SALES CHARGES, AND THE LIPPER NEW YORK MUNICIPAL DEBT FUND INDEX. [GRAPHIC OMITTED] EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHICS AS FOLLOWS: Rochester Lipper New York Fund Municipal Debt Date Municipals Fund Index 06/30/1992 $10,000 $10,000 09/30/1992 10,270 10,248 12/31/1992 10,513 10,459 03/31/1993 11,027 10,897 06/30/1993 11,509 11,274 09/30/1993 11,936 11,648 12/31/1993 12,048 11,782 03/31/1994 11,365 11,100 06/30/1994 11,348 11,138 09/30/1994 11,356 11,158 12/31/1994 11,042 10,910 03/31/1995 11,897 11,686 06/30/1995 12,308 11,934 09/30/1995 12,571 12,209 12/31/1995 13,097 12,789 03/31/1996 12,907 12,513 06/30/1996 13,029 12,592 09/30/1996 13,395 12,889 12/31/1996 13,799 13,185 03/31/1997 13,821 13,130 06/30/1997 14,312 13,579 09/30/1997 14,783 13,994 12/31/1997 15,207 14,394 03/31/1998 15,442 14,536 06/30/1998 15,696 14,747 09/30/1998 16,166 15,206 12/31/1998 16,198 15,227 03/31/1999 16,339 15,309 06/30/1999 16,056 14,961 09/30/1999 15,694 14,725 12/31/1999 15,306 14,473 03/31/2000 15,847 14,921 06/30/2000 16,038 15,117 09/30/2000 16,463 15,472 12/31/2000 17,132 16,232 03/31/2001 17,509 16,551 06/30/2001 17,729 16,670 09/30/2001 18,140 17,041 12/31/2001 18,013 16,881 03/31/2002 18,196 17,069 06/30/2002 18,638 17,617 Results of a hypothetical $10,000 investment in Class A shares on 6/30/92, 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. IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND THE PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. The Fund's performance may, from time to time, be subject to substantial short-term changes, particularly during periods of market or interest-rate volatility. For updates on the Fund's performance, please contact your financial advisor, call us at 1.800.525.7048 or visit our website at WWW.OPPENHEIMERFUNDS.COM. 1. Includes reinvested dividends and changes in Net Asset Value (NAV) per share without deducting sales charges. The performance would have been lower if sales charges had been taken into account. See page 15 for the Fund's Average Annual total Returns for the 1-, 5- and 10-year periods ending 6/30/02. 12 ROCHESTER FUND MUNICIPALS PORTFOLIO REVIEW Rochester Fund Municipals is for investors looking for income that's exempt from federal, New York State and New York City personal income taxes. WHAT WE LOOK FOR... o Issues that provide high TRIPLE-TAX-FREE INCOME.(2) o Value-oriented issues with PRICE-APPRECIATION POTENTIAL. o A DIVERSITY OF ISSUES across the state. o Municipalities with IMPROVING CREDIT QUALITY. YIELDS As of 6/30/02(3) DISTRIBUTION YIELD STANDARDIZED AT NAV AT MOP YIELD (WITHOUT (WITH SALES SALES CHARGES) CHARGES) - ------------------------------------------------------------- Class A 5.94% 5.66% 5.68% - ------------------------------------------------------------- Class B 5.16% 5.16% 5.11% - ------------------------------------------------------------- Class C 5.16% 5.16% 5.12% - ------------------------------------------------------------- Class Y 6.13% 6.13% 6.18% 2. A portion of the Fund's income distributions may be subject to income taxes. Capital gains distributions, if any, are taxable as capital gains. For investors subject to the Alternative Minimum Tax, a portion of the Fund's distributions may increase that tax. 3. Distribution Yield at Maximum Offering Price (MOP) (based on last distribution) and standardized yield (based on net investment income for the 30-day period ended 6/30/02) are annualized and divided by the period-end offering price. Distribution yield at Net Asset Value (NAV) does not include sales charges. For Classes B, C and Y, distribution yield at MOP does not include contingent deferred sales charges. Falling share prices may artificially increase yields. 13 ROCHESTER FUND MUNICIPALS PERFORMANCE UPDATE Continued TOP FIVE SECTORS(4) Hospital/Health Care 14.2% - ---------------------------------- Special Assessment 10.8 - ---------------------------------- Electric Utilities 9.7 - ---------------------------------- Sales Tax Revenue 5.5 - ---------------------------------- Water Utilities 5.4 - --------------------- CREDIT ALLOCATION(5) [GRAPHIC OMITTED] o AAA 13.9% o AA 17.9 o A 21.0 o BBB 23.7 o BB 5.4 o B 1.8 o CCC 0.1 o NR 16.2 - --------------------- o HOSPITAL/HEALTH CARE IN DETAIL(4) Standard Hospital Backing 6.7% ---------------------------------------- Insured (Private) 3.2 ----------------------------------------- Insured (FHA, SONYMA, or Other Public Insurance) 2.5 ---------------------------------------- Backed, NYS Appropriation 1.3 ---------------------------------------- Backed, Financial Institution Letter of Credit 0.5 ---------------------------------------- TOTAL 14.2% ---------------------------------------- Regarding the Fund's largest municipal sector, Hospital/Health Care, investors should note that the majority of these holdings have "belt-and-suspenders" credit support from both the hospitals' revenues and backup guarantees of U.S. Government FHA insurance, bank letters of credit or New York State appropriations. 4. Sector weightings are as of 6/30/02, and are subject to change. 5. Portfolio data are as of 6/30/02, 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 and 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 judgement, to securities rated by a rating agency in the same category. See page 45 for further explanation. 14 ROCHESTER FUND MUNICIPALS ================================================================================ TOTAL RETURNS (as of 6/30/02(6)) CUMULATIVE AVERAGE ANNUAL NAV MOP NAV MOP (WITHOUT (WITH SALES (WITHOUT (WITH SALES SALES CHARGES) CHARGES) SALES CHARGES) CHARGES) - -------------------------------------------------------------------- A SHARES - -------------------------------------------------------------------- 6-month 3.47% -1.44% -- -- - -------------------------------------------------------------------- 1-Year 5.13% 0.13% 5.13% 0.13% - -------------------------------------------------------------------- 5-Year 30.23% 24.05% 5.42% 4.40% - -------------------------------------------------------------------- 10-Year 86.38% 77.52% 6.42% 5.91% - -------------------------------------------------------------------- Life (5/15/86) 221.28% 206.01% 7.51% 7.18% - -------------------------------------------------------------------- B SHARES - -------------------------------------------------------------------- 6-month 3.04% -1.96% -- -- - -------------------------------------------------------------------- 1-Year 4.24% -0.71% 4.24% - 0.71% - -------------------------------------------------------------------- 5-Year 24.80% 22.85% 4.53% 4.20% - -------------------------------------------------------------------- Life (3/17/97) 28.31% 27.33% 4.83% 4.68% - -------------------------------------------------------------------- C SHARES - -------------------------------------------------------------------- 6-month 3.04% 2.04% -- -- - -------------------------------------------------------------------- 1-Year 4.24% 3.25% 4.24% 3.25% - -------------------------------------------------------------------- 5-Year 24.79% 24.79% 4.53% 4.53% - -------------------------------------------------------------------- Life (3/17/97) 28.30% 28.30% 4.83% 4.83% - -------------------------------------------------------------------- Y SHARES - -------------------------------------------------------------------- 6-month 3.55% 3.55% -- -- - -------------------------------------------------------------------- 1-Year 5.26% 5.26% 5.26% 5.26% - -------------------------------------------------------------------- Life (4/28/00) 18.76% 18.76% 8.24% 8.24% - -------------------------------------------------------------------- ================================================================================ 6. Average annual returns are annualized and include changes in share price and assume reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative returns are not annualized. MOP stands for Maximum Offering Price and calculations for Class A returns at MOP include the 4.75% maximum initial sales charge. Class B returns at MOP include the applicable contingent deferred sales charge of 5% (1-year), 2% (5-year) and 1% (life-of-class). Class C returns at MOP for the one-year period include the 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. The Fund's performance may, from time to time, be subject to substantial short-term changes, particularly during periods of market or interest-rate volatility. For updates on the Fund's performance, please contact your financial advisor, call us at 1.800.525.7048 or visit our website, www.oppenheimerfunds.com. Investment returns and the principal value of an investment in the Fund will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. 15 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS June 30, 2002 / Unaudited
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================= MUNICIPAL BONDS AND NOTES--100.1% - ------------------------------------------------------------------------------------------------- NEW YORK--87.1% $ 40,001 Albany County IDA (Upper Hudson Library) 8.750% 05/01/2007 $ 40,057 - ------------------------------------------------------------------------------------------------- 955,001 Albany County IDA (Upper Hudson Library) 8.750 05/01/2022 966,002 - ------------------------------------------------------------------------------------------------- 280,072 Albany Hsg. Authority 0.000 10/01/2012(p) 93,536 - ------------------------------------------------------------------------------------------------- 620,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 619,969 - ------------------------------------------------------------------------------------------------- 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,251,304 - ------------------------------------------------------------------------------------------------- 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,060,496 - ------------------------------------------------------------------------------------------------- 1,265,000 Albany IDA (Albany Medical Center) 8.250 08/01/2004 1,279,851 - ------------------------------------------------------------------------------------------------- 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 413,112 - ------------------------------------------------------------------------------------------------- 955,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 998,529 - ------------------------------------------------------------------------------------------------- 2,660,000 Albany IDA (Daughters of Sarah Nursing Home) 5.250 10/20/2021 2,696,043 - ------------------------------------------------------------------------------------------------- 3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,758,907 - ------------------------------------------------------------------------------------------------- 1,680,000 Albany IDA (MARA Mansion Rehab.) 6.500 02/01/2023 1,681,277 - ------------------------------------------------------------------------------------------------- 1,395,000 Albany IDA (Port of Albany) 7.250 02/01/2024 1,430,349 - ------------------------------------------------------------------------------------------------- 1,135,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,146,418 - ------------------------------------------------------------------------------------------------- 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,710,579 - ------------------------------------------------------------------------------------------------- 125,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2029 140,989 - ------------------------------------------------------------------------------------------------- 1,770,000 Albany Parking Authority 0.000 11/01/2017 819,227 - ------------------------------------------------------------------------------------------------- 2,510,000 Albany Parking Authority 5.625 07/15/2020 2,564,015 - ------------------------------------------------------------------------------------------------- 2,000,000 Albany Parking Authority 5.625 07/15/2025 2,022,880 - ------------------------------------------------------------------------------------------------- 2,010,000 Allegany County IDA (Cuba Memorial Hospital)(a) 6.500 11/01/2009 1,007,030 - ------------------------------------------------------------------------------------------------- 4,230,000 Allegany County IDA (Cuba Memorial Hospital)(a) 7.250 11/01/2019 2,119,568 - ------------------------------------------------------------------------------------------------- 4,250,000 Allegany County IDA (Houghton College) 5.250 01/15/2018 4,256,417 - ------------------------------------------------------------------------------------------------- 5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,524,725 - ------------------------------------------------------------------------------------------------- 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 858,838 - ------------------------------------------------------------------------------------------------- 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 2,541,810 - ------------------------------------------------------------------------------------------------- 2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 2,883,197 - ------------------------------------------------------------------------------------------------- 10,570,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,576,448 - ------------------------------------------------------------------------------------------------- 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,158,070 - ------------------------------------------------------------------------------------------------- 700,000 Babylon IDA (JFB & Sons Lithographers) 7.625 12/01/2006 707,903 - ------------------------------------------------------------------------------------------------- 2,570,000 Babylon IDA (JFB & Sons Lithographers) 8.625 12/01/2016 2,643,451 - ------------------------------------------------------------------------------------------------- 1,330,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 1,380,367 - ------------------------------------------------------------------------------------------------- 515,000 Batavia Hsg. Authority (Washington Towers) 6.500 01/01/2023 520,232 - ------------------------------------------------------------------------------------------------- 1,750,000 Battery Park City Authority 5.250 11/01/2017 1,763,457 - ------------------------------------------------------------------------------------------------- 2,000,000 Battery Park City Authority 5.500 11/01/2026 2,046,540 - ------------------------------------------------------------------------------------------------- 720,000 Battery Park City Authority 10.000 06/01/2023 723,665 - ------------------------------------------------------------------------------------------------- 1,395,000 Bayshore HDC 7.500 02/01/2023 1,424,602 - ------------------------------------------------------------------------------------------------- 415,000 Beacon IDA (Craig House)(a,b,d) 9.000 07/01/2011 315,437 - ------------------------------------------------------------------------------------------------- 845,000 Bethany Retirement Home 7.450 02/01/2024 941,051 - ------------------------------------------------------------------------------------------------- 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,021,601 - ------------------------------------------------------------------------------------------------- 45,000 Bleeker Terrace HDC 8.350 07/01/2004 45,400 - ------------------------------------------------------------------------------------------------- 900,000 Bleeker Terrace HDC 8.750 07/01/2007 909,513 - ------------------------------------------------------------------------------------------------- 580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 592,058 - ------------------------------------------------------------------------------------------------- 7,005,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 6,245,028
16 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 =================================================================================================== NEW YORK Continued $ 130,000 Brookhaven IDA (Farber)(a,v) 3.563% 12/01/2002 $ 130,000 - --------------------------------------------------------------------------------------------------- 490,000 Brookhaven IDA (Farber)(a,v) 3.563 12/01/2004 490,000 - --------------------------------------------------------------------------------------------------- 265,000 Brookhaven IDA (Interdisciplinary School) 8.500 12/01/2004 272,086 - --------------------------------------------------------------------------------------------------- 3,220,000 Brookhaven IDA (Interdisciplinary School) 9.500 12/01/2019 3,421,089 - --------------------------------------------------------------------------------------------------- 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,301,637 - --------------------------------------------------------------------------------------------------- 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,462,515 - --------------------------------------------------------------------------------------------------- 940,000 Brookhaven IDA (TDS Realty) 6.550 12/01/2019 978,465 - --------------------------------------------------------------------------------------------------- 600,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2011 600,618 - --------------------------------------------------------------------------------------------------- 3,240,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2030 3,251,275 - --------------------------------------------------------------------------------------------------- 3,615,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park)(a) 8.750 11/01/2030 3,392,569 - --------------------------------------------------------------------------------------------------- 3,185,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park)(a) 8.750 11/01/2030 2,989,027 - --------------------------------------------------------------------------------------------------- 3,295,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park)(a) 8.750 11/01/2030 3,092,259 - --------------------------------------------------------------------------------------------------- 4,715,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park)(a) 8.750 11/01/2030 212,175 - --------------------------------------------------------------------------------------------------- 1,000,000 Canton Human Services Initiatives 5.700 09/01/2024 1,007,720 - --------------------------------------------------------------------------------------------------- 1,260,000 Canton Human Services Initiatives 5.750 09/01/2032 1,264,523 - --------------------------------------------------------------------------------------------------- 600,000 Capital District Youth Center 6.000 02/01/2017 640,902 - --------------------------------------------------------------------------------------------------- 500,000 Carnegie Redevelopment Corp.(a) 7.000 09/01/2021 507,265 - --------------------------------------------------------------------------------------------------- 1,545,000 Cattaraugus County IDA (Cherry Creek) 9.800 09/01/2010 1,579,376 - --------------------------------------------------------------------------------------------------- 570,000 Cattaraugus County IDA (Jamestown Community College) 6.400 07/01/2019 604,975 - --------------------------------------------------------------------------------------------------- 1,000,000 Cattaraugus County IDA (Jamestown Community College) 6.500 07/01/2030 1,060,770 - --------------------------------------------------------------------------------------------------- 4,360,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,302,317 - --------------------------------------------------------------------------------------------------- 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,471,299 - --------------------------------------------------------------------------------------------------- 2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 2,822,744 - --------------------------------------------------------------------------------------------------- 1,310,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 1,365,845 - --------------------------------------------------------------------------------------------------- 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,536,843 - --------------------------------------------------------------------------------------------------- 2,500,000 Chautauqua County Tobacco Asset Securitization Corp. 6.750 07/01/2040 2,670,375 - --------------------------------------------------------------------------------------------------- 8,700,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 8,041,932 - --------------------------------------------------------------------------------------------------- 9,055,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 8,602,793 - --------------------------------------------------------------------------------------------------- 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,545,482 - --------------------------------------------------------------------------------------------------- 1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,956,060 - --------------------------------------------------------------------------------------------------- 3,470,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 3,460,909 - --------------------------------------------------------------------------------------------------- 35,000 Cohoes GO 6.200 03/15/2012 36,618 - --------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.200 03/15/2013 25,970 - --------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2014 25,903 - --------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2015 25,748 - --------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2016 25,608 - --------------------------------------------------------------------------------------------------- 295,000 Columbia County IDA (ARC) 7.750 06/01/2005 303,080 - --------------------------------------------------------------------------------------------------- 2,650,000 Columbia County IDA (ARC) 8.650 06/01/2018 2,765,672 - --------------------------------------------------------------------------------------------------- 335,000 Columbia County IDA (Berkshire Farms) 6.900 12/15/2004 343,854 - --------------------------------------------------------------------------------------------------- 1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,936,249 - --------------------------------------------------------------------------------------------------- 3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,312,012 - --------------------------------------------------------------------------------------------------- 5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,278,388 - --------------------------------------------------------------------------------------------------- 80,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 82,712 - --------------------------------------------------------------------------------------------------- 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,691,310 - --------------------------------------------------------------------------------------------------- 2,660,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,847,397
17 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 5,595,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500% 04/01/2030 $ 5,984,356 - -------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County Water & Wastewater Authority 0.000 06/01/2027 269,190 - -------------------------------------------------------------------------------------------------- 3,350,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,333,886 - -------------------------------------------------------------------------------------------------- 1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,435,921 - -------------------------------------------------------------------------------------------------- 1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,395,744 - -------------------------------------------------------------------------------------------------- 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 1,970,460 - -------------------------------------------------------------------------------------------------- 1,620,000 East Rochester Hsg. Authority (North Park Nursing Home) 5.200 10/20/2024 1,610,766 - -------------------------------------------------------------------------------------------------- 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,166,417 - -------------------------------------------------------------------------------------------------- 25,000 Elmira HDC 7.500 08/01/2007 25,220 - -------------------------------------------------------------------------------------------------- 3,210,000 Erie County IDA (Affordable Hospitality)(a) 9.250 12/01/2015 2,826,598 - -------------------------------------------------------------------------------------------------- 945,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 949,441 - -------------------------------------------------------------------------------------------------- 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,441,832 - -------------------------------------------------------------------------------------------------- 44,000,000 Erie County IDA (Canfibre Lackawanna)(a,b,d) 9.050 12/01/2025 13,640,000 - -------------------------------------------------------------------------------------------------- 710,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 605,119 - -------------------------------------------------------------------------------------------------- 3,055,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,903,869 - -------------------------------------------------------------------------------------------------- 3,230,000 Erie County IDA (Medaille College) 8.000 12/30/2022 3,312,139 - -------------------------------------------------------------------------------------------------- 3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,558,234 - -------------------------------------------------------------------------------------------------- 2,655,000 Erie County IDA (Mercy Hospital) 6.250 06/01/2010 2,466,681 - -------------------------------------------------------------------------------------------------- 25,000 Erie County IDA (The Episcopa Church Home) 5.875 02/01/2018 24,049 - -------------------------------------------------------------------------------------------------- 9,495,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 8,939,732 - -------------------------------------------------------------------------------------------------- 480,000 Erie County Tobacco Asset Securitization Corp. 6.125 07/15/2030 494,760 - -------------------------------------------------------------------------------------------------- 19,490,000 Erie County Tobacco Asset Securitization Corp. 6.250 07/15/2040 20,259,855 - -------------------------------------------------------------------------------------------------- 45,920,000 Erie County Tobacco Asset Securitization Corp. 6.750 07/15/2040 49,395,685 - -------------------------------------------------------------------------------------------------- 1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,768,581 - -------------------------------------------------------------------------------------------------- 310,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 311,386 - -------------------------------------------------------------------------------------------------- 2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,379,902 - -------------------------------------------------------------------------------------------------- 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,513,200 - -------------------------------------------------------------------------------------------------- 325,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 329,127 - -------------------------------------------------------------------------------------------------- 5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 5,756,850 - -------------------------------------------------------------------------------------------------- 4,245,000 Franklin County SWMA 6.250 06/01/2015 4,369,973 - -------------------------------------------------------------------------------------------------- 2,300,000 Fulton County IDA (Nathan Littauer) 7.000 11/01/2004 2,313,846 - -------------------------------------------------------------------------------------------------- 345,000 Geneva IDA (Finger Lakes Cerebral Palsy) 8.250 11/01/2004 351,765 - -------------------------------------------------------------------------------------------------- 1,000,000 Geneva IDA (Finger Lakes Cerebral Palsy) 8.500 11/01/2016 1,019,770 - -------------------------------------------------------------------------------------------------- 680,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 666,788 - -------------------------------------------------------------------------------------------------- 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,736,721 - -------------------------------------------------------------------------------------------------- 22,185,000 Glen Cove IDA (The Regency at Glen Cove) 0.000 10/15/2019(p) 7,919,158 - -------------------------------------------------------------------------------------------------- 2,280,000 Glen Cove IDA (The Regency at Glen Cove) 0.000 10/15/2019(p) 813,869 - -------------------------------------------------------------------------------------------------- 2,375,000 Grand Central BID (Grand Central District Management) 5.250 01/01/2022 2,379,132 - -------------------------------------------------------------------------------------------------- 2,795,000 Green Island Power Authority 6.000 12/15/2020 2,830,664 - -------------------------------------------------------------------------------------------------- 1,695,000 Green Island Power Authority 6.000 12/15/2025 1,681,254 - -------------------------------------------------------------------------------------------------- 105,000 Groton Community Health Care Center 7.450 07/15/2021 105,691 - -------------------------------------------------------------------------------------------------- 715,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015 736,843 - -------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,514,125 - -------------------------------------------------------------------------------------------------- 430,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 415,526
18 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================= NEW YORK Continued $ 1,270,000 Hempstead IDA (Dentaco Corp.) 8.250% 11/01/2025 $ 1,210,627 - ------------------------------------------------------------------------------------------------- 5,710,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 5,550,234 - ------------------------------------------------------------------------------------------------- 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 18,109,462 - ------------------------------------------------------------------------------------------------- 3,940,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 3,759,509 - ------------------------------------------------------------------------------------------------- 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,471,344 - ------------------------------------------------------------------------------------------------- 10,000,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 10,023,300 - ------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,538,475 - ------------------------------------------------------------------------------------------------- 5,700,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,700,171 - ------------------------------------------------------------------------------------------------- 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 5,880,218 - ------------------------------------------------------------------------------------------------- 12,995,000 Herkimer County IDA (Burrows Paper)(a) 8.000 01/01/2009 12,457,007 - ------------------------------------------------------------------------------------------------- 1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,329,962 - ------------------------------------------------------------------------------------------------- 2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,058,160 - ------------------------------------------------------------------------------------------------- 370,000 Herkimer Hsg. Authority 7.150 03/01/2011 375,191 - ------------------------------------------------------------------------------------------------- 60,000 Hsg. NY Corp. 5.500 11/01/2020 61,177 - ------------------------------------------------------------------------------------------------- 990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 998,702 - ------------------------------------------------------------------------------------------------- 125,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 113,811 - ------------------------------------------------------------------------------------------------- 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 872,310 - ------------------------------------------------------------------------------------------------- 8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 7,292,575 - ------------------------------------------------------------------------------------------------- 905,000 Islip IDA (Leeway School) 9.000 08/01/2021 915,426 - ------------------------------------------------------------------------------------------------- 20,000,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 20,049,200 - ------------------------------------------------------------------------------------------------- 50,000 Islip IDA (WJL Realty) 7.800 03/01/2003 50,201 - ------------------------------------------------------------------------------------------------- 100,000 Islip IDA (WJL Realty) 7.850 03/01/2004 100,988 - ------------------------------------------------------------------------------------------------- 100,000 Islip IDA (WJL Realty) 7.900 03/01/2005 100,792 - ------------------------------------------------------------------------------------------------- 500,000 Islip IDA (WJL Realty) 7.950 03/01/2010 505,255 - ------------------------------------------------------------------------------------------------- 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,058,950 - ------------------------------------------------------------------------------------------------- 25,630,000 L. I. Power Authority, Series A 5.125 09/01/2029 24,896,213 - ------------------------------------------------------------------------------------------------- 3,215,000 L.I. Power Authority 5.500 12/01/2029 3,251,362 - ------------------------------------------------------------------------------------------------- 21,000,000 L.I. Power Authority RITES(a) 15.765(f) 12/01/2022 21,267,960 - ------------------------------------------------------------------------------------------------- 3,750,000 L.I. Power Authority RITES(a) 16.679(f) 12/01/2026 3,792,750 - ------------------------------------------------------------------------------------------------- 2,915,000 L.I. Power Authority RITES(a) 16.739(f) 09/01/2028 2,943,625 - ------------------------------------------------------------------------------------------------- 11,250,000 L.I. Power Authority RITES(a) 17.200(f) 12/01/2029 11,832,075 - ------------------------------------------------------------------------------------------------- 13,000,000 L.I. Power Authority RITES(a) 17.265(f) 12/01/2029 13,672,620 - ------------------------------------------------------------------------------------------------- 4,945,000 L.I. Power Authority, Series A 5.125 12/01/2022 4,960,775 - ------------------------------------------------------------------------------------------------- 49,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 49,810,835 - ------------------------------------------------------------------------------------------------- 2,255,000 L.I. Power Authority, Series A 5.500 12/01/2029 2,284,180 - ------------------------------------------------------------------------------------------------- 86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 86,576,160 - ------------------------------------------------------------------------------------------------- 75,000 Lowville GO 7.200 09/15/2007 87,319 - ------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2012 121,915 - ------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2013 122,679 - ------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2014 123,201 - ------------------------------------------------------------------------------------------------- 5,350,000 Lyons Community Health Initiatives Corp. 6.800 09/01/2024 5,660,514 - ------------------------------------------------------------------------------------------------- 4,525,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,875,506 - ------------------------------------------------------------------------------------------------- 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,299,817 - ------------------------------------------------------------------------------------------------- 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,495,710 - ------------------------------------------------------------------------------------------------- 2,440,000 Mechanicsville HDC 6.900 08/01/2022 2,447,100
19 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 135,000 Middleton IDA (Flanagan Design & Display) 7.000% 11/01/2006 $ 130,619 - -------------------------------------------------------------------------------------------------- 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 632,233 - -------------------------------------------------------------------------------------------------- 905,000 Middleton IDA (Fleurchem, Inc.)(a) 8.000 12/01/2016 902,728 - -------------------------------------------------------------------------------------------------- 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,657,821 - -------------------------------------------------------------------------------------------------- 3,740,000 Middletown IDA (Southwinds Retirement Home) 8.375 03/01/2018(p) 3,973,862 - -------------------------------------------------------------------------------------------------- 555,000 Middletown IDA (YMCA) 6.250 11/01/2009 526,035 - -------------------------------------------------------------------------------------------------- 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,152,128 - -------------------------------------------------------------------------------------------------- 345,000 Monroe County COP 8.050 01/01/2011 354,177 - -------------------------------------------------------------------------------------------------- 4,260,000 Monroe County IDA (Al Sigl Center) 6.600 12/15/2017 4,111,454 - -------------------------------------------------------------------------------------------------- 1,590,000 Monroe County IDA (Al Sigl Center) 7.250 12/15/2015 1,615,472 - -------------------------------------------------------------------------------------------------- 3,145,000 Monroe County IDA (Brazill Merk) 7.900 12/15/2014 3,212,114 - -------------------------------------------------------------------------------------------------- 900,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 937,539 - -------------------------------------------------------------------------------------------------- 10,000 Monroe County IDA (Cohber Press) 7.650 12/01/2002 10,035 - -------------------------------------------------------------------------------------------------- 10,000 Monroe County IDA (Cohber Press) 7.700 12/01/2003 10,039 - -------------------------------------------------------------------------------------------------- 170,000 Monroe County IDA (Cohber Press) 7.850 12/01/2009 171,187 - -------------------------------------------------------------------------------------------------- 1,965,000 Monroe County IDA (Collegiate Hsg. Foundation-RIT) 5.375 04/01/2029 1,871,211 - -------------------------------------------------------------------------------------------------- 1,768,593 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,810,332 - -------------------------------------------------------------------------------------------------- 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 905,150 - -------------------------------------------------------------------------------------------------- 2,595,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 2,302,725 - -------------------------------------------------------------------------------------------------- 5,750,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 5,149,987 - -------------------------------------------------------------------------------------------------- 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 951,729 - -------------------------------------------------------------------------------------------------- 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,342,375 - -------------------------------------------------------------------------------------------------- 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,128,398 - -------------------------------------------------------------------------------------------------- 95,000 Monroe County IDA (DePaul Properties)(a) 8.300 09/01/2002 95,920 - -------------------------------------------------------------------------------------------------- 14,154,302 Monroe County IDA (Genesee Hospital)(a,b,d) 7.000 11/01/2018 1,698,941 - -------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Jewish Home) 6.875 04/01/2017 1,007,630 - -------------------------------------------------------------------------------------------------- 4,955,000 Monroe County IDA (Jewish Home) 6.875 04/01/2027 4,951,333 - -------------------------------------------------------------------------------------------------- 420,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 416,564 - -------------------------------------------------------------------------------------------------- 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 582,852 - -------------------------------------------------------------------------------------------------- 300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 294,708 - -------------------------------------------------------------------------------------------------- 1,165,000 Monroe County IDA (Melles Groit) 9.500 12/01/2009 1,180,518 - -------------------------------------------------------------------------------------------------- 1,490,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 1,506,941 - -------------------------------------------------------------------------------------------------- 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,522,295 - -------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,086,670 - -------------------------------------------------------------------------------------------------- 1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,486,785 - -------------------------------------------------------------------------------------------------- 2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,156,186 - -------------------------------------------------------------------------------------------------- 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,085,670 - -------------------------------------------------------------------------------------------------- 1,215,000 Monroe County IDA (St. Joseph's Parking Garage)(a) 7.000 11/01/2008 1,185,232 - -------------------------------------------------------------------------------------------------- 4,345,000 Monroe County IDA (St. Joseph's Parking Garage)(a) 7.500 11/01/2022 4,134,572 - -------------------------------------------------------------------------------------------------- 7,420,000 Monroe County IDA (The Children's Beverage Group)(a,b,d) 8.750 11/01/2010 148,400 - -------------------------------------------------------------------------------------------------- 945,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 867,973 - -------------------------------------------------------------------------------------------------- 2,710,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,357,050 - -------------------------------------------------------------------------------------------------- 60,000 Monroe County IDA (West End Business) 6.750 12/01/2004 60,230 - -------------------------------------------------------------------------------------------------- 35,000 Monroe County IDA (West End Business) 6.750 12/01/2004 35,134 - -------------------------------------------------------------------------------------------------- 255,000 Monroe County IDA (West End Business) 6.750 12/01/2004 255,979
20 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 345,000 Monroe County IDA (West End Business) 8.000% 12/01/2014 $ 356,809 - -------------------------------------------------------------------------------------------------- 170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 175,819 - -------------------------------------------------------------------------------------------------- 515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 532,628 - -------------------------------------------------------------------------------------------------- 1,375,000 Monroe County IDA (West End Business) 8.000 12/01/2014 1,422,066 - -------------------------------------------------------------------------------------------------- 12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 12,815,640 - -------------------------------------------------------------------------------------------------- 30,000,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035 31,431,600 - -------------------------------------------------------------------------------------------------- 13,740,000 Monroe County Tobacco Asset Securitization Corp. 6.625 06/01/2042 14,633,512 - -------------------------------------------------------------------------------------------------- 10,000,000 Monroe County Tobacco Asset Securitization Corp. RITES(a) 15.089(f) 06/01/2042 11,950,900 - -------------------------------------------------------------------------------------------------- 540,000 Monroe HDC (Multifamily Hsg.) 7.000 08/01/2021 559,381 - -------------------------------------------------------------------------------------------------- 5,860,000 Montgomery County IDA (ASMF)(a,b,d) 7.250 01/15/2019 3,501,350 - -------------------------------------------------------------------------------------------------- 2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,101,027 - -------------------------------------------------------------------------------------------------- 2,500,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,198,950 - -------------------------------------------------------------------------------------------------- 10,000,000 MTA IVRC(a) 9.531(f) 07/01/2011 11,089,000 - -------------------------------------------------------------------------------------------------- 14,200,000 MTA RITES(a) 15.738(f) 11/15/2025 12,857,816 - -------------------------------------------------------------------------------------------------- 2,050,000 MTA Service Contract, Series A 5.125 01/01/2029 1,992,108 - -------------------------------------------------------------------------------------------------- 70,575,000 MTA, Series A 5.000 11/15/2030 68,204,386 - -------------------------------------------------------------------------------------------------- 2,875,000 MTA, Series E(w) 5.250 11/15/2031 2,830,380 - -------------------------------------------------------------------------------------------------- 7,675,000 MTA, Series U 5.125 11/15/2031 7,414,664 - -------------------------------------------------------------------------------------------------- 27,850,000 MTS Service Contract, Series B 5.250 01/01/2031 27,424,730 - -------------------------------------------------------------------------------------------------- 802,824 Municipal Assistance Corp. for Troy, NY 0.000 07/15/2021 309,641 - -------------------------------------------------------------------------------------------------- 1,218,573 Municipal Assistance Corp. for Troy, NY 0.000 01/15/2022 454,028 - -------------------------------------------------------------------------------------------------- 2,725,000 Nassau County IDA (ACLD) 8.125 10/01/2022 2,808,494 - -------------------------------------------------------------------------------------------------- 1,380,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 1,432,537 - -------------------------------------------------------------------------------------------------- 270,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 270,165 - -------------------------------------------------------------------------------------------------- 445,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 461,941 - -------------------------------------------------------------------------------------------------- 7,070,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 6,914,813 - -------------------------------------------------------------------------------------------------- 4,025,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 4,027,455 - -------------------------------------------------------------------------------------------------- 2,215,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 2,299,325 - -------------------------------------------------------------------------------------------------- 430,000 Nassau County IDA (ALIA-FREE) 7.125 06/01/2012 430,000 - -------------------------------------------------------------------------------------------------- 2,745,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,815,739 - -------------------------------------------------------------------------------------------------- 4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,136,513 - -------------------------------------------------------------------------------------------------- 6,610,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 6,610,000 - -------------------------------------------------------------------------------------------------- 1,080,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 1,080,659 - -------------------------------------------------------------------------------------------------- 830,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 830,506 - -------------------------------------------------------------------------------------------------- 295,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 306,231 - -------------------------------------------------------------------------------------------------- 670,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 695,507 - -------------------------------------------------------------------------------------------------- 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,304,335 - -------------------------------------------------------------------------------------------------- 1,165,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.000 11/01/2010 1,164,313 - -------------------------------------------------------------------------------------------------- 6,060,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.875 11/01/2026 6,060,970 - -------------------------------------------------------------------------------------------------- 4,000,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,009,040 - -------------------------------------------------------------------------------------------------- 3,000,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 3,001,110 - -------------------------------------------------------------------------------------------------- 175,000 Nassau County IDA (RJS Scientific) 8.050 12/01/2005 179,816 - -------------------------------------------------------------------------------------------------- 2,700,000 Nassau County IDA (RJS Scientific) 9.050 12/01/2025 2,889,675 - -------------------------------------------------------------------------------------------------- 2,759,599 Nassau County IDA (Sharp International)(a,b,d) 7.375 12/01/2007 224,907 - -------------------------------------------------------------------------------------------------- 1,752,588 Nassau County IDA (Sharp International)(a,b,d) 7.375 12/01/2007 142,836
21 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 2,527,212 Nassau County IDA (Sharp International)(a,b,d) 7.875% 12/01/2012 $ 205,968 - -------------------------------------------------------------------------------------------------- 1,597,663 Nassau County IDA (Sharp International)(a,b,d) 7.875 12/01/2012 130,210 - -------------------------------------------------------------------------------------------------- 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,010,435 - -------------------------------------------------------------------------------------------------- 25,000,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 25,054,750 - -------------------------------------------------------------------------------------------------- 2,290,000 Nassau County IDA North Shore (CFGA) 6.750 05/01/2024 2,146,989 - -------------------------------------------------------------------------------------------------- 4,375,000 Nassau County IFA RITES(a) 15.815(f) 11/15/2021 4,447,450 - -------------------------------------------------------------------------------------------------- 2,215,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 2,310,821 - -------------------------------------------------------------------------------------------------- 3,295,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 3,426,701 - -------------------------------------------------------------------------------------------------- 4,025,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 4,185,879 - -------------------------------------------------------------------------------------------------- 2,040,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2021 2,118,866 - -------------------------------------------------------------------------------------------------- 4,900,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 5,105,114 - -------------------------------------------------------------------------------------------------- 1,320,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2022 1,374,384 - -------------------------------------------------------------------------------------------------- 35,385,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 36,999,618 - -------------------------------------------------------------------------------------------------- 21,070,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 22,193,663 - -------------------------------------------------------------------------------------------------- 35,185,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 37,239,804 - -------------------------------------------------------------------------------------------------- 20,000 New Hartford HDC (Village Point) 7.375 01/01/2024 20,028 - -------------------------------------------------------------------------------------------------- 2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,037,960 - -------------------------------------------------------------------------------------------------- 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 12,726,382 - -------------------------------------------------------------------------------------------------- 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,617,780 - -------------------------------------------------------------------------------------------------- 4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 5,053,999 - -------------------------------------------------------------------------------------------------- 2,910,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,840,218 - -------------------------------------------------------------------------------------------------- 1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,497,810 - -------------------------------------------------------------------------------------------------- 5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,276,016 - -------------------------------------------------------------------------------------------------- 1,900,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,901,159 - -------------------------------------------------------------------------------------------------- 3,300,000 Niagara County IDA (Solid Waste Disposal) 5.550 11/15/2024 3,313,200 - -------------------------------------------------------------------------------------------------- 6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,648,330 - -------------------------------------------------------------------------------------------------- 225,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 233,750 - -------------------------------------------------------------------------------------------------- 5,085,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 5,282,756 - -------------------------------------------------------------------------------------------------- 1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,654,729 - -------------------------------------------------------------------------------------------------- 750,000 Niagara Falls CSD COP (High School Facility) 6.625 06/15/2028 807,892 - -------------------------------------------------------------------------------------------------- 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 739,953 - -------------------------------------------------------------------------------------------------- 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,601,168 - -------------------------------------------------------------------------------------------------- 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,157,171 - -------------------------------------------------------------------------------------------------- 585,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 616,233 - -------------------------------------------------------------------------------------------------- 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,733,103 - -------------------------------------------------------------------------------------------------- 25,000 Nunda GO 8.000 05/01/2010 31,528 - -------------------------------------------------------------------------------------------------- 20,000,000 NY Convention Center COP (Yale Building Acquisition) 6.500 12/01/2004 20,391,600 - -------------------------------------------------------------------------------------------------- 17,815,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 18,819,410 - -------------------------------------------------------------------------------------------------- 59,090,000 NY Counties Tobacco Trust I (TASC) 6.625 06/01/2042 62,932,623 - -------------------------------------------------------------------------------------------------- 13,240,000 NY Counties Tobacco Trust I (TASC) RITES(a) 15.085(f) 06/01/2028 14,847,998 - -------------------------------------------------------------------------------------------------- 435,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 419,536 - -------------------------------------------------------------------------------------------------- 22,400,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 21,906,304 - -------------------------------------------------------------------------------------------------- 52,905,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 52,367,485 - -------------------------------------------------------------------------------------------------- 270,000 NYC GO 0.000 05/15/2011 181,464 - -------------------------------------------------------------------------------------------------- 4,990,000 NYC GO 0.000 11/15/2011 3,279,528
22 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 200,000 NYC GO 0.000% 05/15/2012 $ 127,176 - -------------------------------------------------------------------------------------------------- 40,000 NYC GO 0.000 10/01/2012 24,999 - -------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.000 03/15/2018 497,540 - -------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.125 03/15/2025 4,966,450 - -------------------------------------------------------------------------------------------------- 1,015,000 NYC GO 5.250 08/15/2023 1,009,164 - -------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.250 08/01/2024 496,420 - -------------------------------------------------------------------------------------------------- 33,420,000 NYC GO 5.250 06/01/2027 33,011,273 - -------------------------------------------------------------------------------------------------- 26,350,000 NYC GO 5.250 03/15/2032 25,785,056 - -------------------------------------------------------------------------------------------------- 20,825,000 NYC GO 5.375 12/01/2026 20,885,184 - -------------------------------------------------------------------------------------------------- 2,465,000 NYC GO 5.375 03/15/2028 2,469,955 - -------------------------------------------------------------------------------------------------- 55,765,000 NYC GO 5.375 06/01/2032 55,597,705 - -------------------------------------------------------------------------------------------------- 85,000 NYC GO 5.500 10/01/2018 86,244 - -------------------------------------------------------------------------------------------------- 1,255,000 NYC GO 5.500 06/01/2028 1,269,683 - -------------------------------------------------------------------------------------------------- 23,215,000 NYC GO 5.500 12/01/2031 23,392,130 - -------------------------------------------------------------------------------------------------- 6,770,000 NYC GO 5.500 11/15/2037 6,808,250 - -------------------------------------------------------------------------------------------------- 20,000 NYC GO 5.625 08/01/2016 21,233 - -------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.625 03/15/2019 5,204,550 - -------------------------------------------------------------------------------------------------- 35,000 NYC GO 5.750 02/01/2020 36,033 - -------------------------------------------------------------------------------------------------- 4,845,000 NYC GO 6.000 02/01/2011 5,162,735 - -------------------------------------------------------------------------------------------------- 397,000 NYC GO 6.500 08/01/2014 438,919 - -------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.500 08/01/2015 1,694,108 - -------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.625 08/01/2025 1,796,981 - -------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2010 5,024 - -------------------------------------------------------------------------------------------------- 15,000,000 NYC GO 7.000 10/01/2011 15,425,400 - -------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 10/01/2012(p) 5,147 - -------------------------------------------------------------------------------------------------- 20,000 NYC GO 7.000 02/01/2018 20,387 - -------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2020(p) 5,101 - -------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.250 08/15/2024 5,022 - -------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.500 02/01/2016 15,297 - -------------------------------------------------------------------------------------------------- 10,000 NYC GO 7.500 02/01/2018 10,198 - -------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.625 02/01/2014 5,099 - -------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.750 08/15/2028 15,114 - -------------------------------------------------------------------------------------------------- 5,000 NYC GO 8.250 08/01/2014 5,067 - -------------------------------------------------------------------------------------------------- 1,750,000 NYC GO CAB 0.000(v) 05/15/2014 1,801,450 - -------------------------------------------------------------------------------------------------- 500,000 NYC GO CAB 0.000(v) 08/01/2014 500,105 - -------------------------------------------------------------------------------------------------- 16,387,000 NYC GO CARS 10.370(f) 08/12/2010 16,989,058 - -------------------------------------------------------------------------------------------------- 8,387,000 NYC GO CARS 10.370(f) 09/01/2011 8,698,493 - -------------------------------------------------------------------------------------------------- 100,000 NYC GO DIAMONDS 0.000(v) 08/01/2025 78,662 - -------------------------------------------------------------------------------------------------- 500,000 NYC GO SERIES H 5.375 08/01/2027 501,080 - -------------------------------------------------------------------------------------------------- 356,927 NYC HDC (Albert Einstein Staff Hsg.)(c) 6.500 12/15/2017 375,262 - -------------------------------------------------------------------------------------------------- 1,355,288 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,425,492 - -------------------------------------------------------------------------------------------------- 1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,100,845 - -------------------------------------------------------------------------------------------------- 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,211,807 - -------------------------------------------------------------------------------------------------- 336,016 NYC HDC (Bay Towers) 6.500 08/15/2017 353,391 - -------------------------------------------------------------------------------------------------- 2,512,140 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,641,666
23 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 428,066 NYC HDC (Bridgeview III) 6.500% 12/15/2017 $ 450,201 - -------------------------------------------------------------------------------------------------- 455,422 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 478,594 - -------------------------------------------------------------------------------------------------- 1,185,089 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,246,252 - -------------------------------------------------------------------------------------------------- 170,140 NYC HDC (Candia House) 6.500 06/15/2018 178,895 - -------------------------------------------------------------------------------------------------- 3,257,323 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,425,270 - -------------------------------------------------------------------------------------------------- 279,665 NYC HDC (Contello III) 7.000 12/15/2018 294,177 - -------------------------------------------------------------------------------------------------- 1,337,901 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,406,883 - -------------------------------------------------------------------------------------------------- 1,020,808 NYC HDC (Court Plaza) 6.500 08/15/2017 1,073,594 - -------------------------------------------------------------------------------------------------- 1,562,297 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,643,849 - -------------------------------------------------------------------------------------------------- 3,282,155 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,451,547 - -------------------------------------------------------------------------------------------------- 3,167,504 NYC HDC (Esplanade Gardens) 7.000 01/15/2019 3,332,056 - -------------------------------------------------------------------------------------------------- 75,840 NYC HDC (Essex Terrace) 6.500 07/15/2018 79,743 - -------------------------------------------------------------------------------------------------- 459,595 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 483,292 - -------------------------------------------------------------------------------------------------- 1,511,205 NYC HDC (Gouverneur Gardens) 7.034 02/15/2019 1,589,758 - -------------------------------------------------------------------------------------------------- 331,157 NYC HDC (Heywood Towers) 6.500 10/15/2017 348,232 - -------------------------------------------------------------------------------------------------- 3,737,098 NYC HDC (Hudsonview Terrace) 6.500 09/15/2017 3,929,782 - -------------------------------------------------------------------------------------------------- 1,054,196 NYC HDC (Janel Towers) 6.500 09/15/2017 1,108,708 - -------------------------------------------------------------------------------------------------- 368,506 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 387,562 - -------------------------------------------------------------------------------------------------- 209,937 NYC HDC (Kingsbridge Arms) 6.500 11/15/2018 220,740 - -------------------------------------------------------------------------------------------------- 1,134,417 NYC HDC (Leader House) 6.500 03/15/2018 1,192,794 - -------------------------------------------------------------------------------------------------- 1,594,497 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,675,657 - -------------------------------------------------------------------------------------------------- 187,537 NYC HDC (Middagh St. Studio Apartments) 6.500 01/15/2018 197,187 - -------------------------------------------------------------------------------------------------- 2,438,299 NYC HDC (Montefiore Hospital Hsg. Sec. II) 6.500 10/15/2017 2,564,018 - -------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,008,790 - -------------------------------------------------------------------------------------------------- 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,687,567 - ------------------------------------------------------------------------------------------------ 100,000 NYC HDC (Multifamily Hsg.), Series A 5.850 05/01/2025 101,517 - -------------------------------------------------------------------------------------------------- 9,880,000 NYC HDC (Multifamily Hsg.), Series A 6.600 04/01/2030 10,179,562 - -------------------------------------------------------------------------------------------------- 775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 784,680 - -------------------------------------------------------------------------------------------------- 800,533 NYC HDC (New Amsterdam House) 6.500 08/15/2018 841,728 - -------------------------------------------------------------------------------------------------- 818,323 NYC HDC (New Amsterdam House) 6.500 08/15/2018 819,911 - -------------------------------------------------------------------------------------------------- 988,913 NYC HDC (Riverbend) 6.500 11/15/2018 1,039,951 - -------------------------------------------------------------------------------------------------- 6,136,479 NYC HDC (Riverside Park Community) 7.250 11/15/2018 6,457,478 - -------------------------------------------------------------------------------------------------- 432,847 NYC HDC (RNA House) 7.000 12/15/2018 455,381 - -------------------------------------------------------------------------------------------------- 616,772 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 648,665 - -------------------------------------------------------------------------------------------------- 226,060 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 237,797 - -------------------------------------------------------------------------------------------------- 601,525 NYC HDC (Scott Tower) 7.000 12/15/2018 632,738 - -------------------------------------------------------------------------------------------------- 824,958 NYC HDC (Seaview Towers) 6.500 01/15/2018 867,411 - -------------------------------------------------------------------------------------------------- 1,534,424 NYC HDC (Sky View Towers) 6.500 11/15/2018 1,613,385 - -------------------------------------------------------------------------------------------------- 340,207 NYC HDC (St. Martin Tower) 6.500 11/15/2018 357,765 - -------------------------------------------------------------------------------------------------- 1,571,175 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,652,028 - -------------------------------------------------------------------------------------------------- 448,802 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 470,147 - -------------------------------------------------------------------------------------------------- 1,570,201 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,650,328 - -------------------------------------------------------------------------------------------------- 213,295 NYC HDC (Town House West) 6.500 01/15/2018 224,156 - -------------------------------------------------------------------------------------------------- 328,023 NYC HDC (Tri-Faith House) 7.000 01/15/2019 345,005 - -------------------------------------------------------------------------------------------------- 1,386,688 NYC HDC (University River View) 6.500 08/15/2017 1,458,393
24 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 418,015 NYC HDC (Washington Square Southeast) 7.000% 01/15/2019 $ 439,367 - -------------------------------------------------------------------------------------------------- 376,397 NYC HDC (West Side Manor) 6.500 11/15/2018 395,766 - -------------------------------------------------------------------------------------------------- 3,918,910 NYC HDC (West Village) 6.500 11/15/2013 4,122,811 - -------------------------------------------------------------------------------------------------- 239,303 NYC HDC (Westview Apartments) 6.500 10/15/2017 251,678 - -------------------------------------------------------------------------------------------------- 558,101 NYC HDC (Woodstock Terrace) 7.034 02/15/2019 587,017 - -------------------------------------------------------------------------------------------------- 27,600,000 NYC Health & Hospital Corp. 5.250 02/15/2017 27,796,512 - -------------------------------------------------------------------------------------------------- 25,000 NYC Health & Hospital Corp. 5.750 02/15/2022 25,715 - -------------------------------------------------------------------------------------------------- 5,875,000 NYC Health & Hospital Corp. RITES(a) 15.324(f) 02/15/2020 5,895,797 - -------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,033,375 - -------------------------------------------------------------------------------------------------- 580,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 549,393 - -------------------------------------------------------------------------------------------------- 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,260,694 - -------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,259,656 - -------------------------------------------------------------------------------------------------- 1,110,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.000 11/01/2010 1,078,143 - -------------------------------------------------------------------------------------------------- 5,985,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.500 11/01/2026 5,689,760 - -------------------------------------------------------------------------------------------------- 22,850,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 21,555,319 - -------------------------------------------------------------------------------------------------- 20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 20,898,098 - -------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,089,472 - -------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,561,026 - -------------------------------------------------------------------------------------------------- 395,000 NYC IDA (Allied Metal) 6.375 12/01/2014 372,177 - -------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 884,173 - -------------------------------------------------------------------------------------------------- 825,000 NYC IDA (Alrue Import Corp.) 8.000 11/01/2011 824,505 - -------------------------------------------------------------------------------------------------- 3,845,000 NYC IDA (Alrue Import Corp.) 8.875 02/01/2026 3,858,381 - -------------------------------------------------------------------------------------------------- 3,420,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,244,144 - -------------------------------------------------------------------------------------------------- 2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,979,674 - -------------------------------------------------------------------------------------------------- 29,860,000 NYC IDA (American Airlines) 5.400 07/01/2020 22,587,896 - -------------------------------------------------------------------------------------------------- 35,575,000 NYC IDA (American Airlines) 6.900 08/01/2024 31,477,827 - -------------------------------------------------------------------------------------------------- 1,295,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 1,242,229 - -------------------------------------------------------------------------------------------------- 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,227,392 - -------------------------------------------------------------------------------------------------- 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,210,066 - -------------------------------------------------------------------------------------------------- 785,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 780,423 - -------------------------------------------------------------------------------------------------- 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,672,565 - -------------------------------------------------------------------------------------------------- 415,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 399,520 - -------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,387,815 - -------------------------------------------------------------------------------------------------- 11,480,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,224,547 - -------------------------------------------------------------------------------------------------- 31,395,000 NYC IDA (British Airways) 5.250 12/01/2032 21,672,282 - -------------------------------------------------------------------------------------------------- 10,000,000 NYC IDA (British Airways)(w) 7.625 12/01/2032 9,740,000 - -------------------------------------------------------------------------------------------------- 45,000 NYC IDA (Brooklyn Heights Montessori School) 8.400 09/01/2002 45,093 - -------------------------------------------------------------------------------------------------- 3,075,000 NYC IDA (Brooklyn Heights Montessori School) 8.500 01/01/2027 3,281,917 - -------------------------------------------------------------------------------------------------- 660,000 NYC IDA (Brooklyn Heights Montessori School) 8.900 09/01/2011 675,048 - -------------------------------------------------------------------------------------------------- 1,690,000 NYC IDA (Brooklyn Heights Montessori School) 9.200 09/01/2021 1,762,738 - -------------------------------------------------------------------------------------------------- 66,630,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 65,681,855 - -------------------------------------------------------------------------------------------------- 121,970,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 121,054,005 - ------------------------------------------------------------------------------------------------- 600,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 635,712 - -------------------------------------------------------------------------------------------------- 415,000 NYC IDA (Cellini Furniture Crafters)(a) 6.625 11/01/2009 382,593 - -------------------------------------------------------------------------------------------------- 885,000 NYC IDA (Cellini Furniture Crafters)(a) 7.125 11/01/2019 799,757
25 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 2,235,000 NYC IDA (Chardan Corp.) 7.750% 11/01/2020 $ 2,218,439 - -------------------------------------------------------------------------------------------------- 1,230,000 NYC IDA (CNC Associates NY) 6.500 11/01/2007 1,205,917 - -------------------------------------------------------------------------------------------------- 4,685,000 NYC IDA (CNC Associates NY) 7.500 11/01/2019 4,544,872 - -------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,407,650 - -------------------------------------------------------------------------------------------------- 9,590,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 8,945,648 - -------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,601,750 - -------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 2,980,301 - -------------------------------------------------------------------------------------------------- 3,260,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 3,158,027 - -------------------------------------------------------------------------------------------------- 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,699,572 - -------------------------------------------------------------------------------------------------- 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,466,057 - -------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,938,876 - -------------------------------------------------------------------------------------------------- 1,610,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,699,130 - -------------------------------------------------------------------------------------------------- 8,105,000 NYC IDA (Crowne Plaza-LaGuardia) 6.000 11/01/2028 6,343,135 - -------------------------------------------------------------------------------------------------- 1,015,000 NYC IDA (Dioni) 6.000 11/01/2007 976,958 - -------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,318,624 - -------------------------------------------------------------------------------------------------- 1,300,000 NYC IDA (Display Creations) 7.000 06/01/2008 1,326,936 - -------------------------------------------------------------------------------------------------- 135,000 NYC IDA (Eden II School) 7.750 06/01/2004 136,860 - -------------------------------------------------------------------------------------------------- 2,505,000 NYC IDA (Eden II School) 8.750 06/01/2019 2,607,379 - -------------------------------------------------------------------------------------------------- 10,055,000 NYC IDA (Elmhurst Parking Garage) 7.500 07/30/2003 10,502,045 - -------------------------------------------------------------------------------------------------- 875,000 NYC IDA (Excel Paint Applicators)(a) 8.250 11/01/2010 846,221 - -------------------------------------------------------------------------------------------------- 4,825,000 NYC IDA (Excel Paint Applicators)(a) 8.625 11/01/2026 4,571,736 - -------------------------------------------------------------------------------------------------- 5,000,000 NYC IDA (Field Hotel Associates/JFK International Airport) 6.000 11/01/2028 3,913,100 - -------------------------------------------------------------------------------------------------- 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,813,590 - -------------------------------------------------------------------------------------------------- 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,370,200 - -------------------------------------------------------------------------------------------------- 2,075,000 NYC IDA (Gateway School of NY) 6.200 11/01/2012 1,970,109 - -------------------------------------------------------------------------------------------------- 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,127,401 - -------------------------------------------------------------------------------------------------- 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 1,959,022 - -------------------------------------------------------------------------------------------------- 1,195,000 NYC IDA (Graphic Artists) 8.250 12/30/2023 1,233,144 - -------------------------------------------------------------------------------------------------- 530,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 540,107 - -------------------------------------------------------------------------------------------------- 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,318,293 - -------------------------------------------------------------------------------------------------- 615,000 NYC IDA (HiTech Res Rec) 9.250 08/01/2008 621,802 - -------------------------------------------------------------------------------------------------- 2,140,000 NYC IDA (House of Spices) 9.250 10/15/2011 2,174,154 - -------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 996,930 - -------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 2,927,580 - -------------------------------------------------------------------------------------------------- 6,040,000 NYC IDA (JBFS) 6.750 12/15/2012 6,126,976 - -------------------------------------------------------------------------------------------------- 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,584,745 - -------------------------------------------------------------------------------------------------- 970,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 970,902 - -------------------------------------------------------------------------------------------------- 1,080,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,081,296 - -------------------------------------------------------------------------------------------------- 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,755,400 - -------------------------------------------------------------------------------------------------- 1,940,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,966,035 - -------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Little Redevelopment Schoolhouse) 6.750 11/01/2018 2,954,548 - -------------------------------------------------------------------------------------------------- 680,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 648,509 - -------------------------------------------------------------------------------------------------- 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,774,179 - -------------------------------------------------------------------------------------------------- 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 23,110,400 - -------------------------------------------------------------------------------------------------- 3,875,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 3,683,497
26 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $19,335,000 NYC IDA (MediSys Health Network) 6.250% 03/15/2024 $ 17,942,107 - -------------------------------------------------------------------------------------------------- 2,325,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 2,304,749 - -------------------------------------------------------------------------------------------------- 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,708,666 - -------------------------------------------------------------------------------------------------- 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 1,983,663 - -------------------------------------------------------------------------------------------------- 4,505,000 NYC IDA (Nekboh) 9.625 05/01/2011 4,540,049 - -------------------------------------------------------------------------------------------------- 12,840,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 10,292,416 - -------------------------------------------------------------------------------------------------- 500,000 NYC IDA (NY Blood Center) 7.200 05/01/2012(p) 545,380 - -------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (NY Blood Center) 7.250 05/01/2022(p) 3,274,980 - -------------------------------------------------------------------------------------------------- 395,000 NYC IDA (NY Hostel Company) 6.750 01/01/2004 398,673 - -------------------------------------------------------------------------------------------------- 4,400,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,570,016 - -------------------------------------------------------------------------------------------------- 590,000 NYC IDA (NY Vanities & Manufacturing) 7.000 11/01/2009 569,261 - -------------------------------------------------------------------------------------------------- 1,405,000 NYC IDA (NY Vanities & Manufacturing) 7.500 11/01/2019 1,331,785 - -------------------------------------------------------------------------------------------------- 1,880,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 1,909,084 - -------------------------------------------------------------------------------------------------- 765,000 NYC IDA (Paradise Products) 7.125 11/01/2007 762,345 - -------------------------------------------------------------------------------------------------- 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,595,198 - -------------------------------------------------------------------------------------------------- 1,225,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 1,233,710 - -------------------------------------------------------------------------------------------------- 350,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 352,775 - -------------------------------------------------------------------------------------------------- 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,870,720 - -------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 964,440 - -------------------------------------------------------------------------------------------------- 70,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 72,308 - -------------------------------------------------------------------------------------------------- 14,200,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 14,637,360 - -------------------------------------------------------------------------------------------------- 500,000 NYC IDA (Pop Display) 6.750 12/30/2014 502,955 - -------------------------------------------------------------------------------------------------- 2,645,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,677,004 - -------------------------------------------------------------------------------------------------- 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,050,474 - -------------------------------------------------------------------------------------------------- 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,748,395 - -------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 925,015 - -------------------------------------------------------------------------------------------------- 815,000 NYC IDA (PRFF) 7.000 10/01/2016 833,280 - -------------------------------------------------------------------------------------------------- 1,290,000 NYC IDA (Priority Mailers) 9.000 03/01/2010 1,305,119 - -------------------------------------------------------------------------------------------------- 710,000 NYC IDA (Promotional Slideguide) 7.500 12/01/2010 751,123 - -------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Promotional Slideguide) 7.875 12/01/2015 1,130,359 - -------------------------------------------------------------------------------------------------- 460,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 460,777 - -------------------------------------------------------------------------------------------------- 3,385,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 3,173,573 - -------------------------------------------------------------------------------------------------- 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,893,390 - -------------------------------------------------------------------------------------------------- 1,835,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,773,069 - -------------------------------------------------------------------------------------------------- 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,902,033 - -------------------------------------------------------------------------------------------------- 4,295,000 NYC IDA (Sequins International) 8.950 01/30/2016 4,399,240 - -------------------------------------------------------------------------------------------------- 3,650,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,618,208 - -------------------------------------------------------------------------------------------------- 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,040,888 - -------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Special Needs Facilities Pooled Program) 7.12 508/01/2006 1,810,940 - -------------------------------------------------------------------------------------------------- 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,311,500 - -------------------------------------------------------------------------------------------------- 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,416,990 - -------------------------------------------------------------------------------------------------- 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,023 - -------------------------------------------------------------------------------------------------- 2,045,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 2,049,785 - -------------------------------------------------------------------------------------------------- 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 594,986 - -------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,314,423
27 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 85,000 NYC IDA (Summit School) 7.250% 12/01/2004 $ 85,626 - -------------------------------------------------------------------------------------------------- 1,485,000 NYC IDA (Summit School) 8.250 12/01/2024 1,536,218 - -------------------------------------------------------------------------------------------------- 510,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 520,639 - -------------------------------------------------------------------------------------------------- 25,460,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 25,925,918 - -------------------------------------------------------------------------------------------------- 210,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 215,517 - -------------------------------------------------------------------------------------------------- 6,425,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 6,563,844 - -------------------------------------------------------------------------------------------------- 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 378,381 - -------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 975,020 - -------------------------------------------------------------------------------------------------- 465,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 457,248 - -------------------------------------------------------------------------------------------------- 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,654,548 - -------------------------------------------------------------------------------------------------- 475,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 471,893 - -------------------------------------------------------------------------------------------------- 1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,076,016 - -------------------------------------------------------------------------------------------------- 12,250,000 NYC IDA (Touro College) 6.350 06/01/2029 10,945,375 - -------------------------------------------------------------------------------------------------- 4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,318,606 - -------------------------------------------------------------------------------------------------- 1,815,000 NYC IDA (Ultimate Display)(a) 9.000 10/15/2011 1,835,328 - -------------------------------------------------------------------------------------------------- 8,470,000 NYC IDA (United Air Lines) 5.650 10/01/2032 4,955,119 - -------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,063,470 - -------------------------------------------------------------------------------------------------- 1,720,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,661,142 - -------------------------------------------------------------------------------------------------- 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,176,796 - -------------------------------------------------------------------------------------------------- 175,000 NYC IDA (Utleys) 6.625 11/01/2006 172,349 - -------------------------------------------------------------------------------------------------- 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,295,524 - -------------------------------------------------------------------------------------------------- 950,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 954,247 - -------------------------------------------------------------------------------------------------- 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,045,411 - -------------------------------------------------------------------------------------------------- 960,000 NYC IDA (Visual Display)(a) 7.250 11/01/2008 920,448 - -------------------------------------------------------------------------------------------------- 2,375,000 NYC IDA (Visual Display)(a) 8.325 11/01/2018 2,245,919 - -------------------------------------------------------------------------------------------------- 700,000 NYC IDA (Visy Paper) 7.550 01/01/2005 710,745 - -------------------------------------------------------------------------------------------------- 10,500,000 NYC IDA (Visy Paper) 7.800 01/01/2016 10,959,585 - -------------------------------------------------------------------------------------------------- 34,750,000 NYC IDA (Visy Paper) 7.950 01/01/2028 36,264,753 - -------------------------------------------------------------------------------------------------- 685,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 683,623 - -------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,551,688 - -------------------------------------------------------------------------------------------------- 5,260,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 5,431,686 - -------------------------------------------------------------------------------------------------- 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,452,662 - -------------------------------------------------------------------------------------------------- 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,534,255 - -------------------------------------------------------------------------------------------------- 3,745,000 NYC IDA (YMCA of Greater NY) 5.250 08/01/2021 3,724,702 - -------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 0.000 06/15/2018 237,355 - -------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 0.000 06/15/2019 223,035 - -------------------------------------------------------------------------------------------------- 6,030,000 NYC Municipal Water Finance Authority 0.000 06/15/2020 2,388,182 - -------------------------------------------------------------------------------------------------- 6,500,000 NYC Municipal Water Finance Authority 5.000 06/15/2022 6,407,050 - -------------------------------------------------------------------------------------------------- 9,600,000 NYC Municipal Water Finance Authority 5.000 06/15/2023 9,410,496 - -------------------------------------------------------------------------------------------------- 450,000 NYC Municipal Water Finance Authority 5.000 06/15/2024 439,151 - -------------------------------------------------------------------------------------------------- 32,190,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 30,923,324 - -------------------------------------------------------------------------------------------------- 11,725,000 NYC Municipal Water Finance Authority 5.000 06/15/2032 11,174,160 - -------------------------------------------------------------------------------------------------- 31,410,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 30,077,274 - -------------------------------------------------------------------------------------------------- 20,000,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 19,589,200 - -------------------------------------------------------------------------------------------------- 795,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 773,925
28 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 4,750,000 NYC Municipal Water Finance Authority 5.125% 06/15/2032 $ 4,650,203 - -------------------------------------------------------------------------------------------------- 6,325,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 6,180,853 - -------------------------------------------------------------------------------------------------- 39,500,000 NYC Municipal Water Finance Authority(w) 5.125 06/15/2034 38,463,520 - -------------------------------------------------------------------------------------------------- 18,970,000 NYC Municipal Water Finance Authority 5.250 06/15/2025 19,020,650 - -------------------------------------------------------------------------------------------------- 550,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 546,112 - -------------------------------------------------------------------------------------------------- 2,160,000 NYC Municipal Water Finance Authority 5.375 06/15/2026 2,178,641 - -------------------------------------------------------------------------------------------------- 75,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 75,989 - -------------------------------------------------------------------------------------------------- 7,000,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 7,156,310 - -------------------------------------------------------------------------------------------------- 40,000 NYC Municipal Water Finance Authority 5.750 06/15/2020(p) 43,390 - -------------------------------------------------------------------------------------------------- 4,000,000 NYC Municipal Water Finance Authority CAB 0.000 06/15/2021 1,529,280 - -------------------------------------------------------------------------------------------------- 30,000,000 NYC Municipal Water Finance Authority IVRC(a) 10.295(f) 06/15/2017 31,206,000 - -------------------------------------------------------------------------------------------------- 10,000,000 NYC Municipal Water Finance Authority LEVRRS 9.804(f) 06/15/2019 10,850,600 - -------------------------------------------------------------------------------------------------- 2,805,000 NYC Municipal Water Finance Authority RITES(a) 15.334(f) 06/15/2027 2,470,139 - -------------------------------------------------------------------------------------------------- 14,425,000 NYC Municipal Water Finance Authority RITES(a) 15.344(f) 06/15/2026 12,584,370 - -------------------------------------------------------------------------------------------------- 18,240,000 NYC Municipal Water Finance Authority RITES(a) 15.824(f) 06/15/2030 16,741,402 - -------------------------------------------------------------------------------------------------- 4,030,000 NYC Municipal Water Finance Authority RITES(a) 15.834(f) 06/15/2030 3,698,895 - -------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES(a) 15.834(f) 06/15/2030 4,589,200 - -------------------------------------------------------------------------------------------------- 11,210,000 NYC Municipal Water Finance Authority RITES(a) 16.209(f) 06/15/2032 9,939,234 - -------------------------------------------------------------------------------------------------- 3,555,000 NYC Municipal Water Finance Authority RITES(a) 16.238(f) 06/15/2021 3,619,914 - -------------------------------------------------------------------------------------------------- 17,300,000 NYC Municipal Water Finance Authority RITES(a) 17.323(f) 06/15/2033 18,845,236 - -------------------------------------------------------------------------------------------------- 3,140,000 NYC Municipal Water Finance Authority RITES(a) 17.738(f) 06/15/2027 3,548,326 - -------------------------------------------------------------------------------------------------- 2,150,000 NYC TFA RITES(a) 15.295(f) 08/15/2027 1,868,823 - -------------------------------------------------------------------------------------------------- 8,000,000 NYC TFA, Series A 5.375 02/15/2022 8,198,880 - -------------------------------------------------------------------------------------------------- 10,000,000 NYC TFA, Series B 4.750 11/15/2023 9,355,500 - -------------------------------------------------------------------------------------------------- 7,545,000 NYC TFA, Series B 5.000 05/01/2030 7,240,257 - -------------------------------------------------------------------------------------------------- 20,167,643 NYS Certificate of Lease(a) 5.875 01/02/2023 20,365,689 - -------------------------------------------------------------------------------------------------- 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 350,011 - -------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,514,910 - -------------------------------------------------------------------------------------------------- 35,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 36,831 - -------------------------------------------------------------------------------------------------- 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,179,351 - -------------------------------------------------------------------------------------------------- 20,000,000 NYS DA (Catholic Health Services) 6.000 07/01/2030 20,876,000 - -------------------------------------------------------------------------------------------------- 8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,627,571 - -------------------------------------------------------------------------------------------------- 2,855,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,855,171 - -------------------------------------------------------------------------------------------------- 11,390,000 NYS DA (City University) 5.250 07/01/2031 11,247,853 - -------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,707,600 - -------------------------------------------------------------------------------------------------- 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,234,375 - -------------------------------------------------------------------------------------------------- 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 536,219 - -------------------------------------------------------------------------------------------------- 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,472 - -------------------------------------------------------------------------------------------------- 16,970,000 NYS DA (FHA Insured Mtg.), Series B 0.000 08/15/2040 1,642,526 - -------------------------------------------------------------------------------------------------- 6,480,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,541,819 - -------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,099,680 - -------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 2,021,440 - -------------------------------------------------------------------------------------------------- 12,180,000 NYS DA (Hospital for Special Surgery) 5.000 02/01/2028 11,707,051
29 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $10,600,000 NYS DA (Hospital for Special Surgery) 5.000% 02/01/2038 $ 9,987,850 - -------------------------------------------------------------------------------------------------- 140,510,000 NYS DA (Insured Hospital) 0.000 08/15/2036 22,037,588 - -------------------------------------------------------------------------------------------------- 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 38,755,128 - -------------------------------------------------------------------------------------------------- 3,160,000 NYS DA (Iona College)(w) 5.000 07/01/2027 3,061,376 - -------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Iona College)(w) 5.125 07/01/2032 978,990 - -------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,001,860 - -------------------------------------------------------------------------------------------------- 30,000 NYS DA (KMH Homes) 6.950 08/01/2031 30,716 - -------------------------------------------------------------------------------------------------- 25,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 26,294 - -------------------------------------------------------------------------------------------------- 3,450,000 NYS DA (Long Island University) 5.125 09/01/2023 3,436,511 - -------------------------------------------------------------------------------------------------- 1,400,000 NYS DA (Long Island University) 5.250 09/01/2028 1,396,920 - -------------------------------------------------------------------------------------------------- 9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES(a) 9.031(f) 02/01/2038 9,232,443 - -------------------------------------------------------------------------------------------------- 23,300,000 NYS DA (Menorah Home & Hospital) 5.150 08/01/2038 22,503,140 - -------------------------------------------------------------------------------------------------- 3,115,000 NYS DA (Menorah Home & Hospital) RITES(a) 16.149(f) 08/01/2038 2,778,082 - -------------------------------------------------------------------------------------------------- 4,625,000 NYS DA (Mental Health) RITES(a) 15.334(f) 02/15/2023 4,308,373 - -------------------------------------------------------------------------------------------------- 3,465,000 NYS DA (Millard Hospital) 5.375 02/01/2032 3,472,900 - -------------------------------------------------------------------------------------------------- 3,180,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 3,452,335 - -------------------------------------------------------------------------------------------------- 2,430,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019 2,742,279 - -------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2025 7,640,737 - -------------------------------------------------------------------------------------------------- 9,500,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 9,686,675 - -------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2013 2,625,875 - -------------------------------------------------------------------------------------------------- 6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 7,085,532 - -------------------------------------------------------------------------------------------------- 3,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2017 3,269,610 - -------------------------------------------------------------------------------------------------- 26,895,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 28,696,696 - -------------------------------------------------------------------------------------------------- 42,630,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.600 07/01/2026 44,192,390 - -------------------------------------------------------------------------------------------------- 8,820,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.625 07/01/2019 9,602,510 - -------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.750 07/01/2020 16,405,500 - -------------------------------------------------------------------------------------------------- 2,850,000 NYS DA (Municipal Health Facilities) RITES(a) 15.334(f) 01/15/2023 2,655,744 - -------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 974,710 - -------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,115,480 - -------------------------------------------------------------------------------------------------- 29,225,000 NYS DA (NY & Presbyterian Hospital) 4.750 08/01/2027 27,140,965 - -------------------------------------------------------------------------------------------------- 5,270,000 NYS DA (NY & Presbyterian Hospital) 5.000 08/01/2032 4,999,122 - -------------------------------------------------------------------------------------------------- 2,200,000 NYS DA (NY & Presbyterian Hospital) 6.500 08/01/2034 2,315,698 - -------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,068,544 - -------------------------------------------------------------------------------------------------- 585,000 NYS DA (NYS ARC) 5.000 07/01/2026 571,802 - -------------------------------------------------------------------------------------------------- 9,715,715 NYS DA (Our Lady of Mercy Medical Center) Computer Lease(a) 6.200 08/15/2006 9,526,259 - -------------------------------------------------------------------------------------------------- 12,085,000 NYS DA (Rochester General Hospital) RITES(a) 9.723(f) 08/01/2033 12,513,776 - -------------------------------------------------------------------------------------------------- 5,000,000 NYS DA (Ryan-Clinton Community Health Center) 6.100 07/01/2019 5,478,800 - -------------------------------------------------------------------------------------------------- 600,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 609,234 - -------------------------------------------------------------------------------------------------- 9,000,000 NYS DA (St. Agnes Hospital) 5.400 02/15/2025 9,054,720
30 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ==================================================================================================== NEW YORK Continued $ 2,400,000 NYS DA (St. Barnabas Hospital) 5.450% 08/01/2035 $ 2,422,008 - ---------------------------------------------------------------------------------------------------- 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,772,120 - ---------------------------------------------------------------------------------------------------- 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 2,988,058 - ---------------------------------------------------------------------------------------------------- 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,591,171 - ---------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,460,580 - ---------------------------------------------------------------------------------------------------- 3,885,000 NYS DA (St. Vincent Depaul Residence) 5.300 07/01/2018 3,937,331 - ---------------------------------------------------------------------------------------------------- 130,000 NYS DA (St. Vincent's Hospital and Medical Center) 7.400 08/01/2030 133,194 - ---------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (State University Dormitory Facilities) 5.100 07/01/2031 979,970 - ---------------------------------------------------------------------------------------------------- 50,000 NYS DA (State University Educational Facilities) 0.000 05/15/2007 42,029 - ---------------------------------------------------------------------------------------------------- 10,500,000 NYS DA (State University Educational Facilities) 5.000 05/15/2027 10,243,905 - ---------------------------------------------------------------------------------------------------- 95,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 95,722 - ---------------------------------------------------------------------------------------------------- 3,315,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014 3,803,233 - ---------------------------------------------------------------------------------------------------- 50,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 51,574 - ---------------------------------------------------------------------------------------------------- 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,716,711 - ---------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,518,650 - ---------------------------------------------------------------------------------------------------- 26,040,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,159,784 - ---------------------------------------------------------------------------------------------------- 1,805,000 NYS EFC (Consolidated Water) 7.150 11/01/2014 1,843,898 - ---------------------------------------------------------------------------------------------------- 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,673,100 - ---------------------------------------------------------------------------------------------------- 2,340,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,362,675 - ---------------------------------------------------------------------------------------------------- 45,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 45,220 - ---------------------------------------------------------------------------------------------------- 11,805,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 11,756,245 - ---------------------------------------------------------------------------------------------------- 15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 15,391,800 - ---------------------------------------------------------------------------------------------------- 40,000 NYS ERDA (Brooklyn Union Gas) 8.250 12/01/2018 40,663 - ---------------------------------------------------------------------------------------------------- 1,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.647(f) 07/08/2026 1,724,973 - ---------------------------------------------------------------------------------------------------- 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 10.981(f) 04/01/2020 8,032,710 - ---------------------------------------------------------------------------------------------------- 10,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 12.099(f) 07/01/2026 12,503,994 - ---------------------------------------------------------------------------------------------------- 210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 214,994 - ---------------------------------------------------------------------------------------------------- 9,350,000 NYS ERDA (Con Ed) RITES(a) 8.931(f) 08/15/2020 9,523,817 - ---------------------------------------------------------------------------------------------------- 23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 22,694,560 - ---------------------------------------------------------------------------------------------------- 300,000 NYS ERDA (LILCO) 5.300 10/01/2024 295,542 - ---------------------------------------------------------------------------------------------------- 11,740,000 NYS ERDA (LILCO) 7.150 09/01/2019 12,014,012 - ---------------------------------------------------------------------------------------------------- 12,625,000 NYS ERDA (LILCO) 7.150 06/01/2020 12,919,668 - ---------------------------------------------------------------------------------------------------- 4,355,000 NYS ERDA (LILCO) 7.150 12/01/2020 4,456,646 - ---------------------------------------------------------------------------------------------------- 4,180,000 NYS ERDA (LILCO) 7.150 02/01/2022 4,277,561 - ---------------------------------------------------------------------------------------------------- 3,485,000 NYS ERDA (NIMO) RITES(a) 15.934(f) 11/01/2025 3,384,841 - ---------------------------------------------------------------------------------------------------- 4,430,000 NYS ERDA (NIMO) SER A 5.150 11/01/2025 4,398,148 - ---------------------------------------------------------------------------------------------------- 425,000 NYS ERDA (NYSEG) 5.700 12/01/2028 433,330 - ---------------------------------------------------------------------------------------------------- 30,000 NYS ERDA (NYSEG) 5.950 12/01/2027 30,837 - ---------------------------------------------------------------------------------------------------- 3,625,000 NYS ERDA (RG&E) Residual Certificates(a) 19.300(f) 09/01/2033 4,521,970 - ---------------------------------------------------------------------------------------------------- 3,500,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,560,130 - ---------------------------------------------------------------------------------------------------- 2,200,000 NYS HFA (Dominican Village) 6.600 08/15/2027 2,290,200 - ---------------------------------------------------------------------------------------------------- 20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,239 - ---------------------------------------------------------------------------------------------------- 8,400,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 8,882,664 - ---------------------------------------------------------------------------------------------------- 1,075,000 NYS HFA (HELP-Suffolk Hsg.) 8.100 11/01/2005 1,136,770 - ---------------------------------------------------------------------------------------------------- 2,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010(p) 2,437
31 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 205,000 NYS HFA (Hospital & Nursing Home) 7.000% 11/01/2017(p) $ 250,032 - -------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,019 - -------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2016 22,478 - -------------------------------------------------------------------------------------------------- 12,695,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2017 5,366,811 - -------------------------------------------------------------------------------------------------- 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 741,789 - -------------------------------------------------------------------------------------------------- 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,345,065 - -------------------------------------------------------------------------------------------------- 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,672,171 - -------------------------------------------------------------------------------------------------- 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,088,329 - -------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,851,420 - -------------------------------------------------------------------------------------------------- 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,071,909 - -------------------------------------------------------------------------------------------------- 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,263,845 - -------------------------------------------------------------------------------------------------- 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,090,666 - -------------------------------------------------------------------------------------------------- 2,000,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2033 2,014,260 - -------------------------------------------------------------------------------------------------- 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,209,593 - -------------------------------------------------------------------------------------------------- 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,385,873 - -------------------------------------------------------------------------------------------------- 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,249,188 - -------------------------------------------------------------------------------------------------- 1,665,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,691,074 - -------------------------------------------------------------------------------------------------- 1,245,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,246,668 - -------------------------------------------------------------------------------------------------- 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,204,288 - -------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,001,340 - -------------------------------------------------------------------------------------------------- 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,720,311 - -------------------------------------------------------------------------------------------------- 1,470,000 NYS HFA (Multifamily Hsg.) 5.700 02/15/2034 1,483,847 - -------------------------------------------------------------------------------------------------- 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 95,565 - -------------------------------------------------------------------------------------------------- 10,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 10,375 - -------------------------------------------------------------------------------------------------- 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,343,763 - -------------------------------------------------------------------------------------------------- 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,883,723 - -------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 51,057 - -------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 26,440 - -------------------------------------------------------------------------------------------------- 765,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 798,553 - -------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 5,215,750 - -------------------------------------------------------------------------------------------------- 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,326,184 - -------------------------------------------------------------------------------------------------- 2,905,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 2,968,068 - -------------------------------------------------------------------------------------------------- 3,240,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 3,327,610 - -------------------------------------------------------------------------------------------------- 5,570,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,823,714 - -------------------------------------------------------------------------------------------------- 75,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 76,720 - -------------------------------------------------------------------------------------------------- 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,516,802 - -------------------------------------------------------------------------------------------------- 1,491,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 1,567,727 - -------------------------------------------------------------------------------------------------- 900,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 909,477 - -------------------------------------------------------------------------------------------------- 2,900,000 NYS HFA (NH&HC) RITES(a) 15.941(f) 11/01/2016 3,252,872 - -------------------------------------------------------------------------------------------------- 40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 40,944 - -------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 26,249 - -------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 20,239 - -------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 20,434 - -------------------------------------------------------------------------------------------------- 2,055,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 2,154,441 - -------------------------------------------------------------------------------------------------- 2,220,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 2,327,426
32 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 2,410,000 NYS HFA (Nonprofit Hsg.) 8.400% 11/01/2011 $ 2,526,620 - -------------------------------------------------------------------------------------------------- 2,610,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 2,736,298 - -------------------------------------------------------------------------------------------------- 2,830,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 2,966,944 - -------------------------------------------------------------------------------------------------- 1,395,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 1,462,504 - -------------------------------------------------------------------------------------------------- 1,510,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 1,583,069 - -------------------------------------------------------------------------------------------------- 1,630,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 1,708,876 - -------------------------------------------------------------------------------------------------- 1,780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,866,134 - -------------------------------------------------------------------------------------------------- 1,885,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,976,215 - -------------------------------------------------------------------------------------------------- 1,155,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 1,210,890 - -------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,440,500 - -------------------------------------------------------------------------------------------------- 3,985,000 NYS HFA (Service Contract) 5.375 03/15/2023 4,004,487 - -------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,717,656 - -------------------------------------------------------------------------------------------------- 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,619,975 - -------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Service Contract) 6.125 03/15/2020(p) 5,368 - -------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Service Contract) 6.125 03/15/2020 21,172 - -------------------------------------------------------------------------------------------------- 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 277,807 - -------------------------------------------------------------------------------------------------- 765,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 770,133 - -------------------------------------------------------------------------------------------------- 2,120,000 NYS HFA, Series E 5.700 08/15/2033 2,163,693 - -------------------------------------------------------------------------------------------------- 500,000 NYS HFA, Series F 5.700 08/15/2032 510,665 - -------------------------------------------------------------------------------------------------- 80,000 NYS LGAC 5.500 04/01/2023 81,334 - -------------------------------------------------------------------------------------------------- 470,000 NYS LGSC (SCSB) 7.250 12/15/2011 470,343 - -------------------------------------------------------------------------------------------------- 810,000 NYS LGSC (SCSB)(a) 7.375 12/15/2016 829,659 - -------------------------------------------------------------------------------------------------- 980,000 NYS LGSC (SCSB) 7.750 12/15/2021 981,617 - -------------------------------------------------------------------------------------------------- 335,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006 317,701 - -------------------------------------------------------------------------------------------------- 2,025,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/2014 1,817,296 - -------------------------------------------------------------------------------------------------- 1,015,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 782,352 - -------------------------------------------------------------------------------------------------- 45,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/2019 49,873 - -------------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 10,218 - -------------------------------------------------------------------------------------------------- 95,000 NYS Medcare (Hospital & Nursing Home) 6.200 02/15/2023 97,755 - -------------------------------------------------------------------------------------------------- 85,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2029 90,862 - -------------------------------------------------------------------------------------------------- 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,044,070 - -------------------------------------------------------------------------------------------------- 30,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2019 30,771 - -------------------------------------------------------------------------------------------------- 1,970,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2034 2,119,168 - -------------------------------------------------------------------------------------------------- 12,230,000 NYS Medcare (Hospital & Nursing Home) 6.650 08/15/2032 12,546,023 - -------------------------------------------------------------------------------------------------- 4,560,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 4,722,336 - -------------------------------------------------------------------------------------------------- 1,745,000 NYS Medcare (Hospital & Nursing Home) 9.000 02/15/2026 1,794,209 - -------------------------------------------------------------------------------------------------- 4,790,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 5,134,880 - -------------------------------------------------------------------------------------------------- 2,315,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 2,463,623 - -------------------------------------------------------------------------------------------------- 70,000 NYS Medcare (Insured Mtg. Nursing) 6.500 11/01/2015 72,470 - -------------------------------------------------------------------------------------------------- 1,650,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,758,108 - -------------------------------------------------------------------------------------------------- 625,000 NYS Medcare (Mental Health) 0.000 08/15/2018 180,706 - -------------------------------------------------------------------------------------------------- 40,000 NYS Medcare (Mental Health) 5.500 08/15/2021 40,102 - -------------------------------------------------------------------------------------------------- 250,000 NYS Medcare (Mental Health) 5.500 08/15/2024 253,465 - -------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 25,979 - -------------------------------------------------------------------------------------------------- 680,000 NYS Medcare (Our Lady of Victory Hospital) 6.625 11/01/2016 696,463
33 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 25,000 NYS Medcare (Secured Hospital) 6.250% 02/15/2024 $ 26,744 - -------------------------------------------------------------------------------------------------- 22,000,000 NYS Medcare (St. Luke's Hospital) IVRC(a) 9.872(f) 02/15/2029 22,833,360 - -------------------------------------------------------------------------------------------------- 12,500,000 NYS Medcare (St. Luke's Hospital) RITES(a)9.673(f) 02/15/2029 12,984,375 - -------------------------------------------------------------------------------------------------- 8,400,000 NYS Medcare (St. Luke's Hospital) RITES(a)9.723(f) 02/15/2029 8,725,500 - -------------------------------------------------------------------------------------------------- 5,750,000 NYS Medcare (St. Luke's Hospital) RITES(a)9.723(f) 02/15/2029 5,972,813 - -------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare (St. Luke's Hospital) RITES(a)9.733(f) 02/15/2029 10,387,500 - -------------------------------------------------------------------------------------------------- 5,925,000 NYS Medcare RITES(a) 8.931(f) 02/15/2019 6,054,817 - -------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare RITES(a) 9.181(f) 02/15/2025 10,103,300 - -------------------------------------------------------------------------------------------------- 260,000 NYS Thruway Authority 0.000 01/01/2005 241,556 - -------------------------------------------------------------------------------------------------- 25,000,000 NYS Thruway Authority Convertible INFLOS 7.795(f) 01/01/2024 22,983,750 - -------------------------------------------------------------------------------------------------- 7,140,000 NYS Thruway Authority RITES(a) 15.324(f) 01/01/2025 6,442,993 - -------------------------------------------------------------------------------------------------- 15,000 NYS UDC (Correctional Facilities) 0.000 01/01/2003 14,879 - -------------------------------------------------------------------------------------------------- 5,000 NYS UDC (Correctional Facilities) 0.000 01/01/2013 3,183 - -------------------------------------------------------------------------------------------------- 1,550,000 NYS UDC (Correctional Facilities) 5.000 01/01/2028 1,501,160 - -------------------------------------------------------------------------------------------------- 12,110,000 NYS UDC (Correctional Facilities) 5.250 01/01/2021 12,127,196 - -------------------------------------------------------------------------------------------------- 10,045,000 NYS UDC (Correctional Facilities) 5.375 01/01/2023 10,083,071 - -------------------------------------------------------------------------------------------------- 2,740,000 NYS UDC (Correctional Facilities) 5.375 01/01/2023 2,763,482 - -------------------------------------------------------------------------------------------------- 5,590,000 NYS UDC (Correctional Facilities) 5.375 01/01/2025 5,619,068 - -------------------------------------------------------------------------------------------------- 89,870,000 NYS UDC (South Mall) CAB 0.000 01/01/2011 56,271,202 - -------------------------------------------------------------------------------------------------- 80,000 NYS UDC (South Mall) CAB 0.000 01/01/2011 50,403 - -------------------------------------------------------------------------------------------------- 345,000 NYS UDC (South Mall) CAB 0.000 01/01/2011 217,364 - -------------------------------------------------------------------------------------------------- 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,184,902 - -------------------------------------------------------------------------------------------------- 985,000 Oneida County IDA (Mobile Climate Control) 8.000 11/01/2008 1,020,972 - -------------------------------------------------------------------------------------------------- 2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,925,740 - -------------------------------------------------------------------------------------------------- 450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 441,698 - -------------------------------------------------------------------------------------------------- 740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 709,408 - -------------------------------------------------------------------------------------------------- 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,193,261 - -------------------------------------------------------------------------------------------------- 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,085,126 - -------------------------------------------------------------------------------------------------- 4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 3,992,360 - -------------------------------------------------------------------------------------------------- 2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 1,987,700 - -------------------------------------------------------------------------------------------------- 69,240,000 Onondaga County IDA (Coltec Industries) 7.000 05/01/2015 55,000,102 - -------------------------------------------------------------------------------------------------- 540,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 548,046 - -------------------------------------------------------------------------------------------------- 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 798,798 - -------------------------------------------------------------------------------------------------- 1,655,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,250,336 - -------------------------------------------------------------------------------------------------- 8,345,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,170,358 - -------------------------------------------------------------------------------------------------- 1,370,000 Onondaga County IDA (Gear Motion) 8.900 12/15/2011 1,383,399 - -------------------------------------------------------------------------------------------------- 4,200,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 4,249,350 - -------------------------------------------------------------------------------------------------- 6,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 6,684,340 - -------------------------------------------------------------------------------------------------- 47,900,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 49,651,703 - -------------------------------------------------------------------------------------------------- 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 752,760 - -------------------------------------------------------------------------------------------------- 19,980,000 Onondaga County Res Rec 6.875 05/01/2006 16,051,532 - -------------------------------------------------------------------------------------------------- 812,000 Ontario County IDA (Ontario Design) 6.500 11/01/2005 821,387 - -------------------------------------------------------------------------------------------------- 430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 428,168 - -------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,489,350 - -------------------------------------------------------------------------------------------------- 2,300,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,238,613
34 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000% 08/01/2031 $ 2,034,218 - -------------------------------------------------------------------------------------------------- 2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,424,762 - -------------------------------------------------------------------------------------------------- 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,742,947 - -------------------------------------------------------------------------------------------------- 22,450,000 Orange County IDA (Glen Arden) 8.875 01/01/2025(p) 26,237,091 - -------------------------------------------------------------------------------------------------- 7,600,000 Orange County IDA (Kingston Manufacturing)(a) 8.000 11/01/2017 6,689,368 - -------------------------------------------------------------------------------------------------- 460,000 Orange County IDA (Mental Retardation Project) 7.800 07/01/2011 464,982 - -------------------------------------------------------------------------------------------------- 1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,728,549 - -------------------------------------------------------------------------------------------------- 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,287,146 - -------------------------------------------------------------------------------------------------- 2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,219,869 - -------------------------------------------------------------------------------------------------- 8,000,000 Orange County IDA (Tuxedo Place)(a) 7.000 08/01/2032 6,466,320 - -------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Tuxedo Place)(a) 7.000 08/01/2033 2,020,625 - -------------------------------------------------------------------------------------------------- 2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,765,001 - -------------------------------------------------------------------------------------------------- 3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,358,387 - -------------------------------------------------------------------------------------------------- 2,970,000 Otsego County IDA (Bassett Healthcare Project) 5.350 11/01/2020 3,035,310 - -------------------------------------------------------------------------------------------------- 3,000,000 Otsego County IDA (Hartwick College) 5.500 07/01/2019 3,084,690 - -------------------------------------------------------------------------------------------------- 4,500,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 4,510,080 - -------------------------------------------------------------------------------------------------- 11,400,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,089,342 - -------------------------------------------------------------------------------------------------- 762,716 Peekskill IDA (Karta) 9.000 07/01/2010 775,057 - -------------------------------------------------------------------------------------------------- 1,035,000 Pilgrim Village HDC (Multifamily Hsg.) 6.800 02/01/2021 1,036,304 - -------------------------------------------------------------------------------------------------- 13,110,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 13,127,830 - -------------------------------------------------------------------------------------------------- 10,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 10,250 - -------------------------------------------------------------------------------------------------- 285,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 299,039 - -------------------------------------------------------------------------------------------------- 15,250,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 15,766,975 - -------------------------------------------------------------------------------------------------- 6,670,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 6,876,770 - -------------------------------------------------------------------------------------------------- 1,260,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,299,060 - -------------------------------------------------------------------------------------------------- 37,650,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 38,817,150 - -------------------------------------------------------------------------------------------------- 2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 2,875,807 - -------------------------------------------------------------------------------------------------- 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,064,685 - -------------------------------------------------------------------------------------------------- 6,365,000 Rensselaer County Tobacco Asset Securitization Corp. 5.625 06/01/2035 6,233,881 - -------------------------------------------------------------------------------------------------- 7,000,000 Rensselaer County Tobacco Asset Securitization Corp. 5.750 06/01/2043 6,928,880 - -------------------------------------------------------------------------------------------------- 5,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 5,206 - -------------------------------------------------------------------------------------------------- 20,000,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 20,404,000 - -------------------------------------------------------------------------------------------------- 1,925,000 Riverhead IDA (Michael Reilly Design) 8.625 02/01/2012 1,900,938 - -------------------------------------------------------------------------------------------------- 570,000 Riverhead IDA (Michael Reilly Design) 8.625 02/01/2012 562,790 - -------------------------------------------------------------------------------------------------- 4,535,000 Riverhead IDA (Michael Reilly Design) 8.875 02/01/2032 4,450,513 - -------------------------------------------------------------------------------------------------- 20,990,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 23,001,262 - -------------------------------------------------------------------------------------------------- 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,716,261 - -------------------------------------------------------------------------------------------------- 2,090,000 Rockland County IDA (Dominican College)(C)5.900 05/01/2010 2,019,274 - -------------------------------------------------------------------------------------------------- 5,000,000 Rockland County IDA (Dominican College) 6.250 05/01/2028 4,739,450 - -------------------------------------------------------------------------------------------------- 740,000 Rockland County Tobacco Asset Securitization Corp. 5.500 08/15/2025 716,897 - -------------------------------------------------------------------------------------------------- 9,225,000 Rockland County Tobacco Asset Securitization Corp. 5.625 08/15/2035 9,034,319 - -------------------------------------------------------------------------------------------------- 10,100,000 Rockland County Tobacco Asset Securitization Corp. 5.750 08/15/2043 9,996,980
35 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 1,325,000 Saratoga County IDA (ARC) 8.400% 03/01/2013 $ 1,366,989 - -------------------------------------------------------------------------------------------------- 1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,699,615 - -------------------------------------------------------------------------------------------------- 3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,353,476 - -------------------------------------------------------------------------------------------------- 380,000 Schroon Lake Fire District(a) 7.250 03/01/2009 381,687 - -------------------------------------------------------------------------------------------------- 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 180,675 - -------------------------------------------------------------------------------------------------- 5,070,000 SONYMA, Series 24 6.125 10/01/2030 5,340,079 - -------------------------------------------------------------------------------------------------- 490,000 SONYMA, Series 28 6.650 04/01/2022 492,710 - -------------------------------------------------------------------------------------------------- 8,125,000 SONYMA, Series 29 5.400 10/01/2022 8,214,863 - -------------------------------------------------------------------------------------------------- 2,450,000 SONYMA, Series 29 5.450 04/01/2031 2,460,119 - -------------------------------------------------------------------------------------------------- 16,040,000 SONYMA, Series 30-B 6.650 10/01/2025 16,478,854 - -------------------------------------------------------------------------------------------------- 15,000 SONYMA, Series 30-C2 5.800 10/01/2025 15,234 - -------------------------------------------------------------------------------------------------- 10,740,000 SONYMA, Series 36-A 6.625 04/01/2025 11,174,326 - -------------------------------------------------------------------------------------------------- 11,865,000 SONYMA, Series 38 RITES(a) 10.642(f) 04/01/2025 12,175,388 - -------------------------------------------------------------------------------------------------- 375,000 SONYMA, Series 40-A 6.350 04/01/2021 385,313 - -------------------------------------------------------------------------------------------------- 75,000 SONYMA, Series 40-B 6.400 10/01/2012 77,923 - -------------------------------------------------------------------------------------------------- 5,830,000 SONYMA, Series 40-B 6.600 04/01/2025 6,073,169 - -------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 46 6.500 04/01/2013 106,264 - -------------------------------------------------------------------------------------------------- 65,000 SONYMA, Series 46 6.600 10/01/2019 68,409 - -------------------------------------------------------------------------------------------------- 5,260,000 SONYMA, Series 50 6.625 04/01/2025 5,488,021 - -------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 54 6.100 10/01/2015 106,023 - -------------------------------------------------------------------------------------------------- 55,000 SONYMA, Series 54 6.200 10/01/2026 57,507 - -------------------------------------------------------------------------------------------------- 45,000 SONYMA, Series 54 6.200 10/01/2026 47,187 - -------------------------------------------------------------------------------------------------- 5,700,000 SONYMA, Series 58 6.400 04/01/2027 6,029,574 - -------------------------------------------------------------------------------------------------- 160,000 SONYMA, Series 60 6.000 10/01/2022 167,259 - -------------------------------------------------------------------------------------------------- 7,420,000 SONYMA, Series 60 6.050 04/01/2026 7,735,350 - -------------------------------------------------------------------------------------------------- 15,000 SONYMA, Series 63 6.125 04/01/2027 15,720 - -------------------------------------------------------------------------------------------------- 10,080,000 SONYMA, Series 65 5.850 10/01/2028 10,405,786 - -------------------------------------------------------------------------------------------------- 19,570,000 SONYMA, Series 67 5.800 10/01/2028 20,150,838 - -------------------------------------------------------------------------------------------------- 3,295,000 SONYMA, Series 69 5.400 10/01/2019 3,356,056 - -------------------------------------------------------------------------------------------------- 4,670,000 SONYMA, Series 69 RITES(a) 9.392(f) 10/01/2028 4,756,488 - -------------------------------------------------------------------------------------------------- 3,000,000 SONYMA, Series 71 5.400 04/01/2029 3,009,270 - -------------------------------------------------------------------------------------------------- 10,150,000 SONYMA, Series 71 RITES(a) 9.192(f) 04/01/2029 10,212,727 - -------------------------------------------------------------------------------------------------- 5,500,000 SONYMA, Series 73 RITES(a) 16.416(f) 10/01/2028 5,464,470 - -------------------------------------------------------------------------------------------------- 1,675,000 SONYMA, Series 73-A 5.300 10/01/2028 1,673,911 - -------------------------------------------------------------------------------------------------- 10,750,000 SONYMA, Series 79 5.300 04/01/2029 10,718,610 - -------------------------------------------------------------------------------------------------- 995,000 SONYMA, Series 88 6.250 04/01/2030 1,051,785 - -------------------------------------------------------------------------------------------------- 6,100,000 SONYMA, Series 97 5.400 10/01/2021 6,183,570 - -------------------------------------------------------------------------------------------------- 6,065,000 SONYMA, Series 97 5.500 04/01/2031 6,110,548 - -------------------------------------------------------------------------------------------------- 300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 293,934 - -------------------------------------------------------------------------------------------------- 1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,277,812 - -------------------------------------------------------------------------------------------------- 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,382,514 - -------------------------------------------------------------------------------------------------- 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,873,638 - -------------------------------------------------------------------------------------------------- 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,659,638 - -------------------------------------------------------------------------------------------------- 640,000 Suffolk County IDA (ALIA-ACDS) 7.125 06/01/2017 639,859 - -------------------------------------------------------------------------------------------------- 425,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 407,958
36 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 1,310,000 Suffolk County IDA (ALIA-ACLD) 6.500% 03/01/2018 $ 1,230,902 - -------------------------------------------------------------------------------------------------- 795,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 825,790 - -------------------------------------------------------------------------------------------------- 365,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 366,391 - -------------------------------------------------------------------------------------------------- 560,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 574,678 - -------------------------------------------------------------------------------------------------- 580,000 Suffolk County IDA (ALIA-CDD) 7.125 06/01/2017 579,872 - -------------------------------------------------------------------------------------------------- 1,805,000 Suffolk County IDA (ALIA-DDI)(a) 6.375 06/01/2014 1,697,494 - -------------------------------------------------------------------------------------------------- 385,000 Suffolk County IDA (ALIA-DDI)(a) 6.950 12/01/2014 377,966 - -------------------------------------------------------------------------------------------------- 395,000 Suffolk County IDA (ALIA-DDI)(a) 7.500 09/01/2015 375,191 - -------------------------------------------------------------------------------------------------- 935,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 897,871 - -------------------------------------------------------------------------------------------------- 2,255,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 2,263,592 - -------------------------------------------------------------------------------------------------- 5,110,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 5,108,876 - -------------------------------------------------------------------------------------------------- 755,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 724,725 - -------------------------------------------------------------------------------------------------- 770,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 772,934 - -------------------------------------------------------------------------------------------------- 1,345,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,344,704 - -------------------------------------------------------------------------------------------------- 335,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 347,975 - -------------------------------------------------------------------------------------------------- 445,000 Suffolk County IDA (ALIA-Long Island Head Injury Association) 6.375 06/01/2014 427,156 - -------------------------------------------------------------------------------------------------- 915,000 Suffolk County IDA (ALIA-Long Island Head Injury Association) 6.950 12/01/2014 918,486 - -------------------------------------------------------------------------------------------------- 330,000 Suffolk County IDA (ALIA-Long Island Head Injury Association) 7.500 09/01/2015 342,781 - -------------------------------------------------------------------------------------------------- 735,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 705,527 - -------------------------------------------------------------------------------------------------- 1,830,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,836,972 - -------------------------------------------------------------------------------------------------- 1,640,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,639,639 - -------------------------------------------------------------------------------------------------- 855,000 Suffolk County IDA (ALIA-NYS ARC) 7.500 09/01/2015 888,114 - -------------------------------------------------------------------------------------------------- 540,000 Suffolk County IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 539,314 - -------------------------------------------------------------------------------------------------- 600,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 623,238 - -------------------------------------------------------------------------------------------------- 820,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 851,759 - -------------------------------------------------------------------------------------------------- 315,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 302,369 - -------------------------------------------------------------------------------------------------- 1,335,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,325,615 - -------------------------------------------------------------------------------------------------- 1,480,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 1,483,892 - -------------------------------------------------------------------------------------------------- 555,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 576,495 - -------------------------------------------------------------------------------------------------- 475,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 471,661 - -------------------------------------------------------------------------------------------------- 1,035,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 1,034,772 - -------------------------------------------------------------------------------------------------- 675,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 692,692 - -------------------------------------------------------------------------------------------------- 7,293,119 Suffolk County IDA (Camelot Village)(a,b,d) 7.900 11/01/2031 2,196,760 - -------------------------------------------------------------------------------------------------- 345,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 346,025 - -------------------------------------------------------------------------------------------------- 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,606,003 - -------------------------------------------------------------------------------------------------- 1,090,000 Suffolk County IDA (DDI)(a) 6.250 03/01/2009 985,731 - -------------------------------------------------------------------------------------------------- 5,025,000 Suffolk County IDA (DDI)(a) 7.250 03/01/2024 4,677,371 - -------------------------------------------------------------------------------------------------- 180,000 Suffolk County IDA (DDI)(a) 7.375 03/01/2003 173,547 - -------------------------------------------------------------------------------------------------- 9,675,000 Suffolk County IDA (DDI)(a) 8.750 03/01/2023 9,260,426 - -------------------------------------------------------------------------------------------------- 2,605,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,226,546 - -------------------------------------------------------------------------------------------------- 3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 2,838,726 - -------------------------------------------------------------------------------------------------- 280,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 282,240
37 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125% 04/01/2030 $ 2,217,674 - --------------------------------------------------------------------------------------------------- 445,000 Suffolk County IDA (Fil-Coil Corp.)(a,b,d) 9.000 12/01/2015 282,575 - --------------------------------------------------------------------------------------------------- 1,060,000 Suffolk County IDA (Fil-Coil Corp.)(a,b,d) 9.250 12/01/2025 673,100 - --------------------------------------------------------------------------------------------------- 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,667,116 - --------------------------------------------------------------------------------------------------- 3,250,000 Suffolk County IDA (Jefferson's Ferry) 6.125 11/01/2029 3,278,470 - --------------------------------------------------------------------------------------------------- 6,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 6,827,990 - --------------------------------------------------------------------------------------------------- 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,453,700 - --------------------------------------------------------------------------------------------------- 3,500,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,335,920 - --------------------------------------------------------------------------------------------------- 5,485,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 5,099,734 - --------------------------------------------------------------------------------------------------- 715,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 733,754 - --------------------------------------------------------------------------------------------------- 1,600,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 1,612,464 - --------------------------------------------------------------------------------------------------- 325,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 327,600 - --------------------------------------------------------------------------------------------------- 2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,571,290 - --------------------------------------------------------------------------------------------------- 250,000 Suffolk County IDA (Rainbow Chimes) 7.000 05/01/2007 238,545 - --------------------------------------------------------------------------------------------------- 2,210,000 Suffolk County IDA (Rainbow Chimes) 8.000 11/01/2024 2,115,721 - --------------------------------------------------------------------------------------------------- 1,670,000 Suffolk County IDA (Rimland Facilities)(a,v) 3.563 12/01/2009 1,666,827 - --------------------------------------------------------------------------------------------------- 5,635,000 Suffolk County IDA (United Cerebral Palsy) 7.875 09/01/2041 5,505,226 - --------------------------------------------------------------------------------------------------- 1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,643,312 - --------------------------------------------------------------------------------------------------- 1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,325,906 - --------------------------------------------------------------------------------------------------- 1,135,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 1,189,866 - --------------------------------------------------------------------------------------------------- 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,265,005 - --------------------------------------------------------------------------------------------------- 3,035,000 Sullivan County IDA (Center Discovery Civic Facility) 7.250 02/01/2012 3,049,538 - --------------------------------------------------------------------------------------------------- 9,965,000 Sullivan County IDA (Center Discovery Civic Facility) 7.750 02/01/2027 10,017,815 - --------------------------------------------------------------------------------------------------- 8,725,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,726,920 - --------------------------------------------------------------------------------------------------- 2,720,000 Sunnybrook EHC 11.250 12/01/2014 2,927,971 - --------------------------------------------------------------------------------------------------- 525,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 528,932 - --------------------------------------------------------------------------------------------------- 6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 7,135,320 - --------------------------------------------------------------------------------------------------- 6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 6,914,228 - --------------------------------------------------------------------------------------------------- 550,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 555,632 - --------------------------------------------------------------------------------------------------- 375,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 380,171 - --------------------------------------------------------------------------------------------------- 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,254,528 - --------------------------------------------------------------------------------------------------- 1,000,000 Syracuse IDA (Crouse Irving Health Hospital)(a) 5.375 01/01/2023 506,860 - --------------------------------------------------------------------------------------------------- 26,105,000 Syracuse IDA (James Square) 0.000 08/01/2025 5,929,229 - --------------------------------------------------------------------------------------------------- 725,000 Syracuse IDA (Jewish Home) 7.375 03/01/2021 750,614 - --------------------------------------------------------------------------------------------------- 2,050,000 Syracuse IDA (Jewish Home) 7.375 03/01/2031 2,106,847 - --------------------------------------------------------------------------------------------------- 7,050,000 Syracuse IDA (Pavilion on James Senior Hsg.)(a,d) 7.500 08/01/2030 1,411,551 - --------------------------------------------------------------------------------------------------- 8,085,000 Syracuse IDA (Spectrum Medsystems Corp.)(a) 8.500 11/01/2010 6,346,725 - --------------------------------------------------------------------------------------------------- 25,000 34th Street BID (34th Street Partnership) 5.500 01/01/2023 25,125 - --------------------------------------------------------------------------------------------------- 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 4,027,388 - --------------------------------------------------------------------------------------------------- 2,790,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015 2,873,477 - --------------------------------------------------------------------------------------------------- 5,760,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2024 5,931,302 - --------------------------------------------------------------------------------------------------- 165,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2007 191,652 - --------------------------------------------------------------------------------------------------- 75,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 88,401 - --------------------------------------------------------------------------------------------------- 695,000 Tonawanda SCHC 6.500 12/01/2010 691,845 - --------------------------------------------------------------------------------------------------- 118,050,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 113,219,394
38 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $16,775,000 Triborough Bridge & Tunnel Authority 5.000% 01/01/2032 $ 16,161,371 - -------------------------------------------------------------------------------------------------- 10,050,000 Triborough Bridge & Tunnel Authority 5.125 01/01/2031 9,843,473 - -------------------------------------------------------------------------------------------------- 8,265,000 Triborough Bridge & Tunnel Authority RITES(a) 15.323(f) 01/01/2027 7,332,377 - -------------------------------------------------------------------------------------------------- 23,250,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 24,088,163 - -------------------------------------------------------------------------------------------------- 2,000,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 2,088,060 - -------------------------------------------------------------------------------------------------- 11,970,000 TSASC, Inc. (TFABs) RITES(a) 19.687(f) 07/15/2034 14,078,156 - -------------------------------------------------------------------------------------------------- 30,875,000 TSASC, Inc. (TFABs) RITES(a) 20.187(f) 07/15/2039 35,327,175 - -------------------------------------------------------------------------------------------------- 55,000 Tupper Lake HDC 8.125 10/01/2010 55,411 - -------------------------------------------------------------------------------------------------- 995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,132,887 - -------------------------------------------------------------------------------------------------- 725,000 Ulster County IDA (Benedictine Hospital) 6.400 06/01/2014 688,482 - -------------------------------------------------------------------------------------------------- 1,945,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,745,910 - -------------------------------------------------------------------------------------------------- 1,915,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,965,594 - -------------------------------------------------------------------------------------------------- 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 3,991,160 - -------------------------------------------------------------------------------------------------- 1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,469,629 - -------------------------------------------------------------------------------------------------- 2,250,000 Ulster County Res Rec 6.000 03/01/2014 2,312,865 - -------------------------------------------------------------------------------------------------- 2,000,000 Ulster County Tobacco Asset Securitization Corp. 0.000(v) 06/01/2025 1,818,780 - -------------------------------------------------------------------------------------------------- 1,635,000 Ulster County Tobacco Asset Securitization Corp. 0.000(v) 06/01/2040 1,026,028 - -------------------------------------------------------------------------------------------------- 815,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 832,368 - -------------------------------------------------------------------------------------------------- 2,470,000 Union Hsg. Authority (Methodist Homes) 7.625 11/01/2016 2,565,564 - -------------------------------------------------------------------------------------------------- 2,010,000 Union Hsg. Authority (Methodist Homes) 8.500 04/01/2012 2,097,375 - -------------------------------------------------------------------------------------------------- 795,000 United Nations Devel. Corp., Series B 5.500 07/01/2017 795,207 - -------------------------------------------------------------------------------------------------- 20,280,000 United Nations Devel. Corp., Series B 5.600 07/01/2026 20,283,448 - -------------------------------------------------------------------------------------------------- 17,150,000 United Nations Devel. Corp., Series C 5.600 07/01/2026 17,151,372 - -------------------------------------------------------------------------------------------------- 80,000 Utica Free Academy Devel. Corp. (Loretto-Utica Corp.) 5.950 07/01/2035 80,366 - -------------------------------------------------------------------------------------------------- 580,000 Utica GO 6.000 01/15/2006 606,570 - -------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.100 01/15/2013 543,335 - -------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.200 01/15/2014 541,915 - -------------------------------------------------------------------------------------------------- 560,000 Utica GO 6.250 01/15/2007 591,517 - -------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.250 01/15/2015 543,800 - -------------------------------------------------------------------------------------------------- 3,000,000 Utica IDA (Utica College Civic Facility) 5.750 08/01/2028 2,720,610 - -------------------------------------------------------------------------------------------------- 1,250,000 Utica IDA (Utica College Civic Facility) 6.750 12/01/2021 1,252,375 - -------------------------------------------------------------------------------------------------- 3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,556,710 - -------------------------------------------------------------------------------------------------- 950,000 Vigilant EHL (Thomaston Volunteer Fire Dept.) 7.500 11/01/2012 966,749 - -------------------------------------------------------------------------------------------------- 8,440,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.000 12/15/2012 7,864,223 - -------------------------------------------------------------------------------------------------- 8,645,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,213,960 - -------------------------------------------------------------------------------------------------- 8,965,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,535,666 - -------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2003 100,312 - -------------------------------------------------------------------------------------------------- 95,000 Watervliet EHC 8.000 11/15/2004 95,305 - -------------------------------------------------------------------------------------------------- 95,000 Watervliet EHC 8.000 11/15/2005 95,233 - -------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2006 100,245 - -------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2007 100,242 - -------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2008 100,242 - -------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2009 100,242 - -------------------------------------------------------------------------------------------------- 90,000 Wayne County IDA (ARC) 7.250 03/01/2003 90,053 - -------------------------------------------------------------------------------------------------- 2,925,000 Wayne County IDA (ARC) 8.375 03/01/2018 3,007,017
39 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== NEW YORK Continued $ 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375% 12/01/2025 $ 1,993,644 - -------------------------------------------------------------------------------------------------- 4,720,000 Westchester County IDA (Childrens Village) 6.000 06/01/2022 4,733,688 - -------------------------------------------------------------------------------------------------- 1,162,800 Westchester County IDA (Clearview School) 9.375 01/01/2021 1,218,312 - -------------------------------------------------------------------------------------------------- 2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,024,080 - -------------------------------------------------------------------------------------------------- 2,220,000 Westchester County IDA (JBFS) 6.750 12/15/2012 2,247,328 - -------------------------------------------------------------------------------------------------- 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,643,039 - -------------------------------------------------------------------------------------------------- 3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 2,960,230 - -------------------------------------------------------------------------------------------------- 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 780,776 - -------------------------------------------------------------------------------------------------- 1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,291,983 - -------------------------------------------------------------------------------------------------- 3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,037,792 - -------------------------------------------------------------------------------------------------- 1,700,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,647,249 - -------------------------------------------------------------------------------------------------- 85,000 Westchester County IDA (Westchester Airport) 5.950 08/01/2024 85,791 - -------------------------------------------------------------------------------------------------- 2,500,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,432,400 - -------------------------------------------------------------------------------------------------- 24,110,000 Westchester County Tobacco Asset Securitization Corp. 6.750 07/15/2029 25,981,659 - -------------------------------------------------------------------------------------------------- 76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000(v) 07/15/2039 55,444,431 - -------------------------------------------------------------------------------------------------- 1,700,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,832,481 - -------------------------------------------------------------------------------------------------- 870,000 Yates County IDA (Keuka College) 9.000 08/01/2011 889,070 - -------------------------------------------------------------------------------------------------- 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 3,965,913 - -------------------------------------------------------------------------------------------------- 15,000,000 Yonkers IDA (Community Development Properties) 6.625 02/01/2026 15,803,250 - -------------------------------------------------------------------------------------------------- 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,341,262 - -------------------------------------------------------------------------------------------------- 1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,614,884 - -------------------------------------------------------------------------------------------------- 2,500,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,623,000 - -------------------------------------------------------------------------------------------------- 390,000 Yonkers IDA (St. Joseph's Hospital) 7.500 12/30/2003 392,902 - -------------------------------------------------------------------------------------------------- 3,270,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,413,390 - -------------------------------------------------------------------------------------------------- 2,200,000 Yonkers IDA (St. Joseph's Hospital), Series 98-A 6.150 03/01/2015 1,747,174 - -------------------------------------------------------------------------------------------------- 2,100,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 6.150 03/01/2015 1,667,757 - -------------------------------------------------------------------------------------------------- 1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-C 6.200 03/01/2020 757,410 - -------------------------------------------------------------------------------------------------- 135,000 Yonkers IDA (Westchester School) 7.375 12/30/2003 135,857 - -------------------------------------------------------------------------------------------------- 3,375,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,584,621 - -------------------------------------------------------------------------------------------------- 800,000 Yonkers Parking Authority 6.000 06/15/2018 818,616 - -------------------------------------------------------------------------------------------------- 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,228,801 - -------------------------------------------------------------------------------------------------- 420,000 Yonkers Parking Authority 7.750 12/01/2004 438,610 -------------- 5,274,922,818 - -------------------------------------------------------------------------------------------------- OTHER STATES--2.6% - -------------------------------------------------------------------------------------------------- 4,000,000 Allegheny County, PA HDA (West Penn Allegheny Health System) 9.250 11/15/2022 4,307,800 - -------------------------------------------------------------------------------------------------- 47,900,000 Allegheny County, PA HDA (West Penn Allegheny Health System) 9.250 11/15/2030 51,327,724 - -------------------------------------------------------------------------------------------------- 41,085,000 Alliance Airport Authority, TX (American Airlines) 7.500 12/01/2029 37,261,219 - -------------------------------------------------------------------------------------------------- 1,250,000 Chicago, IL O'Hare International Airport (American Airlines) 8.200 12/01/2024 1,231,000 - -------------------------------------------------------------------------------------------------- 27,330,000 Dallas-Fort Worth, TX International Airport (American Airlines) 7.250 11/01/2030 23,894,619 - -------------------------------------------------------------------------------------------------- 12,235,000 Dallas-Fort Worth, TX International Airport (Delta Air Lines) 7.125 11/01/2026 11,376,348 - -------------------------------------------------------------------------------------------------- 12,785,000 Hillsborough County, FL Aviation Authority (US Airways) 8.600 01/15/2022 7,096,059
40 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== OTHER STATES Continued $ 2,200,000 Kenton County, KY Airport (Delta Air Lines) 7.500% 02/01/2020 $ 2,178,814 - -------------------------------------------------------------------------------------------------- 2,000,000 Los Angeles, CA Regional AIC (American Airlines) 7.500 12/01/2024 1,951,180 - -------------------------------------------------------------------------------------------------- 5,750,000 McMinn County, TN IDB Solid Waste (Calhoun Newsprint) 7.400 12/01/2022 5,900,535 - -------------------------------------------------------------------------------------------------- 5,000 MI Strategic Fund Limited Obligation (Ford Motor Company) 6.550 10/01/2022 5,111 - -------------------------------------------------------------------------------------------------- 5,000 Montgomery County, MD HOC (Single Family Mtg.), Series B 6.625 07/01/2028 5,082 - -------------------------------------------------------------------------------------------------- 5,000 OH Higher Educational Facility Commission (Kenyon College) 7.400 05/01/2007 5,144 - -------------------------------------------------------------------------------------------------- 7,900,000 Richland County, SC Solid Waste (Union Camp Corp.) 6.750 05/01/2022 8,073,800 - -------------------------------------------------------------------------------------------------- 2,750,905 Robbins, IL Res Rec (Robbins Res Rec Partners)(a) 7.250 10/15/2009 1,301,178 - -------------------------------------------------------------------------------------------------- 5,000 Southern CA Public Power Authority 6.000 07/01/2018 5,005 -------------- 155,920,618 - -------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--10.4%(E) - -------------------------------------------------------------------------------------------------- 400,001 American Samoa Power Authority 6.900 09/01/2002 402,604 - -------------------------------------------------------------------------------------------------- 500,000 American Samoa Power Authority 6.950 09/01/2003 521,110 - -------------------------------------------------------------------------------------------------- 500,000 American Samoa Power Authority 7.000 09/01/2004 536,255 - -------------------------------------------------------------------------------------------------- 800,000 American Samoa Power Authority 7.200 09/01/2002 805,584 - -------------------------------------------------------------------------------------------------- 4,225,000 Guam Airport Authority, Series A 6.500 10/01/2023 4,322,597 - -------------------------------------------------------------------------------------------------- 3,675,000 Guam Airport Authority, Series B 6.600 10/01/2010 3,795,246 - -------------------------------------------------------------------------------------------------- 65,750,000 Guam Airport Authority, Series B 6.700 10/01/2023 67,877,670 - -------------------------------------------------------------------------------------------------- 2,500,000 Guam EDA (Royal Socio Apartments) 9.500 11/01/2018 2,516,325 - -------------------------------------------------------------------------------------------------- 8,375,000 Guam GO, Series A 5.400 11/15/2018 7,567,482 - -------------------------------------------------------------------------------------------------- 1,085,000 Guam GO, Series A 6.000 09/01/2006 1,080,747 - -------------------------------------------------------------------------------------------------- 290,000 Guam Power Authority, Series A 5.250 10/01/2023 276,933 - -------------------------------------------------------------------------------------------------- 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 18,596,400 - -------------------------------------------------------------------------------------------------- 1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,033,340 - -------------------------------------------------------------------------------------------------- 4,790,000 Northern Mariana Islands, Series A 6.250 03/15/2028 4,804,035 - -------------------------------------------------------------------------------------------------- 20,000,000 Northern Mariana Islands, Series A 6.600 03/15/2028 20,665,800 - -------------------------------------------------------------------------------------------------- 10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,174,600 - -------------------------------------------------------------------------------------------------- 234,231 Puerto Rico Dept. of Corrections Equipment Lease(a) 8.000 04/17/2003 234,259 - -------------------------------------------------------------------------------------------------- 450,129 Puerto Rico Family Dept. Furniture Lease(a) 8.000 08/18/2003 450,858 - -------------------------------------------------------------------------------------------------- 1,800,989 Puerto Rico Family Dept. Furniture Lease(a) 12.725 08/12/2003 1,856,784 - -------------------------------------------------------------------------------------------------- 750,000 Puerto Rico HBFA 6.250 04/01/2029 781,148 - -------------------------------------------------------------------------------------------------- 2,900,340 Puerto Rico Health Dept. Computer Lease(a)7.438 03/26/2003 2,892,538 - -------------------------------------------------------------------------------------------------- 2,225,000 Puerto Rico HFC 5.500 12/01/2023 2,265,718 - -------------------------------------------------------------------------------------------------- 10,000 Puerto Rico HFC 7.300 10/01/2006 10,023 - -------------------------------------------------------------------------------------------------- 180,000 Puerto Rico HFC 7.500 10/01/2015 188,111 - -------------------------------------------------------------------------------------------------- 4,500,000 Puerto Rico HFC 7.500 04/01/2022 4,644,450 - -------------------------------------------------------------------------------------------------- 185,000 Puerto Rico IMEPCF (Instituto Medico) 9.500 04/01/2003 186,106 - -------------------------------------------------------------------------------------------------- 155,979 Puerto Rico Industrial Commission Computer Lease(a) 8.000 03/26/2003 155,930 - -------------------------------------------------------------------------------------------------- 905,000 Puerto Rico Infrastructure 7.500 07/01/2009 921,109 - -------------------------------------------------------------------------------------------------- 335,000 Puerto Rico Infrastructure 7.750 07/01/2008 345,251 - -------------------------------------------------------------------------------------------------- 60,000 Puerto Rico Infrastructure 7.900 07/01/2007 61,248 - -------------------------------------------------------------------------------------------------- 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,084,363
41 ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 =================================================================================================== U.S. POSSESSIONS Continued $ 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375% 12/01/2021 $ 1,563,676 - --------------------------------------------------------------------------------------------------- 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,591,185 - --------------------------------------------------------------------------------------------------- 2,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 2,712,380 - --------------------------------------------------------------------------------------------------- 42,800,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 44,625,420 - --------------------------------------------------------------------------------------------------- 3,685,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 3,246,927 - --------------------------------------------------------------------------------------------------- 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 810,182 - --------------------------------------------------------------------------------------------------- 8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,391,365 - --------------------------------------------------------------------------------------------------- 12,340,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 11,479,038 - --------------------------------------------------------------------------------------------------- 375,000 Puerto Rico ITEMECF (Polytech University) 5.500 08/01/2024 355,264 - --------------------------------------------------------------------------------------------------- 35,000 Puerto Rico ITEMECF (Polytech University) 5.700 08/01/2013 35,412 - --------------------------------------------------------------------------------------------------- 940,000 Puerto Rico ITEMECF (Polytech University) 6.500 08/01/2024 975,184 - --------------------------------------------------------------------------------------------------- 750,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 775,118 - --------------------------------------------------------------------------------------------------- 2,425,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,463,897 - --------------------------------------------------------------------------------------------------- 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,261,655 - --------------------------------------------------------------------------------------------------- 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 6,028,330 - --------------------------------------------------------------------------------------------------- 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 500,500 - --------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 7,829,840 - --------------------------------------------------------------------------------------------------- 91,649 Puerto Rico Medical Services Equipment Lease(a) 7.300 02/27/2003 91,495 - --------------------------------------------------------------------------------------------------- 184,994 Puerto Rico Medical Services Ventilator Lease(a) 7.500 04/01/2003 184,822 - --------------------------------------------------------------------------------------------------- 25,470,000 Puerto Rico Port Authority (American Airlines) 6.250 06/01/2026 20,703,544 - --------------------------------------------------------------------------------------------------- 12,470,000 Puerto Rico Port Authority (American Airlines) 6.300 06/01/2023 10,310,570 - --------------------------------------------------------------------------------------------------- 6,628,464 Puerto Rico Public Buildings Authority Computer Lease(a) 6.528 05/01/2004 6,574,111 - --------------------------------------------------------------------------------------------------- 182,410,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 186,423,020 - --------------------------------------------------------------------------------------------------- 45,000,000 Puerto Rico Public Finance Corp., Series E 5.750 08/01/2030 46,919,700 - --------------------------------------------------------------------------------------------------- 870,874 Puerto Rico Rio Grande Computer Lease(a,b,d) 0.000 09/02/2003 345,084 - --------------------------------------------------------------------------------------------------- 2,247,808 Puerto Rico Rio Grande Equipment Lease(a,b,d) 0.000 10/13/2003 1,975,823 - --------------------------------------------------------------------------------------------------- 142,664 Puerto Rico Rio Grande Vehicle Lease(a,b,d) 0.000 01/23/2003 56,531 - --------------------------------------------------------------------------------------------------- 350,736 Puerto Rico San Sebastian Garage Lease(a)10.000 09/16/2005 364,541 - --------------------------------------------------------------------------------------------------- 99,246 Puerto Rico State Courts Vehicle Lease(a) 8.000 03/26/2003 99,396 - --------------------------------------------------------------------------------------------------- 2,000,000 University of V.I. 6.250 12/01/2029 2,112,840 - --------------------------------------------------------------------------------------------------- 770,000 University of V.I. 7.250 10/01/2004(p) 857,980 - --------------------------------------------------------------------------------------------------- 3,570,000 University of V.I. 7.700 10/01/2019(p) 4,086,686 - --------------------------------------------------------------------------------------------------- 5,175,000 University of V.I. 7.750 10/01/2024(p) 5,929,412 - --------------------------------------------------------------------------------------------------- 60,000 V.I. HFA 6.450 03/01/2016 62,351 - --------------------------------------------------------------------------------------------------- 10,000,000 V.I. Public Finance Authority 5.500 10/01/2015 10,303,400 - --------------------------------------------------------------------------------------------------- 1,000,000 V.I. Public Finance Authority 5.500 10/01/2018 1,011,480 - --------------------------------------------------------------------------------------------------- 16,220,000 V.I. Public Finance Authority 5.500 10/01/2022 16,255,846 - --------------------------------------------------------------------------------------------------- 7,500,000 V.I. Public Finance Authority 5.625 10/01/2025 7,516,425 - --------------------------------------------------------------------------------------------------- 1,595,000 V.I. Public Finance Authority 5.750 10/01/2013 1,606,819 - --------------------------------------------------------------------------------------------------- 11,415,000 V.I. Public Finance Authority 5.875 10/01/2018 11,396,051 - --------------------------------------------------------------------------------------------------- 6,830,000 V.I. Public Finance Authority 6.000 10/01/2022 6,825,287 - --------------------------------------------------------------------------------------------------- 8,400,000 V.I. Public Finance Authority 6.125 10/01/2029 8,828,904 - --------------------------------------------------------------------------------------------------- 730,000 V.I. Public Finance Authority 7.125 10/01/2004(p) 777,151 - --------------------------------------------------------------------------------------------------- 8,625,000 V.I. Public Finance Authority Computer Lease(a) 6.250 01/01/2005 8,918,250
42 ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ================================================================================================== U.S. POSSESSIONS Continued - -------------------------------------------------------------------------------------------------- $1,575,000 V.I. Water & Power Authority 5.300% 07/01/2018 $ 1,551,454 - -------------------------------------------------------------------------------------------------- 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,416,193 - -------------------------------------------------------------------------------------------------- 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,458,650 --------------- 631,663,813 - -------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $6,066,307,668)--100.1% 6,062,507,249 - -------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% (3,137,418) --------------- NET ASSETS--100.0% $6,059,369,831 ===============
FOOTNOTES TO STATEMENTS A. Identifies issues considered to be illiquid or restricted--See Note 5 of Notes to Financial Statements. B. Non-income-accruing security. C. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $2,394,536 or 0.04% of the Fund's net assets as of June 30, 2002. D. Issuer is in default. E. All income earned on securities categorized as U.S. Possessions is exempt from federal, New York State and New York City income taxes for the six months ended June 30, 2002. F. Represents the current interest rate for a variable rate bond known as an "inverse floater." See Note 1 of Notes to Financial Statements. P. Date of prefunded call, or maturity date if escrowed to maturity. V. Represents the current interest rate for a variable or increasing rate security. W. When-issued security to be delivered and settled after June 30, 2002. As of June 30, 2002, securities subject to the Alternative Minimum Tax amount to $1,633,863,093 or 27.0% of the Fund's net assets. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 43 ROCHESTER FUND MUNICIPALS FOOTNOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued ================================================================================ PORTFOLIO ABBREVIATIONS June 30, 2002 - -------------------------------------------------------------------------------- TO SIMPLIFY THE LISTING OF SECURITIES IN THE STATEMENT OF INVESTMENTS, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ACDS Association for Children with Down Syndrome ACLD Adults and Children with Learning and Developmental Disabilities ADD Aid to the Developmentally Disabled AIC Airports Improvement Corporation ALIA Alliance of Long Island Agencies ARC Association of Retarded Citizens ASMF Amsterdam Sludge Management Facility BID Business Improvement District CAB Capital Appreciation Bond CARS Complimentary Auction Rate Security CCSSVD Central Council of the Society of St. Vincent DePaul CFGA Child and Family Guidance Association CNGCS Central Nassau Guidance and Counseling Services Con Ed Consolidated Edison Company COP Certificates of Participation CSD Central School District CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DIAMONDS Direct Investment of Accrued Municipals EDA Economic Development Authority EFC Environmental Facilities Corporation EHC Elderly Housing Corporation EHL Engine Hook and Ladder ERDA Energy Research and Development Authority FHA Federal Housing Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation HBFA Housing Bank and Finance Agency HDA Hospital Development Authority HDC Housing Development Corporation HELP Homeless Economic Loan Program HFA Housing Finance Agency HFC Housing Finance Corporation HH Harmony Heights, Inc. HHS Harmony Heights School HJDOI Hospital for Joint Diseases Orthopaedic Institute HOC Housing Opportunities Commission IDA Industrial Development Agency IDB Industrial Development Board IFA Interim Finance Authority IGHL Independent Group Home for Living IMEPCF Industrial, Medical and Environmental Pollution Control Facilities INFLOS Inverse Floating Rate Securities ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities IVRC Inverse Variable Rate Certificate JBFS Jewish Board of Family Services JCC Jewish Community Center L.I. Long Island LEVRRS Leveraged Reverse Rate Security LGAC Local Government Assistance Corporation LGSC Local Government Services Corporation LILCO Long Island Lighting Corporation LRRHFC Loretto Rest Residential Health Care Facility LVH Little Village House MCH Maryhaven Center of Hope MSH Mount Sinai Hospital MTA Metropolitan Transportation Authority NH&HC Nursing Home and Health Care NIMO Niagara Mohawk Power Corporation NYC New York City NYS New York State NYSEG New York State Electric and Gas NYU New York University OBPWC Ocean Bay Park Water Corporation PRFF Puerto Rican Family Foundation Res Rec Resource Recovery Facility RIBS Residual Interest Bonds RIT Rochester Institute of Technology RITES Residual Interest Tax Exempt Security SCCC Sullivan County Community College SCHC Senior Citizen Housing Corporation SCSB Schuyler Community Services Board SLCD School for Language and Communication Development SMCFS St. Mary's Children and Family Services SONYMA State of New York Mortgage Agency SSMH Soldiers and Sailors Memorial Hospital SUNY State University of New York SWMA Solid Waste Management Authority TASC Tobacco Settlement Asset-Backed Bonds TFA Transitional Finance Authority TFABs Tobacco Flexible Amortization Bonds UCP/HCA United Cerebral Palsy and Handicapped Children's Association UCPAGS United Cerebral Palsy Association of Greater Suffolk UDC Urban Development Corporation V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults YMCA Young Men's Christian Association 44 ROCHESTER FUND MUNICIPALS ================================================================================ INDUSTRY CONCENTRATIONS June 30, 2002 - -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: INDUSTRY MARKET VALUE PERCENT - -------------------------------------------------------------------------------- Hospital/Health Care $ 861,963,793 14.2% Special Assessment 656,831,459 10.8 Electric Utilities 587,119,949 9.7 Sales Tax Revenue 331,147,605 5.5 Water Utilities 324,193,974 5.4 Multifamily Housing 323,518,803 5.3 Highways/Railways 308,037,997 5.1 Adult Living Facilities 288,574,253 4.8 Airlines 278,829,376 4.6 Higher Education 265,420,812 4.4 General Obligation 263,072,995 4.3 Not-for-Profit Organization 256,635,763 4.2 Municipal Leases 240,726,900 4.0 Marine/Aviation Facilities 188,042,406 3.1 Single Family Housing 168,917,647 2.8 Resource Recovery 147,774,914 2.4 Manufacturing, Non-Durable Goods 127,569,018 2.1 Manufacturing, Durable Goods 127,292,981 2.1 Paper, Containers and Packaging 121,188,002 2.0 Education 103,180,675 1.7 Parking Fee Revenue 29,958,115 0.5 Hotels, Restaurants and Leisure 24,670,021 0.4 Gas Utilities 22,302,340 0.4 Pollution Control 14,763,526 0.2 Sewer Utilities 773,925 -- -------------------------------- $6,062,507,249 100.0% ================================ ================================================================================ SUMMARY OF RATINGS June 30, 2002 - -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY RATING CATEGORY, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: RATING PERCENT - -------------------------------------------------------------------------------- AAA 13.9% AA 17.9 A 21.0 BBB 23.7 BB 5.4 B 1.8 CCC 0.1 CC 0.0 C 0.0 Not Rated 16.2 ------ 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. 45 ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Unaudited June 30, 2002
=================================================================================== ASSETS - ----------------------------------------------------------------------------------- Investments, at value (cost $6,066,307,668) -- see accompanying statement $6,062,507,249 - ----------------------------------------------------------------------------------- Cash 1,702,244 - ----------------------------------------------------------------------------------- Receivables and other assets: Interest 101,661,587 Investments sold 35,165,985 Shares of beneficial interest sold 19,807,045 Other 36,391 --------------- Total assets 6,220,880,501 =================================================================================== LIABILITIES - ----------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased (including $55,321,941 purchased on a when-issued basis) 85,736,226 Notes payable to bank (interest rate 2.5265% at June 30, 2002) 53,800,000 Shares of beneficial interest redeemed 12,595,851 Dividends 5,146,007 Distribution and service plan fees 2,668,237 Trustees' compensation 861,970 Transfer and shareholder servicing agent fees 313,498 Shareholder reports 237,200 Other 151,681 --------------- Total liabilities 161,510,670 =================================================================================== NET ASSETS $6,059,369,831 =============== =================================================================================== COMPOSITION OF NET ASSETS - ----------------------------------------------------------------------------------- Paid-in capital $6,206,539,559 - ----------------------------------------------------------------------------------- Undistributed net investment income 3,222,943 - ----------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (146,592,252) - ----------------------------------------------------------------------------------- Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies (3,800,419) --------------- NET ASSETS $6,059,369,831 ===============
46 ROCHESTER FUND MUNICIPALS
===================================================================================== NET ASSET VALUE PER SHARE - ------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $4,309,582,988 and 245,230,623 shares of beneficial interest outstanding) $17.57 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $18.45 - ------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,280,421,750 and 72,911,157 shares of beneficial interest outstanding) $17.56 - ------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $457,153,445 and 26,041,345 shares of beneficial interest outstanding) $17.55 - ------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $12,211,648 and 694,944 shares of beneficial interest outstanding) $17.57
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS Unaudited For the Six Months Ended June 30, 2002
=================================================================================== INVESTMENT INCOME - ----------------------------------------------------------------------------------- Interest $201,618,387 =================================================================================== EXPENSES - ----------------------------------------------------------------------------------- Management fees 13,556,518 - ----------------------------------------------------------------------------------- Distribution and service plan fees: Class A 3,104,863 Class B 6,056,588 Class C 2,188,087 - ----------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 1,096,770 Class B 318,099 Class C 114,753 Class Y 2,725 - ----------------------------------------------------------------------------------- Accounting service fees 877,303 - ----------------------------------------------------------------------------------- Shareholder reports 236,869 - ----------------------------------------------------------------------------------- Custodian fees and expenses 207,517 - ----------------------------------------------------------------------------------- Trustees' compensation 114,638 - ----------------------------------------------------------------------------------- Interest expense 14,173 - ----------------------------------------------------------------------------------- Other 563,129 ------------- Total expenses 28,452,032 Less reduction to custodian expenses (13,034) ------------- Net expenses 28,438,998 =================================================================================== NET INVESTMENT INCOME 173,179,389 =================================================================================== REALIZED AND UNREALIZED GAIN - ----------------------------------------------------------------------------------- Net realized gain on investments 7,690,701 - ----------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 13,483,499 ------------- Net realized and unrealized gain 21,174,200 =================================================================================== NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $194,353,589 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2002 DECEMBER 31, (UNAUDITED) 2001 =================================================================================== OPERATIONS - ----------------------------------------------------------------------------------- Net investment income $ 173,179,389 $ 301,995,430 - ----------------------------------------------------------------------------------- Net realized gain 7,690,701 6,259,805 - ----------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 13,483,499 (72,326,254) ------------------------------ Net increase in net assets resulting from operations 194,353,589 235,928,981 =================================================================================== DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ----------------------------------------------------------------------------------- Dividends from net investment income: Class A (131,718,454) (227,307,655) Class B (32,987,479) (49,388,897) Class C (11,946,438) (17,568,908) Class Y (392,085) (737,793) =================================================================================== BENEFICIAL INTEREST TRANSACTIONS - ----------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Class A 224,227,017 577,995,182 Class B 119,675,571 367,588,703 Class C 27,298,246 174,807,039 Class Y -- 1,572,367 =================================================================================== NET ASSETS - ----------------------------------------------------------------------------------- Total increase 388,509,967 1,062,889,019 - ----------------------------------------------------------------------------------- Beginning of period 5,670,859,864 4,607,970,845 ------------------------------ End of period (including undistributed net investment income of $3,222,943 and $7,088,010, respectively) $6,059,369,831 $5,670,859,864 ==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2002 DECEMBER 31, CLASS A (UNAUDITED) 2001 2000 1999 1998 1997 ================================================================================================== PER SHARE OPERATING DATA - -------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.52 $17.67 $16.78 $18.81 $18.67 $18.00 - -------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .52 1.06 1.04 1.04 1.04 1.10(1) Net realized and unrealized gain (loss) .07 (.17) .89 (2.03) .15 .67 -------------------------------------------------- Total from investment operations .59 .89 1.93 (.99) 1.19 1.77 - -------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.54) (1.04) (1.04) (1.04) (1.04) (1.10) Undistributed net investment income-- prior year -- -- -- -- (.01) -- -------------------------------------------------- Total dividends and/or distributions to shareholders (.54) (1.04) (1.04) (1.04) (1.05) (1.10) - -------------------------------------------------------------------------------------------------- Net asset value, end of period $17.57 $17.52 $17.67 $16.78 $18.81 $18.67 ================================================== ================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(2) 3.47% 5.14% 11.93% (5.51)% 6.52% 10.20% - -------------------------------------------------------------------------------------------------- ================================================================================================== RATIOS/SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $4,310 $4,073 $3,536 $3,288 $3,435 $2,848 - -------------------------------------------------------------------------------------------------- Average net assets (in millions) $4,214 $3,893 $3,341 $3,559 $3,161 $2,539 - -------------------------------------------------------------------------------------------------- Ratios to average net assets:(3) Net investment income 6.17% 5.97% 6.07% 5.78% 5.50% 5.96% Expenses 0.73% 0.72% 0.78% 0.77% 0.78%(4) 0.76% Expenses, net of interest expense and reduction to custodian expense(5) N/A 0.70% 0.74% 0.73% 0.75% 0.74% - -------------------------------------------------------------------------------------------------- Portfolio turnover rate 15% 11% 26% 30% 25% 5%
1. Based on average shares outstanding for the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sale charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. 3. Annualized for periods of less than one full year. 4. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. 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. 50 ROCHESTER FUND MUNICIPALS
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2002 DECEMBER 31, CLASS B (UNAUDITED) 2001 2000 1999 1998 1997(1) ===================================================================================================== PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.51 $17.66 $16.77 $18.79 $18.65 $17.89 - ----------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .45 .91 .89 .89 .89 .74(2) Net realized and unrealized gain (loss) .06 (.17) .90 (2.03) .14 .76 ----------------------------------------------------- Total from investment operations .51 .74 1.79 (1.14) 1.03 1.50 - ----------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.46) (.89) (.90) (.88) (.89) (.74) Undistributed net investment income-- prior year -- -- -- -- -- -- ----------------------------------------------------- Total dividends and/or distributions to shareholders (.46) (.89) (.90) (.88) (.89) (.74) - ----------------------------------------------------------------------------------------------------- Net asset value, end of period $17.56 $17.51 $17.66 $16.77 $18.79 $18.65 ===================================================== ===================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(3) 3.04% 4.25% 10.98% (6.27)% 5.61% 8.74% - ----------------------------------------------------------------------------------------------------- ===================================================================================================== RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $1,280 $1,157 $803 $673 $494 $172 - ----------------------------------------------------------------------------------------------------- Average net assets (in millions) $1,222 $ 997 $711 $635 $329 $ 76 - ----------------------------------------------------------------------------------------------------- Ratios to average net assets:(4) Net investment income 5.31% 5.10% 5.19% 4.91% 4.57% 4.91% Expenses 1.58% 1.58% 1.65% 1.64% 1.64%(5) 1.59% Expenses, net of interest expense and reduction to custodian expense(6) N/A 1.56% 1.60% 1.59% 1.61% 1.58% - ----------------------------------------------------------------------------------------------------- Portfolio turnover rate 15% 11% 26% 30% 25% 5%
1. For the period from March 17, 1997 (inception of offering) to December 31, 1997. 2. Based on average shares outstanding for the period. 3. Assumes an 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 been calculated without adjustment for the reduction to custodian expenses. 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. 51 ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2002 DECEMBER 31, CLASS C (UNAUDITED) 2001 2000 1999 1998 1997(1) ===================================================================================================== PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.50 $17.66 $16.76 $18.79 $18.66 $17.89 - ----------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .45 .91 .89 .89 .89 .74(2) Net realized and unrealized gain (loss) .06 (.18) .91 (2.04) .13 .77 ----------------------------------------------------- Total from investment operations .51 .73 1.80 (1.15) 1.02 1.51 - ----------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.46) (.89) (.90) (.88) (.89) (.74) Undistributed net investment income-- prior year -- -- -- -- -- -- ----------------------------------------------------- Total dividends and/or distributions to shareholders (.46) (.89) (.90) (.88) (.89) (.74) - ----------------------------------------------------------------------------------------------------- Net asset value, end of period $17.55 $17.50 $17.66 $16.76 $18.79 $18.66 ===================================================== ===================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(3) 3.04% 4.19% 11.06% (6.32)% 5.56% 8.80% - ----------------------------------------------------------------------------------------------------- ===================================================================================================== RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $457 $429 $259 $220 $174 $49 - ----------------------------------------------------------------------------------------------------- Average net assets (in millions) $441 $356 $225 $221 $111 $21 - ----------------------------------------------------------------------------------------------------- Ratios to average net assets:(4) Net investment income 5.32% 5.09% 5.20% 4.92% 4.57% 4.92% Expenses 1.58% 1.57% 1.63% 1.63% 1.63%(5) 1.58% Expenses, net of interest expense and reduction to custodian expense(6) N/A 1.55% 1.59% 1.58% 1.59% 1.56% - ----------------------------------------------------------------------------------------------------- Portfolio turnover rate 15% 11% 26% 30% 25% 5%
1. For the period from March 17, 1997 (inception of offering) to December 31, 1997. 2. Based on average shares outstanding for the period. 3. Assumes an 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 been calculated without adjustment for the reduction to custodian expenses. 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. 52 ROCHESTER FUND MUNICIPALS
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2002 DECEMBER 31, CLASS Y (UNAUDITED) 2001 2000(1) ======================================================================================= PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------- Net asset value, beginning of period $17.52 $17.67 $16.88 - --------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .54 1.08 .70 Net realized and unrealized gain (loss) .06 (.17) .78 ------------------------------ Total from investment operations .60 .91 1.48 - --------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.55) (1.06) (.69) Undistributed net investment income--prior year -- -- -- ------------------------------ Total dividends and/or distributions to shareholders (.55) (1.06) (.69) - --------------------------------------------------------------------------------------- Net asset value, end of period $17.57 $17.52 $17.67 ============================== ======================================================================================= TOTAL RETURN, AT NET ASSET VALUE(2) 3.55% 5.25% 8.97% - --------------------------------------------------------------------------------------- ======================================================================================= RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------- Net assets, end of period (in millions) $12 $12 $11 - --------------------------------------------------------------------------------------- Average net assets (in millions) $12 $12 $10 - --------------------------------------------------------------------------------------- Ratios to average net assets:(3) Net investment income 6.33% 6.08% 6.07% Expenses 0.58% 0.62% 0.68% Expenses, net of interest expense and reduction to custodian expense(4) N/A 0.60% 0.64% - --------------------------------------------------------------------------------------- Portfolio turnover rate 15% 11% 26%
1. For the period from April 28, 2000 (inception of offering) to December 31, 2000. 2. Assumes an 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. 3. Annualized for periods of less than one full year. 4. 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. 53 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 and voting privileges. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to 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). 54 ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- SECURITIES PURCHASED ON A WHEN-ISSUED OR FORWARD COMMITMENT BASIS. Delivery and payment for securities that have been purchased by the Fund on a 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 six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains segregated assets with a market value equal to or greater than the amount of its commitments. These transactions of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. As of June 30, 2002, the Fund had entered into outstanding net when-issued (or forward commitments) transactions of $41,257,640. - -------------------------------------------------------------------------------- INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund intends to invest no more than 20% of its total assets in inverse floaters. Inverse floaters amount to $530,516,466 as of June 30, 2002. Including the effect of leverage, inverse floaters represent 16.62% of the Fund's total assets as of June 30, 2002. - -------------------------------------------------------------------------------- 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, 2002, securities with an aggregate market value of $26,949,473, representing 0.44% of the Fund's net assets, were in default. There are certain risks arising from geographic concentration in any state. Certain revenue or tax-related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. - -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated 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. 55 ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued ================================================================================ 1. SIGNIFICANT ACCOUNTING POLICIES Continued As of June 30, 2002, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $144,435,068. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. As of December 31, 2001, the Fund had available for federal income tax purposes unused capital loss carryforward as follows: EXPIRING ------------------------------------------------- 2002 $ 37,696,399 ------------------------------------------------- 2003 10,726,285 ------------------------------------------------- 2004 3,560,645 ------------------------------------------------- 2005 5,760,047 ------------------------------------------------- 2006 4,332,921 ------------------------------------------------- 2007 41,458,446 ------------------------------------------------- 2008 48,591,026 ------------ TOTAL CAPITAL LOSS CARRYFORWARD $152,125,769 ============ - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. In June 1998, the Fund adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended June 30, 2002, the Fund's projected benefit obligations were increased by $65,070 resulting in an accumulated liability of $583,165 as of June 30, 2002. 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, 2002, payments of $67,500 were made to retired trustees. As of June 30, 2002, the Fund had recognized an accumulated liability of $246,375. 56 ROCHESTER FUND MUNICIPALS 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 their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund. - -------------------------------------------------------------------------------- INVESTMENT INCOME. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 57 ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued ================================================================================ 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, 2002 YEAR ENDED DECEMBER 31, 2001 SHARES AMOUNT SHARES AMOUNT - -------------------------------------------------------------------------------------- CLASS A Sold 25,008,242 $ 439,486,636 53,000,765 $ 943,692,565 Dividends and/or distributions reinvested 3,783,676 66,422,898 6,676,206 118,599,440 Redeemed (16,045,035) (281,682,517) (27,245,218) (484,296,823) ----------------------------------------------------------- Net increase 12,746,883 $ 224,227,017 32,431,753 $ 577,995,182 =========================================================== - -------------------------------------------------------------------------------------- CLASS B Sold 9,380,667 $ 164,700,461 23,916,274 $ 425,551,014 Dividends and/or distributions reinvested 1,068,669 18,751,848 1,656,577 29,408,447 Redeemed (3,635,508) (63,776,738) (4,914,828) (87,370,758) ----------------------------------------------------------- Net increase 6,813,828 $ 119,675,571 20,658,023 $ 367,588,703 =========================================================== - -------------------------------------------------------------------------------------- CLASS C Sold 4,404,026 $ 77,293,800 11,747,789 $ 209,106,320 Dividends and/or distributions reinvested 424,655 7,448,478 649,451 11,524,802 Redeemed (3,275,493) (57,444,032) (2,582,206) (45,824,083) ----------------------------------------------------------- Net increase 1,553,188 $ 27,298,246 9,815,034 $ 174,807,039 =========================================================== - -------------------------------------------------------------------------------------- CLASS Y Sold -- $ -- 88,634 $ 1,572,367 Dividends and/or distributions reinvested -- -- -- -- Redeemed -- -- -- -- ----------------------------------------------------------- Net increase -- $ -- 88,634 $ 1,572,367 ===========================================================
================================================================================ 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, 2002, were $1,144,822,662 and $866,545,390, respectively. ================================================================================ 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 $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 next over $5 billion. The Fund's management fee for the six months ended June 30, 2002, was $13,556,518, or 0.46% of average annual net assets for each class of shares. 58 ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- 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, 2002, the Fund paid $877,303 to the Manager for accounting and pricing services. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a $22.50 per account fee. Additionally, Class Y shares are subject to minimum fees of $5,000 for assets of less than $10 million and $10,000 for assets of $10 million or more. The Class Y shares are subject to the minimum fee in the event that the per account fee does not equal or exceed the applicable minimum fee. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.25% of average net assets of Class Y shares and for all other classes, up to an annual rate of 0.35% of average net assets of each class. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12B-1) FEES. Under its General Distributor's Agreement with the Manager, OppenheimerFunds Distributor, Inc. (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 ONCESSIONS CONCESSIONS CONCESSIONS 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, 2002 $8,360,285 $1,133,243 $1,545,440 $6,352,034 $743,197
1. The Distributor advances concession 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 DEFERRED CONTINGENT DEFERRED CONTINGENT DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SIX MONTHS ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR - -------------------------------------------------------------------------------------------- June 30, 2002 $131,648 $1,322,055 $63,304
59 ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued ================================================================================ 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A Shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. For the six months ended June 30, 2002, payments under the Class A Plan totaled $3,104,863, all of which were paid by the Distributor to recipients, and included $22,452 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. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has adopted Distribution and Service Plans for Class B and Class C shares. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B shares and on Class C shares. The Distributor also receives a service fee of 0.25% per year under each plan. Distribution fees paid to the Distributor for the six months ended June 30, 2002, were as follows: DISTRIBUTOR'S DISTRIBUTOR'S AGGREGATE AGGREGATE UNREIMBURSED UNREIMBURSED EXPENSES AS % TOTAL PAYMENTS AMOUNT RETAINED EXPENSES OF NET ASSETS UNDER PLAN BY DISTRIBUTOR UNDER PLAN OF CLASS - ------------------------------------------------------------------------------- Class B Plan $6,056,588 $4,980,826 $47,258,897 3.69% Class C Plan 2,188,087 927,869 7,941,935 1.74 ================================================================================ 5. ILLIQUID SECURITIES As of June 30, 2002, 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, 2002, was $619,068,352, which represents 10.22% of the Fund's net assets. 60 ROCHESTER FUND MUNICIPALS ================================================================================ 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 $250 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 $53,800,000 as of June 30, 2002. For the six months ended June 30, 2002, the average monthly loan balance was $35,464,432 at an average interest rate of 2.42%. The maximum amount of borrowings outstanding at any month-end was $75,700,000. 61 ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS ================================================================================ TRUSTEES AND OFFICERS Thomas W. Courtney, Chairman of the Board of Trustees John V. Murphy, President John Cannon, Trustee Paul Y. Clinton, Trustee Robert G. Galli, Trustee Lacy B. Herrmann, Trustee Brian Wruble, Trustee O. Leonard Darling, Vice President Ronald H. Fielding, Vice President Daniel Loughran, Vice President Anthony Tanner, Vice President Robert G. Zack, Secretary Brian W. Wixted, Treasurer Katherine P. Feld, Assistant Secretary Kathleen T. Ives, Assistant Secretary Denis R. Molleur, Assistant Secretary ================================================================================ INVESTMENT ADVISOR OppenheimerFunds, Inc. ================================================================================ DISTRIBUTOR OppenheimerFunds Distributor, Inc. ================================================================================ TRANSFER AND SHAREHOLDER OppenheimerFunds Services SERVICING AGENT ================================================================================ INDEPENDENT AUDITORS KPMG LLP ================================================================================ LEGAL COUNSEL Mayer, Brown, Rowe & Maw The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent auditors. OPPENHEIMER FUNDS ARE DISTRIBUTED BY OPPENHEIMERFUNDS DISTRIBUTOR, INC., 498 SEVENTH AVENUE, NEW YORK, NY 10018. [COPYRIGHT]Copyright 2002 OppenheimerFunds, Inc. All rights reserved. 62 ROCHESTER FUND MUNICIPALS OPPENHEIMERFUNDS FAMILY GLOBAL EQUITY Developing Markets Fund Global Fund International Small Quest Global Value Fund Company Fund Global Growth & Income Fund Europe Fund International Growth Fund - -------------------------------------------------------------------------------- EQUITY STOCK STOCK & BOND Emerging Technologies Fund Quest Opportunity Value Fund Emerging Growth Fund Total Return Fund Enterprise Fund Quest Balanced Value Fund Discovery Fund Capital Income Fund Main Street[REGISTRATION Multiple Strategies Fund MARK] Small Cap Fund Disciplined Allocation Fund Small Cap Value Fund Convertible Securities Fund MidCap Fund SPECIALTY Main Street[REGISTRATION Real Asset Fund[REGISTRATION MARK]Opportunity Fund MARK] Growth Fund Gold & Special Minerals Fund Capital Appreciation Fund Tremont Market Neutral Fund, Main Street[REGISTRATION LLC(1) MARK] Growth & Income Fund Tremont Opportunity Fund, LLC(1) Value Fund Quest Capital Value Fund Quest Value Fund Trinity Large Cap Growth Fund Trinity Core Fund Trinity Value Fund - -------------------------------------------------------------------------------- INCOME TAXABLE ROCHESTER DIVISION International Bond Fund California Municipal Fund(3) High Yield Fund New Jersey Municipal Fund(3) Champion Income Fund New York Municipal Fund(3) Strategic Income Fund Municipal Bond Fund Bond Fund Intermediate Municipal Fund Senior Floating Rate Fund Rochester National Municipals U.S. Government Trust Rochester Fund Municipals Limited-Term Government Fund Limited Term New York Municipal Capital Preservation Fund(2) Fund Pennsylvania Municipal Fund(3) - -------------------------------------------------------------------------------- SELECT MANAGERS STOCK STOCK & BOND Mercury Advisors Focus QM Active Balanced Fund(2) Growth Fund Gartmore Millennium Growth Fund II Jennison Growth Fund Salomon Brothers All Cap Fund(4) Mercury Advisors S&P 500 [REGISTRATION MARK] Index Fund(2) - -------------------------------------------------------------------------------- MONEY MARKET(5) Money Market Fund Cash Reserves 1. Special investor qualification and minimum investment requirements apply. See the prospectus for details. 2. Available only through qualified retirement plans. 3. Available to investors only in certain states. 4. The Fund's name was changed from "Oppenheimer Select Managers Salomon Brothers Capital Fund" on May 1, 2002. 5. An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds may seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds. 63 ROCHESTER FUND MUNICIPALS 1.800.CALL OPP PHONELINK Call 1.800.CALL OPP (225.5677) for answers to many of your questions. Our automated speech recognition system provides you access to all the information and services you need. WITH PHONELINK YOU CAN: o Obtain account balances, share price (NAV) and dividends paid o Verify your most recent transactions o Buy, redeem or exchange mutual fund shares o Create custom lists of your accounts, funds or market indices o Order duplicate statements or Form 1099 DIV o Obtain market data (closing market information for Dow Jones Industrial Average, Nasdaq Composite and S&P 500 Index) o Speak to a Customer Service Representative(1) by saying "Agent" when prompted o And more! QUICK LIST OF PHONELINK COMMANDS SAY TO: [ACCOUNT # OR SOCIAL SECURITY # + PIN] Get dollar and share balances, NAVs, transaction history or request transactions [FUND NAME, SHARE CLASS] Get current price/dividend information BALANCE Hear your balance/list of accounts HISTORY Hear your most recent transactions PURCHASE OR BUY Buy shares EXCHANGE Exchange shares LIQUIDATION OR REDEMPTION Sell shares DOW JONES OR MARKET INDICES Hear closing market information (Dow Jones Industrial Average, Nasdaq Composite and S&P 500) CUSTOM LIST Create, play or edit custom list of your accounts, funds or market indices 1. You may speak to a Customer Service Representative during normal business hours. 64 ROCHESTER FUND MUNICIPALS THIS PAGE INTENTIONALLY LEFT BLANK. 65 ROCHESTER FUND MUNICIPALS PRIVACY POLICY NOTICE As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure. INFORMATION SOURCES We obtain nonpublic personal information about our shareholders from the following sources: o Applications or other forms o When you create a user ID and password for online account access o When you enroll in eDocs Direct o Your transactions with us, our affiliates or others o A software program on our website, often referred to as a "cookie," which indicates which parts of our site you've visited If you visit www.oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and to assist you in other ways. PROTECTION OF INFORMATION We do not disclose any nonpublic personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law. DISCLOSURE OF INFORMATION We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. RIGHT OF REFUSAL We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or "opt out" of such disclosure. SECURITY In the coming months, an Internet browser that supports 128-bit encryption will be required to view the secure pages of www.oppenheimerfunds.com. These areas include: o Account access o Create a user ID and profile o User profile o eDocs Direct, our electronic document delivery service 66 ROCHESTER FUND MUNICIPALS To find out if your Internet browser supports 128-bit encryption, or for instructions on how to upgrade your browser, visit the HELP section of www.oppenheimerfunds.com. EMAILS AND ENCRYPTION As a security measure, we do not include personal or account information in nonsecure emails, and we advise you not to send such information to us in nonsecure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use an Internet browser that supports 128-bit encryption. If you are not sure if your Internet browser supports 128-bit encryption, or need instructions on how to upgrade your browser, visit the HELP section of www.oppenheimerfunds.com for assistance. o All transactions, including redemptions, exchanges and purchases are secured by Secure Socket Layers (SSL) and encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds' server. It transmits information in an encrypted and scrambled format. o Encryption is achieved through an electronic scrambling technology that uses a "key" to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. o You can exit the secure area by either closing your browser, or for added security, you can use the LOG OUT OF ACCOUNT AREA button before you close your browser. OTHER SECURITY MEASURES We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services to you, for example, when responding to your account questions. HOW YOU CAN HELP You can also do your part to keep your account information private, and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others. - -------------------------------------------------------------------------------- This joint notice describes the privacy policies of Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 402(b)(7) tax-sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number--whether or not you remain a shareholder of our funds. If you have any questions about these privacy policies, write to us at P.O. Box 5270, CO 80217-5270, email us by clicking on the CONTACT US section of our website at WWW.OPPENHEIMERFUNDS.COM or call us at 1.800.525.7048. 67 ROCHESTER FUND MUNICIPALS INFORMATION AND SERVICES GET THIS REPORT ONLINE! With OppenheimerFunds EDOCS DIRECT, you'll receive email notification when shareholder reports, prospectuses or pros-pectus supplements for your fund(s) become available online, instead of receiving them through the mail. You'll be able to quickly view, download and print them at your convenience. Sign up today at WWW.OPPENHEIMERFUNDS.COM. - -------------------------------------------------------------------------------- INTERNET 24-hr access to account information and transactions(1) WWW.OPPENHEIMERFUNDS.COM - -------------------------------------------------------------------------------- GENERAL INFORMATION Mon-Fri 8am-9pm ET, Sat (January-April) 10am-4pm ET 1.800.525.7048 - -------------------------------------------------------------------------------- PHONELINK(1) 24-hr automated information and automated transactions 1.800.CALL OPP (1.800.225.5677) - -------------------------------------------------------------------------------- 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 the website or PhoneLink may be inaccessible or their transaction features may be unavailable. This material must be preceded or accompanied by the Fund's prospectus. [LOGO OMITTED] OPPENHEIMERFUNDS[REGISTRATION MARK] Distributor, Inc. RS0365.001.0602 August 29, 2002 -----END PRIVACY-ENHANCED MESSAGE-----