-----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, WKmCD46qPxfeogJCiTZNMLCknzDZVPTKQFrylWENLKT0W72TQTTGqb1lOVZ6HkQ7 aCZsGmWzbvYK3Z14aVLc1Q== 0000935069-03-000137.txt : 20030221 0000935069-03-000137.hdr.sgml : 20030221 20030220180545 ACCESSION NUMBER: 0000935069-03-000137 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030221 EFFECTIVENESS DATE: 20030221 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: 03574911 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 ra0365_6468vef.txt RA0365_6468VEF Rochester Fund Municipals Tax-Free Income for New York Investors [LOGO] ROCHESTER FUND MUNICIPALS ANNUAL REPORT December 31, 2002 [GRAPHIC OMITTED] [LOGO] OppenheimerFunds(R) The Right Way to Invest "Rochester Fund gets higher yields from an exotic muni mix." 1 Barron's May 6, 2002 1. Past performance is not a guarantee of future results. [GRAPHIC] [LOGO] ROCHESTER FUND MUNICIPALS [LOGO] LIPPER LEADER TAX EFFICIENCY Rochester Fund Municipals, Class A, has been recognized by Lipper Analytical Services, Inc. as a Lipper Leader for Tax Efficiency, based on its success in postponing taxes over the 36 months ended 12/31/02. 1 1. Lipper Analytical Services, Inc., 12/31/02. For the Tax Efficiency category, Lipper scores funds each month in their peer groups, based on success at postponing taxes over the measurement period. For each category, each fund receives a numerical score ranging from 1 (highest) to 5 (lowest), and all funds with a category score of 1 are designated Lipper Leaders for Tax Efficiency in their respective Lipper category. Lipper Leader designations do not imply that a fund had the best performance within its fund category, and neither that designation nor the fund's past performance is a guarantee of future results. Lipper Leader designations are for the Fund's A share class only; other share classes may have different performance characteristics. For the Fund's Average Annual Total Returns, see page 5. A "ROCHESTER" WAY WITH MUNICIPAL BONDS [GRAPHIC] [GRAPHIC] [GRAPHIC] [LOGO] ROCHESTER FUND MUNICIPALS OppenheimerFunds, Inc. has operated as an investment advisor since 1960. As of December 31, 2002, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $120 billion in assets, including more than 60 mutual funds having more than five million shareholder accounts. The Rochester Division of OppenheimerFunds, Inc., located in Rochester, New York, is dedicated to the investment management and distribution of OppenheimerFunds' municipal bond funds. The nine Oppenheimer national and single-state municipal bond funds-- including Rochester Fund Municipals--pursue an investment approach focusing on specific sectors and regions of the municipal bond market. 1 The Oppenheimer Municipal Bond Funds Single-State Funds Rochester Fund Municipals Limited Term New York Municipal Fund Oppenheimer AMT-Free New York Municipals Oppenheimer Pennsylvania Municipal Fund Oppenheimer California Municipal Fund Oppenheimer New Jersey Municipal Fund National Funds Oppenheimer Rochester National Municipals Oppenheimer Municipal Bond Fund Oppenheimer Limited-Term Municipal Fund 1. To obtain a prospectus for any of the Oppenheimer municipal bond funds, including information regarding charges and expenses, contact OppenheimerFunds Distributor, Inc. Please consult your financial advisor for more details, and read the Prospectus carefully before investing or sending any money. THE FUND'S DIVERSIFIED PORTFOLIO Diversification is one way that Rochester Fund Municipals really stands out from the competition. We feel that merely concentrating the portfolio in a few, highly-rated issues would dilute a primary advantage of mutual fund investing--professional management. Instead, we strategically arrange a variety of bonds from many municipal sectors throughout New York State. We rely on our own research to assess the value of those under consideration. And we seek to capitalize on our market experience and trading strategies when buying investments that meet our criteria. As of December 31, 2002, Rochester Fund Municipals' portfolio consisted of 1,152 different securities. Here's the breakdown: By Municipal Sector on 12/31/02 as a percentage of investments* - -------------------------------------------------- Hospital/Health Care 11.8% - -------------------------------------------------- Electric Utilities 10.5% - -------------------------------------------------- Tobacco 10.4% - -------------------------------------------------- Highways/Railways 7.7% - -------------------------------------------------- Airlines 6.6% - -------------------------------------------------- Adult Living Facilities 5.8% - -------------------------------------------------- Multifamily Housing 5.5% - -------------------------------------------------- Water Utilities 4.4% - -------------------------------------------------- Nonprofit organization 4.1% - -------------------------------------------------- Sales Tax Revenue 4.1% - -------------------------------------------------- Higher Education 4.0% - -------------------------------------------------- General Obligation 4.0% - -------------------------------------------------- Municipal Leases 3.1% - -------------------------------------------------- Paper, Containers, Packaging 2.8% - -------------------------------------------------- Marine/Aviation Facilities 2.5% - -------------------------------------------------- Resource Recovery 2.5% - -------------------------------------------------- Single Family Housing 2.1% - -------------------------------------------------- Manufacturing, Non-Durable Goods 1.9% - -------------------------------------------------- Manufacturing, Durable Goods 1.9% - -------------------------------------------------- Education 1.7% - -------------------------------------------------- Special Assessment 0.7% - -------------------------------------------------- Pollution Control 0.6% - -------------------------------------------------- Gas Utilities 0.5% - -------------------------------------------------- Parking Fee Revenue 0.5% - -------------------------------------------------- Hotels, Restaurants and Leisure 0.3% - -------------------------------------------------- Total 100.0% Hospital/Health Care in Detail - -------------------------------------------------- Insured (FHA, SONYMA, or other public) 2.3% - -------------------------------------------------- Insured (Private Municipal Bond Insurance) 1.9% - -------------------------------------------------- Backed, NYS Appropriations 1.7% - -------------------------------------------------- Backed, Financial Institution Letter of Credit 0.5% - -------------------------------------------------- Standard Hospital Backing 5.4% - -------------------------------------------------- Total 11.8% *Portfolio data are subject to change and are dollar-weighted based on the total market value of investments. **Regarding the Fund's investments in the Hospital/Health Care sector, investors should note that the majority of these holdings have a "belt-and-suspenders" credit support consisting of both the hospital's revenues and backup guarantees from U.S. Government FHA insurance, bank letters of credit, or New York State appropriations. [GRAPHIC] DEAR SHAREHOLDER, At OppenheimerFunds, we take very seriously the responsibility of helping you achieve your goals. We understand that your investments with us may represent a future home, a college education or retirement. In good markets and in bad, we are committed to partnering with your advisor to provide you with investment products and services that can help you reach your financial objectives. In recent years, many of us have seen some of our assets decrease in value--sometimes significantly--making it difficult to maintain our long-term investing plans. Shifting markets can often blindside investors and unbalance portfolios. We believe it has never been more important than it is now to allocate your assets among stocks, bonds, and other investments based on what would be most appropriate depending on your goals and risk tolerance. Diversification is key. We encourage you to hold true to your long-term goals and adhere to the time-tested investment principles of asset allocation and diversification. Of course, when the financial markets make major moves, portfolio changes may be necessary to adjust risk exposure, rebalance asset class allocations or seek to maintain sufficient income flows. Monitor your investments, stay informed and--most importantly--work with your financial advisor so that any adjustments ultimately support your long-term goals. We continue to believe in the growth, ingenuity and underlying strengths of the economy and the markets. That said, we also expect the road ahead to present new and unique challenges. We strongly believe that one of the best ways to pursue your goals is to adhere to core investment principles. We hope you share our convictions, and we wish you the best in 2003. Thank you for your continued confidence in OppenheimerFunds, The Right Way to Invest. Sincerely, /S/ John V. Murphy - ------------------ John V. Murphy January 23, 2003 [PHOTO OF JOHN V. MURPHY] John V. Murphy President Rochester Fund Municipals These general market views represent opinions of OppenheimerFunds, Inc., and are not intended to predict the performance of any particular fund. Specific discussion, as it applies to your Fund, is contained in the pages that follow. Stocks and bonds have different types of investment risks; stocks are subject to market volatility and bonds are subject to credit and interest-rate risks. 1 | ROCHESTER FUND MUNICIPALS DEAR FELLOW SHAREHOLDERS, February 12, 2003 We are pleased to provide shareholders of Rochester Fund Municipals with the Fund's Annual Report for 2002. We believe that Rochester Fund Municipals' traditional approach to yield-driven total return has continued to offer compelling opportunities for shareholders. As of December 31, 2002, Rochester Fund Municipals delivered a Class A distribution yield of 6.23%. For all of 2002 the Fund delivered total tax-free income of $1.072 per Class A share. A "one-time" distribution increase--from $0.087 to $0.100 per share--was received by Class A shareholders in February. In August, the Fund's Class A monthly distributions increased from $0.087 to $0.090 per share, which has continued through the remainder of 2002 and into 2003. In February 2003, an additional increase from $0.090 to $0.092 per Class A share will begin. 1 As of December 31, 2002, the Fund's Class A distribution yield of 6.23% (without sales charges) was significantly higher than the average distribution yield in the New York State Municipal Debt Funds category, according to Lipper Analytical Services, Inc. 2 The Fund's attractive dividends were responsible for its Class A total return of 5.46% (without sales charges) for the year. 3 The Fund's total return compared favorably to returns on many other types of investments, including stocks. Major stock market indices declined for a third consecutive year in 2002, with the Dow Jones Industrial Average and NASDAQ Composite Index posting results of -16.76% and -31.53%, respectively. 4 Importantly, the Fund's 2002 dividend distributions were 100% free of federal income tax, and 96.9% free of New York State and New York City income tax. 5 The amount of Fund distributions subject to the federal Alternative Minimum Tax was 29.8% for 2002, down from 31.7% in 2001. Rochester Fund Municipals did not distribute any capital gains during this report period. While overall market yields available on municipal bond issues in New York declined in 2002, the Fund's total dividend distributions for the year were higher than in the previous year. A primary strength of Rochester Fund Municipals' experienced, professional municipal bond management team has been the ability to seize upon opportunities in all interest-rate environments that can enhance the Fund's attractive tax-free yield. In addition to providing immediate, tax-free income, the Fund's yield- driven total return strategy is intended to benefit shareholders over the long term, as well. For example, as of December 31, 2002, 91% of 10-year total return in the Lehman Brothers Aggregate Bond Index consisted of yield, with price appreciation accounting for only 9% of total return. 6 Although price changes can occasionally have a greater influence on short-term performance, long-term returns in fixed income investments are primarily driven by income. Compared with the yields of taxable alternatives such as corporate bonds and U.S. Treasury securities, the tax-free yields available on municipal bonds at the end of 2002 offered tremendous value for investors. 7 Over the year, yields on most AA and AAA rated long-term municipal bonds generally declined, causing their values to increase. The decline in yields (and increase in value) experienced by some BBB rated and unrated bonds were significantly smaller on average. In fact, yields on many lower-rated and unrated bonds increased as investors demanded greater risk premiums, causing prices to decline on many such issues. This left the difference between higher- and lower-rated bond yields at historically wide levels. Expanding credit quality spreads were prevalent across both the taxable and tax-exempt fixed income markets in 2002, reflecting part of an economic cycle where overall weakness has led to higher borrowing costs for many issuers. Once the cycle progresses and the economy strengthens, there is good potential for these credit quality spreads to narrow to more normal levels. We anticipate that this will be accompanied by an increase in the value of lower-rated and unrated securities--such as those that helped Rochester Fund Municipals to increase dividend distributions during this reporting period. Those holdings that helped Rochester Fund Municipals to provide attractive yield in 2002 also contributed to volatility in the Fund's Net Asset Value. This Fund's portfolio has always included bonds whose value is not widely discerned by our market competitors. We employ intensive in-house research to identify bonds that offer yield, credit quality and structural characteristics that make them suitable for addition to the Fund's portfolio--even if their overall benefits are not immediately felt. In the process of economic recovery, the United States' economy has encountered "soft patches" as noted by Federal Reserve Chairman Alan Greenspan. A number of factors have caused unusual volatility in some industry sectors in which the Fund invests. But this same volatility has presented tremendous opportunities for our research team to identify bonds that can lock in immediate yield advantages and the potential [PHOTO OF PORTFOLIO MANAGERS] Ronald H. Fielding, CFA (seated) Founded the Rochester Funds in May, 1983. Portfolio Manager and Chief Strategist for the Fund. Ron is joined by his portfolio management team of: (standing, l to r) Troy Willis, Research Analyst, Anthony A. Tanner, CFA, Vice President and Portfolio Manager, Scott Cottier, Vice President and Portfolio Manager and Daniel G. Loughran, CFA, Vice President and Portfolio Manager 2 | ROCHESTER FUND MUNICIPALS for price appreciation as economic recovery continues to unfold. Our experienced municipal bond investment professionals have helped Rochester Fund Municipals' shareholders to capitalize on short-term market conditions--seeking to achieve long-term benefits--since the Fund's inception. This is a key component of the "Rochester style" of municipal bond investing now being applied to all nine Oppenheimer municipal bond funds. In this Annual Report we have included information on the conditions that affected the municipal market in 2002, and on the types of bonds in which the Fund invested, and the reasons that we feel they have offered particularly good value. As always, we encourage you to consult your financial advisor if you have any questions. The municipal bond market created exceptional buying opportunities in 2002, and we feel confident that the full benefit of these opportunities will become increasingly apparent over time. Sincerely, /S/ Ronald H. Fielding, CFA - --------------------------- Ronald H. Fielding, CFA Senior Vice President, OppenheimerFunds, Inc. 1. Rochester Fund Municipals did not pay capital gains distributions during the period, although some investors may still be subject to the Alternative Minimum Tax (AMT), in which case a portion of the Fund's distributions may increase that tax. Please see page 52 for details. Dividend payments are subject to Board approval and may be changed at any time. There can be no assurance that the Fund will pay a dividend. 2. As of 12/31/02, Rochester Fund Municipals (Class A shares) provided a 30-day SEC yield of 5.93%, higher than the 3.53% average yield of 104 long-term New York State Municipal Debt funds calculated by Lipper. Lipper calculations do not reflect sales charges, but do assume the reinvestment of dividends and capital gains distributions. Distribution yield at Net Asset Value (NAV) (based on last distribution) is annualized and divided by period-end NAV. Standardized yield (based on net investment income for the 30-day period ended 12/31/02) is annualized and divided by the period-end offering price. As of 12/31/02, Rochester Fund Municipals (Class A shares) provided a distribution yield of 5.94% at Maximum Offering Price (that is, with sales charges deducted). Falling NAVs will tend to artificially raise yields. All performance information provided represents past performance and is not predictive of future investment performance. The investment return and principal value of an investment in the Fund will fluctuate with market conditions, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. As of 12/31/02, Lipper Analytical Services, Inc. ranked the Fund's total return 98 out of 100 funds, 65 out of 81 funds and 16 out of 35 funds for the 1-, 5- and 10-year periods, respectively. 3. Past performance is not a guarantee of future results. The Fund's Class A Average Annual Total Returns, with sales charges, for the 1-, 5-, 10-year and life-of-class periods ending 12/31/02 were 0.45%, 3.54%, 5.58% and 7.08%, respectively. 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. 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 AMT, a portion of the Fund's distributions may increase that tax. 6. Source: Micropal. Income as a percentage of bond total return is measured by the Lehman Brothers Aggregate Bond Index for the 10-year period ending 12/31/02. This is an unmanaged index generally representative of intermediate-term government bonds, investment-grade corporate debt securities and mortgage-backed securities. This index is widely used to measure the performance of the overall United States bond market. The index cannot be purchased directly by investors. 7. The value of Treasuries, if held to maturity, is fixed; principal is guaranteed and interest is fixed. An investment in the Fund is not guaranteed, and the Fund's return will fluctuate. All performance information provided represents past performance and is not predictive of future investment performance. The investment return and principal value of an investment in the Fund will fluctuate with market conditions so that shares, on any given day or when redeemed, may be worth more or less than their original cost. [GRAPHIC] 3 | ROCHESTER FUND MUNICIPALS MANAGEMENT DISCUSSION OF FUND PERFORMANCE Rochester Fund Municipals' shareholders continued to benefit from strong, tax-free yield in 2002. As of December 31, 2002, Rochester Fund Municipals' Class A annualized distribution yield stood at 6.23% (without sales charges). The Fund's Class A shares generated dividend distributions totaling $1.072 over the year. Notwithstanding the fact that short-term interest rates reached 40-year lows during 2002, Rochester Fund Municipals provided a one-time dividend increase from $0.087 to $0.100 per Class A share in February, and a regular monthly dividend increase from $0.087 to $0.090 in August. 1 These dividend distributions generated all of the Fund's 5.46% total return (without sales charges) for this report period. As of December 31, 2002, the Fund's Class A distribution yield of 6.23% (without sales charges) was significantly higher than the 4.24% average distribution yield in the New York State Municipal Debt Funds category of funds tracked by Lipper Analytical Services, Inc. 2 Nationwide, total new municipal bond issuance of approximately $356 billion in 2002 broke the previous record of $292 billion, set in 1993. Municipalities across the United States sought to supplement budget shortfalls while taking advantage of low interest rates available during this report period. Major credit-rating agencies maintained their ratings of New York State, New York City and many of their agencies during this report period. While 2002 was a positive year for municipal bonds and bond funds in general, different types of municipal bonds fared differently throughout the year. Bonds issued by the highest-rated issuers (with the lowest market yields) outperformed the higher-yielding bonds of medium- and lower-quality issuers. This divergence in performance was not confined to the municipal market in 2002, but rather reflected a trend across fixed income markets. In the taxable market, long-term U.S. Treasury securities outperformed investment-grade corporate bonds with higher yields, while the highest-yielding, non-investment-grade corporate bonds, on average, produced negative total returns. 3 The divergence of returns within the municipal market also reflected a higher level of volatility. Most affected were lower-rated municipal bonds, but even some investment-grade securities underwent much greater volatility than we have observed in many years. The difference between yields on lower- and higher-rated municipal bonds became significantly greater than normal. As well, more economically sensitive, longer-term municipal bonds experienced greater volatility than intermediate-term bonds. Both of these conditions continued, although to slightly lesser extents, as of the date of this report. Economic conditions have also had various effects on specific industries that municipal bonds help to finance. For example, municipal bonds issued to help finance airline facilities, paper and packaging plants and electric utilities have all undergone much greater volatility than other industry sectors. Economic conditions affecting these individual industries compounded volatile market effects on the price of their municipal securities. Municipal bond market volatility has been reflected in Rochester Fund Municipals' Net Asset Value (NAV). In 2002, yields on longer-term bonds generally declined, as the prices of these bonds rose. Conversely, the Fund's yield has increased through the year. This is mainly a result of the Fund's yield-oriented strategies and the individual types of bonds that we select in pursuing these strategies. Of greatest influence during this report period has been the yield difference between higher- and lower-rated municipal securities. Stated differently, prices of higher-rated securities have climbed much more than usual during this period, while prices of many lower-rated securities (and even some investment-grade securities) have declined. As municipal bond market conditions tend to be cyclical over time, we feel that it is highly unlikely for these price and yield differences to remain at currently extreme wide levels. We expect the Fund to benefit as these price and yield differences narrow to more normally expected levels, with holdings that we believe to be currently undervalued appreciating in price. During these conditions of increased municipal market volatility in 2002, we have taken the opportunity to purchase such bonds as we normally prefer at very attractive yields. These opportunities have been largely responsible for the Fund's ability to distribute $0.028 more tax-free income per Class A share in 2002 than it did in 2001. And should yield differences between bond credit levels return to more normal levels, we believe that the same bonds will help the Fund to experience improved relative performance while continuing to pay attractive dividend distributions. During this report period Rochester Fund Municipals also found opportunities to purchase bonds from specific industry sectors at very attractive prices. We have continued to search the market for bonds from industry sectors that are currently out of favor, because the attractive prices at which these often can be obtained generally produce higher yields for shareholders than currently popular bonds. In 2002, bonds representing specific industry sectors fell out of favor with municipal market participants. Seeking to identify those out-of-favor bonds that represent good values for the Fund's portfolio is one of the features that has always set the "Rochester style" of municipal bond investing apart from our competitors. An important part of our ability to make this distinction has always been our own, in-house research. Conditions in the municipal market at the end of this report period were among the most favorable we have witnessed in the past 10 years for implementing our value-added strategies. The very wide credit yield spreads now available in many sectors of the municipal market can make the rewards for conducting rigorous, detailed credit research extremely handsome. We have always sought to add value to the investing process with the ability to "kick the tires" of smaller and unrated issuers that other investors overlook. To help seize upon the current opportunities in the municipal market we greatly expanded our research capability over this report period with staff additions to our research team. This team now consists of six full-time credit-analysis professionals who identify bond issues that can most benefit the Fund's portfolio over the long run. Each bond added to the Fund's portfolio is painstakingly [PHOTO OF CREDIT RESEARCH TEAM] The Rochester Credit Research Team (l to r) Angela Uttaro, Assistant Vice President--Credit Analysis, Christopher D. Weiler, CFA, Assistant Vice President--Credit Analysis, Richard A. Stein, CFA, Vice President--Credit Analysis, Robert Bertucci, Credit Analyst, Mark DeMitry, Credit Analyst 4 | ROCHESTER FUND MUNICIPALS researched in advance for credit characteristics that may not necessarily be reflected in its market price. This enables us to find bonds that may offer advantageous yields and credit characteristics. Each bond selected continues to be monitored to ensure that the same characteristics continue to benefit the Fund over the long term. 4 Historically, dividend distributions have made up the largest part of Rochester Fund Municipals' total return. Appreciation in the Fund's NAV has normally made up a smaller portion. 2002 was an example of a period in which dividend distributions accounted for all of the Fund's total return. While this is not normally the case, it provides a good example of why we feel that dividends are so important--and why the Fund has always been managed to maximize the benefits of tax-free income. To rely on appreciation in a Fund's NAV to produce the majority of total return would require the ability to consistently foretell the direction of short-term interest rates and municipal market conditions. We have always believed that accurately predicting these conditions over the long term is improbable. Instead, we rely on our ability to unearth appropriately structured bonds with positive yield characteristics that we expect to maximize long-term total return for shareholders. The tax-free nature of Rochester Fund Municipals' dividend distributions makes this approach even more compelling. If the Fund's long-term total return were made up primarily of appreciation in NAV, the benefits of investing for tax-free income could be diminished. To extract the benefits of total return driven by NAV, a shareholder would have to sell shares, triggering taxable capital gains that would decrease total income. Total return comprised mostly of yield provides the opportunity to maximize the benefit of tax-free distribution income while leaving open the opportunity to achieve gains through share price appreciation. We believe that 2003 holds promise for shareholders of Rochester Fund Municipals. The United States' economy has continued to strengthen while showing little evidence of inflation--creating a favorable combination for all fixed-income investors. A strengthening economy could also serve to boost the prices of some bonds pushed unusually low in 2002. While it is possible that this might also lead to the re-emergence of inflation, and a possible increase in short-term interest rates, we would expect a stronger economy to move yield differences between lower- and higher-rated municipal bonds back toward more normal levels. We have strived to position Rochester Fund Municipals to take advantage of any of these possibilities. But regardless of how conditions develop, the Fund's research-based, yield-oriented approach remains central to maximizing the main benefit of municipal bond fund investing--attractive tax-free income. As always, we strongly encourage you to consult with your financial advisor to learn how tax-free income fits into your overall investment strategy. 1. Dividend payments are subject to Board approval and may be changed at any time. There can be no assurance that the Fund will pay a dividend. Dividends for Class B and Class C shares are typically lower than those for Class A and Class Y shares because the Fund's operating expenses for Class B and Class C shares are typically higher. See right column for the Fund's 1-, 5-, 10-year and life-of-class Average Annual Total Returns with and without applicable sales charges. Past performance is not a guarantee of future results. 2. As of 12/31/02, Rochester Fund Municipals (Class A shares) provided a 30-day SEC yield of 5.93%, higher than the 3.53% average yield of 104 long-term New York State Municipal Debt Funds calculated by Lipper. Lipper calculations do not reflect sales charges, but do assume the reinvestment of dividends and capital gains distributions. Distribution yield at Net Asset Value (NAV) (based on last distribution) is annualized and divided by period-end NAV. Standardized yield (based on net investment income for the 30-day period ended 12/31/02) is annualized and divided by the period-end offering price. As of 12/31/02, Rochester Fund Municipals (Class A shares) provided a distribution yield of 5.94% at Maximum Offering Price (that is, with sales charges deducted). Falling NAVs will tend to artificially raise yields. All performance information provided represents past performance and is not predictive of future investment performance. The investment return and principal value of an investment in the Fund will fluctuate with market conditions, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. 3. Unlike an investment in the Fund, Treasuries are guaranteed as to principal and interest. 4. See a complete list of the Fund's holdings as of 12/31/02, beginning on page 10. YIELDS As of 12/31/02 Distribution Yield Standardized Yield At NAV At MOP (without (with sales sales charges) charges) - ----------------------------------------------- Class A 6.23% 5.94% 5.93% - ----------------------------------------------- Class B 5.24% 5.24% 5.36% - ----------------------------------------------- Class C 5.24% 5.24% 5.36% - ----------------------------------------------- Class Y 6.35% 6.35% 6.34% - ----------------------------------------------- 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 12/31/02) 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. TOTAL RETURNS As of 12/31/02 Cumulative Average Annual NAV MOP NAV MOP (without (with (without (with sales sales sales sales charges) charges) charges) charges) - ------------------------------------------------- A SHARES - ------------------------------------------------- 1-Year 5.46% 0.45% 5.46% 0.45% - ------------------------------------------------- 5-Year 24.92% 18.98% 4.55% 3.54% - ------------------------------------------------- 10-Year 80.70% 72.11% 6.09% 5.58% - ------------------------------------------------- Life (5/15/86) 227.46% 211.89% 7.39% 7.08% - ------------------------------------------------- B SHARES - ------------------------------------------------- 1-Year 4.50% (0.46)% 4.50% (0.46)% - ------------------------------------------------- 5-Year 19.66% 17.80% 3.66% 3.33% - ------------------------------------------------- Life (3/17/97) 30.13% 29.16% 4.65% 4.52% - ------------------------------------------------- C SHARES - ------------------------------------------------- 1-Year 4.57% 3.57% 4.57% 3.57% - ------------------------------------------------- 5-Year 19.66% 19.66% 3.66% 3.66% - ------------------------------------------------- Life (3/17/97) 30.20% 30.20% 4.66% 4.66% - ------------------------------------------------- Y SHARES - ------------------------------------------------- 1-Year 5.57% 5.57% 5.57% 5.57% - ------------------------------------------------- Life (4/28/00) 21.08% 21.08% 7.41% 7.41% - ------------------------------------------------- Average Annual Total Returns are annualized and include changes in share price and 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 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.CALL OPP (225.5677) or visit our website, www.oppenheimerfunds.com. Investment returns and the principal value of an investment in the Fund will fluctuate over time, and your shares, when redeemed, may be worth more or less than when they were purchased. 5 | ROCHESTER FUND MUNICIPALS COMPARING THE FUND'S PERFORMANCE TO THE MARKET The graphs detail the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until December 31, 2002. In the case of Class A shares, performance is measured over a 10-year period. In the case of Class B and Class C shares, performance is measured from inception of the respective class on March 17, 1997. In the case of Class Y shares, performance is measured from inception of the class on April 28, 2000. The Fund's performance reflects the deduction of the 4.75% maximum initial sales charge on Class A shares, and the applicable contingent deferred sales charge for Class B and Class C shares. The graphs assume that all dividends and capital gains distributions, if any, were reinvested in additional shares. The Fund's triple-tax-free performance is compared to the performance of the Lehman Brothers Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market, i.e. municipal bonds that are exempt from federal tax but not necessarily New York State or New York City taxes. Index performance reflects the reinvestment of dividends but does not consider the effect of capital gains or transaction costs, and none of the data in the graphs that follow shows the effect of taxes. The Fund's performance reflects the effects of Fund business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the securities in the index. The performance of the Fund is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Comparison of Change in Value of $10,000 Hypothetical Investments in: Rochester Fund Municipals, Lehman Brothers Municipal Bond Index and Consumer Price Index Class A Shares [LINE CHART] Rochester Fund Consumer Price Lehman Brothers Municipal Municipals Index Bond Index 12/31/92 9,525 10,000 10,000 3/31/93 9,991 10,120 10,371 6/30/93 10,428 10,176 10,711 9/30/93 10,815 10,226 11,073 12/31/93 10,916 10,275 11,228 3/31/94 10,297 10,374 10,612 6/30/94 10,282 10,430 10,729 9/30/94 10,289 10,529 10,803 12/31/94 10,005 10,550 10,648 3/31/95 10,779 10,669 11,401 6/30/95 11,152 10,747 11,675 9/30/95 11,389 10,796 12,011 12/31/95 11,866 10,817 12,507 3/31/96 11,694 10,973 12,356 6/30/96 11,805 11,043 12,451 9/30/96 12,137 11,121 12,736 12/31/96 12,503 11,177 13,060 3/31/97 12,522 11,276 13,029 6/30/97 12,967 11,297 13,478 9/30/97 13,394 11,360 13,884 12/31/97 13,778 11,367 14,261 3/31/98 13,991 11,431 14,425 6/30/98 14,221 11,487 14,645 9/30/98 14,647 11,529 15,094 12/31/98 14,676 11,550 15,185 3/31/99 14,804 11,628 15,320 6/30/99 14,547 11,712 15,049 9/30/99 14,219 11,832 14,989 12/31/99 13,868 11,860 14,873 3/31/00 14,358 12,058 15,307 6/30/00 14,531 12,142 15,539 9/30/00 14,916 12,234 15,915 12/31/00 15,522 12,304 16,611 3/31/01 15,864 12,424 16,979 6/30/01 16,063 12,537 17,090 9/30/01 16,436 12,558 17,569 12/31/01 16,320 12,495 17,462 3/31/02 16,486 12,586 17,627 6/30/02 16,887 12,664 18,272 9/30/02 17,351 12,741 19,139 12/31/02 17,211 12,798 19,139 Average Annual Total Return of Class A Shares of the Fund at 12/31/02 1 1 Year 0.45% 5 Year 3.54% 10 Year 5.58% Class B Shares [LINE CHART] Rochester Fund Consumer Price Lehman Brothers Municipal Municipals Index Bond Index 3/17/97 10,000 10,000 10,000 3/31/97 9,951 10,000 10,000 6/30/97 10,282 10,019 10,345 9/30/97 10,599 10,075 10,656 12/31/97 10,874 10,081 10,945 3/31/98 11,019 10,138 11,072 6/30/98 11,176 10,188 11,240 9/30/98 11,487 10,225 11,585 12/31/98 11,484 10,244 11,655 3/31/99 11,560 10,313 11,758 6/30/99 11,341 10,388 11,550 9/30/99 11,061 10,494 11,504 12/31/99 10,764 10,519 11,415 3/31/00 11,120 10,694 11,749 6/30/00 11,230 10,769 11,926 9/30/00 11,503 10,850 12,215 12/31/00 11,946 10,913 12,749 3/31/01 12,182 11,019 13,032 6/30/01 12,309 11,119 13,116 9/30/01 12,568 11,138 13,485 12/31/01 12,453 11,081 13,402 3/31/02 12,553 11,163 13,529 6/30/02 12,831 11,231 14,024 9/30/02 13,148 11,300 14,689 12/31/02 12,916 11,350 14,689 Average Annual Total Return of Class B Shares of the Fund at 12/31/01 2 1 Year (0.46)% 5 Year 3.33% Life of Class 4.52% 6 | ROCHESTER FUND MUNICIPALS COMPARING THE FUND'S PERFORMANCE TO THE MARKET Class C Shares [LINE CHART]
Rochester Fund Municipals Consumer Price Index Lehman Brothers Municipal Bond Index 3/17/97 10,000 10,000 10,000 3/31/97 9,956 10,000 10,000 6/30/97 10,282 10,019 10,345 9/30/97 10,599 10,075 10,656 12/31/97 10,880 10,081 10,945 3/31/98 11,020 10,138 11,072 6/30/98 11,183 10,188 11,240 9/30/98 11,488 10,225 11,585 12/31/98 11,486 10,244 11,655 3/31/99 11,567 10,313 11,758 6/30/99 11,337 10,388 11,550 9/30/99 11,063 10,494 11,504 12/31/99 10,760 10,519 11,415 3/31/00 11,117 10,694 11,749 6/30/00 11,234 10,769 11,926 9/30/00 11,501 10,850 12,215 12/31/00 11,951 10,913 12,749 3/31/01 12,181 11,019 13,032 6/30/01 12,308 11,119 13,116 9/30/01 12,567 11,138 13,485 12/31/01 12,451 11,081 13,402 3/31/02 12,552 11,163 13,529 6/30/02 12,830 11,231 14,024 9/30/02 13,155 11,300 14,689 12/31/02 13,020 11,350 14,689
Average Annual Total Return of Class C Shares of the Fund at 12/31/02 3 1 Year 3.57% 5 Year 3.66% Life of Class 4.66% Class Y Shares [LINE CHART]
Rochester Fund Municipals Consumer Price Index Lehman Brothers Municipal Bond Index 4/28/00 10,000 10,000 10,000 6/30/00 10,197 10,064 10,212 9/30/00 10,470 10,140 10,459 12/31/00 10,897 10,199 10,916 3/31/01 11,139 10,298 11,158 6/30/01 11,283 10,391 11,231 9/30/01 11,547 10,409 11,546 12/31/01 11,469 10,356 11,475 3/31/02 11,589 10,432 11,584 6/30/02 11,877 10,496 12,007 9/30/02 12,197 10,561 12,578 12/31/02 12,108 10,607 12,578
Average Annual Total Return of Class Y Shares of the Fund at 12/31/02 4 1 Year 5.57% Life of Class 7.41% 1. The Average Annual Total Returns are shown net of the applicable 4.75% maximum initial sales charge. 2. Class B shares of the Fund were first publicly offered on 3/17/97. The Average Annual Total Returns are shown net of the applicable 5%, 2% and 1% contingent deferred sales charges (CDSC), respectively, for the 1-, 5-year and life-of-class periods. The ending account value in the graph is net of the applicable 2% CDSC. 3. Class C shares of the Fund were first publicly offered on 3/17/97. The Average Annual Total Returns are shown net of the applicable 1% CDSC for the one-year period. 4. Class Y shares of the Fund were first publicly offered on 4/28/00. Class Y shares are not available for sale to the general public. The Average Annual Total Returns are shown without sales charges. The performance information for the Lehman Brothers Municipal Bond Index and the Consumer Price Index in the graphs begins on 12/30/92 for Class A, on 3/30/97 for Class B and Class C and on 4/30/00 for Class Y. Past performance is not predictive of future performance. Please note: graphs are not drawn to the same scale. 7 | ROCHESTER FUND MUNICIPALS WHY NOW IS A GOOD TIME FOR TAXABLE EQUIVALENT YIELD
TAX EXEMPT VS. TAXABLE YIELDS - -------------------------------------------------------------------------------------------------------------- Effective Effective Tax Bracket for Taxable Rate Tax Bracket for Taxable Rate New York City Needed to Equal New York State Needed to Equal 2003 Taxable Income Residents Current Tax-free Rate Residents Current Tax-free Rate - -------------------------------------------------------------------------------------------------------------- Single Return Joint Return 5.0% 6.0% 7.0% 5.0% 6.0% 7.0% - -------------------------------------------------------------------------------------------------------------- $20,000-$28,400 $40,000-$47,450 23.9% 6.6% 7.9% 9.2% 20.8% 6.3% 7.6% 8.8% - -------------------------------------------------------------------------------------------------------------- $28,401-$68,800 $47,451-$114,650 34.7% 7.7% 9.2% 10.7% 32.0% 7.4% 8.8% 10.3% - -------------------------------------------------------------------------------------------------------------- $68,801-$143,500 $114,651-$174,700 37.4% 8.0% 9.6% 11.2% 34.8% 7.7% 9.2% 10.7% - -------------------------------------------------------------------------------------------------------------- $143,501-$311,950 $174,701-$311,950 41.8% 8.6% 10.3% 12.0% 39.5% 8.3% 9.9% 11.6% - -------------------------------------------------------------------------------------------------------------- over $311,950 over $311,950 45.1% 9.1% 10.9% 12.8% 42.8% 8.7% 10.5% 12.2% - --------------------------------------------------------------------------------------------------------------
The tax information and brackets listed above are believed to be current. The table assumes that an investor's highest tax bracket applies to the change in taxable income resulting from a switch between taxable and non-taxable investments, that the investor is not subject to the Alternative Minimum Tax and that state tax payments are fully deductible from federal tax payments. Your actual tax bracket will vary depending on your income, investments and deductions. You should consult your tax advisor regarding current tax legislation and how tax laws affect your own personal financial situation. These calculations are for illustrative purposes only and are not intended to show the Fund's performance.
DIVIDEND DISTRIBUTIONS* Rochester Fund Municipals 1/1/02-12/31/02 DIVIDEND PER SHARE Month Class A Class B Class C Class Y - ----------------------------------------------------------------------------------------- January 8.7 cents 7.8 cents 7.8 cents 8.8 cents - ----------------------------------------------------------------------------------------- February 10.0 cents 8.8 cents 8.8 cents 10.2 cents - ----------------------------------------------------------------------------------------- March 8.7 cents 7.3 cents 7.3 cents 8.9 cents - ----------------------------------------------------------------------------------------- April 8.7 cents 7.6 cents 7.6 cents 8.9 cents - ----------------------------------------------------------------------------------------- May 8.7 cents 7.3 cents 7.3 cents 9.1 cents - ----------------------------------------------------------------------------------------- June 8.7 cents 7.6 cents 7.6 cents 9.0 cents - ----------------------------------------------------------------------------------------- July 8.7 cents 7.5 cents 7.5 cents 8.7 cents - ----------------------------------------------------------------------------------------- August 9.0 cents 7.5 cents 7.6 cents 9.0 cents - ----------------------------------------------------------------------------------------- September 9.0 cents 7.8 cents 7.8 cents 9.1 cents - ----------------------------------------------------------------------------------------- October 9.0 cents 7.8 cents 7.8 cents 9.1 cents - ----------------------------------------------------------------------------------------- November 9.0 cents 7.5 cents 7.5 cents 9.1 cents - ----------------------------------------------------------------------------------------- December 9.0 cents 7.6 cents 7.6 cents 9.2 cents - -----------------------------------------------------------------------------------------
* The Board of Trustees can change the Fund's dividend distribution at any time without notice to shareholders. There is no guarantee that the Fund will pay a dividend. Assumes shares were purchased and held for the entire accrual period. Since dividends accrue daily, your actual distributions will vary depending on the date you purchased your shares and any account activity during the month. Income distributions include accrued income earned by the Fund during the reporting period. The Fund attempts to pay dividends on Class A shares at a constant level. There is no assurance that it will be able to do so. The Board of Trustees may change the targeted dividend rate at any time without prior notice to shareholders. Additionally, the amount of those dividends and the dividends paid on Class B, Class C and Class Y shares may vary over time, depending upon market conditions, the composition of the Fund's portfolio, and expenses borne by the particular class of shares. Dividends and distributions paid on Class A shares will generally be higher than dividends for Class B and Class C shares, which normally have higher expenses than Class A. The Fund cannot guarantee that it will pay any dividends or distributions. Dividends and distributions on Class Y shares will generally be higher than dividends for Class A, B or C shares, which normally have higher expenses than Class Y. Class Y shares were first offered on 4/28/00, and are sold to institutional investors and are not available to the public. The Fund's policy of seeking to maintain a steady dividend for its Class A shares did not materially affect portfolio strategies during its last fiscal year. 8 | ROCHESTER FUND MUNICIPALS Financial Statements Pages 10-50 9 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- Municipal Bonds and Notes--100.5% - --------------------------------------------------------------------------------------------------------------------------- New York--91.0% $ 40,001 Albany County IDA (Upper Hudson Library) 8.750% 05/01/2007 $ 40,056 - --------------------------------------------------------------------------------------------------------------------------- 955,000 Albany County IDA (Upper Hudson Library) 8.750 05/01/2022 961,274 - --------------------------------------------------------------------------------------------------------------------------- 620,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 638,116 - --------------------------------------------------------------------------------------------------------------------------- 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,262,692 - --------------------------------------------------------------------------------------------------------------------------- 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,080,397 - --------------------------------------------------------------------------------------------------------------------------- 875,000 Albany IDA (Albany Medical Center) 8.250 08/01/2004 885,185 - --------------------------------------------------------------------------------------------------------------------------- 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 409,396 - --------------------------------------------------------------------------------------------------------------------------- 955,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 995,377 - --------------------------------------------------------------------------------------------------------------------------- 4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,060,149 - --------------------------------------------------------------------------------------------------------------------------- 2,660,000 Albany IDA (Daughters of Sarah Nursing Home) 5.250 10/20/2021 2,778,636 - --------------------------------------------------------------------------------------------------------------------------- 3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,890,315 - --------------------------------------------------------------------------------------------------------------------------- 1,670,000 Albany IDA (MARA Mansion Rehab.) 6.500 02/01/2023 1,671,637 - --------------------------------------------------------------------------------------------------------------------------- 1,395,000 Albany IDA (Port of Albany) 7.250 02/01/2024 1,426,122 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,287,017 - --------------------------------------------------------------------------------------------------------------------------- 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,724,413 - --------------------------------------------------------------------------------------------------------------------------- 125,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2029 142,831 - --------------------------------------------------------------------------------------------------------------------------- 1,770,000 Albany Parking Authority 0.000 Z 11/01/2017 860,096 - --------------------------------------------------------------------------------------------------------------------------- 2,510,000 Albany Parking Authority 5.625 07/15/2020 2,617,152 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Albany Parking Authority 5.625 07/15/2025 2,053,400 - --------------------------------------------------------------------------------------------------------------------------- 2,010,000 Allegany County IDA (Cuba Memorial Hospital) a,b,d 6.500 11/01/2009 1,044,115 - --------------------------------------------------------------------------------------------------------------------------- 4,230,000 Allegany County IDA (Cuba Memorial Hospital) a,b,d 7.250 11/01/2019 2,142,537 - --------------------------------------------------------------------------------------------------------------------------- 4,250,000 Allegany County IDA (Houghton College) 5.250 01/15/2018 4,338,825 - --------------------------------------------------------------------------------------------------------------------------- 5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,667,567 - --------------------------------------------------------------------------------------------------------------------------- 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 864,920 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 2,569,440 - --------------------------------------------------------------------------------------------------------------------------- 2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 2,968,301 - --------------------------------------------------------------------------------------------------------------------------- 10,570,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,869,765 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,226,770 - --------------------------------------------------------------------------------------------------------------------------- 1,165,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 1,211,600 - --------------------------------------------------------------------------------------------------------------------------- 1,750,000 Battery Park City Authority 5.250 11/01/2017 1,767,045 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Battery Park City Authority 5.500 11/01/2026 2,115,280 - --------------------------------------------------------------------------------------------------------------------------- 720,000 Battery Park City Authority 10.000 06/01/2023 723,823 - --------------------------------------------------------------------------------------------------------------------------- 1,385,000 Bayshore HDC 7.500 02/01/2023 1,401,551 - --------------------------------------------------------------------------------------------------------------------------- 415,000 Beacon IDA (Craig House) b,d 9.000 07/01/2011 319,832 - --------------------------------------------------------------------------------------------------------------------------- 755,000 Bethany Retirement Home 7.450 02/01/2024 833,505 - --------------------------------------------------------------------------------------------------------------------------- 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,029,525 - --------------------------------------------------------------------------------------------------------------------------- 45,000 Bleeker Terrace HDC 8.350 07/01/2004 45,399 - --------------------------------------------------------------------------------------------------------------------------- 900,000 Bleeker Terrace HDC 8.750 07/01/2007 909,369 - --------------------------------------------------------------------------------------------------------------------------- 580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 598,461 - --------------------------------------------------------------------------------------------------------------------------- 7,005,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 6,597,099 - --------------------------------------------------------------------------------------------------------------------------- 490,000 Brookhaven IDA (Farber) a 3.188 v 12/01/2004 489,510 - --------------------------------------------------------------------------------------------------------------------------- 185,000 Brookhaven IDA (Interdisciplinary School) 8.500 12/01/2004 188,826 - --------------------------------------------------------------------------------------------------------------------------- 3,220,000 Brookhaven IDA (Interdisciplinary School) 9.500 12/01/2019 3,399,161 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,313,362
10 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500% 11/01/2020 $ 2,480,896 - --------------------------------------------------------------------------------------------------------------------------- 880,000 Brookhaven IDA (TDS Realty) 6.550 12/01/2019 945,349 - --------------------------------------------------------------------------------------------------------------------------- 560,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2011 568,137 - --------------------------------------------------------------------------------------------------------------------------- 3,240,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2030 3,289,442 - --------------------------------------------------------------------------------------------------------------------------- 3,615,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park) a,b,d 8.750 11/01/2030 1,446,000 - --------------------------------------------------------------------------------------------------------------------------- 3,185,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park) a,b,d 8.750 11/01/2030 6,370 - --------------------------------------------------------------------------------------------------------------------------- 3,295,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park) a,b,d 8.750 11/01/2030 6,590 - --------------------------------------------------------------------------------------------------------------------------- 4,715,000 Canandaigua Recreation Devel. Corp. (Roseland Water Park) a,b,d 8.750 11/01/2030 9,430 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Canton Human Services Initiatives 5.700 09/01/2024 1,030,140 - --------------------------------------------------------------------------------------------------------------------------- 1,260,000 Canton Human Services Initiatives 5.750 09/01/2032 1,297,876 - --------------------------------------------------------------------------------------------------------------------------- 600,000 Capital District Youth Center 6.000 02/01/2017 649,890 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Carnegie Redevelopment Corp. a 7.000 09/01/2021 506,185 - --------------------------------------------------------------------------------------------------------------------------- 1,430,000 Cattaraugus County IDA (Cherry Creek) 9.800 09/01/2010 1,447,560 - --------------------------------------------------------------------------------------------------------------------------- 570,000 Cattaraugus County IDA (Jamestown Community College) 6.400 07/01/2019 616,421 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Cattaraugus County IDA (Jamestown Community College) 6.500 07/01/2030 1,075,910 - --------------------------------------------------------------------------------------------------------------------------- 4,360,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,407,350 - --------------------------------------------------------------------------------------------------------------------------- 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,502,738 - --------------------------------------------------------------------------------------------------------------------------- 2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 2,948,459 - --------------------------------------------------------------------------------------------------------------------------- 1,160,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 1,204,718 - --------------------------------------------------------------------------------------------------------------------------- 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,525,334 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Chautauqua County Tobacco Asset Securitization Corp. 6.750 07/01/2040 2,701,000 - --------------------------------------------------------------------------------------------------------------------------- 8,145,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 7,588,371 - --------------------------------------------------------------------------------------------------------------------------- 8,435,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 8,068,668 - --------------------------------------------------------------------------------------------------------------------------- 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,582,159 - --------------------------------------------------------------------------------------------------------------------------- 1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,961,862 - --------------------------------------------------------------------------------------------------------------------------- 3,345,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 3,348,679 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Cohoes GO 6.200 03/15/2012 37,060 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.200 03/15/2013 26,365 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2014 26,246 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2015 26,112 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2016 25,992 - --------------------------------------------------------------------------------------------------------------------------- 295,000 Columbia County IDA (ARC) 7.750 06/01/2005 302,307 - --------------------------------------------------------------------------------------------------------------------------- 2,650,000 Columbia County IDA (ARC) 8.650 06/01/2018 2,746,592 - --------------------------------------------------------------------------------------------------------------------------- 230,000 Columbia County IDA (Berkshire Farms) 6.900 12/15/2004 234,699 - --------------------------------------------------------------------------------------------------------------------------- 1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,927,827 - --------------------------------------------------------------------------------------------------------------------------- 3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,335,541 - --------------------------------------------------------------------------------------------------------------------------- 5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,428,318 - --------------------------------------------------------------------------------------------------------------------------- 120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 127,807 - --------------------------------------------------------------------------------------------------------------------------- 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,725,890 - --------------------------------------------------------------------------------------------------------------------------- 2,660,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,882,216 - --------------------------------------------------------------------------------------------------------------------------- 5,595,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 6,034,263 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County Water & Wastewater Authority 0.000 z 06/01/2027 293,440 - --------------------------------------------------------------------------------------------------------------------------- 3,350,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,356,633 - --------------------------------------------------------------------------------------------------------------------------- 1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,473,007 - --------------------------------------------------------------------------------------------------------------------------- 1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,448,146
11 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350% 02/01/2038 $ 2,027,660 - --------------------------------------------------------------------------------------------------------------------------- 1,620,000 East Rochester Hsg. Authority (North Park Nursing Home) 5.200 10/20/2024 1,668,422 - --------------------------------------------------------------------------------------------------------------------------- 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,231,200 - --------------------------------------------------------------------------------------------------------------------------- 3,210,000 Erie County IDA (Affordable Hospitality) a 9.250 12/01/2015 2,831,252 - --------------------------------------------------------------------------------------------------------------------------- 815,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 818,676 - --------------------------------------------------------------------------------------------------------------------------- 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,430,694 - --------------------------------------------------------------------------------------------------------------------------- 44,000,000 Erie County IDA (Canfibre Lackawanna) a,b,d 9.050 12/01/2025 8,800,000 - --------------------------------------------------------------------------------------------------------------------------- 785,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 667,807 - --------------------------------------------------------------------------------------------------------------------------- 3,055,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,899,562 - --------------------------------------------------------------------------------------------------------------------------- 3,230,000 Erie County IDA (Medaille College) 8.000 12/30/2022 3,299,348 - --------------------------------------------------------------------------------------------------------------------------- 3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,539,324 - --------------------------------------------------------------------------------------------------------------------------- 2,655,000 Erie County IDA (Mercy Hospital) 6.250 06/01/2010 2,485,770 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 24,715 - --------------------------------------------------------------------------------------------------------------------------- 9,495,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,207,396 - --------------------------------------------------------------------------------------------------------------------------- 480,000 Erie County Tobacco Asset Securitization Corp. 6.125 07/15/2030 500,707 - --------------------------------------------------------------------------------------------------------------------------- 19,490,000 Erie County Tobacco Asset Securitization Corp. 6.250 07/15/2040 20,495,294 - --------------------------------------------------------------------------------------------------------------------------- 45,490,000 Erie County Tobacco Asset Securitization Corp. 6.750 07/15/2040 49,305,246 - --------------------------------------------------------------------------------------------------------------------------- 1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,789,542 - --------------------------------------------------------------------------------------------------------------------------- 625,000 Essex County IDA (International Paper Company) 5.500 10/01/2026 614,369 - --------------------------------------------------------------------------------------------------------------------------- 310,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 312,523 - --------------------------------------------------------------------------------------------------------------------------- 2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,403,730 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,613,300 - --------------------------------------------------------------------------------------------------------------------------- 325,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 329,621 - --------------------------------------------------------------------------------------------------------------------------- 5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 5,925,660 - --------------------------------------------------------------------------------------------------------------------------- 4,245,000 Franklin County SWMA 6.250 06/01/2015 4,354,818 - --------------------------------------------------------------------------------------------------------------------------- 1,570,000 Fulton County IDA (Nathan Littauer) 7.000 11/01/2004 1,578,823 - --------------------------------------------------------------------------------------------------------------------------- 240,000 Geneva IDA (Finger Lakes Cerebral Palsy) 8.250 11/01/2004 242,647 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Geneva IDA (Finger Lakes Cerebral Palsy) 8.500 11/01/2016 1,011,030 - --------------------------------------------------------------------------------------------------------------------------- 635,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 622,808 - --------------------------------------------------------------------------------------------------------------------------- 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,709,881 - --------------------------------------------------------------------------------------------------------------------------- 2,280,000 Glen Cove IDA (The Regency at Glen Cove) 0.000 z 10/15/2019 p 1,038,266 - --------------------------------------------------------------------------------------------------------------------------- 2,375,000 Grand Central BID (Grand Central District Management) 5.250 01/01/2022 2,408,844 - --------------------------------------------------------------------------------------------------------------------------- 2,795,000 Green Island Power Authority 6.000 12/15/2020 2,921,669 - --------------------------------------------------------------------------------------------------------------------------- 1,695,000 Green Island Power Authority 6.000 12/15/2025 1,739,002 - --------------------------------------------------------------------------------------------------------------------------- 690,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015 707,429 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,559,850 - --------------------------------------------------------------------------------------------------------------------------- 405,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 380,882 - --------------------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,163,104 - --------------------------------------------------------------------------------------------------------------------------- 5,220,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 5,248,867 - --------------------------------------------------------------------------------------------------------------------------- 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 18,936,820 - --------------------------------------------------------------------------------------------------------------------------- 3,465,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 3,329,588 - --------------------------------------------------------------------------------------------------------------------------- 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,551,219 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 10,084,800 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,554,800 - --------------------------------------------------------------------------------------------------------------------------- 4,770,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,785,693
12 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $12,530,000 Hempstead IDA (Hungry Harbor Associates) 8.000% 05/01/2044 $ 12,804,658 - --------------------------------------------------------------------------------------------------------------------------- 5,700,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,700,570 - --------------------------------------------------------------------------------------------------------------------------- 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 5,868,461 - --------------------------------------------------------------------------------------------------------------------------- 11,460,000 Herkimer County IDA (Burrows Paper) a 8.000 01/01/2009 11,001,142 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,343,904 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,078,540 - --------------------------------------------------------------------------------------------------------------------------- 355,000 Herkimer Hsg. Authority 7.150 03/01/2011 360,243 - --------------------------------------------------------------------------------------------------------------------------- 60,000 Hsg. NY Corp. 5.500 11/01/2020 61,690 - --------------------------------------------------------------------------------------------------------------------------- 990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 996,871 - --------------------------------------------------------------------------------------------------------------------------- 125,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 115,074 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 879,820 - --------------------------------------------------------------------------------------------------------------------------- 8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 7,352,840 - --------------------------------------------------------------------------------------------------------------------------- 885,000 Islip IDA (Leeway School) 9.000 08/01/2021 895,133 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 20,129,600 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,145,110 - --------------------------------------------------------------------------------------------------------------------------- 21,000,000 L.I. Power Authority RITES a 14.355 f 12/01/2022 23,395,680 - --------------------------------------------------------------------------------------------------------------------------- 7,905,000 L.I. Power Authority RITES a 14.389 f 12/01/2022 8,806,802 - --------------------------------------------------------------------------------------------------------------------------- 3,750,000 L.I. Power Authority RITES a 14.820 f 12/01/2026 4,218,375 - --------------------------------------------------------------------------------------------------------------------------- 2,915,000 L.I. Power Authority RITES a 14.896 f 09/01/2028 3,328,638 - --------------------------------------------------------------------------------------------------------------------------- 13,000,000 L.I. Power Authority RITES a 15.855 f 12/01/2029 13,983,060 - --------------------------------------------------------------------------------------------------------------------------- 11,250,000 L.I. Power Authority RITES a 16.660 f 12/01/2029 12,100,725 - --------------------------------------------------------------------------------------------------------------------------- 25,630,000 L.I. Power Authority, Series A 5.125 09/01/2029 25,681,516 - --------------------------------------------------------------------------------------------------------------------------- 49,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 50,557,747 - --------------------------------------------------------------------------------------------------------------------------- 3,215,000 L.I. Power Authority, Series A 5.500 12/01/2029 3,251,876 - --------------------------------------------------------------------------------------------------------------------------- 2,255,000 L.I. Power Authority, Series A 5.500 12/01/2029 2,297,642 - --------------------------------------------------------------------------------------------------------------------------- 86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 88,035,493 - --------------------------------------------------------------------------------------------------------------------------- 75,000 Lowville GO 7.200 09/15/2007 89,060 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2012 125,982 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2013 126,816 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2014 127,648 - --------------------------------------------------------------------------------------------------------------------------- 5,350,000 Lyons Community Health Initiatives Corp. 6.800 09/01/2024 5,626,220 - --------------------------------------------------------------------------------------------------------------------------- 4,525,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,834,781 - --------------------------------------------------------------------------------------------------------------------------- 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,323,901 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,604,940 - --------------------------------------------------------------------------------------------------------------------------- 2,410,000 Mechanicsville HDC 6.900 08/01/2022 2,418,001 - --------------------------------------------------------------------------------------------------------------------------- 120,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 116,322 - --------------------------------------------------------------------------------------------------------------------------- 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 631,688 - --------------------------------------------------------------------------------------------------------------------------- 905,000 Middleton IDA (Fleurchem, Inc.) a 8.000 12/01/2016 899,389 - --------------------------------------------------------------------------------------------------------------------------- 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,683,885 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Middletown IDA (YMCA) 6.250 11/01/2009 474,655 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,150,835 - --------------------------------------------------------------------------------------------------------------------------- 330,000 Monroe County COP 8.050 01/01/2011 339,636 - --------------------------------------------------------------------------------------------------------------------------- 4,260,000 Monroe County IDA (Al Sigl Center) 6.600 12/15/2017 4,145,150 - --------------------------------------------------------------------------------------------------------------------------- 1,590,000 Monroe County IDA (Al Sigl Center) 7.250 12/15/2015 1,620,067 - --------------------------------------------------------------------------------------------------------------------------- 3,145,000 Monroe County IDA (Brazill Merk) 7.900 12/15/2014 3,211,359
13 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 900,000 Monroe County IDA (Canal Ponds) 7.000% 06/15/2013 $ 930,492 - --------------------------------------------------------------------------------------------------------------------------- 10,000 Monroe County IDA (Cohber Press) 7.700 12/01/2003 10,037 - --------------------------------------------------------------------------------------------------------------------------- 190,000 Monroe County IDA (Cohber Press) 7.850 12/01/2009 191,279 - --------------------------------------------------------------------------------------------------------------------------- 1,965,000 Monroe County IDA (Collegiate Hsg. Foundation--RIT) 5.375 04/01/2029 1,970,011 - --------------------------------------------------------------------------------------------------------------------------- 1,698,220 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,737,941 - --------------------------------------------------------------------------------------------------------------------------- 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 906,281 - --------------------------------------------------------------------------------------------------------------------------- 2,595,000 Monroe County IDA (Depaul Community Facilities) 5.875 02/01/2028 2,322,058 - --------------------------------------------------------------------------------------------------------------------------- 5,750,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 5,192,825 - --------------------------------------------------------------------------------------------------------------------------- 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 943,686 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,337,389 - --------------------------------------------------------------------------------------------------------------------------- 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,122,074 - --------------------------------------------------------------------------------------------------------------------------- 14,154,302 Monroe County IDA (Genesee Hospital) b,d 7.000 11/01/2018 1,701,913 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,010,200 - --------------------------------------------------------------------------------------------------------------------------- 4,955,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2027 4,967,982 - --------------------------------------------------------------------------------------------------------------------------- 350,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 347,126 - --------------------------------------------------------------------------------------------------------------------------- 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 582,558 - --------------------------------------------------------------------------------------------------------------------------- 300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 294,330 - --------------------------------------------------------------------------------------------------------------------------- 1,060,000 Monroe County IDA (Melles Groit) 9.500 12/01/2009 1,073,716 - --------------------------------------------------------------------------------------------------------------------------- 1,325,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 1,336,501 - --------------------------------------------------------------------------------------------------------------------------- 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,505,798 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,109,630 - --------------------------------------------------------------------------------------------------------------------------- 1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,552,109 - --------------------------------------------------------------------------------------------------------------------------- 2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,250,948 - --------------------------------------------------------------------------------------------------------------------------- 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,182,133 - --------------------------------------------------------------------------------------------------------------------------- 4,345,000 Monroe County IDA (St. Joseph's Parking Garage) a 7.500 11/01/2022 4,126,403 - --------------------------------------------------------------------------------------------------------------------------- 7,420,000 Monroe County IDA (The Children's Beverage Group) a,b,d 8.750 11/01/2010 107,590 - --------------------------------------------------------------------------------------------------------------------------- 910,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 831,376 - --------------------------------------------------------------------------------------------------------------------------- 2,710,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,339,245 - --------------------------------------------------------------------------------------------------------------------------- 175,000 Monroe County IDA (West End Business) 6.750 12/01/2004 175,397 - --------------------------------------------------------------------------------------------------------------------------- 40,000 Monroe County IDA (West End Business) 6.750 12/01/2004 40,091 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Monroe County IDA (West End Business) 6.750 12/01/2004 25,057 - --------------------------------------------------------------------------------------------------------------------------- 1,375,000 Monroe County IDA (West End Business) 8.000 12/01/2014 1,416,181 - --------------------------------------------------------------------------------------------------------------------------- 345,000 Monroe County IDA (West End Business) 8.000 12/01/2014 355,333 - --------------------------------------------------------------------------------------------------------------------------- 170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 175,091 - --------------------------------------------------------------------------------------------------------------------------- 515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 530,424 - --------------------------------------------------------------------------------------------------------------------------- 12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 12,857,400 - --------------------------------------------------------------------------------------------------------------------------- 30,000,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035 31,779,000 - --------------------------------------------------------------------------------------------------------------------------- 13,740,000 Monroe County Tobacco Asset Securitization Corp. 6.625 06/01/2042 14,775,172 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 Monroe County Tobacco Asset Securitization Corp. RITES a 14.829 f 06/01/2042 12,260,200 - --------------------------------------------------------------------------------------------------------------------------- 1,215,000 Monroe IDA (St. Joseph) a 7.000 11/01/2008 1,184,613 - --------------------------------------------------------------------------------------------------------------------------- 5,860,000 Montgomery County IDA (ASMF) a,b,d 7.250 01/15/2019 3,193,700 - --------------------------------------------------------------------------------------------------------------------------- 2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,114,613 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,214,200 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 MTA IVRC a 8.929 f 07/01/2011 10,728,800 - --------------------------------------------------------------------------------------------------------------------------- 14,200,000 MTA RITES a 13.785 f 11/15/2025 15,238,304
14 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,910,000 MTA RITES a 13.785% f 11/15/2028 $ 2,016,005 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 MTA RITES a 13.785 f 11/15/2030 10,511,000 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 MTA RITES a 13.785 f 11/15/2030 5,255,500 - --------------------------------------------------------------------------------------------------------------------------- 2,890,000 MTA RITES a 13.785 f 11/15/2030 3,037,679 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 MTA RITES a 13.785 f 11/15/2031 7,883,250 - --------------------------------------------------------------------------------------------------------------------------- 2,125,000 MTA RITES a 13.785 f 11/15/2032 2,233,587 - --------------------------------------------------------------------------------------------------------------------------- 2,220,000 MTA Service Contract RITES a 14.285 f 01/01/2024 2,448,349 - --------------------------------------------------------------------------------------------------------------------------- 131,525,000 MTA Service Contract, Series A 5.125 01/01/2029 133,601,780 - --------------------------------------------------------------------------------------------------------------------------- 33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 34,342,462 - --------------------------------------------------------------------------------------------------------------------------- 20,850,000 MTA, Series A 5.125 11/15/2031 21,074,137 - --------------------------------------------------------------------------------------------------------------------------- 34,620,000 MTA, Series E 5.250 11/15/2031 35,516,658 - --------------------------------------------------------------------------------------------------------------------------- 802,824 Municipal Assistance Corp. for Troy, NY 0.000 z 07/15/2021 333,517 - --------------------------------------------------------------------------------------------------------------------------- 1,218,573 Municipal Assistance Corp. for Troy, NY 0.000 z 01/15/2022 487,076 - --------------------------------------------------------------------------------------------------------------------------- 2,725,000 Nassau County IDA (ACLD) 8.125 10/01/2022 2,798,902 - --------------------------------------------------------------------------------------------------------------------------- 1,380,000 Nassau County IDA (ALIA - ACDS) 7.500 06/01/2015 1,436,456 - --------------------------------------------------------------------------------------------------------------------------- 270,000 Nassau County IDA (ALIA - ACLD) 7.125 06/01/2017 268,496 - --------------------------------------------------------------------------------------------------------------------------- 445,000 Nassau County IDA (ALIA - ACLD) 7.500 06/01/2015 463,205 - --------------------------------------------------------------------------------------------------------------------------- 6,795,000 Nassau County IDA (ALIA - CSMR) 7.000 11/01/2016 6,843,720 - --------------------------------------------------------------------------------------------------------------------------- 4,025,000 Nassau County IDA (ALIA - CSMR) 7.125 06/01/2017 4,094,431 - --------------------------------------------------------------------------------------------------------------------------- 2,215,000 Nassau County IDA (ALIA - CSMR) 7.500 06/01/2015 2,305,616 - --------------------------------------------------------------------------------------------------------------------------- 430,000 Nassau County IDA (ALIA - FREE) 7.125 06/01/2012 437,994 - --------------------------------------------------------------------------------------------------------------------------- 2,745,000 Nassau County IDA (ALIA - FREE) 7.500 06/01/2015 2,799,927 - --------------------------------------------------------------------------------------------------------------------------- 4,030,000 Nassau County IDA (ALIA - FREE) 8.150 06/01/2030 4,113,824 - --------------------------------------------------------------------------------------------------------------------------- 6,610,000 Nassau County IDA (ALIA - FREE) 8.250 06/01/2032 6,587,923 - --------------------------------------------------------------------------------------------------------------------------- 1,080,000 Nassau County IDA (ALIA - HH) 7.125 06/01/2017 1,098,630 - --------------------------------------------------------------------------------------------------------------------------- 830,000 Nassau County IDA (ALIA - HHS) 7.125 06/01/2017 837,752 - --------------------------------------------------------------------------------------------------------------------------- 295,000 Nassau County IDA (ALIA - LVH) 7.500 06/01/2015 307,068 - --------------------------------------------------------------------------------------------------------------------------- 670,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 697,410 - --------------------------------------------------------------------------------------------------------------------------- 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,291,696 - --------------------------------------------------------------------------------------------------------------------------- 1,165,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.000 11/01/2010 1,076,693 - --------------------------------------------------------------------------------------------------------------------------- 6,060,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.875 11/01/2026 5,609,863 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 3,981,080 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 1,492,905 - --------------------------------------------------------------------------------------------------------------------------- 2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,132,013 - --------------------------------------------------------------------------------------------------------------------------- 135,000 Nassau County IDA (RJS Scientific) 8.050 12/01/2005 138,058 - --------------------------------------------------------------------------------------------------------------------------- 2,700,000 Nassau County IDA (RJS Scientific) 9.050 12/01/2025 2,873,367 - --------------------------------------------------------------------------------------------------------------------------- 2,759,599 Nassau County IDA (Sharp International) a,b,d 7.375 12/01/2007 173,855 - --------------------------------------------------------------------------------------------------------------------------- 1,752,588 Nassau County IDA (Sharp International) a,b,d 7.375 12/01/2007 110,413 - --------------------------------------------------------------------------------------------------------------------------- 2,527,212 Nassau County IDA (Sharp International) a,b,d 7.875 12/01/2012 159,214 - --------------------------------------------------------------------------------------------------------------------------- 1,597,663 Nassau County IDA (Sharp International) a,b,d 7.875 12/01/2012 100,653 - --------------------------------------------------------------------------------------------------------------------------- 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,007,360 - --------------------------------------------------------------------------------------------------------------------------- 24,890,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 25,033,615 - --------------------------------------------------------------------------------------------------------------------------- 4,375,000 Nassau County IFA RITES a 14.412 f 11/15/2021 4,836,300 - --------------------------------------------------------------------------------------------------------------------------- 2,040,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2021 2,157,157 - --------------------------------------------------------------------------------------------------------------------------- 4,900,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 5,196,450
15 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,320,000 Nassau County Tobacco Settlement Corp. 6.300% 07/15/2022 $ 1,393,154 - --------------------------------------------------------------------------------------------------------------------------- 35,385,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 37,361,252 - --------------------------------------------------------------------------------------------------------------------------- 21,070,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 22,438,918 - --------------------------------------------------------------------------------------------------------------------------- 35,185,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 37,562,450 - --------------------------------------------------------------------------------------------------------------------------- 7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,194,138 - --------------------------------------------------------------------------------------------------------------------------- 3,340,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 3,339,866 - --------------------------------------------------------------------------------------------------------------------------- 4,290,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,289,828 - --------------------------------------------------------------------------------------------------------------------------- 6,195,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 6,194,752 - --------------------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,774,809 - --------------------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,774,809 - --------------------------------------------------------------------------------------------------------------------------- 20,000 New Hartford HDC (Village Point) 7.375 01/01/2024 20,033 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,089,720 - --------------------------------------------------------------------------------------------------------------------------- 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,065,813 - --------------------------------------------------------------------------------------------------------------------------- 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,747,910 - --------------------------------------------------------------------------------------------------------------------------- 4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 5,053,306 - --------------------------------------------------------------------------------------------------------------------------- 2,790,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,737,687 - --------------------------------------------------------------------------------------------------------------------------- 3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,458,202 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,551,000 - --------------------------------------------------------------------------------------------------------------------------- 5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,540,022 - --------------------------------------------------------------------------------------------------------------------------- 1,900,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,901,007 - --------------------------------------------------------------------------------------------------------------------------- 6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,849,375 - --------------------------------------------------------------------------------------------------------------------------- 225,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 236,414 - --------------------------------------------------------------------------------------------------------------------------- 5,085,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 5,342,962 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,703,366 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Niagara Falls CSD COP (High School Facility) 6.625 06/15/2028 812,392 - --------------------------------------------------------------------------------------------------------------------------- 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 757,485 - --------------------------------------------------------------------------------------------------------------------------- 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,646,683 - --------------------------------------------------------------------------------------------------------------------------- 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,247,307 - --------------------------------------------------------------------------------------------------------------------------- 585,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 620,433 - --------------------------------------------------------------------------------------------------------------------------- 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,832,546 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Nunda GO 8.000 05/01/2010 32,105 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 NY Convention Center COP (Yale Building Acquisition) 6.500 12/01/2004 20,450,000 - --------------------------------------------------------------------------------------------------------------------------- 17,815,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 19,020,007 - --------------------------------------------------------------------------------------------------------------------------- 59,090,000 NY Counties Tobacco Trust I (TASC) 6.625 06/01/2042 63,541,841 - --------------------------------------------------------------------------------------------------------------------------- 13,240,000 NY Counties Tobacco Trust I (TASC) RITES a 14.825 f 06/01/2028 15,401,165 - --------------------------------------------------------------------------------------------------------------------------- 435,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 429,058 - --------------------------------------------------------------------------------------------------------------------------- 29,455,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 29,453,527 - --------------------------------------------------------------------------------------------------------------------------- 52,905,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 53,111,859 - --------------------------------------------------------------------------------------------------------------------------- 270,000 NYC GO 0.000 z 05/15/2011 186,629 - --------------------------------------------------------------------------------------------------------------------------- 200,000 NYC GO 0.000 z 05/15/2012 130,640 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYC GO 0.000 z 10/01/2012 25,654 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.000 03/15/2018 502,345 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.125 03/15/2025 5,095,150 - --------------------------------------------------------------------------------------------------------------------------- 1,015,000 NYC GO 5.250 08/15/2023 1,028,611 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.250 08/01/2024 505,130
16 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $33,420,000 NYC GO 5.250% 06/01/2027 $ 33,801,991 - --------------------------------------------------------------------------------------------------------------------------- 26,350,000 NYC GO 5.250 03/15/2032 26,625,884 - --------------------------------------------------------------------------------------------------------------------------- 20,825,000 NYC GO 5.375 12/01/2026 21,237,751 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.375 08/01/2027 508,690 - --------------------------------------------------------------------------------------------------------------------------- 2,465,000 NYC GO 5.375 03/15/2028 2,515,015 - --------------------------------------------------------------------------------------------------------------------------- 55,765,000 NYC GO 5.375 06/01/2032 56,876,954 - --------------------------------------------------------------------------------------------------------------------------- 85,000 NYC GO 5.500 10/01/2018 89,013 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 NYC GO 5.500 06/01/2028 1,292,863 - --------------------------------------------------------------------------------------------------------------------------- 23,215,000 NYC GO 5.500 12/01/2031 23,864,324 - --------------------------------------------------------------------------------------------------------------------------- 6,770,000 NYC GO 5.500 11/15/2037 6,922,934 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 5.625 08/01/2016 20,525 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.625 03/15/2019 5,271,300 - --------------------------------------------------------------------------------------------------------------------------- 35,000 NYC GO 5.750 02/01/2020 36,287 - --------------------------------------------------------------------------------------------------------------------------- 4,845,000 NYC GO 6.000 02/01/2011 5,172,280 - --------------------------------------------------------------------------------------------------------------------------- 397,000 NYC GO 6.500 08/01/2014 451,234 - --------------------------------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.500 08/01/2015 1,795,844 - --------------------------------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.625 08/01/2025 1,800,821 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2010 5,021 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.250 08/15/2024 5,021 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.750 08/15/2028 15,103 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 8.250 08/01/2014 5,063 - --------------------------------------------------------------------------------------------------------------------------- 1,750,000 NYC GO CAB 0.000 v 05/15/2014 1,838,760 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYC GO CAB 0.000 v 08/01/2014 509,970 - --------------------------------------------------------------------------------------------------------------------------- 16,387,000 NYC GO CARS 10.570 f 08/12/2010 16,994,794 - --------------------------------------------------------------------------------------------------------------------------- 8,387,000 NYC GO CARS 10.570 f 09/01/2011 8,696,648 - --------------------------------------------------------------------------------------------------------------------------- 100,000 NYC GO DIAMONDS 0.000 v 08/01/2025 79,813 - --------------------------------------------------------------------------------------------------------------------------- 351,012 NYC HDC (Albert Einstein Staff Hsg.) 6.500 12/15/2017 369,016 - --------------------------------------------------------------------------------------------------------------------------- 1,333,934 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,403,312 - --------------------------------------------------------------------------------------------------------------------------- 1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,098,295 - --------------------------------------------------------------------------------------------------------------------------- 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,257,588 - --------------------------------------------------------------------------------------------------------------------------- 330,269 NYC HDC (Bay Towers) 6.500 08/15/2017 347,401 - --------------------------------------------------------------------------------------------------------------------------- 2,469,495 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,597,242 - --------------------------------------------------------------------------------------------------------------------------- 420,441 NYC HDC (Bridgeview III) 6.500 12/15/2017 442,249 - --------------------------------------------------------------------------------------------------------------------------- 448,122 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 470,971 - --------------------------------------------------------------------------------------------------------------------------- 1,165,927 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,226,252 - --------------------------------------------------------------------------------------------------------------------------- 167,266 NYC HDC (Candia House) 6.500 06/15/2018 175,897 - --------------------------------------------------------------------------------------------------------------------------- 3,199,988 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,365,524 - --------------------------------------------------------------------------------------------------------------------------- 275,182 NYC HDC (Contello III) 7.000 12/15/2018 289,472 - --------------------------------------------------------------------------------------------------------------------------- 1,313,196 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,381,128 - --------------------------------------------------------------------------------------------------------------------------- 1,001,958 NYC HDC (Court Plaza) 6.500 08/15/2017 1,053,930 - --------------------------------------------------------------------------------------------------------------------------- 1,540,310 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,620,992 - --------------------------------------------------------------------------------------------------------------------------- 3,229,084 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,396,157 - --------------------------------------------------------------------------------------------------------------------------- 3,117,165 NYC HDC (Esplanade Gardens) 7.000 01/15/2019 3,279,694 - --------------------------------------------------------------------------------------------------------------------------- 74,671 NYC HDC (Essex Terrace) 6.500 07/15/2018 78,524 - --------------------------------------------------------------------------------------------------------------------------- 451,408 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 474,760
17 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,487,395 NYC HDC (Gouverneur Gardens) 7.034% 02/15/2019 $ 1,564,992 - --------------------------------------------------------------------------------------------------------------------------- 325,494 NYC HDC (Heywood Towers) 6.500 10/15/2017 342,332 - --------------------------------------------------------------------------------------------------------------------------- 3,673,790 NYC HDC (Hudsonview Terrace) 6.500 09/15/2017 3,863,835 - --------------------------------------------------------------------------------------------------------------------------- 1,035,993 NYC HDC (Janel Towers) 6.500 09/15/2017 1,089,730 - --------------------------------------------------------------------------------------------------------------------------- 362,204 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 380,991 - --------------------------------------------------------------------------------------------------------------------------- 206,543 NYC HDC (Kingsbridge Arms) 6.500 11/15/2018 217,200 - --------------------------------------------------------------------------------------------------------------------------- 1,116,258 NYC HDC (Leader House) 6.500 03/15/2018 1,173,857 - --------------------------------------------------------------------------------------------------------------------------- 1,571,633 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,651,818 - --------------------------------------------------------------------------------------------------------------------------- 184,226 NYC HDC (Middagh St. Studio Apartments) 6.500 01/15/2018 193,732 - --------------------------------------------------------------------------------------------------------------------------- 2,393,679 NYC HDC (Montefiore Hospital Hsg. Sec. II) 6.500 10/15/2017 2,517,504 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,092,490 - --------------------------------------------------------------------------------------------------------------------------- 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,914,975 - --------------------------------------------------------------------------------------------------------------------------- 100,000 NYC HDC (Multifamily Hsg.), Series A 5.850 05/01/2025 101,770 - --------------------------------------------------------------------------------------------------------------------------- 9,880,000 NYC HDC (Multifamily Hsg.), Series A 6.600 04/01/2030 10,210,190 - --------------------------------------------------------------------------------------------------------------------------- 775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 802,233 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,010,210 - --------------------------------------------------------------------------------------------------------------------------- 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,177,003 - --------------------------------------------------------------------------------------------------------------------------- 788,301 NYC HDC (New Amsterdam House) 6.500 08/15/2018 828,977 - --------------------------------------------------------------------------------------------------------------------------- 805,820 NYC HDC (New Amsterdam House) 6.500 08/15/2018 807,456 - --------------------------------------------------------------------------------------------------------------------------- 972,923 NYC HDC (Riverbend) 6.500 11/15/2018 1,023,262 - --------------------------------------------------------------------------------------------------------------------------- 6,048,487 NYC HDC (Riverside Park Community) 7.250 11/15/2018 6,365,004 - --------------------------------------------------------------------------------------------------------------------------- 425,908 NYC HDC (RNA House) 7.000 12/15/2018 448,094 - --------------------------------------------------------------------------------------------------------------------------- 605,785 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 637,207 - --------------------------------------------------------------------------------------------------------------------------- 222,405 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 233,961 - --------------------------------------------------------------------------------------------------------------------------- 591,883 NYC HDC (Scott Tower) 7.000 12/15/2018 622,619 - --------------------------------------------------------------------------------------------------------------------------- 811,503 NYC HDC (Seaview Towers) 6.500 01/15/2018 853,376 - --------------------------------------------------------------------------------------------------------------------------- 334,706 NYC HDC (St. Martin Tower) 6.500 11/15/2018 352,024 - --------------------------------------------------------------------------------------------------------------------------- 1,546,490 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,626,289 - --------------------------------------------------------------------------------------------------------------------------- 441,545 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 458,571 - --------------------------------------------------------------------------------------------------------------------------- 1,544,589 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,623,657 - --------------------------------------------------------------------------------------------------------------------------- 209,816 NYC HDC (Town House West) 6.500 01/15/2018 220,534 - --------------------------------------------------------------------------------------------------------------------------- 322,811 NYC HDC (Tri-Faith House) 7.000 01/15/2019 339,590 - --------------------------------------------------------------------------------------------------------------------------- 1,362,971 NYC HDC (University River View) 6.500 08/15/2017 1,433,669 - --------------------------------------------------------------------------------------------------------------------------- 411,372 NYC HDC (Washington Square Southeast) 7.000 01/15/2019 432,488 - --------------------------------------------------------------------------------------------------------------------------- 370,311 NYC HDC (West Side Manor) 6.500 11/15/2018 389,419 - --------------------------------------------------------------------------------------------------------------------------- 3,806,444 NYC HDC (West Village) 6.500 11/15/2013 4,003,618 - --------------------------------------------------------------------------------------------------------------------------- 234,940 NYC HDC (Westview Apartments) 6.500 10/15/2017 247,126 - --------------------------------------------------------------------------------------------------------------------------- 549,308 NYC HDC (Woodstock Terrace) 7.034 02/15/2019 577,883 - --------------------------------------------------------------------------------------------------------------------------- 27,600,000 NYC Health & Hospital Corp. 5.250 02/15/2017 28,123,572 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 997,960 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYC Health & Hospital Corp. 5.750 02/15/2022 25,609 - --------------------------------------------------------------------------------------------------------------------------- 5,875,000 NYC Health & Hospital Corp. RITES a 13.924 f 02/15/2020 6,633,697 - --------------------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,044,977 - --------------------------------------------------------------------------------------------------------------------------- 525,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 498,083 - --------------------------------------------------------------------------------------------------------------------------- 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,258,725
18 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 3,600,000 NYC IDA (Acme Architectural Products) 6.375% 11/01/2019 $ 3,256,668 - --------------------------------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.000 11/01/2010 1,011,888 - --------------------------------------------------------------------------------------------------------------------------- 5,985,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.500 11/01/2026 5,469,093 - --------------------------------------------------------------------------------------------------------------------------- 22,850,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 21,409,993 - --------------------------------------------------------------------------------------------------------------------------- 20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 20,626,546 - --------------------------------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,084,639 - --------------------------------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,550,934 - --------------------------------------------------------------------------------------------------------------------------- 375,000 NYC IDA (Allied Metal) 6.375 12/01/2014 353,179 - --------------------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 882,077 - --------------------------------------------------------------------------------------------------------------------------- 825,000 NYC IDA (Alrue Import Corp.) 8.000 11/01/2011 823,309 - --------------------------------------------------------------------------------------------------------------------------- 3,845,000 NYC IDA (Alrue Import Corp.) 8.875 02/01/2026 3,836,887 - --------------------------------------------------------------------------------------------------------------------------- 3,420,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,238,535 - --------------------------------------------------------------------------------------------------------------------------- 2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,263,116 - --------------------------------------------------------------------------------------------------------------------------- 29,935,000 NYC IDA (American Airlines) 5.400 07/01/2020 14,569,963 - --------------------------------------------------------------------------------------------------------------------------- 38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 21,185,420 - --------------------------------------------------------------------------------------------------------------------------- 330,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 202,280,892 - --------------------------------------------------------------------------------------------------------------------------- 1,110,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 1,066,410 - --------------------------------------------------------------------------------------------------------------------------- 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,222,865 - --------------------------------------------------------------------------------------------------------------------------- 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,205,866 - --------------------------------------------------------------------------------------------------------------------------- 730,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 724,751 - --------------------------------------------------------------------------------------------------------------------------- 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,668,807 - --------------------------------------------------------------------------------------------------------------------------- 355,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 342,184 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,386,105 - --------------------------------------------------------------------------------------------------------------------------- 11,305,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,559,661 - --------------------------------------------------------------------------------------------------------------------------- 31,395,000 NYC IDA (British Airways) 5.250 12/01/2032 19,186,112 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 NYC IDA (British Airways) 7.625 12/01/2032 6,850,160 - --------------------------------------------------------------------------------------------------------------------------- 3,075,000 NYC IDA (Brooklyn Heights Montessori School) 8.500 01/01/2027 3,264,973 - --------------------------------------------------------------------------------------------------------------------------- 660,000 NYC IDA (Brooklyn Heights Montessori School) 8.900 09/01/2011 674,038 - --------------------------------------------------------------------------------------------------------------------------- 1,690,000 NYC IDA (Brooklyn Heights Montessori School) 9.200 09/01/2021 1,760,372 - --------------------------------------------------------------------------------------------------------------------------- 67,000,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 63,735,760 - --------------------------------------------------------------------------------------------------------------------------- 125,515,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 120,894,793 - --------------------------------------------------------------------------------------------------------------------------- 700,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 732,340 - --------------------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (Cellini Furniture Crafters) a 6.625 11/01/2009 351,397 - --------------------------------------------------------------------------------------------------------------------------- 885,000 NYC IDA (Cellini Furniture Crafters) a 7.125 11/01/2019 799,058 - --------------------------------------------------------------------------------------------------------------------------- 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,213,343 - --------------------------------------------------------------------------------------------------------------------------- 1,055,000 NYC IDA (CNC Associates NY) 6.500 11/01/2007 1,034,934 - --------------------------------------------------------------------------------------------------------------------------- 4,685,000 NYC IDA (CNC Associates NY) 7.500 11/01/2019 4,536,204 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,505,925 - --------------------------------------------------------------------------------------------------------------------------- 9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,324,672 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,607,150 - --------------------------------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,003,501 - --------------------------------------------------------------------------------------------------------------------------- 3,001,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,920,063 - --------------------------------------------------------------------------------------------------------------------------- 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,737,772 - --------------------------------------------------------------------------------------------------------------------------- 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,481,146 - --------------------------------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,932,309
19 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,500,000 NYC IDA (Comprehensive Care Management) 8.000% 12/01/2011 $ 1,570,920 - --------------------------------------------------------------------------------------------------------------------------- 8,495,000 NYC IDA (Crowne Plaza-LaGuardia) 6.000 11/01/2028 6,211,119 - --------------------------------------------------------------------------------------------------------------------------- 870,000 NYC IDA (Dioni) 6.000 11/01/2007 838,445 - --------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,314,664 - --------------------------------------------------------------------------------------------------------------------------- 1,300,000 NYC IDA (Display Creations) 7.000 06/01/2008 1,326,910 - --------------------------------------------------------------------------------------------------------------------------- 135,000 NYC IDA (Eden II School) 7.750 06/01/2004 136,307 - --------------------------------------------------------------------------------------------------------------------------- 2,505,000 NYC IDA (Eden II School) 8.750 06/01/2019 2,593,326 - --------------------------------------------------------------------------------------------------------------------------- 10,055,000 NYC IDA (Elmhurst Parking Garage) 7.500 07/30/2003 10,336,037 - --------------------------------------------------------------------------------------------------------------------------- 840,000 NYC IDA (Excel Paint Applicators) a 8.250 11/01/2010 794,858 - --------------------------------------------------------------------------------------------------------------------------- 4,825,000 NYC IDA (Excel Paint Applicators) a 8.625 11/01/2026 4,396,202 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC IDA (Field Hotel Associates/JFK International Airport) 6.000 11/01/2028 3,655,750 - --------------------------------------------------------------------------------------------------------------------------- 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,756,607 - --------------------------------------------------------------------------------------------------------------------------- 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,440,490 - --------------------------------------------------------------------------------------------------------------------------- 1,935,000 NYC IDA (Gateway School of NY) 6.200 11/01/2012 1,837,224 - --------------------------------------------------------------------------------------------------------------------------- 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,124,230 - --------------------------------------------------------------------------------------------------------------------------- 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 1,901,776 - --------------------------------------------------------------------------------------------------------------------------- 1,175,000 NYC IDA (Graphic Artists) 8.250 12/30/2023 1,207,876 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 538,824 - --------------------------------------------------------------------------------------------------------------------------- 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,308,899 - --------------------------------------------------------------------------------------------------------------------------- 535,000 NYC IDA (HiTech Res Rec) 9.250 08/01/2008 539,002 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,023,340 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,050,970 - --------------------------------------------------------------------------------------------------------------------------- 6,040,000 NYC IDA (JBFS) 6.750 12/15/2012 6,108,916 - --------------------------------------------------------------------------------------------------------------------------- 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,581,150 - --------------------------------------------------------------------------------------------------------------------------- 950,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 949,107 - --------------------------------------------------------------------------------------------------------------------------- 1,080,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,079,190 - --------------------------------------------------------------------------------------------------------------------------- 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,748,281 - --------------------------------------------------------------------------------------------------------------------------- 1,830,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,835,032 - --------------------------------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,028,600 - --------------------------------------------------------------------------------------------------------------------------- 615,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 575,382 - --------------------------------------------------------------------------------------------------------------------------- 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,665,700 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,032,180 - --------------------------------------------------------------------------------------------------------------------------- 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 23,486,450 - --------------------------------------------------------------------------------------------------------------------------- 3,875,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 3,920,492 - --------------------------------------------------------------------------------------------------------------------------- 19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,905,563 - --------------------------------------------------------------------------------------------------------------------------- 2,325,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 2,302,075 - --------------------------------------------------------------------------------------------------------------------------- 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,697,840 - --------------------------------------------------------------------------------------------------------------------------- 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 1,911,500 - --------------------------------------------------------------------------------------------------------------------------- 17,050,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 10,646,361 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYC IDA (NY Blood Center) 7.200 05/01/2012 p 537,315 - --------------------------------------------------------------------------------------------------------------------------- 205,000 NYC IDA (NY Hostel Company) 6.750 01/01/2004 206,146 - --------------------------------------------------------------------------------------------------------------------------- 4,400,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,542,384 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC IDA (NY Vanities & Manufacturing) 7.000 11/01/2009 511,667 - --------------------------------------------------------------------------------------------------------------------------- 1,405,000 NYC IDA (NY Vanities & Manufacturing) 7.500 11/01/2019 1,329,706 - --------------------------------------------------------------------------------------------------------------------------- 1,720,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 1,741,827
20 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 660,000 NYC IDA (Paradise Products) 7.125% 11/01/2007 $ 656,693 - --------------------------------------------------------------------------------------------------------------------------- 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,583,295 - --------------------------------------------------------------------------------------------------------------------------- 1,055,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 1,078,537 - --------------------------------------------------------------------------------------------------------------------------- 310,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 315,837 - --------------------------------------------------------------------------------------------------------------------------- 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,924,056 - --------------------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 979,095 - --------------------------------------------------------------------------------------------------------------------------- 70,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 73,086 - --------------------------------------------------------------------------------------------------------------------------- 14,200,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 14,790,436 - --------------------------------------------------------------------------------------------------------------------------- 345,000 NYC IDA (Pop Display) 6.750 12/30/2014 346,483 - --------------------------------------------------------------------------------------------------------------------------- 2,645,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,671,794 - --------------------------------------------------------------------------------------------------------------------------- 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,046,486 - --------------------------------------------------------------------------------------------------------------------------- 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,744,995 - --------------------------------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 922,616 - --------------------------------------------------------------------------------------------------------------------------- 815,000 NYC IDA (PRFF) 7.000 10/01/2016 825,155 - --------------------------------------------------------------------------------------------------------------------------- 1,290,000 NYC IDA (Priority Mailers) 9.000 03/01/2010 1,294,528 - --------------------------------------------------------------------------------------------------------------------------- 710,000 NYC IDA (Promotional Slideguide) 7.500 12/01/2010 752,131 - --------------------------------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Promotional Slideguide) 7.875 12/01/2015 1,129,912 - --------------------------------------------------------------------------------------------------------------------------- 545,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 545,905 - --------------------------------------------------------------------------------------------------------------------------- 3,210,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 3,027,158 - --------------------------------------------------------------------------------------------------------------------------- 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,944,015 - --------------------------------------------------------------------------------------------------------------------------- 1,650,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,595,154 - --------------------------------------------------------------------------------------------------------------------------- 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,895,211 - --------------------------------------------------------------------------------------------------------------------------- 4,295,000 NYC IDA (Sequins International) 8.950 01/30/2016 4,356,676 - --------------------------------------------------------------------------------------------------------------------------- 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,414,821 - --------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,560,040 - --------------------------------------------------------------------------------------------------------------------------- 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 3,869,072 - --------------------------------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 1,478,681 - --------------------------------------------------------------------------------------------------------------------------- 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,287,947 - --------------------------------------------------------------------------------------------------------------------------- 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,392,898 - --------------------------------------------------------------------------------------------------------------------------- 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,099 - --------------------------------------------------------------------------------------------------------------------------- 2,045,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 2,065,286 - --------------------------------------------------------------------------------------------------------------------------- 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 593,646 - --------------------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,310,407 - --------------------------------------------------------------------------------------------------------------------------- 60,000 NYC IDA (Summit School) 7.250 12/01/2004 60,307 - --------------------------------------------------------------------------------------------------------------------------- 1,485,000 NYC IDA (Summit School) 8.250 12/01/2024 1,530,679 - --------------------------------------------------------------------------------------------------------------------------- 1,120,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 1,113,526 - --------------------------------------------------------------------------------------------------------------------------- 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,463,012 - --------------------------------------------------------------------------------------------------------------------------- 3,510,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 3,604,700 - --------------------------------------------------------------------------------------------------------------------------- 25,460,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 26,122,724 - --------------------------------------------------------------------------------------------------------------------------- 210,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 216,495 - --------------------------------------------------------------------------------------------------------------------------- 9,460,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 9,721,285 - --------------------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 386,460 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,009,470 - --------------------------------------------------------------------------------------------------------------------------- 465,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 455,533 - --------------------------------------------------------------------------------------------------------------------------- 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,627,395
21 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 435,000 NYC IDA (THR Products Corp.) 7.250% 11/01/2010 $ 431,642 - --------------------------------------------------------------------------------------------------------------------------- 1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,073,640 - --------------------------------------------------------------------------------------------------------------------------- 4,450,000 NYC IDA (Touro College) 6.350 06/01/2029 3,969,534 - --------------------------------------------------------------------------------------------------------------------------- 4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,310,534 - --------------------------------------------------------------------------------------------------------------------------- 1,815,000 NYC IDA (Ultimate Display) a 9.000 10/15/2011 1,827,251 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,060,540 - --------------------------------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,511,273 - --------------------------------------------------------------------------------------------------------------------------- 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,263,497 - --------------------------------------------------------------------------------------------------------------------------- 145,000 NYC IDA (Utleys) 6.625 11/01/2006 142,908 - --------------------------------------------------------------------------------------------------------------------------- 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,292,534 - --------------------------------------------------------------------------------------------------------------------------- 820,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 821,870 - --------------------------------------------------------------------------------------------------------------------------- 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,037,405 - --------------------------------------------------------------------------------------------------------------------------- 860,000 NYC IDA (Visual Display) a 7.250 11/01/2008 825,050 - --------------------------------------------------------------------------------------------------------------------------- 2,375,000 NYC IDA (Visual Display) a 8.325 11/01/2018 2,242,950 - --------------------------------------------------------------------------------------------------------------------------- 600,000 NYC IDA (Visy Paper) 7.550 01/01/2005 600,282 - --------------------------------------------------------------------------------------------------------------------------- 17,300,000 NYC IDA (Visy Paper) 7.800 01/01/2016 17,384,943 - --------------------------------------------------------------------------------------------------------------------------- 48,250,000 NYC IDA (Visy Paper) 7.950 01/01/2028 48,727,193 - --------------------------------------------------------------------------------------------------------------------------- 685,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 682,650 - --------------------------------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,548,111 - --------------------------------------------------------------------------------------------------------------------------- 4,840,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 5,014,192 - --------------------------------------------------------------------------------------------------------------------------- 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,469,355 - --------------------------------------------------------------------------------------------------------------------------- 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,476,354 - --------------------------------------------------------------------------------------------------------------------------- 3,745,000 NYC IDA (YMCA of Greater NY) 5.250 08/01/2021 3,792,786 - --------------------------------------------------------------------------------------------------------------------------- 8,500,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 5,503,920 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2018 251,989 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2019 236,878 - --------------------------------------------------------------------------------------------------------------------------- 6,030,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2020 2,527,776 - --------------------------------------------------------------------------------------------------------------------------- 3,500,000 NYC Municipal Water Finance Authority 5.000 06/15/2022 3,585,995 - --------------------------------------------------------------------------------------------------------------------------- 9,600,000 NYC Municipal Water Finance Authority 5.000 06/15/2023 9,802,176 - --------------------------------------------------------------------------------------------------------------------------- 450,000 NYC Municipal Water Finance Authority 5.000 06/15/2024 457,592 - --------------------------------------------------------------------------------------------------------------------------- 22,190,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 22,410,347 - --------------------------------------------------------------------------------------------------------------------------- 795,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 810,828 - --------------------------------------------------------------------------------------------------------------------------- 4,750,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 4,851,175 - --------------------------------------------------------------------------------------------------------------------------- 6,325,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 6,472,373 - --------------------------------------------------------------------------------------------------------------------------- 39,500,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 40,348,065 - --------------------------------------------------------------------------------------------------------------------------- 6,875,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 7,033,125 - --------------------------------------------------------------------------------------------------------------------------- 18,970,000 NYC Municipal Water Finance Authority 5.250 06/15/2025 19,751,374 - --------------------------------------------------------------------------------------------------------------------------- 550,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 569,932 - --------------------------------------------------------------------------------------------------------------------------- 2,160,000 NYC Municipal Water Finance Authority 5.375 06/15/2026 2,231,518 - --------------------------------------------------------------------------------------------------------------------------- 75,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 78,887 - --------------------------------------------------------------------------------------------------------------------------- 10,850,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 11,531,380 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYC Municipal Water Finance Authority 5.750 06/15/2020 p 43,028 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 NYC Municipal Water Finance Authority CAB 0.000 06/15/2021 1,659,280 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYC Municipal Water Finance Authority LEVRRS 9.855 f 06/15/2019 10,798,700 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC Municipal Water Finance Authority RITES a,w 0.000 f 06/15/2029 2,599,400
22 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 2,930,000 NYC Municipal Water Finance Authority RITES a 13.716% f 06/15/2032 $ 3,046,438 - --------------------------------------------------------------------------------------------------------------------------- 14,425,000 NYC Municipal Water Finance Authority RITES a 13.809 f 06/15/2026 15,157,790 - --------------------------------------------------------------------------------------------------------------------------- 7,850,000 NYC Municipal Water Finance Authority RITES a 13.820 f 06/15/2034 8,196,656 - --------------------------------------------------------------------------------------------------------------------------- 2,805,000 NYC Municipal Water Finance Authority RITES a 13.935 f 06/15/2027 2,912,544 - --------------------------------------------------------------------------------------------------------------------------- 11,210,000 NYC Municipal Water Finance Authority RITES a 14.216 f 06/15/2032 12,102,764 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES a 14.320 f 06/15/2030 5,274,700 - --------------------------------------------------------------------------------------------------------------------------- 3,555,000 NYC Municipal Water Finance Authority RITES a 14.389 f 06/15/2021 3,949,250 - --------------------------------------------------------------------------------------------------------------------------- 18,240,000 NYC Municipal Water Finance Authority RITES a 14.424 f 06/15/2030 19,242,106 - --------------------------------------------------------------------------------------------------------------------------- 4,030,000 NYC Municipal Water Finance Authority RITES a 14.435 f 06/15/2030 4,251,408 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES a 14.435 f 06/15/2030 5,274,700 - --------------------------------------------------------------------------------------------------------------------------- 17,300,000 NYC Municipal Water Finance Authority RITES a 15.785 f 06/15/2033 21,645,760 - --------------------------------------------------------------------------------------------------------------------------- 3,140,000 NYC Municipal Water Finance Authority RITES a 15.889 f 06/15/2027 3,867,161 - --------------------------------------------------------------------------------------------------------------------------- 2,150,000 NYC TFA RITES a 13.820 f 08/15/2027 2,233,979 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 NYC TFA, Series A 5.375 02/15/2022 9,237,440 - --------------------------------------------------------------------------------------------------------------------------- 2,930,000 NYC TFA, Series B 4.750 11/15/2023 2,934,366 - --------------------------------------------------------------------------------------------------------------------------- 7,545,000 NYC TFA, Series B 5.000 05/01/2030 7,629,278 - --------------------------------------------------------------------------------------------------------------------------- 19,914,689 NYS Certificate of Lease a 5.875 01/02/2023 20,459,356 - --------------------------------------------------------------------------------------------------------------------------- 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 365,166 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,565,415 - --------------------------------------------------------------------------------------------------------------------------- 35,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 38,210 - --------------------------------------------------------------------------------------------------------------------------- 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,690,424 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 NYS DA (Catholic Health Services) 6.000 07/01/2030 21,109,200 - --------------------------------------------------------------------------------------------------------------------------- 8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,848,062 - --------------------------------------------------------------------------------------------------------------------------- 2,855,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,893,742 - --------------------------------------------------------------------------------------------------------------------------- 35,000 NYS DA (City University) 5.000 07/01/2023 35,735 - --------------------------------------------------------------------------------------------------------------------------- 18,280,000 NYS DA (City University) 5.250 07/01/2031 18,714,150 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,727,300 - --------------------------------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (Court Facilities) 5.250 05/15/2021 15,254,700 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,292,325 - --------------------------------------------------------------------------------------------------------------------------- 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 553,245 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,753 - --------------------------------------------------------------------------------------------------------------------------- 16,970,000 NYS DA (FHA Insured Mtg.), Series B 0.000 z 08/15/2040 1,722,116 - --------------------------------------------------------------------------------------------------------------------------- 6,480,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,688,721 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,113,620 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 2,077,200 - --------------------------------------------------------------------------------------------------------------------------- 140,510,000 NYS DA (Insured Hospital) 0.000 z 08/15/2036 23,105,464 - --------------------------------------------------------------------------------------------------------------------------- 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 39,758,096 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Iona College) 5.125 07/01/2032 1,021,880 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,036,400 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYS DA (KMH Homes) a 6.950 08/01/2031 30,930 - --------------------------------------------------------------------------------------------------------------------------- 3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,544,496 - --------------------------------------------------------------------------------------------------------------------------- 1,400,000 NYS DA (L.I. University) 5.250 09/01/2028 1,443,638 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 27,682 - --------------------------------------------------------------------------------------------------------------------------- 9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES a 8.563 f 02/01/2038 9,923,692 - --------------------------------------------------------------------------------------------------------------------------- 3,115,000 NYS DA (Menorah Home & Hospital) RITES a 14.301 f 08/01/2038 3,282,151
23 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 5,825,000 NYS DA (Menorah Home) RITES a 14.489% f 08/01/2038 $ 6,161,336 - --------------------------------------------------------------------------------------------------------------------------- 4,625,000 NYS DA (Mental Health) RITES a 13.935 f 02/15/2023 4,946,530 - --------------------------------------------------------------------------------------------------------------------------- 3,465,000 NYS DA (Millard Hospital) 5.375 02/01/2032 3,573,212 - --------------------------------------------------------------------------------------------------------------------------- 3,180,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 3,478,888 - --------------------------------------------------------------------------------------------------------------------------- 2,430,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019 2,772,727 - --------------------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2025 7,679,976 - --------------------------------------------------------------------------------------------------------------------------- 2,375,000 NYS DA (Montefiore Medical) RITES a 15.889 f 08/01/2038 2,829,385 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2013 2,609,825 - --------------------------------------------------------------------------------------------------------------------------- 6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 7,044,732 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2017 3,302,250 - --------------------------------------------------------------------------------------------------------------------------- 26,920,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 28,756,482 - --------------------------------------------------------------------------------------------------------------------------- 42,630,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.600 07/01/2026 44,096,898 - --------------------------------------------------------------------------------------------------------------------------- 8,820,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.625 07/01/2019 9,669,631 - --------------------------------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.750 07/01/2020 16,481,850 - --------------------------------------------------------------------------------------------------------------------------- 2,850,000 NYS DA (Municipal Health Facilities) RITES a 13.935 f 01/15/2023 3,057,423 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,024,250 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,177,980 - --------------------------------------------------------------------------------------------------------------------------- 4,215,000 NYS DA (Nursing Homes) w 5.200 02/01/2032 4,269,584 - --------------------------------------------------------------------------------------------------------------------------- 2,200,000 NYS DA (NY & Presbyterian Hospital) 6.500 08/01/2034 2,349,908 - --------------------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,227,490 - --------------------------------------------------------------------------------------------------------------------------- 585,000 NYS DA (NYS ARC) 5.000 07/01/2026 595,284 - --------------------------------------------------------------------------------------------------------------------------- 8,501,468 NYS DA (Our Lady of Mercy Medical Center) Computer Lease a 6.200 08/15/2006 8,346,997 - --------------------------------------------------------------------------------------------------------------------------- 6,000,000 NYS DA (Personal Income Tax) w 5.000 03/15/2032 6,040,080 - --------------------------------------------------------------------------------------------------------------------------- 1,650,000 NYS DA (Personal Income Tax) w 5.050 03/15/2032 1,668,645 - --------------------------------------------------------------------------------------------------------------------------- 11,835,000 NYS DA (Rochester General Hospital) RITES a 9.311 f 08/01/2033 12,419,057 - --------------------------------------------------------------------------------------------------------------------------- 600,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 623,856 - --------------------------------------------------------------------------------------------------------------------------- 9,000,000 NYS DA (St. Agnes Hospital) 5.400 02/15/2025 9,276,570 - --------------------------------------------------------------------------------------------------------------------------- 2,400,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,477,280 - --------------------------------------------------------------------------------------------------------------------------- 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,834,473 - --------------------------------------------------------------------------------------------------------------------------- 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,061,268 - --------------------------------------------------------------------------------------------------------------------------- 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,667,075 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,525,095 - --------------------------------------------------------------------------------------------------------------------------- 3,885,000 NYS DA (St. Vincent Depaul Residence) 5.300 07/01/2018 4,029,172 - --------------------------------------------------------------------------------------------------------------------------- 130,000 NYS DA (St. Vincent's Hospital & Medical Center) 7.400 08/01/2030 133,848 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (State University Dormitory Facilities) 5.100 07/01/2031 1,015,230 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYS DA (State University Educational Facilities) 0.000 z 05/15/2007 43,842 - --------------------------------------------------------------------------------------------------------------------------- 95,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 96,615 - --------------------------------------------------------------------------------------------------------------------------- 3,315,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014 3,803,300 - --------------------------------------------------------------------------------------------------------------------------- 55,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 57,009 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,763,155 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,574,800 - --------------------------------------------------------------------------------------------------------------------------- 26,040,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,957,389 - --------------------------------------------------------------------------------------------------------------------------- 1,715,000 NYS EFC (Consolidated Water) 7.150 11/01/2014 1,746,676 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,919,775 - --------------------------------------------------------------------------------------------------------------------------- 2,340,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,439,356
24 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 45,000 NYS EFC (NYS Water Services) 7.500% 03/15/2011 $ 45,232 - --------------------------------------------------------------------------------------------------------------------------- 11,830,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 11,765,763 - --------------------------------------------------------------------------------------------------------------------------- 15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 15,409,548 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYS ERDA (Brooklyn Union Gas) 8.250 12/01/2018 40,464 - --------------------------------------------------------------------------------------------------------------------------- 4,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.820 f 07/08/2026 4,938,854 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 10.829 f 04/01/2020 8,741,740 - --------------------------------------------------------------------------------------------------------------------------- 16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 12.385 f 07/01/2026 20,512,246 - --------------------------------------------------------------------------------------------------------------------------- 210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 220,912 - --------------------------------------------------------------------------------------------------------------------------- 34,865,000 NYS ERDA (Con Ed) 4.700 06/01/2036 35,106,266 - --------------------------------------------------------------------------------------------------------------------------- 9,350,000 NYS ERDA (Con Ed) RITES a 8.463 f 08/15/2020 9,744,009 - --------------------------------------------------------------------------------------------------------------------------- 23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,187,680 - --------------------------------------------------------------------------------------------------------------------------- 300,000 NYS ERDA (LILCO) 5.300 10/01/2024 301,656 - --------------------------------------------------------------------------------------------------------------------------- 11,740,000 NYS ERDA (LILCO) 7.150 09/01/2019 12,028,687 - --------------------------------------------------------------------------------------------------------------------------- 12,625,000 NYS ERDA (LILCO) 7.150 06/01/2020 12,935,449 - --------------------------------------------------------------------------------------------------------------------------- 4,355,000 NYS ERDA (LILCO) 7.150 12/01/2020 4,462,089 - --------------------------------------------------------------------------------------------------------------------------- 4,180,000 NYS ERDA (LILCO) 7.150 02/01/2022 4,282,786 - --------------------------------------------------------------------------------------------------------------------------- 3,485,000 NYS ERDA (NIMO) RITES a 14.535 f 11/01/2025 3,807,781 - --------------------------------------------------------------------------------------------------------------------------- 4,430,000 NYS ERDA (NIMO), Series A 5.150 11/01/2025 4,532,555 - --------------------------------------------------------------------------------------------------------------------------- 425,000 NYS ERDA (NYSEG) 5.700 12/01/2028 436,254 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS ERDA (NYSEG) 5.950 12/01/2027 25,005 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYS ERDA (NYSEG) 5.950 12/01/2027 30,898 - --------------------------------------------------------------------------------------------------------------------------- 3,625,000 NYS ERDA (RG&E) Residual Certificates a 18.250 f 09/01/2033 4,771,733 - --------------------------------------------------------------------------------------------------------------------------- 3,440,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,477,118 - --------------------------------------------------------------------------------------------------------------------------- 2,200,000 NYS HFA (Dominican Village) 6.600 08/15/2027 2,283,666 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,239 - --------------------------------------------------------------------------------------------------------------------------- 7,335,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 7,654,073 - --------------------------------------------------------------------------------------------------------------------------- 940,000 NYS HFA (HELP-Suffolk Hsg.) 8.100 11/01/2005 980,890 - --------------------------------------------------------------------------------------------------------------------------- 2,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010 p 2,491 - --------------------------------------------------------------------------------------------------------------------------- 205,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 p 257,687 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,022 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2016 23,298 - --------------------------------------------------------------------------------------------------------------------------- 12,695,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2017 5,562,949 - --------------------------------------------------------------------------------------------------------------------------- 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 759,379 - --------------------------------------------------------------------------------------------------------------------------- 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,374,224 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,730,209 - --------------------------------------------------------------------------------------------------------------------------- 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,119,648 - --------------------------------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,930,184 - --------------------------------------------------------------------------------------------------------------------------- 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,137,990 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,368,528 - --------------------------------------------------------------------------------------------------------------------------- 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,118,824 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2033 2,080,160 - --------------------------------------------------------------------------------------------------------------------------- 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,230,686 - --------------------------------------------------------------------------------------------------------------------------- 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,407,617 - --------------------------------------------------------------------------------------------------------------------------- 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,280,399 - --------------------------------------------------------------------------------------------------------------------------- 1,665,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,745,769
25 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,230,000 NYS HFA (Multifamily Hsg.) 5.650% 08/15/2030 $ 1,250,885 - --------------------------------------------------------------------------------------------------------------------------- 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,254,336 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,016,980 - --------------------------------------------------------------------------------------------------------------------------- 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,765,370 - --------------------------------------------------------------------------------------------------------------------------- 1,470,000 NYS HFA (Multifamily Hsg.) 5.700 02/15/2034 1,522,229 - --------------------------------------------------------------------------------------------------------------------------- 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 97,219 - --------------------------------------------------------------------------------------------------------------------------- 10,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 10,532 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,357,204 - --------------------------------------------------------------------------------------------------------------------------- 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,961,038 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 51,014 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 26,451 - --------------------------------------------------------------------------------------------------------------------------- 765,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 807,741 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 5,245,900 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,335,973 - --------------------------------------------------------------------------------------------------------------------------- 2,905,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 2,966,208 - --------------------------------------------------------------------------------------------------------------------------- 3,240,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 3,310,178 - --------------------------------------------------------------------------------------------------------------------------- 5,550,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,810,850 - --------------------------------------------------------------------------------------------------------------------------- 75,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 76,634 - --------------------------------------------------------------------------------------------------------------------------- 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,514,966 - --------------------------------------------------------------------------------------------------------------------------- 1,486,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 1,488,511 - --------------------------------------------------------------------------------------------------------------------------- 900,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 909,999 - --------------------------------------------------------------------------------------------------------------------------- 2,900,000 NYS HFA (NH&HC) RITES a 14.541 f 11/01/2016 3,599,364 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 40,584 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 26,024 - --------------------------------------------------------------------------------------------------------------------------- 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 2,135,946 - --------------------------------------------------------------------------------------------------------------------------- 2,220,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 2,307,446 - --------------------------------------------------------------------------------------------------------------------------- 2,410,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 2,504,930 - --------------------------------------------------------------------------------------------------------------------------- 2,610,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 2,712,808 - --------------------------------------------------------------------------------------------------------------------------- 2,830,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 2,941,474 - --------------------------------------------------------------------------------------------------------------------------- 1,395,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 1,449,949 - --------------------------------------------------------------------------------------------------------------------------- 1,510,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 1,569,479 - --------------------------------------------------------------------------------------------------------------------------- 1,630,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 1,694,206 - --------------------------------------------------------------------------------------------------------------------------- 1,780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,850,114 - --------------------------------------------------------------------------------------------------------------------------- 1,885,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,959,250 - --------------------------------------------------------------------------------------------------------------------------- 1,155,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 1,200,495 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,404,350 - --------------------------------------------------------------------------------------------------------------------------- 3,985,000 NYS HFA (Service Contract) 5.375 03/15/2023 4,024,571 - --------------------------------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,789,280 - --------------------------------------------------------------------------------------------------------------------------- 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,688,319 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Service Contract) 6.125 03/15/2020 p 5,272 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Service Contract) 6.125 03/15/2020 21,006 - --------------------------------------------------------------------------------------------------------------------------- 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 282,974 - --------------------------------------------------------------------------------------------------------------------------- 715,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 716,123
26 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 2,120,000 NYS HFA, Series E 5.700% 08/15/2033 $ 2,223,074 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYS HFA, Series F 5.700 08/15/2032 524,310 - --------------------------------------------------------------------------------------------------------------------------- 80,000 NYS LGAC 5.500 04/01/2023 82,670 - --------------------------------------------------------------------------------------------------------------------------- 435,000 NYS LGSC (SCSB) 7.250 12/15/2011 433,312 - --------------------------------------------------------------------------------------------------------------------------- 810,000 NYS LGSC (SCSB) a 7.375 12/15/2016 825,471 - --------------------------------------------------------------------------------------------------------------------------- 980,000 NYS LGSC (SCSB) 7.750 12/15/2021 975,237 - --------------------------------------------------------------------------------------------------------------------------- 275,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006 272,297 - --------------------------------------------------------------------------------------------------------------------------- 2,025,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/2014 1,935,961 - --------------------------------------------------------------------------------------------------------------------------- 1,015,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 791,243 - --------------------------------------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/2019 40,436 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 5,182 - --------------------------------------------------------------------------------------------------------------------------- 95,000 NYS Medcare (Hospital & Nursing Home) 6.200 02/15/2023 97,478 - --------------------------------------------------------------------------------------------------------------------------- 65,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2029 70,286 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,025,530 - --------------------------------------------------------------------------------------------------------------------------- 1,945,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2034 2,082,025 - --------------------------------------------------------------------------------------------------------------------------- 2,410,000 NYS Medcare (Hospital & Nursing Home) 6.650 08/15/2032 2,471,985 - --------------------------------------------------------------------------------------------------------------------------- 4,560,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 4,734,648 - --------------------------------------------------------------------------------------------------------------------------- 1,745,000 NYS Medcare (Hospital & Nursing Home) 9.000 02/15/2026 1,799,270 - --------------------------------------------------------------------------------------------------------------------------- 4,790,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 5,108,535 - --------------------------------------------------------------------------------------------------------------------------- 1,935,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 2,057,486 - --------------------------------------------------------------------------------------------------------------------------- 70,000 NYS Medcare (Insured Mtg. Nursing) 6.500 11/01/2015 71,560 - --------------------------------------------------------------------------------------------------------------------------- 1,650,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,808,945 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYS Medcare (Mental Health) 5.500 08/15/2021 40,866 - --------------------------------------------------------------------------------------------------------------------------- 250,000 NYS Medcare (Mental Health) 5.500 08/15/2024 258,748 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 26,864 - --------------------------------------------------------------------------------------------------------------------------- 650,000 NYS Medcare (Our Lady of Victory Hospital) 6.625 11/01/2016 659,204 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 26,585 - --------------------------------------------------------------------------------------------------------------------------- 22,000,000 NYS Medcare (St. Luke's Hospital) IVRC a 9.384 f 02/15/2029 23,497,320 - --------------------------------------------------------------------------------------------------------------------------- 12,500,000 NYS Medcare (St. Luke's Hospital) RITES a 9.133 f 02/15/2029 13,353,125 - --------------------------------------------------------------------------------------------------------------------------- 8,400,000 NYS Medcare (St. Luke's Hospital) RITES a 9.190 f 02/15/2029 8,973,300 - --------------------------------------------------------------------------------------------------------------------------- 5,750,000 NYS Medcare (St. Luke's Hospital) RITES a 9.190 f 02/15/2029 6,142,438 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare (St. Luke's Hospital) RITES a 9.248 f 02/15/2029 10,682,500 - --------------------------------------------------------------------------------------------------------------------------- 5,925,000 NYS Medcare RITES a 8.463 f 02/15/2019 6,258,755 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare RITES a 8.713 f 02/15/2025 10,360,500 - --------------------------------------------------------------------------------------------------------------------------- 260,000 NYS Thruway Authority 0.000 z 01/01/2005 248,893 - --------------------------------------------------------------------------------------------------------------------------- 25,000,000 NYS Thruway Authority Convertible INFLOS 7.945 f 01/01/2024 25,090,500 - --------------------------------------------------------------------------------------------------------------------------- 7,140,000 NYS Thruway Authority RITES a 13.924 f 01/01/2025 7,501,570 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYS UDC (Correctional Facilities) 0.000 z 01/01/2003 15,000 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS UDC (Correctional Facilities) 0.000 z 01/01/2013 3,390 - --------------------------------------------------------------------------------------------------------------------------- 1,550,000 NYS UDC (Correctional Facilities) 5.000 01/01/2028 1,563,206 - --------------------------------------------------------------------------------------------------------------------------- 12,140,000 NYS UDC (Correctional Facilities) 5.250 01/01/2021 12,235,299 - --------------------------------------------------------------------------------------------------------------------------- 10,045,000 NYS UDC (Correctional Facilities) 5.375 01/01/2023 10,663,872 - --------------------------------------------------------------------------------------------------------------------------- 80,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2011 52,537 - --------------------------------------------------------------------------------------------------------------------------- 345,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2011 226,565 - --------------------------------------------------------------------------------------------------------------------------- 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,177,285
27 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 875,000 Oneida County IDA (Mobile Climate Control) 8.000% 11/01/2008 $ 903,831 - --------------------------------------------------------------------------------------------------------------------------- 2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,916,022 - --------------------------------------------------------------------------------------------------------------------------- 450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 457,353 - --------------------------------------------------------------------------------------------------------------------------- 740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 739,415 - --------------------------------------------------------------------------------------------------------------------------- 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,231,483 - --------------------------------------------------------------------------------------------------------------------------- 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,100,514 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,047,680 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,006,480 - --------------------------------------------------------------------------------------------------------------------------- 85,750,000 Onondaga County IDA (Coltec Industries) 7.000 05/01/2015 68,762,925 - --------------------------------------------------------------------------------------------------------------------------- 540,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 549,558 - --------------------------------------------------------------------------------------------------------------------------- 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 800,723 - --------------------------------------------------------------------------------------------------------------------------- 1,595,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,220,255 - --------------------------------------------------------------------------------------------------------------------------- 8,345,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,241,708 - --------------------------------------------------------------------------------------------------------------------------- 1,305,000 Onondaga County IDA (Gear Motion) 8.900 12/15/2011 1,317,371 - --------------------------------------------------------------------------------------------------------------------------- 4,200,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 4,368,084 - --------------------------------------------------------------------------------------------------------------------------- 11,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 11,839,135 - --------------------------------------------------------------------------------------------------------------------------- 67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 70,137,312 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 768,195 - --------------------------------------------------------------------------------------------------------------------------- 19,980,000 Onondaga County Res Rec 6.875 05/01/2006 16,389,994 - --------------------------------------------------------------------------------------------------------------------------- 712,000 Ontario County IDA (Ontario Design) 6.500 11/01/2005 718,622 - --------------------------------------------------------------------------------------------------------------------------- 430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 432,516 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,514,625 - --------------------------------------------------------------------------------------------------------------------------- 2,300,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,296,987 - --------------------------------------------------------------------------------------------------------------------------- 2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,087,262 - --------------------------------------------------------------------------------------------------------------------------- 2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,409,479 - --------------------------------------------------------------------------------------------------------------------------- 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,663,402 - --------------------------------------------------------------------------------------------------------------------------- 22,450,000 Orange County IDA (Glen Arden) 8.875 01/01/2025 p 25,865,768 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Orange County IDA (Kingston Manufacturing) a 8.000 11/01/2017 2,532,330 - --------------------------------------------------------------------------------------------------------------------------- 460,000 Orange County IDA (Mental Retardation Project) 7.800 07/01/2011 462,834 - --------------------------------------------------------------------------------------------------------------------------- 1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,788,574 - --------------------------------------------------------------------------------------------------------------------------- 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,511,038 - --------------------------------------------------------------------------------------------------------------------------- 2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,298,921 - --------------------------------------------------------------------------------------------------------------------------- 7,920,000 Orange County IDA (Tuxedo Place) a 7.000 08/01/2032 6,389,935 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Tuxedo Place) a 7.000 08/01/2033 2,016,750 - --------------------------------------------------------------------------------------------------------------------------- 2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,856,026 - --------------------------------------------------------------------------------------------------------------------------- 3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,424,434 - --------------------------------------------------------------------------------------------------------------------------- 2,970,000 Otsego County IDA (Bassett Healthcare Project) 5.350 11/01/2020 3,114,906 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Otsego County IDA (Hartwick College) 5.500 07/01/2019 3,479,100 - --------------------------------------------------------------------------------------------------------------------------- 5,700,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 5,825,514 - --------------------------------------------------------------------------------------------------------------------------- 11,400,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,169,826 - --------------------------------------------------------------------------------------------------------------------------- 762,716 Peekskill IDA (Karta) 9.000 07/01/2010 771,464 - --------------------------------------------------------------------------------------------------------------------------- 1,020,000 Pilgrim Village HDC (Multifamily Hsg.) 6.800 02/01/2021 1,021,510 - --------------------------------------------------------------------------------------------------------------------------- 5,445,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 5,413,637 - --------------------------------------------------------------------------------------------------------------------------- 1,260,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,252,894 - --------------------------------------------------------------------------------------------------------------------------- 50,285,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 50,194,990
28 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 10,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750% 12/01/2025 $ 10,695 - --------------------------------------------------------------------------------------------------------------------------- 285,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 299,806 - --------------------------------------------------------------------------------------------------------------------------- 15,250,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 15,736,933 - --------------------------------------------------------------------------------------------------------------------------- 2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 2,944,709 - --------------------------------------------------------------------------------------------------------------------------- 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,058,118 - --------------------------------------------------------------------------------------------------------------------------- 6,365,000 Rensselaer County Tobacco Asset Securitization Corp. 5.625 06/01/2035 6,364,682 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 Rensselaer County Tobacco Asset Securitization Corp. 5.750 06/01/2043 7,027,370 - --------------------------------------------------------------------------------------------------------------------------- 5,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 5,160 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 20,405,800 - --------------------------------------------------------------------------------------------------------------------------- 1,855,000 Riverhead IDA (Michael Reilly Design) 8.625 02/01/2012 1,829,846 - --------------------------------------------------------------------------------------------------------------------------- 550,000 Riverhead IDA (Michael Reilly Design) 8.625 02/01/2012 542,438 - --------------------------------------------------------------------------------------------------------------------------- 4,535,000 Riverhead IDA (Michael Reilly Design) 8.875 02/01/2032 4,439,448 - --------------------------------------------------------------------------------------------------------------------------- 14,990,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 16,316,315 - --------------------------------------------------------------------------------------------------------------------------- 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,676,743 - --------------------------------------------------------------------------------------------------------------------------- 2,090,000 Rockland County IDA (Dominican College) 5.900 05/01/2010 2,061,137 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 Rockland County IDA (Dominican College) 6.250 05/01/2028 4,884,600 - --------------------------------------------------------------------------------------------------------------------------- 740,000 Rockland County Tobacco Asset Securitization Corp. 5.500 08/15/2025 730,054 - --------------------------------------------------------------------------------------------------------------------------- 9,225,000 Rockland County Tobacco Asset Securitization Corp. 5.625 08/15/2035 9,224,354 - --------------------------------------------------------------------------------------------------------------------------- 10,100,000 Rockland County Tobacco Asset Securitization Corp. 5.750 08/15/2043 10,154,843 - --------------------------------------------------------------------------------------------------------------------------- 1,325,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,355,263 - --------------------------------------------------------------------------------------------------------------------------- 1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,739,558 - --------------------------------------------------------------------------------------------------------------------------- 3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,414,973 - --------------------------------------------------------------------------------------------------------------------------- 380,000 Schroon Lake Fire District a 7.250 03/01/2009 381,524 - --------------------------------------------------------------------------------------------------------------------------- 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 181,494 - --------------------------------------------------------------------------------------------------------------------------- 5,060,000 SONYMA, Series 24 6.125 10/01/2030 5,422,195 - --------------------------------------------------------------------------------------------------------------------------- 2,450,000 SONYMA, Series 29 5.450 04/01/2031 2,522,128 - --------------------------------------------------------------------------------------------------------------------------- 15,000 SONYMA, Series 30-C2 5.800 10/01/2025 15,359 - --------------------------------------------------------------------------------------------------------------------------- 11,595,000 SONYMA, Series 38 RITES a 10.006 f 04/01/2025 12,011,724 - --------------------------------------------------------------------------------------------------------------------------- 75,000 SONYMA, Series 40-B 6.400 10/01/2012 77,893 - --------------------------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 46 6.500 04/01/2013 105,466 - --------------------------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 54 6.100 10/01/2015 106,010 - --------------------------------------------------------------------------------------------------------------------------- 55,000 SONYMA, Series 54 6.200 10/01/2026 60,943 - --------------------------------------------------------------------------------------------------------------------------- 45,000 SONYMA, Series 54 6.200 10/01/2026 49,862 - --------------------------------------------------------------------------------------------------------------------------- 5,535,000 SONYMA, Series 58 6.400 04/01/2027 6,109,810 - --------------------------------------------------------------------------------------------------------------------------- 160,000 SONYMA, Series 60 6.000 10/01/2022 169,619 - --------------------------------------------------------------------------------------------------------------------------- 15,000 SONYMA, Series 63 6.125 04/01/2027 15,916 - --------------------------------------------------------------------------------------------------------------------------- 10,080,000 SONYMA, Series 65 5.850 10/01/2028 10,588,133 - --------------------------------------------------------------------------------------------------------------------------- 19,570,000 SONYMA, Series 67 5.800 10/01/2028 21,289,225 - --------------------------------------------------------------------------------------------------------------------------- 3,295,000 SONYMA, Series 69 5.400 10/01/2019 3,417,574 - --------------------------------------------------------------------------------------------------------------------------- 6,320,000 SONYMA, Series 69 5.500 10/01/2028 6,519,396 - --------------------------------------------------------------------------------------------------------------------------- 4,670,000 SONYMA, Series 69 RITES a 8.928 f 10/01/2028 4,962,762 - --------------------------------------------------------------------------------------------------------------------------- 13,000,000 SONYMA, Series 71 5.400 04/01/2029 13,344,760 - --------------------------------------------------------------------------------------------------------------------------- 10,150,000 SONYMA, Series 71 RITES a 8.728 f 04/01/2029 10,688,458 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 SONYMA, Series 73 RITES a 15.032 f 10/01/2028 5,979,160
29 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,675,000 SONYMA, Series 73-A 5.300% 10/01/2028 $ 1,711,482 - --------------------------------------------------------------------------------------------------------------------------- 10,525,000 SONYMA, Series 79 5.300 04/01/2029 10,759,287 - --------------------------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 82 5.650 04/01/2030 20,740 - --------------------------------------------------------------------------------------------------------------------------- 990,000 SONYMA, Series 88 6.250 04/01/2030 1,114,295 - --------------------------------------------------------------------------------------------------------------------------- 6,035,000 SONYMA, Series 97 5.500 04/01/2031 6,240,552 - --------------------------------------------------------------------------------------------------------------------------- 300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 305,808 - --------------------------------------------------------------------------------------------------------------------------- 1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,332,687 - --------------------------------------------------------------------------------------------------------------------------- 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,450,414 - --------------------------------------------------------------------------------------------------------------------------- 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,967,438 - --------------------------------------------------------------------------------------------------------------------------- 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,759,795 - --------------------------------------------------------------------------------------------------------------------------- 640,000 Suffolk County IDA (ALIA - ACDS) 7.125 06/01/2017 645,978 - --------------------------------------------------------------------------------------------------------------------------- 425,000 Suffolk County IDA (ALIA - ACLD) 6.375 06/01/2014 417,261 - --------------------------------------------------------------------------------------------------------------------------- 1,310,000 Suffolk County IDA (ALIA - ACLD) 6.500 03/01/2018 1,229,435 - --------------------------------------------------------------------------------------------------------------------------- 745,000 Suffolk County IDA (ALIA - ACLD) 7.500 09/01/2015 780,149 - --------------------------------------------------------------------------------------------------------------------------- 345,000 Suffolk County IDA (ALIA - ADD) 6.950 12/01/2014 353,597 - --------------------------------------------------------------------------------------------------------------------------- 530,000 Suffolk County IDA (ALIA - ADD) 7.500 09/01/2015 555,005 - --------------------------------------------------------------------------------------------------------------------------- 580,000 Suffolk County IDA (ALIA - CDD) 7.125 06/01/2017 585,417 - --------------------------------------------------------------------------------------------------------------------------- 1,805,000 Suffolk County IDA (ALIA - DDI) a 6.375 06/01/2014 1,701,808 - --------------------------------------------------------------------------------------------------------------------------- 300,000 Suffolk County IDA (ALIA - DDI) a 6.950 12/01/2014 294,543 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Suffolk County IDA (ALIA - DDI) a 7.500 09/01/2015 93,145 - --------------------------------------------------------------------------------------------------------------------------- 935,000 Suffolk County IDA (ALIA - FREE) 6.375 06/01/2014 917,974 - --------------------------------------------------------------------------------------------------------------------------- 2,140,000 Suffolk County IDA (ALIA - FREE) 6.950 12/01/2014 2,177,685 - --------------------------------------------------------------------------------------------------------------------------- 5,110,000 Suffolk County IDA (ALIA - FREE) 7.125 06/01/2017 5,157,727 - --------------------------------------------------------------------------------------------------------------------------- 755,000 Suffolk County IDA (ALIA - IGHL) 6.375 06/01/2014 741,251 - --------------------------------------------------------------------------------------------------------------------------- 730,000 Suffolk County IDA (ALIA - IGHL) 6.950 12/01/2014 742,855 - --------------------------------------------------------------------------------------------------------------------------- 1,345,000 Suffolk County IDA (ALIA - IGHL) 7.125 06/01/2017 1,357,562 - --------------------------------------------------------------------------------------------------------------------------- 320,000 Suffolk County IDA (ALIA - IGHL) 7.500 09/01/2015 335,098 - --------------------------------------------------------------------------------------------------------------------------- 445,000 Suffolk County IDA (ALIA - L.I. Head Injury Association) 6.375 06/01/2014 436,897 - --------------------------------------------------------------------------------------------------------------------------- 870,000 Suffolk County IDA (ALIA - L.I. Head Injury Association) 6.950 12/01/2014 885,321 - --------------------------------------------------------------------------------------------------------------------------- 315,000 Suffolk County IDA (ALIA - L.I. Head Injury Association) 7.500 09/01/2015 329,862 - --------------------------------------------------------------------------------------------------------------------------- 735,000 Suffolk County IDA (ALIA - MCH) 6.375 06/01/2014 721,616 - --------------------------------------------------------------------------------------------------------------------------- 1,830,000 Suffolk County IDA (ALIA - MCH) 6.950 12/01/2014 1,862,226 - --------------------------------------------------------------------------------------------------------------------------- 1,640,000 Suffolk County IDA (ALIA - MCH) 7.125 06/01/2017 1,655,318 - --------------------------------------------------------------------------------------------------------------------------- 805,000 Suffolk County IDA (ALIA - NYS ARC) 7.500 09/01/2015 842,980 - --------------------------------------------------------------------------------------------------------------------------- 540,000 Suffolk County IDA (ALIA - Pederson-Krag Center) 8.375 06/01/2016 536,312 - --------------------------------------------------------------------------------------------------------------------------- 565,000 Suffolk County IDA (ALIA - SMCFS) 7.500 09/01/2015 591,657 - --------------------------------------------------------------------------------------------------------------------------- 770,000 Suffolk County IDA (ALIA - Suffolk Hostels) 7.500 09/01/2015 806,329 - --------------------------------------------------------------------------------------------------------------------------- 315,000 Suffolk County IDA (ALIA - UCPAGS) 6.375 06/01/2014 309,264 - --------------------------------------------------------------------------------------------------------------------------- 1,265,000 Suffolk County IDA (ALIA - UCPAGS) 6.950 12/01/2014 1,287,277 - --------------------------------------------------------------------------------------------------------------------------- 1,480,000 Suffolk County IDA (ALIA - UCPAGS) 7.000 06/01/2016 1,484,854 - --------------------------------------------------------------------------------------------------------------------------- 525,000 Suffolk County IDA (ALIA - UCPAGS) 7.500 09/01/2015 549,770 - --------------------------------------------------------------------------------------------------------------------------- 450,000 Suffolk County IDA (ALIA - WORCA) 6.950 12/01/2014 457,925 - --------------------------------------------------------------------------------------------------------------------------- 1,035,000 Suffolk County IDA (ALIA - WORCA) 7.125 06/01/2017 1,044,667 - --------------------------------------------------------------------------------------------------------------------------- 635,000 Suffolk County IDA (ALIA - WORCA) 7.500 09/01/2015 664,959 - --------------------------------------------------------------------------------------------------------------------------- 7,293,119 Suffolk County IDA (Camelot Village) b,d 7.900 11/01/2031 3,658,010
30 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 345,000 Suffolk County IDA (CCSSVD) 7.000% 04/01/2010 $ 344,610 - --------------------------------------------------------------------------------------------------------------------------- 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,593,002 - --------------------------------------------------------------------------------------------------------------------------- 1,090,000 Suffolk County IDA (DDI) a 6.250 03/01/2009 988,379 - --------------------------------------------------------------------------------------------------------------------------- 5,025,000 Suffolk County IDA (DDI) a 7.250 03/01/2024 4,646,618 - --------------------------------------------------------------------------------------------------------------------------- 80,000 Suffolk County IDA (DDI) a 7.375 03/01/2003 79,898 - --------------------------------------------------------------------------------------------------------------------------- 9,275,000 Suffolk County IDA (DDI) a 8.750 03/01/2023 9,211,466 - --------------------------------------------------------------------------------------------------------------------------- 2,605,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,407,854 - --------------------------------------------------------------------------------------------------------------------------- 3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,061,022 - --------------------------------------------------------------------------------------------------------------------------- 280,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 281,039 - --------------------------------------------------------------------------------------------------------------------------- 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,206,260 - --------------------------------------------------------------------------------------------------------------------------- 445,000 Suffolk County IDA (Fil-Coil Corp.) a,b,d 9.000 12/01/2015 267,000 - --------------------------------------------------------------------------------------------------------------------------- 1,060,000 Suffolk County IDA (Fil-Coil Corp.) a,b,d 9.250 12/01/2025 636,000 - --------------------------------------------------------------------------------------------------------------------------- 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,768,981 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 Suffolk County IDA (Jefferson's Ferry) 6.125 11/01/2029 3,269,663 - --------------------------------------------------------------------------------------------------------------------------- 6,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 6,805,760 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,489,900 - --------------------------------------------------------------------------------------------------------------------------- 3,500,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,351,985 - --------------------------------------------------------------------------------------------------------------------------- 7,485,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 6,849,074 - --------------------------------------------------------------------------------------------------------------------------- 715,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 730,680 - --------------------------------------------------------------------------------------------------------------------------- 1,600,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 1,620,720 - --------------------------------------------------------------------------------------------------------------------------- 325,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 326,206 - --------------------------------------------------------------------------------------------------------------------------- 2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,558,056 - --------------------------------------------------------------------------------------------------------------------------- 230,000 Suffolk County IDA (Rainbow Chimes) 7.000 05/01/2007 220,181 - --------------------------------------------------------------------------------------------------------------------------- 2,210,000 Suffolk County IDA (Rainbow Chimes) 8.000 11/01/2024 2,111,169 - --------------------------------------------------------------------------------------------------------------------------- 1,670,000 Suffolk County IDA (Rimland Facilities) a 3.188 v 12/01/2009 1,667,495 - --------------------------------------------------------------------------------------------------------------------------- 5,635,000 Suffolk County IDA (United Cerebral Palsy) 7.875 09/01/2041 5,489,166 - --------------------------------------------------------------------------------------------------------------------------- 1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,690,875 - --------------------------------------------------------------------------------------------------------------------------- 1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,368,762 - --------------------------------------------------------------------------------------------------------------------------- 1,065,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 1,112,254 - --------------------------------------------------------------------------------------------------------------------------- 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,247,583 - --------------------------------------------------------------------------------------------------------------------------- 3,035,000 Sullivan County IDA (Center Discovery Civic Facility) 7.250 02/01/2012 3,065,168 - --------------------------------------------------------------------------------------------------------------------------- 9,965,000 Sullivan County IDA (Center Discovery Civic Facility) 7.750 02/01/2027 10,075,910 - --------------------------------------------------------------------------------------------------------------------------- 8,725,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,658,428 - --------------------------------------------------------------------------------------------------------------------------- 2,615,000 Sunnybrook EHC 11.250 12/01/2014 2,791,408 - --------------------------------------------------------------------------------------------------------------------------- 495,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 500,351 - --------------------------------------------------------------------------------------------------------------------------- 6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 7,177,150 - --------------------------------------------------------------------------------------------------------------------------- 6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 7,033,046 - --------------------------------------------------------------------------------------------------------------------------- 550,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 557,161 - --------------------------------------------------------------------------------------------------------------------------- 2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,434,927 - --------------------------------------------------------------------------------------------------------------------------- 325,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 328,790 - --------------------------------------------------------------------------------------------------------------------------- 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,248,602 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Syracuse IDA (Crouse Irving Health Hospital) a 5.375 01/01/2023 513,610 - --------------------------------------------------------------------------------------------------------------------------- 24,795,000 Syracuse IDA (James Square) 0.000 z 08/01/2025 5,908,401 - --------------------------------------------------------------------------------------------------------------------------- 725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 754,065 - --------------------------------------------------------------------------------------------------------------------------- 2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,117,015
31 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 8,085,000 Syracuse IDA (Spectrum Medsystems Corp.) a,b,d 8.500% 11/01/2010 $ 6,023,325 - --------------------------------------------------------------------------------------------------------------------------- 100,000 34th Street BID (34th Street Partnership) 5.500 01/01/2023 102,102 - --------------------------------------------------------------------------------------------------------------------------- 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 4,224,675 - --------------------------------------------------------------------------------------------------------------------------- 2,790,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015 2,858,829 - --------------------------------------------------------------------------------------------------------------------------- 5,760,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2024 5,901,581 - --------------------------------------------------------------------------------------------------------------------------- 155,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2007 178,839 - --------------------------------------------------------------------------------------------------------------------------- 75,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 87,646 - --------------------------------------------------------------------------------------------------------------------------- 690,000 Tonawanda SCHC 6.500 12/01/2010 687,005 - --------------------------------------------------------------------------------------------------------------------------- 114,050,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 115,244,104 - --------------------------------------------------------------------------------------------------------------------------- 20,680,000 Triborough Bridge & Tunnel Authority 5.000 11/15/2032 20,911,823 - --------------------------------------------------------------------------------------------------------------------------- 10,050,000 Triborough Bridge & Tunnel Authority 5.125 01/01/2031 10,231,302 - --------------------------------------------------------------------------------------------------------------------------- 4,190,000 Triborough Bridge & Tunnel Authority RITES a 13.889 f 01/01/2032 4,389,863 - --------------------------------------------------------------------------------------------------------------------------- 8,265,000 Triborough Bridge & Tunnel Authority RITES a 13.785 f 01/01/2027 8,707,508 - --------------------------------------------------------------------------------------------------------------------------- 12,875,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 12,926,243 - --------------------------------------------------------------------------------------------------------------------------- 23,250,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 24,335,543 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 4,217,280 - --------------------------------------------------------------------------------------------------------------------------- 11,970,000 TSASC, Inc. (TFABs) RITES a 18.353 f 07/15/2034 14,571,081 - --------------------------------------------------------------------------------------------------------------------------- 30,875,000 TSASC, Inc. (TFABs) RITES a 18.853 f 07/15/2039 36,641,215 - --------------------------------------------------------------------------------------------------------------------------- 50,000 Tupper Lake HDC 8.125 10/01/2010 50,361 - --------------------------------------------------------------------------------------------------------------------------- 995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,161,812 - --------------------------------------------------------------------------------------------------------------------------- 725,000 Ulster County IDA (Benedictine Hospital) 6.400 06/01/2014 673,924 - --------------------------------------------------------------------------------------------------------------------------- 1,945,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,697,188 - --------------------------------------------------------------------------------------------------------------------------- 1,915,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,956,785 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,045,600 - --------------------------------------------------------------------------------------------------------------------------- 1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,510,693 - --------------------------------------------------------------------------------------------------------------------------- 2,250,000 Ulster County Res Rec 6.000 03/01/2014 2,307,218 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Ulster County Tobacco Asset Securitization Corp. 0.000 v 06/01/2025 1,940,660 - --------------------------------------------------------------------------------------------------------------------------- 1,635,000 Ulster County Tobacco Asset Securitization Corp. 0.000 v 06/01/2040 1,117,882 - --------------------------------------------------------------------------------------------------------------------------- 815,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 840,061 - --------------------------------------------------------------------------------------------------------------------------- 2,470,000 Union Hsg. Authority (Methodist Homes) 7.625 11/01/2016 2,566,182 - --------------------------------------------------------------------------------------------------------------------------- 2,010,000 Union Hsg. Authority (Methodist Homes) 8.500 04/01/2012 2,079,687 - --------------------------------------------------------------------------------------------------------------------------- 795,000 United Nations Devel. Corp., Series B 5.500 07/01/2017 795,429 - --------------------------------------------------------------------------------------------------------------------------- 20,280,000 United Nations Devel. Corp., Series B 5.600 07/01/2026 20,289,937 - --------------------------------------------------------------------------------------------------------------------------- 17,150,000 United Nations Devel. Corp., Series C 5.600 07/01/2026 17,154,288 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.100 01/15/2013 553,430 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.200 01/15/2014 552,845 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.250 01/15/2015 551,640 - --------------------------------------------------------------------------------------------------------------------------- 3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,591,855 - --------------------------------------------------------------------------------------------------------------------------- 950,000 Vigilant EHL (Thomaston Volunteer Fire Dept.) 7.500 11/01/2012 962,892 - --------------------------------------------------------------------------------------------------------------------------- 8,440,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.000 12/15/2012 7,650,776 - --------------------------------------------------------------------------------------------------------------------------- 8,645,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,024,375 - --------------------------------------------------------------------------------------------------------------------------- 8,965,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,337,898 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2003 100,314 - --------------------------------------------------------------------------------------------------------------------------- 95,000 Watervliet EHC 8.000 11/15/2004 95,307 - --------------------------------------------------------------------------------------------------------------------------- 95,000 Watervliet EHC 8.000 11/15/2005 95,235 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2006 100,247
32 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- New York Continued $ 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 90,004 - --------------------------------------------------------------------------------------------------------------------------- 2,925,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,989,058 - --------------------------------------------------------------------------------------------------------------------------- 7,195,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,078,153 - --------------------------------------------------------------------------------------------------------------------------- 3,145,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 3,174,060 - --------------------------------------------------------------------------------------------------------------------------- 6,330,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,388,489 - --------------------------------------------------------------------------------------------------------------------------- 10,295,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 10,390,126 - --------------------------------------------------------------------------------------------------------------------------- 6,625,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,686,215 - --------------------------------------------------------------------------------------------------------------------------- 6,860,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,923,386 - --------------------------------------------------------------------------------------------------------------------------- 3,735,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 3,769,511 - --------------------------------------------------------------------------------------------------------------------------- 5,815,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 5,868,731 - --------------------------------------------------------------------------------------------------------------------------- 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,988,708 - --------------------------------------------------------------------------------------------------------------------------- 4,720,000 Westchester County IDA (Childrens Village) 6.000 06/01/2022 4,700,978 - --------------------------------------------------------------------------------------------------------------------------- 1,101,600 Westchester County IDA (Clearview School) 9.375 01/01/2021 1,153,915 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,032,160 - --------------------------------------------------------------------------------------------------------------------------- 2,220,000 Westchester County IDA (JBFS) 6.750 12/15/2012 2,241,578 - --------------------------------------------------------------------------------------------------------------------------- 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,652,882 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,007,810 - --------------------------------------------------------------------------------------------------------------------------- 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 800,000 - --------------------------------------------------------------------------------------------------------------------------- 1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,339,235 - --------------------------------------------------------------------------------------------------------------------------- 3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,148,964 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,739,151 - --------------------------------------------------------------------------------------------------------------------------- 85,000 Westchester County IDA (Westchester Airport) 5.950 08/01/2024 85,969 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,551,650 - --------------------------------------------------------------------------------------------------------------------------- 76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000 v 07/15/2039 59,619,089 - --------------------------------------------------------------------------------------------------------------------------- 24,110,000 Westchester County Tobacco Asset Securitization Corp. 6.750 07/15/2029 26,209,981 - --------------------------------------------------------------------------------------------------------------------------- 1,635,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,749,597 - --------------------------------------------------------------------------------------------------------------------------- 815,000 Yates County IDA (Keuka College) 9.000 08/01/2011 832,702 - --------------------------------------------------------------------------------------------------------------------------- 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 4,045,129 - --------------------------------------------------------------------------------------------------------------------------- 15,175,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 16,245,445 - --------------------------------------------------------------------------------------------------------------------------- 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,335,686 - --------------------------------------------------------------------------------------------------------------------------- 1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,614,025 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,516,775 - --------------------------------------------------------------------------------------------------------------------------- 205,000 Yonkers IDA (St. Joseph's Hospital) 7.500 12/30/2003 206,130 - --------------------------------------------------------------------------------------------------------------------------- 3,270,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,400,342 - --------------------------------------------------------------------------------------------------------------------------- 2,200,000 Yonkers IDA (St. Joseph's Hospital), Series 98-A 6.150 03/01/2015 1,768,580 - --------------------------------------------------------------------------------------------------------------------------- 2,100,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 6.150 03/01/2015 1,688,190 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-C 6.200 03/01/2020 766,140 - --------------------------------------------------------------------------------------------------------------------------- 70,000 Yonkers IDA (Westchester School) 7.375 12/30/2003 70,271 - --------------------------------------------------------------------------------------------------------------------------- 3,375,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,570,379 - --------------------------------------------------------------------------------------------------------------------------- 800,000 Yonkers Parking Authority 6.000 06/15/2018 836,360 - --------------------------------------------------------------------------------------------------------------------------- 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,247,756 - --------------------------------------------------------------------------------------------------------------------------- 290,000 Yonkers Parking Authority 7.750 12/01/2004 300,054 ----------------- 5,572,940,018
33 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- Other States--0.7% $22,085,000 Alliance Airport Authority, TX (American Airlines) 7.500% 12/01/2029 $ 9,517,973 - --------------------------------------------------------------------------------------------------------------------------- 31,330,000 Dallas-Fort Worth, TX International Airport (American Airlines) 7.250 11/01/2030 13,181,784 - --------------------------------------------------------------------------------------------------------------------------- 11,730,000 Lake Charles, LA Harbor & Terminal District Port Facilities (Duke Energy Corp.) 7.750 08/15/2022 12,264,888 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 Richland County, SC Solid Waste (Union Camp Corp.) 6.750 05/01/2022 5,606,535 - --------------------------------------------------------------------------------------------------------------------------- 2,483,695 Robbins, IL Res Rec (Robbins Res Rec Partners) a 7.250 10/15/2009 1,381,555 --------------- 41,952,735 - --------------------------------------------------------------------------------------------------------------------------- U.S. Possessions--8.8% 500,001 American Samoa Power Authority 6.950 09/01/2003 514,435 - --------------------------------------------------------------------------------------------------------------------------- 500,000 American Samoa Power Authority 7.000 09/01/2004 534,825 - --------------------------------------------------------------------------------------------------------------------------- 4,225,000 Guam Airport Authority, Series A 6.500 10/01/2023 4,312,753 - --------------------------------------------------------------------------------------------------------------------------- 3,675,000 Guam Airport Authority, Series B 6.600 10/01/2010 3,787,234 - --------------------------------------------------------------------------------------------------------------------------- 65,750,000 Guam Airport Authority, Series B 6.700 10/01/2023 68,334,632 - --------------------------------------------------------------------------------------------------------------------------- 2,480,000 Guam EDA (Royal Socio Apartments) 9.500 11/01/2018 2,495,748 - --------------------------------------------------------------------------------------------------------------------------- 290,000 Guam Power Authority, Series A 5.250 10/01/2023 286,186 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 19,423,800 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,059,700 - --------------------------------------------------------------------------------------------------------------------------- 4,790,000 Northern Mariana Islands, Series A 6.250 03/15/2028 4,881,681 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Northern Mariana Islands, Series A 6.600 03/15/2028 21,177,600 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,246,900 - --------------------------------------------------------------------------------------------------------------------------- 234,231 Puerto Rico Dept. of Corrections Equipment Lease a,d 8.000 04/17/2003 234,154 - --------------------------------------------------------------------------------------------------------------------------- 450,129 Puerto Rico Family Dept. Furniture Lease a,d 8.000 08/18/2003 450,444 - --------------------------------------------------------------------------------------------------------------------------- 1,800,989 Puerto Rico Family Dept. Furniture Lease a,d 12.725 08/12/2003 1,831,786 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico HBFA 6.250 04/01/2029 783,720 - --------------------------------------------------------------------------------------------------------------------------- 2,900,340 Puerto Rico Health Dept. Computer Lease a,d 7.438 03/26/2003 2,895,642 - --------------------------------------------------------------------------------------------------------------------------- 2,225,000 Puerto Rico HFC 5.500 12/01/2023 2,322,321 - --------------------------------------------------------------------------------------------------------------------------- 10,000 Puerto Rico HFC 7.300 10/01/2006 10,032 - --------------------------------------------------------------------------------------------------------------------------- 175,000 Puerto Rico HFC 7.500 10/01/2015 175,525 - --------------------------------------------------------------------------------------------------------------------------- 4,315,000 Puerto Rico HFC 7.500 04/01/2022 4,432,584 - --------------------------------------------------------------------------------------------------------------------------- 185,000 Puerto Rico IMEPCF (Instituto Medico) 9.500 04/01/2003 185,342 - --------------------------------------------------------------------------------------------------------------------------- 155,979 Puerto Rico Industrial Commission Computer Lease a 8.000 03/26/2003 155,837 - --------------------------------------------------------------------------------------------------------------------------- 905,000 Puerto Rico Infrastructure 7.500 07/01/2009 924,186 - --------------------------------------------------------------------------------------------------------------------------- 335,000 Puerto Rico Infrastructure 7.750 07/01/2008 342,203 - --------------------------------------------------------------------------------------------------------------------------- 60,000 Puerto Rico Infrastructure 7.900 07/01/2007 61,458 - --------------------------------------------------------------------------------------------------------------------------- 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,110,586 - --------------------------------------------------------------------------------------------------------------------------- 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,612,832 - --------------------------------------------------------------------------------------------------------------------------- 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,775,875 - --------------------------------------------------------------------------------------------------------------------------- 2,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 2,793,863 - --------------------------------------------------------------------------------------------------------------------------- 42,800,000 Puerto Rico ITEMECF (Congeneration Facilities) 6.625 06/01/2026 44,430,252 - --------------------------------------------------------------------------------------------------------------------------- 3,685,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 3,280,387 - --------------------------------------------------------------------------------------------------------------------------- 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 819,382 - --------------------------------------------------------------------------------------------------------------------------- 8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,461,944 - --------------------------------------------------------------------------------------------------------------------------- 12,340,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 11,593,060 - --------------------------------------------------------------------------------------------------------------------------- 375,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 5.500 08/01/2024 361,230 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 5.700 08/01/2013 35,707
34 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 - --------------------------------------------------------------------------------------------------------------------------- U.S. Possessions Continued $ 920,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 6.500% 08/01/2024 $ 954,932 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 773,543 - --------------------------------------------------------------------------------------------------------------------------- 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,486,995 - --------------------------------------------------------------------------------------------------------------------------- 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,272,628 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 6,095,740 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 513,090 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,096,640 - --------------------------------------------------------------------------------------------------------------------------- 91,649 Puerto Rico Medical Services Equipment Lease a,d 7.300 02/27/2003 91,585 - --------------------------------------------------------------------------------------------------------------------------- 94,199 Puerto Rico Medical Services Ventilator Lease a,d 7.500 04/01/2003 94,136 - --------------------------------------------------------------------------------------------------------------------------- 12,470,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 6,120,401 - --------------------------------------------------------------------------------------------------------------------------- 6,628,464 Puerto Rico Public Buildings Authority Computer Lease a 6.528 05/01/2004 6,586,108 - --------------------------------------------------------------------------------------------------------------------------- 182,410,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 192,745,351 - --------------------------------------------------------------------------------------------------------------------------- 870,874 Puerto Rico Rio Grande Computer Lease a,b,d 0.000 z 09/02/2003 330,932 - --------------------------------------------------------------------------------------------------------------------------- 2,247,808 Puerto Rico Rio Grande Equipment Lease a,b,d 0.000 z 10/13/2003 1,949,973 - --------------------------------------------------------------------------------------------------------------------------- 142,664 Puerto Rico Rio Grande Vehicle Lease a,b,d 0.000 z 01/23/2003 54,926 - --------------------------------------------------------------------------------------------------------------------------- 307,659 Puerto Rico San Sebastian Garage Lease a,d 10.000 09/16/2005 317,867 - --------------------------------------------------------------------------------------------------------------------------- 99,246 Puerto Rico State Courts Vehicle Lease a,d 8.000 03/26/2003 99,218 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 University of V.I. 6.250 12/01/2029 2,146,000 - --------------------------------------------------------------------------------------------------------------------------- 530,000 University of V.I. 7.250 10/01/2004 p 584,277 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,263,725 - --------------------------------------------------------------------------------------------------------------------------- 50,000 V.I. Hsg. Finance Authority 6.450 03/01/2016 51,967 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 V.I. Public Finance Authority 5.500 10/01/2018 1,021,090 - --------------------------------------------------------------------------------------------------------------------------- 16,220,000 V.I. Public Finance Authority 5.500 10/01/2022 16,325,268 - --------------------------------------------------------------------------------------------------------------------------- 50,000 V.I. Public Finance Authority 5.625 10/01/2025 51,482 - --------------------------------------------------------------------------------------------------------------------------- 505,000 V.I. Public Finance Authority 7.125 10/01/2004 p 538,911 - --------------------------------------------------------------------------------------------------------------------------- 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,037,508 - --------------------------------------------------------------------------------------------------------------------------- 7,295,000 V.I. Public Finance Authority Computer Lease a 6.250 01/01/2005 7,599,639 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,588,425 - --------------------------------------------------------------------------------------------------------------------------- 3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,894,765 - --------------------------------------------------------------------------------------------------------------------------- 1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,576,827 - --------------------------------------------------------------------------------------------------------------------------- 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,445,614 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,520,625 ---------------- 541,366,034 - --------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $6,240,905,060)--100.5% 6,156,258,787 - --------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets--(0.5%) (32,092,421) ---------------- Net Assets--100.0% $6,124,166,366 ================
35 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued Footnotes to Statements of Investments a. Identifies issues considered to be illiquid or restricted--See Note 5 of Notes to Financial Statements. b. Non-income-accruing security. d. Issuer is in default. f. Represents the current interest rate for a variable rate bond known as an "inverse floater". See Note 1 of Notes to Financial Statements. p. This issue has been prerefunded to an earlier date. v. Represents the current interest rate for a variable or increasing rate security. w. When-issued security to be delivered and settled after December 31, 2002. z. Represents a zero coupon bond. See accompanying Notes to Financial Statements. To simplify the listing of securities, 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 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 COP Certificates of Participation CSD Central School District CSMR Community Services for the Mentally Retarded Con Ed Consolidated Edison Company 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 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 IDA Industrial Development Agency 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 JDAM Julia Dyckman Andrus Memorial LEVRRS Leveraged Reverse Rate Security LGAC Local Government Assistance Corporation LGSC Local Government Services Corporation L.I. Long Island LILCO Long Island Lighting Corporation LRRHCF 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 RG&E Rochester Gas and Electric RIBS Residual Interest Bonds RIT Rochester Institute of Technology RITES Residual Interest Tax Exempt Security Res Rec Resource Recovery Facility 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 UCPAGS United Cerebral Palsy Association of Greater Suffolk UCP/HCA United Cerebral Palsy and Handicapped Children's Association UDC Urban Development Corporation V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults WWH Wyandach/Wheatley Heights YMCA Young Men's Christian Association 36 | ROCHESTER FUND MUNICIPALS 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 $ 726,704,340 11.8% Electric Utilities 645,807,414 10.5 Tobacco 640,383,171 10.4 Highways/Railways 476,213,074 7.7 Airlines 406,832,827 6.6 Adult Living Facilities 354,607,090 5.8 Multifamily Housing 341,385,748 5.5 Water Utilities 268,668,879 4.4 Not-for-Profit Organization 253,071,566 4.1 Sales Tax Revenue 251,216,283 4.1 Higher Education 247,339,231 4.0 General Obligation 244,994,964 4.0 Municipal Leases 191,251,231 3.1 Paper, Containers & Packaging 173,752,246 2.8 Marine/Aviation Facilities 155,356,755 2.5 Resource Recovery 155,231,449 2.5 Single Family Housing 126,512,239 2.1 Manufacturing, Non-Durable Goods 120,066,393 1.9 Manufacturing, Durable Goods 115,973,138 1.9 Education 105,403,807 1.7 Special Assessment 40,750,600 0.7 Pollution Control 37,687,247 0.6 Gas Utilities 31,080,843 0.5 Parking Fee Revenue 29,900,734 0.5 Hotels, Restaurants &Leisure 16,067,518 0.3 -------------------------- Total $6,156,258,787 100.0% ========================== - ---------------------------------------------------------------- Summary of Ratings December 31, 2002 / Unaudited Distribution of investments by rating category, as a percentage of total investments at value, is as follows: Rating Percent - --------------------------------------------------------------- AAA 10.4% AA 19.0 A 22.4 BBB 24.6 BB 6.9 B 0.9 CCC 0.0 D 0.0 Not Rated 15.8 ------ 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. 37 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES December 31, 2002
- ------------------------------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $6,240,905,060)--see accompanying statement $6,156,258,787 - ------------------------------------------------------------------------------------------------------------------------- Cash 1,324,348 - ------------------------------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 115,350,153 Investments sold 10,163,021 Shares of beneficial interest sold 7,937,836 Other 80,842 -------------- Total assets 6,291,114,987 - ------------------------------------------------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased on a when-issued or forward commitment basis 80,518,393 Notes payable to bank (interest rate 1.9375% at December 31, 2002) 70,400,000 Shares of beneficial interest redeemed 11,736,947 Distribution and service plan fees 2,801,569 Trustees' compensation 869,557 Shareholder reports 249,228 Transfer and shareholder servicing agent fees 118,032 Other 254,895 -------------- Total liabilities 166,948,621 - ------------------------------------------------------------------------------------------------------------------------- Net Assets $6,124,166,366 ============== - ------------------------------------------------------------------------------------------------------------------------- Composition of Net Assets Paid-in capital $6,313,580,543 - ------------------------------------------------------------------------------------------------------------------------- Undistributed net investment income 11,733,215 - ------------------------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (116,501,119) - ------------------------------------------------------------------------------------------------------------------------- Net unrealized depreciation on investments (84,646,273) -------------- Net Assets $6,124,166,366 ============== - ------------------------------------------------------------------------------------------------------------------------- Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $4,299,023,654 and 247,398,516 shares of beneficial interest outstanding) $17.38 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $18.25 - ------------------------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,341,921,104 and 77,281,122 shares of beneficial interest outstanding) $17.36 - ------------------------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $471,146,910 and 27,143,556 shares of beneficial interest outstanding) $17.36 - ------------------------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $12,074,698 and 694,944 shares of beneficial interest outstanding) $17.38
See accompanying Notes to Financial Statements. 38 | ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS For the Year Ended December 31, 2002
- ------------------------------------------------------------------------------------------------------------------------- Investment Income Interest $416,992,141 - ------------------------------------------------------------------------------------------------------------------------- Expenses Management fees 28,013,299 - ------------------------------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 6,358,728 Class B 12,746,691 Class C 4,596,060 - ------------------------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 1,820,984 Class B 669,168 Class C 230,512 Class Y 10,383 - ------------------------------------------------------------------------------------------------------------------------- Accounting service fees 1,814,185 - ------------------------------------------------------------------------------------------------------------------------- Interest expense 753,887 - ------------------------------------------------------------------------------------------------------------------------- Shareholder reports 509,343 - ------------------------------------------------------------------------------------------------------------------------- Custodian fees and expenses 356,553 - ------------------------------------------------------------------------------------------------------------------------- Trustees' compensation 228,673 - ------------------------------------------------------------------------------------------------------------------------- Other 463,373 ------------- Total expenses 58,571,839 Less reduction to custodian expenses (32,946) ------------- Net expenses 58,538,893 - ------------------------------------------------------------------------------------------------------------------------- Net Investment Income 358,453,248 - ------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized gain on investments 4,858,580 - ------------------------------------------------------------------------------------------------------------------------- Net change in unrealized depreciation on investments (67,362,355) ------------- Net realized and unrealized loss (62,503,775) - ------------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $295,949,473 =============
See accompanying Notes to Financial Statements. 39 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2002 2001 - ------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 358,453,248 $ 301,995,430 - ------------------------------------------------------------------------------------------------------------------------- Net realized gain 4,858,580 6,259,805 - ------------------------------------------------------------------------------------------------------------------------- Net change in unrealized depreciation (67,362,355) (72,326,254) -------------------------------- Net increase in net assets resulting from operations 295,949,473 235,928,981 - ------------------------------------------------------------------------------------------------------------------------- Dividends and/or Distributions to Shareholders Dividends from net investment income: Class A (262,145,612) (227,307,655) Class B (66,778,356) (49,388,897) Class C (24,126,061) (17,568,908) Class Y (758,014) (737,793) - ------------------------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase in net assets resulting from beneficial interest transactions: Class A 266,560,700 577,995,182 Class B 197,188,318 367,588,703 Class C 47,416,054 174,807,039 Class Y -- 1,572,367 - ------------------------------------------------------------------------------------------------------------------------- Net Assets Total increase 453,306,502 1,062,889,019 - ------------------------------------------------------------------------------------------------------------------------- Beginning of period 5,670,859,864 4,607,970,845 -------------------------------- End of period [including undistributed net investment income of $11,733,215 and $7,088,010, respectively] $6,124,166,366 $5,670,859,864 ================================
See accompanying Notes to Financial Statements. 40 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS
Class A Year Ended December 31, 2002 2001 2000 1999 1998 - ---------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 17.52 $ 17.67 $ 16.78 $ 18.81 $ 18.67 - ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income 1.08 1.06 1.04 1.04 1.04 Net realized and unrealized gain (loss) (.15) (.17) .89 (2.03) .15 --------------------------------------------------------- Total from investment operations .93 .89 1.93 (.99) 1.19 - ---------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (1.07) (1.04) (1.04) (1.04) (1.04) Undistributed net investment income -- -- -- -- (.01) --------------------------------------------------------- Total dividends and/or distributions to shareholders (1.07) (1.04) (1.04) (1.04) (1.05) - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.38 $17.52 $17.67 $16.78 $18.81 ========================================================= - ---------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 1 5.46% 5.14% 11.93% (5.51)% 6.52% - ---------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in millions) $4,299 $4,073 $3,536 $3,288 $3,435 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $4,292 $3,893 $3,341 $3,559 $3,161 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 6.18% 5.97% 6.07% 5.78% 5.50% Expenses 0.72% 0.72% 0.78% 0.77% 0.78% 3 Expenses, net of interest expense and reduction to custodian expense 4 0.71% 0.70% 0.74% 0.73% 0.75% - ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 29% 11% 26% 30% 25% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. 2. Annualized for periods of less than one full year. 3. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 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. 41 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued
Class B Year Ended December 31, 2002 2001 2000 1999 1998 - ---------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 17.51 $ 17.66 $ 16.77 $ 18.79 $ 18.65 - ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .93 .91 .89 .89 .89 Net realized and unrealized gain (loss) (.16) (.17) .90 (2.03) .14 ---------------------------------------------------------- Total from investment operations .77 .74 1.79 (1.14) 1.03 - ---------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.92) (.89) (.90) (.88) (.89) Undistributed net investment income -- -- -- -- -- ---------------------------------------------------------- Total dividends and/or distributions to shareholders (.92) (.89) (.90) (.88) (.89) - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.36 $17.51 $17.66 $16.77 $18.79 ========================================================== - ---------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 1 4.50% 4.25% 10.98% (6.27)% 5.61% - ---------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in millions) $1,342 $1,157 $803 $673 $494 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $1,275 $ 997 $711 $635 $329 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 5.32% 5.10% 5.19% 4.91% 4.57% Expenses 1.58% 1.58% 1.65% 1.64% 1.64% 3 Expenses, net of interest expense and reduction to custodian expense 4 1.57% 1.56% 1.60% 1.59% 1.61% - ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 29% 11% 26% 30% 25% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. 2. Annualized for periods of less than one full year. 3. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 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. 42 | ROCHESTER FUND MUNICIPALS
Class C Year Ended December 31, 2002 2001 2000 1999 1998 - ---------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 17.50 $ 17.66 $ 16.76 $ 18.79 $ 18.66 - ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .93 .91 .89 .89 .89 Net realized and unrealized gain (loss) (.15) (.18) .91 (2.04) .13 --------------------------------------------------------- Total from investment operations .78 .73 1.80 (1.15) 1.02 - ---------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.92) (.89) (.90) (.88) (.89) Undistributed net investment income -- -- -- -- -- --------------------------------------------------------- Total dividends and/or distributions to shareholders (.92) (.89) (.90) (.88) (.89) - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.36 $17.50 $17.66 $16.76 $18.79 ========================================================= - ---------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 1 4.57% 4.19% 11.06% (6.32)% 5.56% - ---------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in millions) $471 $429 $259 $220 $174 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $460 $356 $225 $221 $111 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 5.32% 5.09% 5.20% 4.92% 4.57% Expenses 1.58% 1.57% 1.63% 1.63% 1.63% 3 Expenses, net of interest expense and reduction to custodian expense 4 1.57% 1.55% 1.59% 1.58% 1.59% - ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 29% 11% 26% 30% 25% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. 2. Annualized for periods of less than one full year. 3. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 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. 43 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued
Class Y Year Ended December 31, 2002 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 1.10 1.08 .70 Net realized and unrealized gain (loss) (.15) (.17) .78 ----------------------------------- Total from investment operations .95 .91 1.48 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (1.09) (1.06) (.69) Undistributed net investment income -- -- -- ----------------------------------- Total dividends and/or distributions to shareholders (1.09) (1.06) (.69) - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $17.38 $17.52 $17.67 =================================== - ------------------------------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 2 5.57% 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 6.30% 6.08% 6.07% Expenses 0.62% 0.62% 0.68% Expenses, net of interest expense and reduction to custodian expense 4 0.61% 0.60% 0.64% - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 29% 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.
44 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Rochester Fund Municipals (the Fund) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to 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). - -------------------------------------------------------------------------------- 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 December 31, 2002, the Fund had entered into when-issued purchase commitments or forward commitments of $80,518,393. - -------------------------------------------------------------------------------- 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 $619,108,995 as of December 31, 2002. Including the effect of leverage, inverse floaters represent 19.88% of the Fund's total assets as of December 31, 2002. 45 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued 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 December 31, 2002, securities with an aggregate market value of $38,257,210, representing 0.62% 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 capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. As of December 31, 2002, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: Expiring ------------------------- 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 $114,429,370 ============ During the fiscal year ended December 31, 2002, the Fund utilized $4,773,145 of capital loss carryforward to offset capital gains realized in the current fiscal year. During the fiscal year ended December 31, 2002, $32,923,254 of unused capital loss carryforward expired. - -------------------------------------------------------------------------------- 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 year ended December 31, 2002, the Fund's projected benefit obligations were increased by $85,802 and payments of $14,819 were made to retired trustees, resulting in an accumulated liability of $589,078 as of December 31, 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 year ended December 31, 2002, payments of $67,500 were made to retired trustees. As of December 31, 2002, the Fund had recognized an accumulated liability of $246,375. 46 | 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 net realized gain was recorded by the Fund. The Fund adjusts the classification of distributions to shareholders to reflect the differences between financial statement amounts and distributions determined in accordance with income tax regulations. Accordingly, during the year ended December 31, 2002, amounts have been reclassified to reflect a decrease in paid-in capital of $32,923,254. Accumulated net realized loss on investments was decreased by the same amount. Net assets of the Fund were unaffected by the reclassifications. The tax character of distributions paid during the years ended December 31, 2002 and December 31, 2001 was as follows:
Year Ended Year Ended December 31, 2002 December 31, 2001 -------------------------------------------------------------------------- Distributions paid from: Exempt-interest dividends $353,808,043 $295,003,253 Long-term capital gain -- -- Return of capital -- -- ------------------------------------- Total $353,808,043 $295,003,253 =====================================
As of December 31, 2002, the components of distributable earnings on a tax basis were as follows: Undistributed net investment income $ 11,733,215 Accumulated net realized loss (116,501,119) Net unrealized depreciation (84,646,273) ------------- Total $(189,414,177) ============= - -------------------------------------------------------------------------------- Investment Income. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- 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. 47 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS 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:
Year Ended December 31, 2002 Year Ended December 31, 2001 Shares Amount Shares Amount - -------------------------------------------------------------------------------------------------------------------------- Class A Sold 46,250,617 $812,053,894 53,000,765 $943,692,565 Dividends and/or distributions reinvested 8,272,468 144,484,462 6,676,206 118,599,440 Redeemed (39,608,309) (689,977,656) (27,245,218) (484,296,823) --------------------------------------------------------------------- Net increase 14,914,776 $266,560,700 32,431,753 $577,995,182 ====================================================================== - -------------------------------------------------------------------------------------------------------------------------- Class B Sold 18,018,394 $316,028,022 23,916,274 $425,551,014 Dividends and/or distributions reinvested 2,312,130 40,363,248 1,656,577 29,408,447 Redeemed (9,146,731) (159,202,952) (4,914,828) (87,370,758) --------------------------------------------------------------------- Net increase 11,183,793 $197,188,318 20,658,023 $367,588,703 ====================================================================== - --------------------------------------------------------------------------------------------------------------------------- Class C Sold 8,867,195 $155,513,477 11,747,789 $209,106,320 Dividends and/or distributions reinvested 915,923 15,983,379 649,451 11,524,802 Redeemed (7,127,719) (124,080,802) (2,582,206) (45,824,083) --------------------------------------------------------------------- Net increase 2,655,399 $ 47,416,054 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 year ended December 31, 2002, were $2,215,417,766 and $1,762,621,169, respectively. As of December 31, 2002, unrealized appreciation (depreciation) based on cost of securities for federal income tax purposes of $6,242,976,807 was composed of: Gross unrealized appreciation $253,164,614 Gross unrealized depreciation (339,882,634) ------------ Net unrealized depreciation $(86,718,020) ============ The difference between book-basis and tax-basis unrealized appreciation and depreciation, if applicable, is attributable primarily to the tax deferral of losses on wash sales, or return of capital dividends, and the realization for tax purposes of unrealized gain (loss) on certain futures contracts, investments in passive foreign investment companies, and forward foreign currency exchange contracts. 48 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.54% of the first $100 million of average daily net assets, 0.52% on the next $150 million, 0.47% on the next $1.75 billion of average daily net assets, 0.46% on the next $3 billion, and 0.45% of average daily net assets over $5 billion. - ------------------------------------------------------------------------------- Accounting Fees. Accounting fees paid to the Manager were in accordance with the accounting services agreement with the Fund, which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the year ended, the Fund paid $1,814,185 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 fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.35% of average annual net assets for all classes. 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 Concessions 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 Year Ended Shares Distributor Distributor 1 Distributor 1 Distributor 1 - ------------------------------------------------------------------------------------------------------------------------ December 31, 2002 $15,818,044 $2,187,155 $2,632,657 $12,022,476 $1,480,192
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 Year Ended Retained by Distributor Retained by Distributor Retained by Distributor - ------------------------------------------------------------------------------------------------------------------------ December 31, 2002 $163,987 $3,268,897 $134,035
- -------------------------------------------------------------------------------- Class A Service Plan Fees. 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 year ended December 31, 2002, payments under the Class A Plan totaled $6,358,728, all of which were paid by the Distributor to recipients, and included $47,208 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. 49 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Continued 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 year ended December 31, 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 $12,746,691 $10,362,970 $48,072,567 3.58% Class C Plan 4,596,060 1,693,315 8,694,289 1.85
- -------------------------------------------------------------------------------- 5. Illiquid Securities As of December 31, 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 December 31, 2002 was $664,091,621, which represents 10.84% of the Fund's net assets. - -------------------------------------------------------------------------------- 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 purchase of securities with borrowed funds creates leverage in the Fund. 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 $350 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 $70,400,000 at December 31, 2002 at an interest rate of 1.9375%. For the year ended December 31, 2002, the average monthly loan balance was $30,942,467 at an average interest rate of 2.334%. The Fund had gross borrowings and gross loan repayments of $1,110,700,000 and $1,117,300,000, respectively, during the year ended December 31, 2002. The maximum amount of borrowings outstanding at any month-end was $75,700,000. The Fund paid $22,537 in commitment fees during the year ended December 31, 2002. 50 | ROCHESTER FUND MUNICIPALS INDEPENDENT AUDITORS' REPORT - -------------------------------------------------------------------------------- The Board of Trustees and Shareholders of Rochester Fund Municipals: We have audited the accompanying statement of assets and liabilities of Rochester Fund Municipals, including the statement of investments, as of December 31, 2002, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended December 31, 1999, were audited by other auditors whose report dated January 24, 2000, expressed an unqualified opinion on this information. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2002, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochester Fund Municipals as of December 31, 2002, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. KPMG LLP Denver, Colorado January 23, 2003 51 | ROCHESTER FUND MUNICIPALS FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- In early 2003, shareholders of record received information regarding all dividends and distributions paid to them by the Trust during calendar year 2002. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. None of the dividends paid by the Fund during the year ended December 31, 2002 are eligible for the corporate dividend-received deduction. 100% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 96.9% of the dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (89.2%), Texas (1.3%), Pennsylvania (0.9%), Illinois (0.3%), Florida (0.2%), Kentucky (0.1%), Louisiana (0.1%), South Carolina (0.1%), Tennessee (0.1%), Puerto Rico (5.0%), Guam (1.5%), Virgin Islands (1.2%). During 2002, 29.8% of this tax-exempt income was derived from "private activity bonds". These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 52 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS - -------------------------------------------------------------------------------- Name, Position(s) Held with Principal Occupation(s) During Past 5 Years; Fund, Length of Service, Age Other Trusteeships/Directorships Held by Trustee; Number of Portfolios in Fund Complex Currently Overseen by Trustee INDEPENDENT The address of each Trustee in the chart below TRUSTEES is 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Trustee serves for an indefinite term, until his or her resignation, retirement, death or removal. Thomas W. Courtney, Principal of Courtney Associates, Inc. (venture Chairman, Trustee capital firm); former General Partner of Trivest (since 1996) Venture Fund (private venture capital fund); Age: 69 former President of Investment Counseling Federated Investors, Inc.; Trustee of Cash Assets Trust, a money market fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies; Trustee of four funds for Pacific Capital and Tax Free Trust of Arizona. Oversees 10 portfolios in the OppenheimerFunds complex. John Cannon, Director, Neuberger Berman Income Managers Trustee (since 1996) Trust, Neuberger & Berman Income Funds and Age: 72 Neuberger Berman Trust, (1995-present); Neuberger Berman Equity Funds (November 2000-present); Trustee, Neuberger Berman Mutual Funds (October 1994-present); formerly Chairman and Treasurer, CDC Associates, a registered investment adviser (December 1993-February 1996); Independent Consultant; Chief Investment Officer, CDC Associates (1996-June 2000); Consultant and director, CDC Associates (December 1993-February 1999). Oversees 3 portfolios in the OppenheimerFunds complex. Paul Y. Clinton, Principal of Clinton Management Associates, a Trustee (since 1996) financial and venture capital consult- ing firm; Age: 71 Trustee of Capital Cash Management Trust, a money-market fund and Narragansett Tax-Free Fund, a tax-exempt bond fund; Director of OCC Cash Reserves, Inc. and Trustee of OCC Accumulation Trust, both of which are open-end investment companies. Formerly: Director, External Affairs, Kravco Corporation, a national real estate owner and property management corporation; President of Essex Management Corporation, a management consulting company; a general partner of Capital Growth Fund, a venture capital partnership; a general partner of Essex Limited Partnership, an investment partnership; President of Geneve Corp., a venture capital fund; Chairman of Woodland Capital Corp., a small business investment company; and Vice President of W.R. Grace & Co. Oversees 10 portfolios in the OppenheimerFunds complex. Robert G. Galli, A trustee or director of other Oppenheimer Trustee (since 1996) funds. Formerly Vice Chairman (October Age: 69 1995-December 1997) of the Manager. Oversees 41 portfolios in the OppenheimerFunds complex. Lacy B. Herrmann, Chairman and Chief Executive Officer of Aquila Trustee (since 1996) Management Corporation, the sponsoring Age: 73 organization and manager, administrator and/or sub-Adviser to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Churchill Cash Reserves Trust, Aquila-Cascadia Equity Fund, Pacific Capital Cash Assets Trust, Pacific Capital U.S. Treasuries Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Churchill Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund; Vice President, Director, Secretary, and formerly Treasurer of Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Director of OCC Cash 53 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Continued - -------------------------------------------------------------------------------- Lacy B. Herrmann, Reserves, Inc., and Trustee of OCC Accumulation Continued Trust, both of which are open-end investment companies; Trustee Emeritus of Brown University. Oversees 10 portfolios in the OppenheimerFunds complex. Brian Wruble, Special Limited Partner (since January 1999) of Trustee (since 2001) Odyssey Investment Partners, LLC (private equity Age: 59 investment); General Partner (since September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Board of Governing Trustees (since August 1990) of The Jackson Laboratory (non-profit); Trustee (since May 1992) of Institute for Advanced Study (educational institute); Trustee (since May 2000) of Research Foundation of AIMR (investment research, non-profit); formerly Governor, Jerome Levy Economics Institute of Bard College (economics research) (August 1990-September 2001); Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April 2002). Oversees 10 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- OFFICERS The address of the Officers in the chart below is as follows: for Messrs. Murphy and Zack, 498 Seventh Avenue, New York, NY 10018, for Mr. Wixted, 6803 S. Tucson Way, Centennial, CO 80112-3924, for Messrs. Fielding, Loughran and Tanner, 350 Linden Oaks, Rochester, NY 14625. Each Officer serves for an annual term or until his or her earlier resignation, death or removal. Ronald H. Fielding, Senior Vice President (since January 1996) of Vice President (since 1996) the Manager; Chairman of the Rochester Division Age: 53 of the Manager (since January 1996); prior to joining the Manager in January 1996, he was President and a director of Rochester Capital Advisors, Inc. (1993 - 1995), the Fund's prior investment advisor, and of Rochester Fund Services, Inc. (1986 - 1995), the Fund's prior distributor; President and a trustee of Limited Term New York Municipal Fund (1991 - 1995), Oppenheimer Convertible Securities Fund (1986 - 1995) and Rochester Fund Municipals (1986 - 1995); President and a director of Rochester Tax Managed Fund, Inc. (1982 - 1995) and of Fielding Management Company, Inc. (1982 - 1995), an investment advisor. An officer of 9 portfolios in the OppenheimerFunds complex. Daniel G. Loughran, Vice President of the Rochester Division of the Vice President (since 1998) Manager (since January 1996); formerly Associate Age: 39 Portfolio Manager of the Fund (January 2000-December 2001); senior research analyst of the Manager (1994 - 1999); Assistant Vice President of Rochester Capital Advisors, Inc. and Fielding Management Company, Inc. (1994 - December 1995). An officer of 2 portfolios in the OppenheimerFunds complex. Anthony A. Tanner, Vice President of the Rochester Division of the Vice President (since 1996) Manager (since January 1996); formerly Vice Age: 42 President of Research of Rochester Capital Advisors, Inc. and Fielding Management Company, Inc. (1991 - December 1995). An officer of 4 portfolios in the OppenheimerFunds complex John V. Murphy, Chairman, Chief Executive Officer and director President (since 2001) (since June 2001) and President (since September Age: 53 2000) of the Manager; President and a director or trustee of other Oppenheimer funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); a director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc. and 54 | ROCHESTER FUND MUNICIPALS John V. Murphy, Centennial Asset Management Corporation (since Continued November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc. (Investment advisory affiliates of the Manager); Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns the shares of David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of Emerald Isle Bancorp). Oversees 69 portfolios in the OppenheimerFunds complex. Brian W. Wixted, Senior Vice President and Treasurer (since March Treasurer, Principal 1999) of the Manager; Treasurer (since March Financial and Accounting 1999) of HarbourView Asset Management Officer (since 1999) Corporation, Shareholder Services, Inc., Age: 43 Oppenheimer Real Asset Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000) and OFI Institutional Asset Management, Inc. (since November 2000) (offshore fund management subsidiaries of the Manager); Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust Company (a trust company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); formerly Principal and Chief Operating Officer (March 1995-March 1999), Bankers Trust Company-Mutual Fund Services Division. An officer of 85 portfolios in the OppenheimerFunds complex. Robert G. Zack, Senior Vice President (since May 1985) and Secretary (since 2001) General Counsel (since February 2002) of the Age: 54 Manager; General Counsel and a director (since November 2001) of OppenheimerFunds Distributor, Inc.; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Vice President and a director (since November 2000) of Oppenheimer Partnership Holdings, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Services, Inc., Shareholder Financial Services, Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset Management, Inc.; General Counsel (since November 2001) of Centennial Asset Management Corporation; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a director (since November 2001) of OppenheimerFunds International Ltd.; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Secretary (since November 2001) of Oppenheimer Acquisition Corp.; formerly Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (October 1997-November 2001). An officer of 85 portfolios in the OppenheimerFunds complex. The Fund's Statement of Additional Information contains additional information about the Fund's Trustees and is available without charge upon request. 55 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 (C) Copyright 2003 OppenheimerFunds, Inc. All rights reserved. 56 | ROCHESTER FUND MUNICIPALS THE ROCHESTER WAY: ADDING VALUE THROUGH RESEARCH All nine Oppenheimer municipal bond funds are managed by the Rochester Municipal Investment Team - a group of experienced portfolio managers and highly-skilled credit analysts collaborating to make strategic portfolio investment decisions. Their time-tested, "Rochester-style" investment philosophy is founded on the principle that thorough research leads to sound investments and solid long-term returns. Exemplifying Rochester's signature, bottom-up approach to municipal bond investing, the Rochester Municipal Investment Team carefully scrutinizes every potential investment in search of yield and performance benefits often missed by our competitors. Some fund managers rely solely on standard municipal bond ratings published by independent rating agencies in selecting portfolio investments. Consequently, smaller, lower-rated and unrated bonds are frequently ignored. In Rochester, neither credit ratings nor an issuer's size are taken at face value. Instead, the Rochester Municipal Investment Team performs its own detailed analysis to achieve a thorough understanding of the structure and credit characteristics of every municipal bond considered for addition to each portfolio. This meticulous research leads to sound investment decisions and the potential to take advantage of pricing inefficiencies sometimes found in the municipal bond market. But the research doesn't stop there. The Rochester Municipal Investment Team actively monitors each investment after addition to a Fund's portfolio. Every day, they work to stay abreast of current developments regarding individual bonds, industry sectors and the municipal bond market overall. This continuing analysis helps to ensure that investments remain solid, as well as to identify additional developing opportunities. As a shareholder, you can be assured that our investment decisions are guided by broad market experience and ongoing attention to detail. We believe that superior research counts most in achieving superior long-term results in municipal bond investing - research that's built into every Oppenheimer municipal bond fund. A DIVERSIFIED RANGE OF CREDITS By combining more than 76% investment-grade municipal bonds with select, carefully researched below-investment-grade (primarily unrated) issues, we seek to enhance yield while diversifying the Fund's portfolio. [PIE CHART] NR 15.8% AAA 10.4% AA 19.0% A 22.4% BBB 24.6% BB 6.9% B 0.9% Sector allocation data are as of 12/31/02, and are subject to change. Data are dollar-weighted based on total market value of investments. Securities rated by a rating organization other than Standard and Poor's Rating Group 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 judgment, to securities rated by a rating agency in the same category. See page 37 for further explanation. [GRAPHIC] INFORMATION AND SERVICES - -------------------------------------------------------------------------------- As an Oppenheimer fund shareholder, you can benefit from special services designed to make investing simple. Whether it's automatic investment plans, timely market updates, or immediate account access, you can count on us whenever you need assistance. 1 So call us today, or visit our website -- we're here to help. Internet www.oppenheimerfunds.com - ----------------------------------------------------------------- 24-hr access to account information and transactions 2 General Information 1.800.CALL OPP (1.800.225.5677) - ----------------------------------------------------------------- Mon-Fri 8am-9pm ET, Sat 10am-4pm ET Telephone Transactions 1.800.852.8457 - ----------------------------------------------------------------- Mon-Fri 8am-9pm ET, Sat 10am-4pm ET PhoneLink 1.800.CALL OPP (1.800.225.5677) - ----------------------------------------------------------------- 24-hr automated information and automated transactions 2 Telecommunications Device for the Deaf (TDD) 1.800.843.4461 - ----------------------------------------------------------------- Mon-Fri 9am-6:30pm ET Transfer and Shareholder Servicing Agent - ----------------------------------------------------------------- OppenheimerFunds Services P.O. Box 5270, Denver, CO 80217-5270 eDocs Direct www.oppenheimerfunds.com - ----------------------------------------------------------------- Receive shareholder reports and prospectus notifications for your funds via email. - ----------------------------------------------------------------- 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. RA0365.001.1202 February 28, 2003 [LOGO] ROCHESTER FUND MUNICIPALS This Annual Report is for the information of shareholders of Rochester Fund Municipals. It must be preceded or accompanied by a current Prospectus for the Fund. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. Call our Toll-Free Customer Service today at 1.800.CALL OPP (1.800.225.5677) for more information on how to take advantage of your financial relationship with the OppenheimerFunds Family. [LOGO] OppenheimerFunds(R) The Right Way to Invest OppenheimerFunds Distributor, Inc. Rochester Division 350 Linden Oaks Rochester, NY 14625-2807 -----END PRIVACY-ENHANCED MESSAGE-----