N-CSR 1 rs0365_8025vef.txt RS0365_8025VEF UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-3614 Rochester Fund Municipals (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 498 Seventh Avenue, New York, New York 10018 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: December 31 Date of reporting period: January 1, 2003 - June 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS June 30, 2003 / Unaudited
Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- Municipal Bonds and Notes--99.5% ------------------------------------------------------------------------------------------------------------- New York--88.2% $ 619,999 Albany Hsg. Authority (Lark Drive) 5.500% 12/01/2028 $ 643,504 ------------------------------------------------------------------------------------------------------------- 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,408,413 ------------------------------------------------------------------------------------------------------------- 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,328,784 ------------------------------------------------------------------------------------------------------------- 875,000 Albany IDA (Albany Medical Center) 8.250 08/01/2004 876,557 ------------------------------------------------------------------------------------------------------------- 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 409,648 ------------------------------------------------------------------------------------------------------------- 935,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 989,286 ------------------------------------------------------------------------------------------------------------- 4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,138,807 ------------------------------------------------------------------------------------------------------------- 3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,962,267 ------------------------------------------------------------------------------------------------------------- 1,660,000 Albany IDA (MARA Mansion Rehab.) 6.500 02/01/2023 1,661,726 ------------------------------------------------------------------------------------------------------------- 1,395,000 Albany IDA (Port of Albany) 7.250 02/01/2024 1,421,561 ------------------------------------------------------------------------------------------------------------- 1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,306,575 ------------------------------------------------------------------------------------------------------------- 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,770,402 ------------------------------------------------------------------------------------------------------------- 125,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2029 145,449 ------------------------------------------------------------------------------------------------------------- 1,770,000 Albany Parking Authority 0.000 z 11/01/2017 913,816 ------------------------------------------------------------------------------------------------------------- 2,510,000 Albany Parking Authority 5.625 07/15/2020 2,667,026 ------------------------------------------------------------------------------------------------------------- 2,000,000 Albany Parking Authority 5.625 07/15/2025 2,093,680 ------------------------------------------------------------------------------------------------------------- 2,010,000 Allegany County IDA (Cuba Memorial Hospital) a,b,d 6.500 11/01/2009 1,082,184 ------------------------------------------------------------------------------------------------------------- 4,230,000 Allegany County IDA (Cuba Memorial Hospital) a,b,d 7.250 11/01/2019 2,161,995 ------------------------------------------------------------------------------------------------------------- 5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,761,104 ------------------------------------------------------------------------------------------------------------- 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 877,284 ------------------------------------------------------------------------------------------------------------- 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 2,581,620 ------------------------------------------------------------------------------------------------------------- 2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 3,022,502 ------------------------------------------------------------------------------------------------------------- 10,055,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,544,678 ------------------------------------------------------------------------------------------------------------- 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,295,800 ------------------------------------------------------------------------------------------------------------- 1,165,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 1,204,517 ------------------------------------------------------------------------------------------------------------- 2,000,000 Battery Park City Authority 5.500 11/01/2026 2,178,340 ------------------------------------------------------------------------------------------------------------- 710,000 Battery Park City Authority 10.000 06/01/2023 713,798 ------------------------------------------------------------------------------------------------------------- 1,380,000 Bayshore HDC 7.500 02/01/2023 1,382,705 ------------------------------------------------------------------------------------------------------------- 665,000 Bethany Retirement Home 7.450 02/01/2024 714,183 ------------------------------------------------------------------------------------------------------------- 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,047,513 ------------------------------------------------------------------------------------------------------------- 45,000 Bleeker Terrace HDC 8.350 07/01/2004 45,396 ------------------------------------------------------------------------------------------------------------- 900,000 Bleeker Terrace HDC 8.750 07/01/2007 909,324 ------------------------------------------------------------------------------------------------------------- 580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 598,989 ------------------------------------------------------------------------------------------------------------- 7,005,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 7,015,578 ------------------------------------------------------------------------------------------------------------- 370,000 Brookhaven IDA (Farber) a 3.188 v 12/01/2004 369,519 ------------------------------------------------------------------------------------------------------------- 185,000 Brookhaven IDA (Interdisciplinary School) 8.500 12/01/2004 187,792 ------------------------------------------------------------------------------------------------------------- 3,220,000 Brookhaven IDA (Interdisciplinary School) 9.500 12/01/2019 3,420,123 ------------------------------------------------------------------------------------------------------------- 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,318,925 ------------------------------------------------------------------------------------------------------------- 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,531,482 ------------------------------------------------------------------------------------------------------------- 560,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2011 566,647 ------------------------------------------------------------------------------------------------------------- 3,240,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2030 3,280,208 ------------------------------------------------------------------------------------------------------------- 1,000,000 Canton Human Services Initiatives 5.700 09/01/2024 1,057,400 ------------------------------------------------------------------------------------------------------------- 1,260,000 Canton Human Services Initiatives 5.750 09/01/2032 1,325,797 11 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 600,000 Capital District Youth Center 6.000% 02/01/2017 $ 650,844 ------------------------------------------------------------------------------------------------------------- 500,000 Carnegie Redevelopment Corp. a 7.000 09/01/2021 504,965 ------------------------------------------------------------------------------------------------------------- 1,430,000 Cattaraugus County IDA (Cherry Creek) 9.800 09/01/2010 1,436,807 ------------------------------------------------------------------------------------------------------------- 570,000 Cattaraugus County IDA (Jamestown Community College) 6.400 07/01/2019 624,549 ------------------------------------------------------------------------------------------------------------- 1,000,000 Cattaraugus County IDA (Jamestown Community College) 6.500 07/01/2030 1,093,470 ------------------------------------------------------------------------------------------------------------- 4,360,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,456,792 ------------------------------------------------------------------------------------------------------------- 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,526,325 ------------------------------------------------------------------------------------------------------------- 2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 3,021,481 ------------------------------------------------------------------------------------------------------------- 1,160,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 1,199,649 ------------------------------------------------------------------------------------------------------------- 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,525,504 ------------------------------------------------------------------------------------------------------------- 2,500,000 Chautauqua County Tobacco Asset Securitization Corp. 6.750 07/01/2040 2,489,525 ------------------------------------------------------------------------------------------------------------- 8,145,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 7,629,421 ------------------------------------------------------------------------------------------------------------- 8,435,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 8,104,179 ------------------------------------------------------------------------------------------------------------- 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,605,089 ------------------------------------------------------------------------------------------------------------- 1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,965,194 ------------------------------------------------------------------------------------------------------------- 3,345,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 3,351,088 ------------------------------------------------------------------------------------------------------------- 35,000 Cohoes GO 6.200 03/15/2012 37,303 ------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.200 03/15/2013 26,557 ------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2014 26,473 ------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2015 26,368 ------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2016 26,299 ------------------------------------------------------------------------------------------------------------- 230,000 Columbia County IDA (Berkshire Farms) 6.900 12/15/2004 233,438 ------------------------------------------------------------------------------------------------------------- 1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,926,733 ------------------------------------------------------------------------------------------------------------- 3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,442,329 ------------------------------------------------------------------------------------------------------------- 5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,532,228 ------------------------------------------------------------------------------------------------------------- 120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 129,544 ------------------------------------------------------------------------------------------------------------- 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,628,625 ------------------------------------------------------------------------------------------------------------- 2,595,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,833,325 ------------------------------------------------------------------------------------------------------------- 5,595,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 6,088,703 ------------------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County Water & Wastewater Authority 0.000 z 06/01/2027 310,130 ------------------------------------------------------------------------------------------------------------- 3,350,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,365,812 ------------------------------------------------------------------------------------------------------------- 1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,470,053 ------------------------------------------------------------------------------------------------------------- 1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,485,820 ------------------------------------------------------------------------------------------------------------- 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,045,980 ------------------------------------------------------------------------------------------------------------- 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,293,935 ------------------------------------------------------------------------------------------------------------- 2,960,000 Erie County IDA (Affordable Hospitality) a 9.250 12/01/2015 2,952,038 ------------------------------------------------------------------------------------------------------------- 815,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 818,586 ------------------------------------------------------------------------------------------------------------- 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,431,003 ------------------------------------------------------------------------------------------------------------- 845,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 693,753 ------------------------------------------------------------------------------------------------------------- 3,055,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,888,747 ------------------------------------------------------------------------------------------------------------- 11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 11,425,475 ------------------------------------------------------------------------------------------------------------- 3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,644,141 12 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 2,655,000 Erie County IDA (Mercy Hospital) 6.250% 06/01/2010 $ 2,498,594 ------------------------------------------------------------------------------------------------------------- 25,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 24,626 ------------------------------------------------------------------------------------------------------------- 9,495,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,303,296 ------------------------------------------------------------------------------------------------------------- 570,000 Erie County Tobacco Asset Securitization Corp. 6.125 07/15/2030 537,339 ------------------------------------------------------------------------------------------------------------- 19,900,000 Erie County Tobacco Asset Securitization Corp. 6.250 07/15/2040 18,989,177 ------------------------------------------------------------------------------------------------------------- 45,490,000 Erie County Tobacco Asset Securitization Corp. 6.750 07/15/2040 45,691,976 ------------------------------------------------------------------------------------------------------------- 1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,878,175 ------------------------------------------------------------------------------------------------------------- 1,625,000 Essex County IDA (International Paper Company) 5.500 10/01/2026 1,651,357 ------------------------------------------------------------------------------------------------------------- 310,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 319,759 ------------------------------------------------------------------------------------------------------------- 2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,462,955 ------------------------------------------------------------------------------------------------------------- 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,735,650 ------------------------------------------------------------------------------------------------------------- 275,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 279,009 ------------------------------------------------------------------------------------------------------------- 5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 6,080,383 ------------------------------------------------------------------------------------------------------------- 4,245,000 Franklin County SWMA 6.250 06/01/2015 4,335,673 ------------------------------------------------------------------------------------------------------------- 1,570,000 Fulton County IDA (Nathan Littauer) 7.000 11/01/2004 1,577,269 ------------------------------------------------------------------------------------------------------------- 585,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 585,760 ------------------------------------------------------------------------------------------------------------- 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,868,167 ------------------------------------------------------------------------------------------------------------- 2,375,000 Grand Central BID (Grand Central District Management) 5.250 01/01/2022 2,422,619 ------------------------------------------------------------------------------------------------------------- 2,795,000 Green Island Power Authority 6.000 12/15/2020 2,967,815 ------------------------------------------------------------------------------------------------------------- 1,695,000 Green Island Power Authority 6.000 12/15/2025 1,765,054 ------------------------------------------------------------------------------------------------------------- 690,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015 707,471 ------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,643,325 ------------------------------------------------------------------------------------------------------------- 405,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 398,099 ------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,285,862 ------------------------------------------------------------------------------------------------------------- 5,220,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 5,259,724 ------------------------------------------------------------------------------------------------------------- 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 18,980,306 ------------------------------------------------------------------------------------------------------------- 3,465,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 3,343,760 ------------------------------------------------------------------------------------------------------------- 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,589,562 ------------------------------------------------------------------------------------------------------------- 9,890,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 9,994,142 ------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,562,075 ------------------------------------------------------------------------------------------------------------- 4,770,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,801,053 ------------------------------------------------------------------------------------------------------------- 12,530,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 12,841,120 ------------------------------------------------------------------------------------------------------------- 5,700,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,700,684 ------------------------------------------------------------------------------------------------------------- 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,200,129 ------------------------------------------------------------------------------------------------------------- 11,460,000 Herkimer County IDA (Burrows Paper) a 8.000 01/01/2009 11,257,273 ------------------------------------------------------------------------------------------------------------- 1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,369,514 ------------------------------------------------------------------------------------------------------------- 2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,124,080 ------------------------------------------------------------------------------------------------------------- 340,000 Herkimer Hsg. Authority 7.150 03/01/2011 344,791 ------------------------------------------------------------------------------------------------------------- 60,000 Hsg. NY Corp. 5.500 11/01/2020 61,905 ------------------------------------------------------------------------------------------------------------- 990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 1,004,038 ------------------------------------------------------------------------------------------------------------- 125,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 116,981 ------------------------------------------------------------------------------------------------------------- 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 894,810 ------------------------------------------------------------------------------------------------------------- 8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 7,485,865 ------------------------------------------------------------------------------------------------------------- 885,000 Islip IDA (Leeway School) 9.000 08/01/2021 886,407 13 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued ------------------------------------------------------------------------------------------------------------- $ 20,000,000 Islip IDA (Southside Hospital Civic Facilities) 7.750% 12/01/2022 $ 20,190,800 ------------------------------------------------------------------------------------------------------------- 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,212,880 ------------------------------------------------------------------------------------------------------------- 21,000,000 L.I. Power Authority RITES a 16.830 f 12/01/2022 25,019,400 ------------------------------------------------------------------------------------------------------------- 7,905,000 L.I. Power Authority RITES a 16.859 f 12/01/2022 9,418,017 ------------------------------------------------------------------------------------------------------------- 3,750,000 L.I. Power Authority RITES a 17.300 f 12/01/2026 4,443,300 ------------------------------------------------------------------------------------------------------------- 2,915,000 L.I. Power Authority RITES a 17.359 f 09/01/2028 3,635,938 ------------------------------------------------------------------------------------------------------------- 25,630,000 L.I. Power Authority, Series A 5.125 09/01/2029 26,038,542 ------------------------------------------------------------------------------------------------------------- 44,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 46,164,251 ------------------------------------------------------------------------------------------------------------- 3,000,000 L.I. Power Authority, Series C 5.000 09/01/2027 3,030,300 ------------------------------------------------------------------------------------------------------------- 86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 89,190,187 ------------------------------------------------------------------------------------------------------------- 75,000 Lowville GO 7.200 09/15/2007 89,116 ------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2012 129,178 ------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2013 129,852 ------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2014 131,037 ------------------------------------------------------------------------------------------------------------- 5,350,000 Lyons Community Health Initiatives Corp. 6.800 09/01/2024 5,591,766 ------------------------------------------------------------------------------------------------------------- 4,485,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,732,617 ------------------------------------------------------------------------------------------------------------- 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,347,005 ------------------------------------------------------------------------------------------------------------- 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,706,470 ------------------------------------------------------------------------------------------------------------- 2,375,000 Mechanicsville HDC 6.900 08/01/2022 2,386,970 ------------------------------------------------------------------------------------------------------------- 105,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 102,041 ------------------------------------------------------------------------------------------------------------- 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 644,032 ------------------------------------------------------------------------------------------------------------- 905,000 Middleton IDA (Fleurchem, Inc.) a 8.000 12/01/2016 910,846 ------------------------------------------------------------------------------------------------------------- 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,702,592 ------------------------------------------------------------------------------------------------------------- 500,000 Middletown IDA (YMCA) 6.250 11/01/2009 475,250 ------------------------------------------------------------------------------------------------------------- 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,155,817 ------------------------------------------------------------------------------------------------------------- 315,000 Monroe County COP 8.050 01/01/2011 325,678 ------------------------------------------------------------------------------------------------------------- 4,260,000 Monroe County IDA (Al Sigl Center) 6.600 12/15/2017 4,158,868 ------------------------------------------------------------------------------------------------------------- 1,590,000 Monroe County IDA (Al Sigl Center) 7.250 12/15/2015 1,620,178 ------------------------------------------------------------------------------------------------------------- 3,145,000 Monroe County IDA (Brazill Merk) 7.900 12/15/2014 3,195,729 ------------------------------------------------------------------------------------------------------------- 840,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 865,897 ------------------------------------------------------------------------------------------------------------- 1,990,000 Monroe County IDA (Collegiate Hsg. Foundation--RIT) 5.375 04/01/2029 2,006,636 ------------------------------------------------------------------------------------------------------------- 1,624,436 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,654,407 ------------------------------------------------------------------------------------------------------------- 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 907,107 ------------------------------------------------------------------------------------------------------------- 2,595,000 Monroe County IDA (Depaul Community Facilities) 5.875 02/01/2028 2,335,630 ------------------------------------------------------------------------------------------------------------- 5,750,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 5,222,725 ------------------------------------------------------------------------------------------------------------- 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 921,342 ------------------------------------------------------------------------------------------------------------- 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,328,112 ------------------------------------------------------------------------------------------------------------- 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,111,803 ------------------------------------------------------------------------------------------------------------- 14,154,302 Monroe County IDA (Genesee Hospital) b,d 7.000 11/01/2018 1,975,516 ------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,038,470 ------------------------------------------------------------------------------------------------------------- 4,955,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2027 5,121,389 ------------------------------------------------------------------------------------------------------------- 350,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 347,081 ------------------------------------------------------------------------------------------------------------- 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 581,994 ------------------------------------------------------------------------------------------------------------- 300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 293,787 14 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 1,060,000 Monroe County IDA (Melles Griot) 9.500% 12/01/2009 $ 1,073,663 ------------------------------------------------------------------------------------------------------------- 1,325,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 1,333,016 ------------------------------------------------------------------------------------------------------------- 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,487,655 ------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,118,180 ------------------------------------------------------------------------------------------------------------- 1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,583,914 ------------------------------------------------------------------------------------------------------------- 2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,322,867 ------------------------------------------------------------------------------------------------------------- 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,253,504 ------------------------------------------------------------------------------------------------------------- 1,215,000 Monroe County IDA (St. Joseph's Parking Garage) a 7.000 11/01/2008 1,184,892 ------------------------------------------------------------------------------------------------------------- 4,345,000 Monroe County IDA (St. Joseph's Parking Garage) a 7.500 11/01/2022 4,130,748 ------------------------------------------------------------------------------------------------------------- 7,420,000 Monroe County IDA (The Children's Beverage Group) a,b,d 8.750 11/01/2010 77,910 ------------------------------------------------------------------------------------------------------------- 910,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 864,063 ------------------------------------------------------------------------------------------------------------- 2,710,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,438,404 ------------------------------------------------------------------------------------------------------------- 175,000 Monroe County IDA (West End Business) 6.750 12/01/2004 175,215 ------------------------------------------------------------------------------------------------------------- 40,000 Monroe County IDA (West End Business) 6.750 12/01/2004 40,049 ------------------------------------------------------------------------------------------------------------- 25,000 Monroe County IDA (West End Business) 6.750 12/01/2004 25,031 ------------------------------------------------------------------------------------------------------------- 1,375,000 Monroe County IDA (West End Business) 8.000 12/01/2014 1,422,657 ------------------------------------------------------------------------------------------------------------- 345,000 Monroe County IDA (West End Business) 8.000 12/01/2014 356,958 ------------------------------------------------------------------------------------------------------------- 170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 175,892 ------------------------------------------------------------------------------------------------------------- 515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 532,850 ------------------------------------------------------------------------------------------------------------- 12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 12,860,880 ------------------------------------------------------------------------------------------------------------- 30,000,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035 28,984,200 ------------------------------------------------------------------------------------------------------------- 3,000,000 Monroe County Tobacco Asset Securitization Corp. Fixed Receipts 6.600 06/01/2042 2,996,250 ------------------------------------------------------------------------------------------------------------- 6,870,000 Monroe County Tobacco Asset Securitization Corp. RITES a 11.741 v 06/01/2042 6,852,825 ------------------------------------------------------------------------------------------------------------- 9,000,000 Monroe County Tobacco Asset Securitization Corp. RITES a 16.954 f 06/01/2042 8,966,250 ------------------------------------------------------------------------------------------------------------- 2,160,000 Monroe Newpower Corp. 5.500 01/01/2034 2,239,250 ------------------------------------------------------------------------------------------------------------- 500,000 Monroe Newpower Corp. 5.625 01/01/2026 523,295 ------------------------------------------------------------------------------------------------------------- 5,860,000 Montgomery County IDA (ASMF) a,b,d 7.250 01/15/2019 3,003,250 ------------------------------------------------------------------------------------------------------------- 2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,251,533 ------------------------------------------------------------------------------------------------------------- 2,500,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,379,450 ------------------------------------------------------------------------------------------------------------- 14,200,000 MTA RITES a 16.270 f 11/15/2025 16,947,984 ------------------------------------------------------------------------------------------------------------- 10,000,000 MTA RITES a 16.270 f 11/15/2030 11,841,000 ------------------------------------------------------------------------------------------------------------- 5,000,000 MTA RITES a 16.270 f 11/15/2030 5,920,500 ------------------------------------------------------------------------------------------------------------- 2,890,000 MTA RITES a 16.270 f 11/15/2030 3,422,049 ------------------------------------------------------------------------------------------------------------- 7,500,000 MTA RITES a 16.270 f 11/15/2031 8,859,750 ------------------------------------------------------------------------------------------------------------- 1,910,000 MTA RITES a 16.271 f 11/15/2028 2,268,201 ------------------------------------------------------------------------------------------------------------- 2,125,000 MTA RITES a 16.271 f 11/15/2032 2,509,582 ------------------------------------------------------------------------------------------------------------- 2,220,000 MTA Service Contract RITES a 16.770 f 01/01/2024 2,650,547 ------------------------------------------------------------------------------------------------------------- 136,525,000 MTA Service Contract, Series A 5.125 01/01/2029 143,041,338 ------------------------------------------------------------------------------------------------------------- 33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 35,320,747 ------------------------------------------------------------------------------------------------------------- 20,850,000 MTA, Series A 5.125 11/15/2031 21,765,315 ------------------------------------------------------------------------------------------------------------- 34,620,000 MTA, Series E 5.250 11/15/2031 36,657,041 ------------------------------------------------------------------------------------------------------------- 802,824 Municipal Assistance Corp. for Troy, NY 0.000 z 07/15/2021 348,153 15 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------ New York Continued $ 1,218,573 Municipal Assistance Corp. for Troy, NY 0.000% z 01/15/2022 $ 509,839 ------------------------------------------------------------------------------------------------------------ 2,725,000 Nassau County IDA (ACLD) 8.125 10/01/2022 2,785,631 ------------------------------------------------------------------------------------------------------------ 1,290,000 Nassau County IDA (ALIA--ACDS) 7.500 06/01/2015 1,391,458 ------------------------------------------------------------------------------------------------------------ 260,000 Nassau County IDA (ALIA--ACLD) 7.125 06/01/2017 272,932 ------------------------------------------------------------------------------------------------------------ 425,000 Nassau County IDA (ALIA--ACLD) 7.500 06/01/2015 458,426 ------------------------------------------------------------------------------------------------------------ 6,795,000 Nassau County IDA (ALIA--CSMR) 7.000 11/01/2016 7,117,151 ------------------------------------------------------------------------------------------------------------ 3,875,000 Nassau County IDA (ALIA--CSMR) 7.125 06/01/2017 4,067,742 ------------------------------------------------------------------------------------------------------------ 2,110,000 Nassau County IDA (ALIA--CSMR) 7.500 06/01/2015 2,275,951 ------------------------------------------------------------------------------------------------------------ 400,000 Nassau County IDA (ALIA--FREE) 7.125 06/01/2012 423,216 ------------------------------------------------------------------------------------------------------------ 2,610,000 Nassau County IDA (ALIA--FREE) 7.500 06/01/2015 2,815,276 ------------------------------------------------------------------------------------------------------------ 4,030,000 Nassau County IDA (ALIA--FREE) 8.150 06/01/2030 4,362,354 ------------------------------------------------------------------------------------------------------------ 6,610,000 Nassau County IDA (ALIA--FREE) 8.250 06/01/2032 7,089,555 ------------------------------------------------------------------------------------------------------------ 1,040,000 Nassau County IDA (ALIA--HH) 7.125 06/01/2017 1,091,730 ------------------------------------------------------------------------------------------------------------ 800,000 Nassau County IDA (ALIA--HHS) 7.125 06/01/2017 839,792 ------------------------------------------------------------------------------------------------------------ 280,000 Nassau County IDA (ALIA--LVH) 7.500 06/01/2015 302,022 ------------------------------------------------------------------------------------------------------------ 635,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 684,943 ------------------------------------------------------------------------------------------------------------- 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,473,182 ------------------------------------------------------------------------------------------------------------- 1,070,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.000 11/01/2010 990,595 ------------------------------------------------------------------------------------------------------------- 6,060,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.875 11/01/2026 5,594,047 ------------------------------------------------------------------------------------------------------------- 4,000,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,201,560 ------------------------------------------------------------------------------------------------------------- 1,000,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 1,006,710 ------------------------------------------------------------------------------------------------------------- 2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,234,765 ------------------------------------------------------------------------------------------------------------- 135,000 Nassau County IDA (RJS Scientific) 8.050 12/01/2005 133,797 ------------------------------------------------------------------------------------------------------------- 2,700,000 Nassau County IDA (RJS Scientific) 9.050 12/01/2025 2,637,252 ------------------------------------------------------------------------------------------------------------- 2,759,599 Nassau County IDA (Sharp International) a,b,d 7.375 12/01/2007 154,538 ------------------------------------------------------------------------------------------------------------- 1,752,588 Nassau County IDA (Sharp International) a,b,d 7.375 12/01/2007 98,145 ------------------------------------------------------------------------------------------------------------- 2,527,212 Nassau County IDA (Sharp International) a,b,d 7.875 12/01/2012 141,524 ------------------------------------------------------------------------------------------------------------- 1,597,663 Nassau County IDA (Sharp International) a,b,d 7.875 12/01/2012 91,067 ------------------------------------------------------------------------------------------------------------- 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,002,932 ------------------------------------------------------------------------------------------------------------- 24,775,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,983,853 ------------------------------------------------------------------------------------------------------------- 4,375,000 Nassau County IFA RITES a 16.880 f 11/15/2021 5,335,487 ------------------------------------------------------------------------------------------------------------- 2,040,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2021 2,024,680 ------------------------------------------------------------------------------------------------------------- 4,900,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 4,889,367 ------------------------------------------------------------------------------------------------------------- 1,320,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2022 1,302,682 ------------------------------------------------------------------------------------------------------------- 35,385,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 34,549,560 ------------------------------------------------------------------------------------------------------------- 21,070,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 20,889,641 ------------------------------------------------------------------------------------------------------------- 35,185,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 35,034,760 ------------------------------------------------------------------------------------------------------------- 7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,268,621 ------------------------------------------------------------------------------------------------------------- 3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,358,604 ------------------------------------------------------------------------------------------------------------- 4,290,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,313,895 ------------------------------------------------------------------------------------------------------------- 6,195,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 6,196,301 ------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,801,597 ------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,797,824 ------------------------------------------------------------------------------------------------------------- 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 2,112,760 16 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250% 07/01/2027 $ 13,267,078 ------------------------------------------------------------------------------------------------------------- 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,841,315 ------------------------------------------------------------------------------------------------------------- 4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 5,055,286 ------------------------------------------------------------------------------------------------------------- 2,790,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,747,480 ------------------------------------------------------------------------------------------------------------- 3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,496,383 ------------------------------------------------------------------------------------------------------------- 1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,588,605 ------------------------------------------------------------------------------------------------------------- 5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,699,808 ------------------------------------------------------------------------------------------------------------- 1,900,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,900,931 ------------------------------------------------------------------------------------------------------------- 6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,958,900 ------------------------------------------------------------------------------------------------------------- 225,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 215,194 ------------------------------------------------------------------------------------------------------------- 5,085,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 4,852,260 ------------------------------------------------------------------------------------------------------------- 1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,727,047 ------------------------------------------------------------------------------------------------------------- 750,000 Niagara Falls CSD COP (High School Facility) 6.625 06/15/2028 817,702 ------------------------------------------------------------------------------------------------------------- 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 796,825 ------------------------------------------------------------------------------------------------------------- 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,671,252 ------------------------------------------------------------------------------------------------------------- 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,313,415 ------------------------------------------------------------------------------------------------------------- 585,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 618,948 ------------------------------------------------------------------------------------------------------------- 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,845,166 ------------------------------------------------------------------------------------------------------------- 25,000 Nunda GO 8.000 05/01/2010 32,509 ------------------------------------------------------------------------------------------------------------- 20,000,000 NY Convention Center COP (Yale Building Acquisition) a 6.500 12/01/2004 20,313,000 ------------------------------------------------------------------------------------------------------------- 18,130,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 17,815,263 ------------------------------------------------------------------------------------------------------------- 59,090,000 NY Counties Tobacco Trust I (TASC) 6.625 06/01/2042 59,036,228 ------------------------------------------------------------------------------------------------------------- 3,975,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 3,819,339 ------------------------------------------------------------------------------------------------------------- 11,915,000 NY Counties Tobacco Trust I (TASC) RITES a 15.825 f 06/01/2028 10,514,987 ------------------------------------------------------------------------------------------------------------- 390,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 342,088 ------------------------------------------------------------------------------------------------------------- 29,455,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 25,576,366 ------------------------------------------------------------------------------------------------------------- 52,905,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 46,392,394 ------------------------------------------------------------------------------------------------------------- 200,000 NYC GO 0.000 z 05/15/2012 141,932 ------------------------------------------------------------------------------------------------------------- 40,000 NYC GO 0.000 z 10/01/2012 27,955 ------------------------------------------------------------------------------------------------------------- 495,000 NYC GO 0.000 v 08/01/2014 567,923 ------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 0.000 v 08/01/2014 5,426 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.125 03/15/2025 5,246,650 ------------------------------------------------------------------------------------------------------------- 1,015,000 NYC GO 5.250 08/15/2023 1,040,690 ------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.250 08/01/2024 512,415 ------------------------------------------------------------------------------------------------------------- 33,420,000 NYC GO 5.250 06/01/2027 34,506,818 ------------------------------------------------------------------------------------------------------------- 3,900,000 NYC GO 5.250 06/01/2028 4,020,900 ------------------------------------------------------------------------------------------------------------- 26,350,000 NYC GO 5.250 03/15/2032 27,174,491 ------------------------------------------------------------------------------------------------------------- 20,825,000 NYC GO 5.375 12/01/2026 21,667,371 ------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.375 08/01/2027 516,950 ------------------------------------------------------------------------------------------------------------- 2,465,000 NYC GO 5.375 03/15/2028 2,565,252 ------------------------------------------------------------------------------------------------------------- 55,765,000 NYC GO 5.375 06/01/2032 58,046,346 ------------------------------------------------------------------------------------------------------------- 85,000 NYC GO 5.500 10/01/2018 87,257 ------------------------------------------------------------------------------------------------------------- 1,255,000 NYC GO 5.500 06/01/2028 1,320,034 ------------------------------------------------------------------------------------------------------------- 23,215,000 NYC GO 5.500 12/01/2031 24,353,231 ------------------------------------------------------------------------------------------------------------- 6,770,000 NYC GO 5.500 11/15/2037 7,003,091 17 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 20,000 NYC GO 5.625% 08/01/2016 $ 21,306 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.625 03/15/2019 5,351,000 ------------------------------------------------------------------------------------------------------------- 35,000 NYC GO 5.750 02/01/2020 37,578 ------------------------------------------------------------------------------------------------------------- 4,845,000 NYC GO 6.000 02/01/2011 5,289,674 ------------------------------------------------------------------------------------------------------------- 25,255,000 NYC GO 6.000 01/15/2021 27,970,670 ------------------------------------------------------------------------------------------------------------- 1,415,000 NYC GO 6.350 05/15/2014 1,704,283 ------------------------------------------------------------------------------------------------------------- 335,000 NYC GO 6.350 05/15/2014 384,664 ------------------------------------------------------------------------------------------------------------- 397,000 NYC GO 6.500 08/01/2014 443,929 ------------------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.500 08/01/2015 1,766,772 ------------------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.625 08/01/2025 1,770,832 ------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2010 5,022 ------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.250 08/15/2024 5,021 ------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.750 08/15/2028 15,102 ------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 8.250 08/01/2014 5,031 ------------------------------------------------------------------------------------------------------------- 13,337,000 NYC GO CARS 10.720 f 08/12/2010 13,652,954 ------------------------------------------------------------------------------------------------------------- 6,887,000 NYC GO CARS 10.720 f 09/01/2011 7,045,194 ------------------------------------------------------------------------------------------------------------- 100,000 NYC GO DIAMONDS 0.000 v 08/01/2025 82,183 ------------------------------------------------------------------------------------------------------------- 343,777 NYC HDC (Albert Einstein Staff Hsg.) 6.500 12/15/2017 361,409 ------------------------------------------------------------------------------------------------------------- 1,311,794 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,380,440 ------------------------------------------------------------------------------------------------------------- 1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,101,942 ------------------------------------------------------------------------------------------------------------- 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,255,398 ------------------------------------------------------------------------------------------------------------- 324,285 NYC HDC (Bay Towers) 6.500 08/15/2017 341,200 ------------------------------------------------------------------------------------------------------------- 2,425,117 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,551,271 ------------------------------------------------------------------------------------------------------------- 412,535 NYC HDC (Bridgeview III) 6.500 12/15/2017 434,053 ------------------------------------------------------------------------------------------------------------- 440,553 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 463,113 ------------------------------------------------------------------------------------------------------------- 1,146,060 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,205,781 ------------------------------------------------------------------------------------------------------------- 164,286 NYC HDC (Candia House) 6.500 06/15/2018 172,824 ------------------------------------------------------------------------------------------------------------- 3,140,283 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,303,641 ------------------------------------------------------------------------------------------------------------- 270,534 NYC HDC (Contello III) 7.000 12/15/2018 284,685 ------------------------------------------------------------------------------------------------------------- 1,287,582 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,354,562 ------------------------------------------------------------------------------------------------------------- 982,414 NYC HDC (Court Plaza) 6.500 08/15/2017 1,033,657 ------------------------------------------------------------------------------------------------------------- 1,517,373 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,597,263 ------------------------------------------------------------------------------------------------------------- 3,174,061 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,339,461 ------------------------------------------------------------------------------------------------------------- 3,064,973 NYC HDC (Esplanade Gardens) 7.000 01/15/2019 3,225,793 ------------------------------------------------------------------------------------------------------------- 73,453 NYC HDC (Essex Terrace) 6.500 07/15/2018 77,270 ------------------------------------------------------------------------------------------------------------- 442,920 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 465,961 ------------------------------------------------------------------------------------------------------------- 1,462,708 NYC HDC (Gouverneur Gardens) 7.034 02/15/2019 1,539,486 ------------------------------------------------------------------------------------------------------------- 319,596 NYC HDC (Heywood Towers) 6.500 10/15/2017 336,222 ------------------------------------------------------------------------------------------------------------- 3,607,866 NYC HDC (Hudsonview Terrace) 6.500 09/15/2017 3,795,547 ------------------------------------------------------------------------------------------------------------- 1,017,038 NYC HDC (Janel Towers) 6.500 09/15/2017 1,070,086 ------------------------------------------------------------------------------------------------------------- 355,641 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 374,191 ------------------------------------------------------------------------------------------------------------- 203,023 NYC HDC (Kingsbridge Arms) 6.500 11/15/2018 213,574 ------------------------------------------------------------------------------------------------------------- 1,097,348 NYC HDC (Leader House) 6.500 03/15/2018 1,154,377 ------------------------------------------------------------------------------------------------------------- 1,547,780 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,627,088 ------------------------------------------------------------------------------------------------------------- 180,793 NYC HDC (Middagh St. Studio Apartments) 6.500 01/15/2018 181,201 18 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 2,347,417 NYC HDC (Montefiore Hospital Hsg. Sec. II) 6.500% 10/15/2017 $ 2,469,530 ------------------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,116,730 ------------------------------------------------------------------------------------------------------------- 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,918,849 ------------------------------------------------------------------------------------------------------------- 9,880,000 NYC HDC (Multifamily Hsg.), Series A 6.600 04/01/2030 10,122,159 ------------------------------------------------------------------------------------------------------------- 775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 806,178 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,022,490 ------------------------------------------------------------------------------------------------------------- 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,203,466 ------------------------------------------------------------------------------------------------------------- 775,563 NYC HDC (New Amsterdam House) 6.500 08/15/2018 815,869 ------------------------------------------------------------------------------------------------------------- 792,799 NYC HDC (New Amsterdam House) 6.500 08/15/2018 794,694 ------------------------------------------------------------------------------------------------------------- 956,344 NYC HDC (Riverbend) 6.500 11/15/2018 1,006,179 ------------------------------------------------------------------------------------------------------------- 5,956,689 NYC HDC (Riverside Park Community) 7.250 11/15/2018 6,270,666 ------------------------------------------------------------------------------------------------------------- 418,714 NYC HDC (RNA House) 7.000 12/15/2018 440,684 ------------------------------------------------------------------------------------------------------------- 594,394 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 625,398 ------------------------------------------------------------------------------------------------------------- 218,615 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 230,057 ------------------------------------------------------------------------------------------------------------- 581,885 NYC HDC (Scott Tower) 7.000 12/15/2018 612,324 ------------------------------------------------------------------------------------------------------------- 797,491 NYC HDC (Seaview Towers) 6.500 01/15/2018 838,936 ------------------------------------------------------------------------------------------------------------- 329,003 NYC HDC (St. Martin Tower) 6.500 11/15/2018 346,147 ------------------------------------------------------------------------------------------------------------- 1,520,785 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,599,820 ------------------------------------------------------------------------------------------------------------- 434,021 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 445,006 ------------------------------------------------------------------------------------------------------------- 1,517,919 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,595,955 ------------------------------------------------------------------------------------------------------------- 206,194 NYC HDC (Town House West) 6.500 01/15/2018 216,773 ------------------------------------------------------------------------------------------------------------- 317,406 NYC HDC (Tri-Faith House) 7.000 01/15/2019 334,009 ------------------------------------------------------------------------------------------------------------- 1,338,274 NYC HDC (University River View) 6.500 08/15/2017 1,408,079 ------------------------------------------------------------------------------------------------------------- 404,485 NYC HDC (Washington Square Southeast) 7.000 01/15/2019 425,372 ------------------------------------------------------------------------------------------------------------- 364,001 NYC HDC (West Side Manor) 6.500 11/15/2018 382,918 ------------------------------------------------------------------------------------------------------------- 3,689,839 NYC HDC (West Village) 6.500 11/15/2013 3,882,633 ------------------------------------------------------------------------------------------------------------- 230,416 NYC HDC (Westview Apartments) 6.500 10/15/2017 242,435 ------------------------------------------------------------------------------------------------------------- 540,191 NYC HDC (Woodstock Terrace) 7.034 02/15/2019 568,465 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,031,610 ------------------------------------------------------------------------------------------------------------- 5,875,000 NYC Health & Hospital Corp. RITES a 16.390 f 02/15/2020 6,875,395 ------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,051,569 ------------------------------------------------------------------------------------------------------------- 525,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 498,713 ------------------------------------------------------------------------------------------------------------- 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,308,986 ------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,293,280 ------------------------------------------------------------------------------------------------------------- 1,015,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.000 11/01/2010 985,332 ------------------------------------------------------------------------------------------------------------- 5,985,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.500 11/01/2026 5,750,627 ------------------------------------------------------------------------------------------------------------- 22,890,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 22,433,116 ------------------------------------------------------------------------------------------------------------- 20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 20,866,151 ------------------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,079,474 ------------------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,540,712 ------------------------------------------------------------------------------------------------------------- 375,000 NYC IDA (Allied Metal) 6.375 12/01/2014 357,600 ------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 903,744 ------------------------------------------------------------------------------------------------------------- 760,000 NYC IDA (Alrue Import Corp.) 8.000 11/01/2011 757,013 ------------------------------------------------------------------------------------------------------------- 3,845,000 NYC IDA (Alrue Import Corp.) 8.875 02/01/2026 3,952,929 ------------------------------------------------------------------------------------------------------------- 3,385,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,383,544 19 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 2,595,000 NYC IDA (American Airlines) 5.400% 07/01/2019 $ 1,388,610 ------------------------------------------------------------------------------------------------------------- 29,935,000 NYC IDA (American Airlines) 5.400 07/01/2020 16,017,320 ------------------------------------------------------------------------------------------------------------- 38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 21,319,470 ------------------------------------------------------------------------------------------------------------- 331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 185,814,636 ------------------------------------------------------------------------------------------------------------- 1,110,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 1,068,852 ------------------------------------------------------------------------------------------------------------- 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,295,537 ------------------------------------------------------------------------------------------------------------- 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,227,477 ------------------------------------------------------------------------------------------------------------- 730,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 723,401 ------------------------------------------------------------------------------------------------------------- 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,663,617 ------------------------------------------------------------------------------------------------------------- 355,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 342,866 ------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,412,295 ------------------------------------------------------------------------------------------------------------- 11,305,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,519,416 ------------------------------------------------------------------------------------------------------------- 28,680,000 NYC IDA (British Airways) 5.250 12/01/2032 19,695,130 ------------------------------------------------------------------------------------------------------------- 10,715,000 NYC IDA (British Airways) 7.625 12/01/2032 9,459,202 ------------------------------------------------------------------------------------------------------------- 3,075,000 NYC IDA (Brooklyn Heights Montessori School) 8.500 01/01/2027 3,267,372 ------------------------------------------------------------------------------------------------------------- 660,000 NYC IDA (Brooklyn Heights Montessori School) 8.900 09/01/2011 673,715 ------------------------------------------------------------------------------------------------------------- 1,690,000 NYC IDA (Brooklyn Heights Montessori School) 9.200 09/01/2021 1,760,321 ------------------------------------------------------------------------------------------------------------- 67,000,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 62,320,720 ------------------------------------------------------------------------------------------------------------- 133,735,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 124,402,972 ------------------------------------------------------------------------------------------------------------- 3,860,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 3,852,241 ------------------------------------------------------------------------------------------------------------- 345,000 NYC IDA (Cellini Furniture Crafters) a 6.625 11/01/2009 319,912 ------------------------------------------------------------------------------------------------------------- 885,000 NYC IDA (Cellini Furniture Crafters) a 7.125 11/01/2019 816,988 ------------------------------------------------------------------------------------------------------------- 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,239,001 ------------------------------------------------------------------------------------------------------------- 1,055,000 NYC IDA (CNC Associates NY) 6.500 11/01/2007 1,035,345 ------------------------------------------------------------------------------------------------------------- 4,685,000 NYC IDA (CNC Associates NY) 7.500 11/01/2019 4,589,567 ------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,580,200 ------------------------------------------------------------------------------------------------------------- 9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,738,336 ------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,641,800 ------------------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,039,983 ------------------------------------------------------------------------------------------------------------- 3,001,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,930,627 ------------------------------------------------------------------------------------------------------------- 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,757,687 ------------------------------------------------------------------------------------------------------------- 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,489,036 ------------------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,922,096 ------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,557,270 ------------------------------------------------------------------------------------------------------------- 8,495,000 NYC IDA (Crowne Plaza--LaGuardia) b,d 6.000 11/01/2028 4,998,628 ------------------------------------------------------------------------------------------------------------- 870,000 NYC IDA (Dioni) 6.000 11/01/2007 840,115 ------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,346,344 ------------------------------------------------------------------------------------------------------------- 1,100,000 NYC IDA (Display Creations) 7.000 06/01/2008 1,117,270 ------------------------------------------------------------------------------------------------------------- 70,000 NYC IDA (Eden II School) 7.750 06/01/2004 70,424 ------------------------------------------------------------------------------------------------------------- 2,505,000 NYC IDA (Eden II School) 8.750 06/01/2019 2,581,803 ------------------------------------------------------------------------------------------------------------- 10,055,000 NYC IDA (Elmhurst Parking Garage) 7.500 07/30/2003 10,100,046 ------------------------------------------------------------------------------------------------------------- 800,000 NYC IDA (Excel Paint Applicators) a 8.250 11/01/2010 784,632 ------------------------------------------------------------------------------------------------------------- 4,825,000 NYC IDA (Excel Paint Applicators) a 8.625 11/01/2026 4,733,421 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYC IDA (Field Hotel Associates/JFK International Airport) b,d 6.000 11/01/2028 2,942,100 20 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 7,315,000 NYC IDA (Friends Seminary School) 7.125% 09/15/2031 $ 7,821,344 ------------------------------------------------------------------------------------------------------------- 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,449,215 ------------------------------------------------------------------------------------------------------------- 860,000 NYC IDA (Gateway School of NY) 6.200 11/01/2012 866,149 ------------------------------------------------------------------------------------------------------------- 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,269,439 ------------------------------------------------------------------------------------------------------------- 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 1,872,414 ------------------------------------------------------------------------------------------------------------- 1,175,000 NYC IDA (Graphic Artists) 8.250 12/30/2023 1,206,643 ------------------------------------------------------------------------------------------------------------- 470,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 476,542 ------------------------------------------------------------------------------------------------------------- 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,323,978 ------------------------------------------------------------------------------------------------------------- 535,000 NYC IDA (Hi Tech Res Rec) 9.250 08/01/2008 535,540 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,039,300 ------------------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,103,470 ------------------------------------------------------------------------------------------------------------- 6,040,000 NYC IDA (JBFS) 6.750 12/15/2012 6,106,742 ------------------------------------------------------------------------------------------------------------- 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,594,134 ------------------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 926,568 ------------------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,060,548 ------------------------------------------------------------------------------------------------------------- 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,749,588 ------------------------------------------------------------------------------------------------------------- 1,720,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,722,649 ------------------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,092,215 ------------------------------------------------------------------------------------------------------------- 615,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 584,244 ------------------------------------------------------------------------------------------------------------- 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,725,600 ------------------------------------------------------------------------------------------------------------- 2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,074,720 ------------------------------------------------------------------------------------------------------------- 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 24,025,110 ------------------------------------------------------------------------------------------------------------- 3,875,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 3,996,442 ------------------------------------------------------------------------------------------------------------- 19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,850,652 ------------------------------------------------------------------------------------------------------------- 2,125,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 2,100,647 ------------------------------------------------------------------------------------------------------------- 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,682,656 ------------------------------------------------------------------------------------------------------------- 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,068,430 ------------------------------------------------------------------------------------------------------------- 17,050,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 11,287,611 ------------------------------------------------------------------------------------------------------------- 205,000 NYC IDA (NY Hostel Company) 6.750 01/01/2004 205,726 ------------------------------------------------------------------------------------------------------------- 4,400,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,553,164 ------------------------------------------------------------------------------------------------------------- 530,000 NYC IDA (NY Vanities & Manufacturing) 7.000 11/01/2009 511,800 ------------------------------------------------------------------------------------------------------------- 1,405,000 NYC IDA (NY Vanities & Manufacturing) 7.500 11/01/2019 1,376,380 ------------------------------------------------------------------------------------------------------------- 1,720,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 1,736,976 ------------------------------------------------------------------------------------------------------------- 660,000 NYC IDA (Paradise Products) 7.125 11/01/2007 656,126 ------------------------------------------------------------------------------------------------------------- 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,670,557 ------------------------------------------------------------------------------------------------------------- 1,055,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 1,075,045 ------------------------------------------------------------------------------------------------------------- 310,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 314,938 ------------------------------------------------------------------------------------------------------------- 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,935,660 ------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 982,582 ------------------------------------------------------------------------------------------------------------- 70,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 64,307 ------------------------------------------------------------------------------------------------------------- 16,700,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 15,012,632 ------------------------------------------------------------------------------------------------------------- 345,000 NYC IDA (Pop Display) 6.750 12/30/2014 345,956 ------------------------------------------------------------------------------------------------------------- 2,645,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,687,320 ------------------------------------------------------------------------------------------------------------- 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,057,552 21 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 1,910,000 NYC IDA (Precision Gear) 6.375% 11/01/2024 $ 1,754,430 ------------------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 933,367 ------------------------------------------------------------------------------------------------------------- 815,000 NYC IDA (PRFF) 7.000 10/01/2016 821,675 ------------------------------------------------------------------------------------------------------------- 710,000 NYC IDA (Promotional Slideguide) 7.500 12/01/2010 834,342 ------------------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Promotional Slideguide) 7.875 12/01/2015 1,260,715 ------------------------------------------------------------------------------------------------------------- 495,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 495,807 ------------------------------------------------------------------------------------------------------------- 3,210,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 3,041,892 ------------------------------------------------------------------------------------------------------------- 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,985,271 ------------------------------------------------------------------------------------------------------------- 1,650,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,595,434 ------------------------------------------------------------------------------------------------------------- 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,901,543 ------------------------------------------------------------------------------------------------------------- 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,405,711 ------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,733,164 ------------------------------------------------------------------------------------------------------------- 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 3,771,249 ------------------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 1,473,649 ------------------------------------------------------------------------------------------------------------- 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,308,626 ------------------------------------------------------------------------------------------------------------- 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,366,760 ------------------------------------------------------------------------------------------------------------- 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,553 ------------------------------------------------------------------------------------------------------------- 2,045,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 2,155,144 ------------------------------------------------------------------------------------------------------------- 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 594,834 ------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,317,636 ------------------------------------------------------------------------------------------------------------- 60,000 NYC IDA (Summit School) 7.250 12/01/2004 60,202 ------------------------------------------------------------------------------------------------------------- 1,485,000 NYC IDA (Summit School) 8.250 12/01/2024 1,533,396 ------------------------------------------------------------------------------------------------------------- 1,120,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 1,127,986 ------------------------------------------------------------------------------------------------------------- 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,454,952 ------------------------------------------------------------------------------------------------------------- 3,510,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 3,580,867 ------------------------------------------------------------------------------------------------------------- 25,460,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 26,063,402 ------------------------------------------------------------------------------------------------------------- 210,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 215,510 ------------------------------------------------------------------------------------------------------------- 9,460,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 9,684,202 ------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 406,585 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,055,410 ------------------------------------------------------------------------------------------------------------- 10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,726,500 ------------------------------------------------------------------------------------------------------------- 465,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 475,509 ------------------------------------------------------------------------------------------------------------- 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,873,419 ------------------------------------------------------------------------------------------------------------- 435,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 430,950 ------------------------------------------------------------------------------------------------------------- 1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,106,212 ------------------------------------------------------------------------------------------------------------- 4,325,000 NYC IDA (Touro College) 6.350 06/01/2029 3,879,482 ------------------------------------------------------------------------------------------------------------- 4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,298,738 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,063,200 ------------------------------------------------------------------------------------------------------------- 1,455,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,419,411 ------------------------------------------------------------------------------------------------------------- 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,308,912 ------------------------------------------------------------------------------------------------------------- 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,659,729 ------------------------------------------------------------------------------------------------------------- 145,000 NYC IDA (Utleys) 6.625 11/01/2006 142,999 ------------------------------------------------------------------------------------------------------------- 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,308,046 ------------------------------------------------------------------------------------------------------------- 820,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 820,640 ------------------------------------------------------------------------------------------------------------- 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,087,099 22 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 500,000 NYC IDA (Visy Paper) 7.550% 01/01/2005 $ 498,405 ------------------------------------------------------------------------------------------------------------- 17,300,000 NYC IDA (Visy Paper) 7.800 01/01/2016 17,449,472 ------------------------------------------------------------------------------------------------------------- 48,250,000 NYC IDA (Visy Paper) 7.950 01/01/2028 48,262,545 ------------------------------------------------------------------------------------------------------------- 1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 2,012,430 ------------------------------------------------------------------------------------------------------------- 630,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 626,667 ------------------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,585,867 ------------------------------------------------------------------------------------------------------------- 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 6,465,290 ------------------------------------------------------------------------------------------------------------- 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,503,512 ------------------------------------------------------------------------------------------------------------- 9,000,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 5,041,620 ------------------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2019 243,604 ------------------------------------------------------------------------------------------------------------- 6,030,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2020 2,605,322 ------------------------------------------------------------------------------------------------------------- 450,000 NYC Municipal Water Finance Authority 5.000 06/15/2024 466,578 ------------------------------------------------------------------------------------------------------------- 795,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 829,535 ------------------------------------------------------------------------------------------------------------- 4,750,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 4,980,660 ------------------------------------------------------------------------------------------------------------- 39,500,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 41,362,030 ------------------------------------------------------------------------------------------------------------- 550,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 583,874 ------------------------------------------------------------------------------------------------------------- 2,160,000 NYC Municipal Water Finance Authority 5.375 06/15/2026 2,319,991 ------------------------------------------------------------------------------------------------------------- 75,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 79,859 ------------------------------------------------------------------------------------------------------------- 10,850,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 11,679,916 ------------------------------------------------------------------------------------------------------------- 40,000 NYC Municipal Water Finance Authority 5.750 06/15/2020 42,285 ------------------------------------------------------------------------------------------------------------- 4,000,000 NYC Municipal Water Finance Authority CAB 0.000 z 06/15/2021 1,714,040 ------------------------------------------------------------------------------------------------------------- 10,000,000 NYC Municipal Water Finance Authority LEVRRS 10.058 f 06/15/2019 10,979,700 ------------------------------------------------------------------------------------------------------------- 2,930,000 NYC Municipal Water Finance Authority RITES a 16.241 f 06/15/2032 3,322,093 ------------------------------------------------------------------------------------------------------------- 2,500,000 NYC Municipal Water Finance Authority RITES a 16.300 f 06/15/2029 2,848,050 ------------------------------------------------------------------------------------------------------------- 7,850,000 NYC Municipal Water Finance Authority RITES a 16.300 f 06/15/2034 9,053,876 ------------------------------------------------------------------------------------------------------------- 14,425,000 NYC Municipal Water Finance Authority RITES a 16.321 f 06/15/2026 16,511,720 ------------------------------------------------------------------------------------------------------------- 2,805,000 NYC Municipal Water Finance Authority RITES a 16.400 f 06/15/2027 3,151,305 ------------------------------------------------------------------------------------------------------------- 11,210,000 NYC Municipal Water Finance Authority RITES a 16.741 f 06/15/2032 13,142,604 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES a 16.800 f 06/15/2030 5,634,700 ------------------------------------------------------------------------------------------------------------- 3,555,000 NYC Municipal Water Finance Authority RITES a 16.859 f 06/15/2021 4,325,582 ------------------------------------------------------------------------------------------------------------- 18,240,000 NYC Municipal Water Finance Authority RITES a 16.890 f 06/15/2030 20,555,386 ------------------------------------------------------------------------------------------------------------- 4,030,000 NYC Municipal Water Finance Authority RITES a 16.900 f 06/15/2030 4,541,568 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES a 16.900 f 06/15/2030 5,634,700 ------------------------------------------------------------------------------------------------------------- 17,300,000 NYC Municipal Water Finance Authority RITES a 18.300 f 06/15/2033 22,593,454 ------------------------------------------------------------------------------------------------------------- 3,140,000 NYC Municipal Water Finance Authority RITES a 18.359 f 06/15/2027 4,258,782 ------------------------------------------------------------------------------------------------------------- 2,150,000 NYC TFA RITES a 16.301 f 08/15/2027 2,392,262 ------------------------------------------------------------------------------------------------------------- 19,654,306 NYS Certificate of Lease a 5.875 01/02/2023 20,472,514 ------------------------------------------------------------------------------------------------------------- 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 375,931 ------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,610,250 ------------------------------------------------------------------------------------------------------------- 35,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 38,691 ------------------------------------------------------------------------------------------------------------- 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 15,044,685 ------------------------------------------------------------------------------------------------------------- 20,000,000 NYS DA (Catholic Health Services) 6.000 07/01/2030 21,299,000 ------------------------------------------------------------------------------------------------------------- 8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 9,021,570 ------------------------------------------------------------------------------------------------------------- 2,855,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,951,756 23 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 35,000 NYS DA (City University) 5.000% 07/01/2023 $ 36,335 ------------------------------------------------------------------------------------------------------------- 18,280,000 NYS DA (City University) 5.250 07/01/2031 20,632,088 ------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,750,175 ------------------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (Court Facilities) 5.250 05/15/2021 15,267,300 ------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Court Facilities) 5.375 05/15/2023 2,620,875 ------------------------------------------------------------------------------------------------------------- 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,331,587 ------------------------------------------------------------------------------------------------------------- 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 557,896 ------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 21,132 ------------------------------------------------------------------------------------------------------------- 16,970,000 NYS DA (FHA Insured Mtg.), Series B 0.000 z 08/15/2040 1,916,422 ------------------------------------------------------------------------------------------------------------- 6,480,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,858,691 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,123,830 ------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 2,117,800 ------------------------------------------------------------------------------------------------------------- 140,510,000 NYS DA (Insured Hospital) 0.000 z 08/15/2036 23,973,816 ------------------------------------------------------------------------------------------------------------- 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 40,517,955 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,054,510 ------------------------------------------------------------------------------------------------------------- 30,000 NYS DA (KMH Homes) 6.950 08/01/2031 31,071 ------------------------------------------------------------------------------------------------------------- 3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,621,086 ------------------------------------------------------------------------------------------------------------- 1,400,000 NYS DA (L.I. University) 5.250 09/01/2028 1,483,594 ------------------------------------------------------------------------------------------------------------- 25,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 27,402 ------------------------------------------------------------------------------------------------------------- 9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES a 9.386 f 02/01/2038 10,276,567 ------------------------------------------------------------------------------------------------------------- 3,115,000 NYS DA (Menorah Home & Hospital) RITES a 16.770 f 08/01/2038 3,620,565 ------------------------------------------------------------------------------------------------------------- 5,825,000 NYS DA (Menorah Home) RITES a 16.959 f 08/01/2038 6,773,776 ------------------------------------------------------------------------------------------------------------- 4,625,000 NYS DA (Mental Health) RITES a 16.400 f 02/15/2023 5,298,030 ------------------------------------------------------------------------------------------------------------- 3,460,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,635,457 ------------------------------------------------------------------------------------------------------------- 3,180,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 3,509,512 ------------------------------------------------------------------------------------------------------------- 2,430,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019 2,782,885 ------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2025 7,741,784 ------------------------------------------------------------------------------------------------------------- 2,375,000 NYS DA (Montefiore Medical) RITES a 18.359 f 08/01/2038 3,008,033 ------------------------------------------------------------------------------------------------------------- 6,800,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.000 07/01/2014 6,743,356 ------------------------------------------------------------------------------------------------------------- 3,000,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.500 07/01/2017 3,097,110 ------------------------------------------------------------------------------------------------------------- 26,920,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.500 07/01/2025 27,237,387 ------------------------------------------------------------------------------------------------------------- 42,630,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.600 07/01/2026 43,655,252 ------------------------------------------------------------------------------------------------------------- 8,820,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.625 07/01/2019 9,115,382 ------------------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.750 07/01/2020 15,480,900 ------------------------------------------------------------------------------------------------------------- 7,280,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2026 7,244,037 ------------------------------------------------------------------------------------------------------------- 2,850,000 NYS DA (Municipal Health Facilities) RITES a 16.400 f 01/15/2023 3,286,734 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,055,410 ------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,223,720 ------------------------------------------------------------------------------------------------------------- 4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,356,877 24 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 2,200,000 NYS DA (NY & Presbyterian Hospital) 6.500% 08/01/2034 $ 2,345,992 ------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,367,571 ------------------------------------------------------------------------------------------------------------- 7,425,248 NYS DA (Our Lady of Mercy Medical Center) Computer Lease a 6.200 08/15/2006 7,299,761 ------------------------------------------------------------------------------------------------------------- 11,585,000 NYS DA (Rochester General Hospital) RITES a 10.048 f 08/01/2033 12,074,235 ------------------------------------------------------------------------------------------------------------- 600,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 634,530 ------------------------------------------------------------------------------------------------------------- 9,000,000 NYS DA (St. Agnes Hospital) 5.400 02/15/2025 9,485,550 ------------------------------------------------------------------------------------------------------------- 2,400,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,514,312 ------------------------------------------------------------------------------------------------------------- 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,858,640 ------------------------------------------------------------------------------------------------------------- 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,130,232 ------------------------------------------------------------------------------------------------------------- 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,719,836 ------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,558,485 ------------------------------------------------------------------------------------------------------------- 3,885,000 NYS DA (St. Vincent Depaul Residence) 5.300 07/01/2018 4,075,870 ------------------------------------------------------------------------------------------------------------- 130,000 NYS DA (St. Vincent's Hospital & Medical Center) 7.400 08/01/2030 134,459 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (State University Dormitory Facilities) 5.100 07/01/2031 1,044,460 ------------------------------------------------------------------------------------------------------------- 50,000 NYS DA (State University Educational Facilities) 0.000 z 05/15/2007 45,542 ------------------------------------------------------------------------------------------------------------- 95,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 97,062 ------------------------------------------------------------------------------------------------------------- 3,315,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014 3,803,432 ------------------------------------------------------------------------------------------------------------- 55,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 56,922 ------------------------------------------------------------------------------------------------------------- 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,797,274 ------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,682,300 ------------------------------------------------------------------------------------------------------------- 26,040,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 27,473,762 ------------------------------------------------------------------------------------------------------------- 1,715,000 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 1,741,188 ------------------------------------------------------------------------------------------------------------- 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 8,043,450 ------------------------------------------------------------------------------------------------------------- 2,340,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,471,227 ------------------------------------------------------------------------------------------------------------- 35,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 35,170 ------------------------------------------------------------------------------------------------------------- 11,845,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 11,915,833 ------------------------------------------------------------------------------------------------------------- 15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 15,619,005 ------------------------------------------------------------------------------------------------------------- 4,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.901 f 07/08/2026 5,022,185 ------------------------------------------------------------------------------------------------------------- 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 11.397 f 04/01/2020 9,012,500 ------------------------------------------------------------------------------------------------------------- 16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 12.403 f 07/01/2026 20,278,015 ------------------------------------------------------------------------------------------------------------- 210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 225,135 ------------------------------------------------------------------------------------------------------------- 9,350,000 NYS ERDA (Con Ed) RITES a 9.286 f 08/15/2020 9,878,462 ------------------------------------------------------------------------------------------------------------- 40,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 41,306 ------------------------------------------------------------------------------------------------------------- 23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,481,850 ------------------------------------------------------------------------------------------------------------- 300,000 NYS ERDA (LILCO) 5.300 10/01/2024 306,285 ------------------------------------------------------------------------------------------------------------- 3,485,000 NYS ERDA (NIMO) RITES a 17.000 f 11/01/2025 4,150,496 ------------------------------------------------------------------------------------------------------------- 425,000 NYS ERDA (NYSEG) 5.700 12/01/2028 439,127 ------------------------------------------------------------------------------------------------------------- 25,000 NYS ERDA (NYSEG) 5.950 12/01/2027 25,102 ------------------------------------------------------------------------------------------------------------- 30,000 NYS ERDA (NYSEG) 5.950 12/01/2027 30,791 ------------------------------------------------------------------------------------------------------------- 3,625,000 NYS ERDA (RG&E) Residual Certificates a 19.870 f 09/01/2033 5,035,343 ------------------------------------------------------------------------------------------------------------- 3,375,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,385,260 ------------------------------------------------------------------------------------------------------------- 2,200,000 NYS HFA (Dominican Village) 6.600 08/15/2027 2,304,038 ------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,239 ------------------------------------------------------------------------------------------------------------- 6,235,000 NYS HFA (HELP--Bronx Hsg.) 8.050 11/01/2005 6,423,609 25 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 800,000 NYS HFA (HELP--Suffolk Hsg.) 8.100% 11/01/2005 $ 824,200 ------------------------------------------------------------------------------------------------------------- 2,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010 2,529 ------------------------------------------------------------------------------------------------------------- 200,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 258,076 ------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,024 ------------------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2016 23,956 ------------------------------------------------------------------------------------------------------------- 12,695,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2017 5,732,173 ------------------------------------------------------------------------------------------------------------- 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 766,970 ------------------------------------------------------------------------------------------------------------- 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,391,054 ------------------------------------------------------------------------------------------------------------- 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,746,121 ------------------------------------------------------------------------------------------------------------- 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,134,575 ------------------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,956,182 ------------------------------------------------------------------------------------------------------------- 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,159,061 ------------------------------------------------------------------------------------------------------------- 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,395,405 ------------------------------------------------------------------------------------------------------------- 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,120,111 ------------------------------------------------------------------------------------------------------------- 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,233,164 ------------------------------------------------------------------------------------------------------------- 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,410,221 ------------------------------------------------------------------------------------------------------------- 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,289,166 ------------------------------------------------------------------------------------------------------------- 1,665,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,755,992 ------------------------------------------------------------------------------------------------------------- 1,230,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,253,161 ------------------------------------------------------------------------------------------------------------- 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,260,256 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,018,830 ------------------------------------------------------------------------------------------------------------- 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,776,126 ------------------------------------------------------------------------------------------------------------- 2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,234,459 ------------------------------------------------------------------------------------------------------------- 1,470,000 NYS HFA (Multifamily Hsg.) 5.700 02/15/2034 1,531,079 ------------------------------------------------------------------------------------------------------------- 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 97,731 ------------------------------------------------------------------------------------------------------------- 10,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 10,546 ------------------------------------------------------------------------------------------------------------- 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,416,751 ------------------------------------------------------------------------------------------------------------- 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,961,884 ------------------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 50,749 ------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 26,554 ------------------------------------------------------------------------------------------------------------- 755,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 798,186 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 5,234,300 ------------------------------------------------------------------------------------------------------------- 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,334,868 ------------------------------------------------------------------------------------------------------------- 2,905,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 2,959,062 ------------------------------------------------------------------------------------------------------------- 3,240,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 3,308,980 ------------------------------------------------------------------------------------------------------------- 5,530,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,765,080 ------------------------------------------------------------------------------------------------------------- 75,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 76,653 ------------------------------------------------------------------------------------------------------------- 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,516,100 ------------------------------------------------------------------------------------------------------------- 1,481,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 1,483,666 ------------------------------------------------------------------------------------------------------------- 900,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 910,233 ------------------------------------------------------------------------------------------------------------- 2,880,000 NYS HFA (NH&HC) RITES a 17.000 f 11/01/2016 3,690,202 ------------------------------------------------------------------------------------------------------------- 40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 40,054 ------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 25,693 ------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 20,239 ------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 20,433 26 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 2,015,000 NYS HFA (Nonprofit Hsg.) 8.400% 11/01/2009 $ 2,067,672 ------------------------------------------------------------------------------------------------------------- 2,180,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 2,236,985 ------------------------------------------------------------------------------------------------------------- 2,365,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 2,426,821 ------------------------------------------------------------------------------------------------------------- 2,565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 2,632,049 ------------------------------------------------------------------------------------------------------------- 2,770,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 2,842,408 ------------------------------------------------------------------------------------------------------------- 1,330,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 1,364,766 ------------------------------------------------------------------------------------------------------------- 1,440,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 1,477,642 ------------------------------------------------------------------------------------------------------------- 1,560,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 1,600,778 ------------------------------------------------------------------------------------------------------------- 1,705,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,749,569 ------------------------------------------------------------------------------------------------------------- 1,800,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,847,052 ------------------------------------------------------------------------------------------------------------- 1,155,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 1,185,192 ------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,410,600 ------------------------------------------------------------------------------------------------------------- 75,000 NYS HFA (Service Contract) 5.375 03/15/2023 77,003 ------------------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,996,648 ------------------------------------------------------------------------------------------------------------- 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,853,848 ------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Service Contract) 6.125 03/15/2020 5,154 ------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Service Contract) 6.125 03/15/2020 20,570 ------------------------------------------------------------------------------------------------------------- 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 277,111 ------------------------------------------------------------------------------------------------------------- 655,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 656,015 ------------------------------------------------------------------------------------------------------------- 80,000 NYS LGAC 5.500 04/01/2023 83,949 ------------------------------------------------------------------------------------------------------------- 435,000 NYS LGSC (SCSB) a 7.250 12/15/2011 442,360 ------------------------------------------------------------------------------------------------------------- 810,000 NYS LGSC (SCSB) a 7.375 12/15/2016 844,077 ------------------------------------------------------------------------------------------------------------- 980,000 NYS LGSC (SCSB) a 7.750 12/15/2021 1,020,229 ------------------------------------------------------------------------------------------------------------- 275,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006 272,841 ------------------------------------------------------------------------------------------------------------- 2,025,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/2014 1,942,704 ------------------------------------------------------------------------------------------------------------- 1,045,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 821,036 ------------------------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/2019 40,501 ------------------------------------------------------------------------------------------------------------- 65,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2029 68,921 ------------------------------------------------------------------------------------------------------------- 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,023,720 ------------------------------------------------------------------------------------------------------------- 1,920,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2034 2,012,314 ------------------------------------------------------------------------------------------------------------- 2,410,000 NYS Medcare (Hospital & Nursing Home) 6.650 08/15/2032 2,448,415 ------------------------------------------------------------------------------------------------------------- 2,200,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 2,272,820 ------------------------------------------------------------------------------------------------------------- 2,030,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 2,156,571 ------------------------------------------------------------------------------------------------------------- 1,255,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 1,339,838 ------------------------------------------------------------------------------------------------------------- 1,650,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,821,320 ------------------------------------------------------------------------------------------------------------- 240,000 NYS Medcare (Mental Health) 5.500 08/15/2021 245,640 ------------------------------------------------------------------------------------------------------------- 250,000 NYS Medcare (Mental Health) 5.500 08/15/2024 259,473 ------------------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 26,918 ------------------------------------------------------------------------------------------------------------- 650,000 NYS Medcare (Our Lady of Victory Hospital) 6.625 11/01/2016 659,061 ------------------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 26,095 ------------------------------------------------------------------------------------------------------------- 22,000,000 NYS Medcare (St. Luke's Hospital) IVRC a 10.122 f 02/15/2029 23,078,000 ------------------------------------------------------------------------------------------------------------- 12,500,000 NYS Medcare (St. Luke's Hospital) RITES a 9.999 f 02/15/2029 13,113,250 ------------------------------------------------------------------------------------------------------------- 8,400,000 NYS Medcare (St. Luke's Hospital) RITES a 10.048 f 02/15/2029 8,812,104 ------------------------------------------------------------------------------------------------------------- 5,750,000 NYS Medcare (St. Luke's Hospital) RITES a 10.048 f 02/15/2029 6,032,095 ------------------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare (St. Luke's Hospital) RITES a 10.088 f 02/15/2029 10,490,600 27 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 5,925,000 NYS Medcare RITES a 9.286% f 02/15/2019 $ 6,392,660 ------------------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare RITES a 9.536 f 02/15/2025 10,790,500 ------------------------------------------------------------------------------------------------------------- 25,000,000 NYS Thruway Authority Convertible INFLOS 8.725 f 01/01/2024 25,513,500 ------------------------------------------------------------------------------------------------------------- 7,140,000 NYS Thruway Authority RITES a 16.390 f 01/01/2025 8,085,622 ------------------------------------------------------------------------------------------------------------- 260,000 NYS Thruway Authority, Series A 0.000 z 01/01/2005 252,923 ------------------------------------------------------------------------------------------------------------- 5,000 NYS UDC (Correctional Facilities) 0.000 z 01/01/2013 3,527 ------------------------------------------------------------------------------------------------------------- 1,010,000 NYS UDC (Correctional Facilities) 5.000 01/01/2028 1,042,502 ------------------------------------------------------------------------------------------------------------- 12,140,000 NYS UDC (Correctional Facilities) 5.250 01/01/2021 12,567,085 ------------------------------------------------------------------------------------------------------------- 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,165,229 ------------------------------------------------------------------------------------------------------------- 875,000 Oneida County IDA (Mobile Climate Control) 8.000 11/01/2008 900,454 ------------------------------------------------------------------------------------------------------------- 2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,931,107 ------------------------------------------------------------------------------------------------------------- 450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 465,462 ------------------------------------------------------------------------------------------------------------- 740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 754,208 ------------------------------------------------------------------------------------------------------------- 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,243,193 ------------------------------------------------------------------------------------------------------------- 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,109,263 ------------------------------------------------------------------------------------------------------------- 4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,079,320 ------------------------------------------------------------------------------------------------------------- 2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,048,200 ------------------------------------------------------------------------------------------------------------- 85,750,000 Onondaga County IDA (Coltec Industries) 7.000 05/01/2015 74,775,715 ------------------------------------------------------------------------------------------------------------- 515,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 524,708 ------------------------------------------------------------------------------------------------------------- 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 804,342 ------------------------------------------------------------------------------------------------------------- 1,595,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,228,517 ------------------------------------------------------------------------------------------------------------- 8,345,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,273,669 ------------------------------------------------------------------------------------------------------------- 30,000 Onondaga County IDA (Gear Motion) 8.900 12/15/2011 30,281 ------------------------------------------------------------------------------------------------------------- 4,200,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 4,461,576 ------------------------------------------------------------------------------------------------------------- 11,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 11,941,600 ------------------------------------------------------------------------------------------------------------- 67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 70,182,336 ------------------------------------------------------------------------------------------------------------- 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 779,183 ------------------------------------------------------------------------------------------------------------- 15,505,000 Onondaga County Res Rec 6.875 05/01/2006 13,960,702 ------------------------------------------------------------------------------------------------------------- 712,000 Ontario County IDA (Ontario Design) 6.500 11/01/2005 716,991 ------------------------------------------------------------------------------------------------------------- 430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 433,672 ------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,521,350 ------------------------------------------------------------------------------------------------------------- 2,300,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,304,738 ------------------------------------------------------------------------------------------------------------- 2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,094,305 ------------------------------------------------------------------------------------------------------------- 2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,424,464 ------------------------------------------------------------------------------------------------------------- 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,692,861 ------------------------------------------------------------------------------------------------------------- 3,000,000 Orange County IDA (Kingston Manufacturing) a 8.000 11/01/2017 2,426,880 ------------------------------------------------------------------------------------------------------------- 425,000 Orange County IDA (Mental Retardation Project) 7.800 07/01/2011 425,451 ------------------------------------------------------------------------------------------------------------- 1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,788,299 ------------------------------------------------------------------------------------------------------------- 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,547,182 ------------------------------------------------------------------------------------------------------------- 2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,311,683 ------------------------------------------------------------------------------------------------------------- 7,920,000 Orange County IDA (Tuxedo Place) a 7.000 08/01/2032 6,371,561 28 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 2,500,000 Orange County IDA (Tuxedo Place) a 7.000% 08/01/2033 $ 2,010,725 ------------------------------------------------------------------------------------------------------------- 2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,899,169 ------------------------------------------------------------------------------------------------------------- 3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,476,594 ------------------------------------------------------------------------------------------------------------- 5,700,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 5,954,790 ------------------------------------------------------------------------------------------------------------- 2,970,000 Otsego County IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,154,348 ------------------------------------------------------------------------------------------------------------- 11,400,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,226,142 ------------------------------------------------------------------------------------------------------------- 692,716 Peekskill IDA (Karta) 9.000 07/01/2010 700,585 ------------------------------------------------------------------------------------------------------------- 5,675,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 5,748,208 ------------------------------------------------------------------------------------------------------------- 1,360,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,377,544 ------------------------------------------------------------------------------------------------------------- 50,460,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 51,110,934 ------------------------------------------------------------------------------------------------------------- 10,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 10,856 ------------------------------------------------------------------------------------------------------------- 285,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 300,051 ------------------------------------------------------------------------------------------------------------- 15,290,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 15,791,359 ------------------------------------------------------------------------------------------------------------- 2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 2,968,430 ------------------------------------------------------------------------------------------------------------- 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,082,495 ------------------------------------------------------------------------------------------------------------- 6,365,000 Rensselaer County Tobacco Asset Securitization Corp. 5.625 06/01/2035 5,526,857 ------------------------------------------------------------------------------------------------------------- 7,000,000 Rensselaer County Tobacco Asset Securitization Corp. 5.750 06/01/2043 6,138,300 ------------------------------------------------------------------------------------------------------------- 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 20,547,800 ------------------------------------------------------------------------------------------------------------- 1,785,000 Riverhead IDA (Michael Reilly Design) 8.625 02/01/2012 1,758,082 ------------------------------------------------------------------------------------------------------------- 530,000 Riverhead IDA (Michael Reilly Design) 8.625 02/01/2012 521,880 ------------------------------------------------------------------------------------------------------------- 4,535,000 Riverhead IDA (Michael Reilly Design) 8.875 02/01/2032 4,423,983 ------------------------------------------------------------------------------------------------------------- 15,070,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 15,220,700 ------------------------------------------------------------------------------------------------------------- 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,760,396 ------------------------------------------------------------------------------------------------------------- 1,880,000 Rockland County IDA (Dominican College) 5.900 05/01/2010 1,859,564 ------------------------------------------------------------------------------------------------------------- 5,000,000 Rockland County IDA (Dominican College) 6.250 05/01/2028 4,909,850 ------------------------------------------------------------------------------------------------------------- 740,000 Rockland County Tobacco Asset Securitization Corp. 5.500 08/15/2025 652,169 ------------------------------------------------------------------------------------------------------------- 9,225,000 Rockland County Tobacco Asset Securitization Corp. 5.625 08/15/2035 7,996,784 ------------------------------------------------------------------------------------------------------------- 10,100,000 Rockland County Tobacco Asset Securitization Corp. 5.750 08/15/2043 8,855,175 ------------------------------------------------------------------------------------------------------------- 1,245,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,285,052 ------------------------------------------------------------------------------------------------------------- 1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,772,912 ------------------------------------------------------------------------------------------------------------- 3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,478,038 ------------------------------------------------------------------------------------------------------------- 337,000 Schroon Lake Fire District a 7.250 03/01/2009 337,256 ------------------------------------------------------------------------------------------------------------- 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 180,843 ------------------------------------------------------------------------------------------------------------- 860,000 SONYMA, Series 24 6.125 10/01/2030 886,359 ------------------------------------------------------------------------------------------------------------- 2,450,000 SONYMA, Series 29 5.450 04/01/2031 2,538,788 ------------------------------------------------------------------------------------------------------------- 15,000 SONYMA, Series 30-C2 5.800 10/01/2025 15,360 ------------------------------------------------------------------------------------------------------------- 10,325,000 SONYMA, Series 38 RITES a 10.859 f 04/01/2025 10,669,545 ------------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 40B 6.400 10/01/2012 20,673 ------------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 54 6.100 10/01/2015 106,101 ------------------------------------------------------------------------------------------------------------- 55,000 SONYMA, Series 54 6.200 10/01/2026 59,353 ------------------------------------------------------------------------------------------------------------- 45,000 SONYMA, Series 54 6.200 10/01/2026 48,561 ------------------------------------------------------------------------------------------------------------- 5,175,000 SONYMA, Series 58 6.400 04/01/2027 5,754,755 ------------------------------------------------------------------------------------------------------------- 160,000 SONYMA, Series 60 6.000 10/01/2022 169,525 29 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 15,000 SONYMA, Series 63 6.125% 04/01/2027 $ 15,920 ------------------------------------------------------------------------------------------------------------- 9,955,000 SONYMA, Series 65 5.850 10/01/2028 10,489,285 ------------------------------------------------------------------------------------------------------------- 19,570,000 SONYMA, Series 67 5.800 10/01/2028 21,103,897 ------------------------------------------------------------------------------------------------------------- 3,295,000 SONYMA, Series 69 5.400 10/01/2019 3,443,769 ------------------------------------------------------------------------------------------------------------- 6,320,000 SONYMA, Series 69 5.500 10/01/2028 6,542,590 ------------------------------------------------------------------------------------------------------------- 4,670,000 SONYMA, Series 69 RITES a 9.757 f 10/01/2028 4,998,908 ------------------------------------------------------------------------------------------------------------- 13,000,000 SONYMA, Series 71 5.400 04/01/2029 13,439,920 ------------------------------------------------------------------------------------------------------------- 10,150,000 SONYMA, Series 71 RITES a 9.557 f 04/01/2029 10,836,952 ------------------------------------------------------------------------------------------------------------- 5,500,000 SONYMA, Series 73 RITES a 17.511 f 10/01/2028 6,185,190 ------------------------------------------------------------------------------------------------------------- 1,675,000 SONYMA, Series 73-A 5.300 10/01/2028 1,727,428 ------------------------------------------------------------------------------------------------------------- 10,525,000 SONYMA, Series 79 5.300 04/01/2029 10,866,747 ------------------------------------------------------------------------------------------------------------- 165,000 SONYMA, Series 82 5.650 04/01/2030 171,834 ------------------------------------------------------------------------------------------------------------- 885,000 SONYMA, Series 88 6.250 04/01/2030 958,101 ------------------------------------------------------------------------------------------------------------- 6,035,000 SONYMA, Series 97 5.500 04/01/2031 6,277,607 ------------------------------------------------------------------------------------------------------------- 300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 310,806 ------------------------------------------------------------------------------------------------------------- 1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,361,485 ------------------------------------------------------------------------------------------------------------- 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,499,449 ------------------------------------------------------------------------------------------------------------- 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 3,007,689 ------------------------------------------------------------------------------------------------------------- 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,825,547 ------------------------------------------------------------------------------------------------------------- 615,000 Suffolk County IDA (ALIA--ACDS) 7.125 06/01/2017 643,450 ------------------------------------------------------------------------------------------------------------- 425,000 Suffolk County IDA (ALIA--ACLD) 6.375 06/01/2014 417,979 ------------------------------------------------------------------------------------------------------------- 1,310,000 Suffolk County IDA (ALIA--ACLD) 6.500 03/01/2018 1,226,972 ------------------------------------------------------------------------------------------------------------- 745,000 Suffolk County IDA (ALIA--ACLD) 7.500 09/01/2015 795,638 ------------------------------------------------------------------------------------------------------------- 345,000 Suffolk County IDA (ALIA--ADD) 6.950 12/01/2014 361,584 ------------------------------------------------------------------------------------------------------------- 530,000 Suffolk County IDA (ALIA--ADD) 7.500 09/01/2015 566,024 ------------------------------------------------------------------------------------------------------------- 560,000 Suffolk County IDA (ALIA--CDD) 7.125 06/01/2017 585,906 ------------------------------------------------------------------------------------------------------------- 1,595,000 Suffolk County IDA (ALIA--DDI) a 6.375 06/01/2014 1,606,325 ------------------------------------------------------------------------------------------------------------- 300,000 Suffolk County IDA (ALIA--DDI) a 6.950 12/01/2014 314,421 ------------------------------------------------------------------------------------------------------------- 100,000 Suffolk County IDA (ALIA--DDI) a 7.500 09/01/2015 89,244 ------------------------------------------------------------------------------------------------------------- 880,000 Suffolk County IDA (ALIA--FREE) 6.375 06/01/2014 886,248 ------------------------------------------------------------------------------------------------------------- 2,140,000 Suffolk County IDA (ALIA--FREE) 6.950 12/01/2014 2,242,870 ------------------------------------------------------------------------------------------------------------- 4,865,000 Suffolk County IDA (ALIA--FREE) 7.125 06/01/2017 5,090,055 ------------------------------------------------------------------------------------------------------------- 710,000 Suffolk County IDA (ALIA--IGHL) 6.375 06/01/2014 698,271 ------------------------------------------------------------------------------------------------------------- 730,000 Suffolk County IDA (ALIA--IGHL) 6.950 12/01/2014 765,091 ------------------------------------------------------------------------------------------------------------- 1,295,000 Suffolk County IDA (ALIA--IGHL) 7.125 06/01/2017 1,354,907 ------------------------------------------------------------------------------------------------------------- 320,000 Suffolk County IDA (ALIA--IGHL) 7.500 09/01/2015 341,750 ------------------------------------------------------------------------------------------------------------- 445,000 Suffolk County IDA (ALIA--L.I. Head Injury Association) 6.375 06/01/2014 437,649 ------------------------------------------------------------------------------------------------------------- 870,000 Suffolk County IDA (ALIA--L.I. Head Injury Association) 6.950 12/01/2014 908,654 ------------------------------------------------------------------------------------------------------------- 315,000 Suffolk County IDA (ALIA--L.I. Head Injury Association) 7.500 09/01/2015 336,411 ------------------------------------------------------------------------------------------------------------- 735,000 Suffolk County IDA (ALIA--MCH) 6.375 06/01/2014 722,858 ------------------------------------------------------------------------------------------------------------- 1,830,000 Suffolk County IDA (ALIA--MCH) 6.950 12/01/2014 1,912,643 ------------------------------------------------------------------------------------------------------------- 1,580,000 Suffolk County IDA (ALIA--MCH) 7.125 06/01/2017 1,653,091 ------------------------------------------------------------------------------------------------------------- 805,000 Suffolk County IDA (ALIA--NYS ARC) 7.500 09/01/2015 859,716 30 | ROCHESTER FUND MUNICIPALS Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 505,000 Suffolk County IDA (ALIA-- Pederson-Krag Center) 8.375% 06/01/2016 $ 529,548 ------------------------------------------------------------------------------------------------------------- 600,000 Suffolk County IDA (ALIA--SMCFS) 7.500 09/01/2015 640,782 ------------------------------------------------------------------------------------------------------------- 770,000 Suffolk County IDA (ALIA--Suffolk Hostels) 7.500 09/01/2015 822,337 ------------------------------------------------------------------------------------------------------------- 315,000 Suffolk County IDA (ALIA--UCPAGS) 6.375 06/01/2014 309,796 ------------------------------------------------------------------------------------------------------------- 1,265,000 Suffolk County IDA (ALIA--UCPAGS) 6.950 12/01/2014 1,321,204 ------------------------------------------------------------------------------------------------------------- 935,000 Suffolk County IDA (ALIA--UCPAGS) 7.000 06/01/2016 971,044 ------------------------------------------------------------------------------------------------------------- 525,000 Suffolk County IDA (ALIA--UCPAGS) 7.500 09/01/2015 560,684 ------------------------------------------------------------------------------------------------------------- 450,000 Suffolk County IDA (ALIA--WORCA) 6.950 12/01/2014 469,994 ------------------------------------------------------------------------------------------------------------- 995,000 Suffolk County IDA (ALIA--WORCA) 7.125 06/01/2017 1,041,029 ------------------------------------------------------------------------------------------------------------- 635,000 Suffolk County IDA (ALIA--WORCA) 7.500 09/01/2015 678,161 ------------------------------------------------------------------------------------------------------------- 7,293,119 Suffolk County IDA (Camelot Village) b,d 7.900 11/01/2031 3,666,032 ------------------------------------------------------------------------------------------------------------- 310,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 327,639 ------------------------------------------------------------------------------------------------------------- 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,769,021 ------------------------------------------------------------------------------------------------------------- 960,000 Suffolk County IDA (DDI) a 6.250 03/01/2009 927,168 ------------------------------------------------------------------------------------------------------------- 5,025,000 Suffolk County IDA (DDI) a 7.250 03/01/2024 4,829,528 ------------------------------------------------------------------------------------------------------------- 9,275,000 Suffolk County IDA (DDI) a 8.750 03/01/2023 9,529,042 ------------------------------------------------------------------------------------------------------------- 2,605,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,598,956 ------------------------------------------------------------------------------------------------------------- 3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,255,066 ------------------------------------------------------------------------------------------------------------- 255,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 260,276 ------------------------------------------------------------------------------------------------------------- 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,293,951 ------------------------------------------------------------------------------------------------------------- 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,911,840 ------------------------------------------------------------------------------------------------------------- 3,250,000 Suffolk County IDA (Jefferson's Ferry) 6.125 11/01/2029 3,258,060 ------------------------------------------------------------------------------------------------------------- 6,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 6,895,720 ------------------------------------------------------------------------------------------------------------- 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,600,900 ------------------------------------------------------------------------------------------------------------- 3,500,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,400,845 ------------------------------------------------------------------------------------------------------------- 7,485,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 6,997,053 ------------------------------------------------------------------------------------------------------------- 715,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 727,577 ------------------------------------------------------------------------------------------------------------- 1,600,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 1,611,104 ------------------------------------------------------------------------------------------------------------- 295,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 306,629 ------------------------------------------------------------------------------------------------------------- 2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,659,729 ------------------------------------------------------------------------------------------------------------- 210,000 Suffolk County IDA (Rainbow Chimes) 7.000 05/01/2007 201,676 ------------------------------------------------------------------------------------------------------------- 2,210,000 Suffolk County IDA (Rainbow Chimes) 8.000 11/01/2024 2,150,330 ------------------------------------------------------------------------------------------------------------- 1,670,000 Suffolk County IDA (Rimland Facilities) a 3.188 v 12/01/2009 1,667,161 ------------------------------------------------------------------------------------------------------------- 5,635,000 Suffolk County IDA (United Cerebral Palsy) 7.875 09/01/2041 5,685,321 ------------------------------------------------------------------------------------------------------------- 1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,713,895 ------------------------------------------------------------------------------------------------------------- 1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,386,315 ------------------------------------------------------------------------------------------------------------- 1,065,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 1,107,611 ------------------------------------------------------------------------------------------------------------- 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,227,278 ------------------------------------------------------------------------------------------------------------- 3,035,000 Sullivan County IDA (Center Discovery Civic Facility) 7.250 02/01/2012 3,067,869 ------------------------------------------------------------------------------------------------------------- 9,965,000 Sullivan County IDA (Center Discovery Civic Facility) 7.750 02/01/2027 10,087,171 ------------------------------------------------------------------------------------------------------------- 8,725,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,775,431 ------------------------------------------------------------------------------------------------------------- 2,615,000 Sunnybrook EHC 11.250 12/01/2014 2,756,759 31 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued Principal Market Value Amount Coupon Maturity See Note 1 ------------------------------------------------------------------------------------------------------------- New York Continued $ 460,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375% 11/01/2008 $ 465,437 ------------------------------------------------------------------------------------------------------------- 6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 7,195,057 ------------------------------------------------------------------------------------------------------------- 6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 7,136,970 ------------------------------------------------------------------------------------------------------------- 550,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 557,909 ------------------------------------------------------------------------------------------------------------- 2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,442,597 ------------------------------------------------------------------------------------------------------------- 325,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 328,029 ------------------------------------------------------------------------------------------------------------- 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,241,710 ------------------------------------------------------------------------------------------------------------- 1,000,000 Syracuse IDA (Crouse Irving Health Hospital) a 5.375 01/01/2023 517,750 ------------------------------------------------------------------------------------------------------------- 23,515,000 Syracuse IDA (James Square) 0.000 z 08/01/2025 5,817,846 ------------------------------------------------------------------------------------------------------------- 725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 755,131 ------------------------------------------------------------------------------------------------------------- 2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,120,520 ------------------------------------------------------------------------------------------------------------- 8,085,000 Syracuse IDA (Spectrum Medsystems Corp.) a,b,d 8.500 11/01/2010 5,800,988 ------------------------------------------------------------------------------------------------------------- 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 4,272,788 ------------------------------------------------------------------------------------------------------------- 2,790,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015 2,914,462 ------------------------------------------------------------------------------------------------------------- 5,760,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2024 6,016,954 ------------------------------------------------------------------------------------------------------------- 140,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2007 160,283 ------------------------------------------------------------------------------------------------------------- 75,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 86,936 ------------------------------------------------------------------------------------------------------------- 680,000 Tonawanda SCHC 6.500 12/01/2010 676,403 ------------------------------------------------------------------------------------------------------------- 10,000,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 10,367,900 ------------------------------------------------------------------------------------------------------------- 10,050,000 Triborough Bridge & Tunnel Authority 5.125 01/01/2031 10,529,486 ------------------------------------------------------------------------------------------------------------- 8,265,000 Triborough Bridge & Tunnel Authority RITES a 16.300 f 01/01/2027 9,552,522 ------------------------------------------------------------------------------------------------------------- 4,190,000 Triborough Bridge & Tunnel Authority RITES a 16.359 f 01/01/2032 4,890,903 ------------------------------------------------------------------------------------------------------------- 200,000 TSASC, Inc. (TFABs) 5.600 07/15/2014 198,274 ------------------------------------------------------------------------------------------------------------- 12,875,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 11,436,219 ------------------------------------------------------------------------------------------------------------- 130,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 124,383 ------------------------------------------------------------------------------------------------------------- 23,315,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 22,298,466 ------------------------------------------------------------------------------------------------------------- 4,725,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 4,591,235 ------------------------------------------------------------------------------------------------------------- 9,580,000 TSASC, Inc. (TFABs) Fixed Receipt 6.225 07/15/2034 9,308,886 ------------------------------------------------------------------------------------------------------------- 24,700,000 TSASC, Inc. (TFABs) Fixed Receipt 6.350 07/15/2039 23,623,080 ------------------------------------------------------------------------------------------------------------- 9,575,000 TSASC, Inc. (TFABs) RITES a 20.723 f 07/15/2034 8,491,110 ------------------------------------------------------------------------------------------------------------- 24,700,000 TSASC, Inc. (TFABs) RITES a 21.223 f 07/15/2039 20,392,814 ------------------------------------------------------------------------------------------------------------- 50,000 Tupper Lake HDC 8.125 10/01/2010 50,619 ------------------------------------------------------------------------------------------------------------- 995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,146,787 ------------------------------------------------------------------------------------------------------------- 725,000 Ulster County IDA (Benedictine Hospital) 6.400 06/01/2014 710,101 ------------------------------------------------------------------------------------------------------------- 1,945,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,820,189 ------------------------------------------------------------------------------------------------------------- 1,880,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,919,123 ------------------------------------------------------------------------------------------------------------- 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,123,720 ------------------------------------------------------------------------------------------------------------- 1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,531,614 ------------------------------------------------------------------------------------------------------------- 2,000,000 Ulster County Tobacco Asset Securitization Corp. 0.000 v 06/01/2025 1,829,900 ------------------------------------------------------------------------------------------------------------- 1,635,000 Ulster County Tobacco Asset Securitization Corp. 0.000 v 06/01/2040 1,018,883 ------------------------------------------------------------------------------------------------------------- 815,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 734,119 ------------------------------------------------------------------------------------------------------------- 220,000 Ulster County Tobacco Asset Securitization Corp. 6.750 06/01/2030 220,304 ------------------------------------------------------------------------------------------------------------- 2,470,000 Union Hsg. Authority (Methodist Homes) 7.625 11/01/2016 2,560,501
32 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 --------------------------------------------------------------------------------------------------------------------- New York Continued $ 1,875,000 Union Hsg. Authority (Methodist Homes) 8.500% 04/01/2012 $ 1,940,288 --------------------------------------------------------------------------------------------------------------------- 795,000 United Nations Devel. Corp., Series B 5.500 07/01/2017 795,588 --------------------------------------------------------------------------------------------------------------------- 20,280,000 United Nations Devel. Corp., Series B 5.600 07/01/2026 20,297,238 --------------------------------------------------------------------------------------------------------------------- 17,150,000 United Nations Devel. Corp., Series C 5.600 07/01/2026 17,158,575 --------------------------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.100 01/15/2013 566,505 --------------------------------------------------------------------------------------------------------------------- 3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,609,179 --------------------------------------------------------------------------------------------------------------------- 950,000 Vigilant EHL (Thomaston Volunteer Fire Dept.) 7.500 11/01/2012 959,092 --------------------------------------------------------------------------------------------------------------------- 8,440,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.000 12/15/2012 7,554,475 --------------------------------------------------------------------------------------------------------------------- 8,645,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 7,943,545 --------------------------------------------------------------------------------------------------------------------- 8,965,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,253,089 --------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2003 100,312 --------------------------------------------------------------------------------------------------------------------- 95,000 Watervliet EHC 8.000 11/15/2004 95,305 --------------------------------------------------------------------------------------------------------------------- 95,000 Watervliet EHC 8.000 11/15/2005 95,233 --------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2006 100,245 --------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2007 100,240 --------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2008 100,240 --------------------------------------------------------------------------------------------------------------------- 100,000 Watervliet EHC 8.000 11/15/2009 100,240 --------------------------------------------------------------------------------------------------------------------- 2,925,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,986,250 --------------------------------------------------------------------------------------------------------------------- 7,195,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,190,323 --------------------------------------------------------------------------------------------------------------------- 3,145,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,206,013 --------------------------------------------------------------------------------------------------------------------- 6,330,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,452,802 --------------------------------------------------------------------------------------------------------------------- 10,295,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 10,494,723 --------------------------------------------------------------------------------------------------------------------- 6,625,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,753,525 --------------------------------------------------------------------------------------------------------------------- 6,860,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,993,084 --------------------------------------------------------------------------------------------------------------------- 3,735,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 3,807,459 --------------------------------------------------------------------------------------------------------------------- 5,815,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 5,927,811 --------------------------------------------------------------------------------------------------------------------- 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,980,611 --------------------------------------------------------------------------------------------------------------------- 4,720,000 Westchester County IDA (Childrens Village) 6.000 06/01/2022 4,759,223 --------------------------------------------------------------------------------------------------------------------- 1,101,600 Westchester County IDA (Clearview School) 9.375 01/01/2021 1,143,152 --------------------------------------------------------------------------------------------------------------------- 2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,123,600 --------------------------------------------------------------------------------------------------------------------- 2,220,000 Westchester County IDA (JBFS) 6.750 12/15/2012 2,241,689 --------------------------------------------------------------------------------------------------------------------- 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,656,892 --------------------------------------------------------------------------------------------------------------------- 3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,158,350 --------------------------------------------------------------------------------------------------------------------- 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 813,704 --------------------------------------------------------------------------------------------------------------------- 1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,358,003 --------------------------------------------------------------------------------------------------------------------- 3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,205,871 --------------------------------------------------------------------------------------------------------------------- 1,675,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,726,975 --------------------------------------------------------------------------------------------------------------------- 85,000 Westchester County IDA (Westchester Airport) 5.950 08/01/2024 86,148 --------------------------------------------------------------------------------------------------------------------- 2,500,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,623,850 --------------------------------------------------------------------------------------------------------------------- 76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000 v 07/15/2039 52,472,680
33 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Market Value Amount Coupon Maturity See Note 1 --------------------------------------------------------------------------------------------------------------------- New York Continued $24,110,000 Westchester County Tobacco Asset Securitization Corp. 6.750% 07/15/2029 $ 24,143,031 --------------------------------------------------------------------------------------------------------------------- 1,635,000 Yates County IDA (Keuka College) 8.750 08/01/2015 2,087,617 --------------------------------------------------------------------------------------------------------------------- 815,000 Yates County IDA (Keuka College) 9.000 08/01/2011 844,658 --------------------------------------------------------------------------------------------------------------------- 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 4,125,110 --------------------------------------------------------------------------------------------------------------------- 15,175,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 16,362,747 --------------------------------------------------------------------------------------------------------------------- 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,418,705 --------------------------------------------------------------------------------------------------------------------- 1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,611,020 --------------------------------------------------------------------------------------------------------------------- 2,500,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,537,750 --------------------------------------------------------------------------------------------------------------------- 205,000 Yonkers IDA (St. Joseph's Hospital) 7.500 12/30/2003 205,615 --------------------------------------------------------------------------------------------------------------------- 3,270,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,385,169 --------------------------------------------------------------------------------------------------------------------- 2,200,000 Yonkers IDA (St. Joseph's Hospital), Series 98-A 6.150 03/01/2015 1,781,494 --------------------------------------------------------------------------------------------------------------------- 2,100,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 6.150 03/01/2015 1,700,517 --------------------------------------------------------------------------------------------------------------------- 1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-C 6.200 03/01/2020 770,560 --------------------------------------------------------------------------------------------------------------------- 70,000 Yonkers IDA (Westchester School) 7.375 12/30/2003 70,126 --------------------------------------------------------------------------------------------------------------------- 3,375,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,567,105 --------------------------------------------------------------------------------------------------------------------- 800,000 Yonkers Parking Authority 6.000 06/15/2018 850,624 --------------------------------------------------------------------------------------------------------------------- 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,266,006 --------------------------------------------------------------------------------------------------------------------- 290,000 Yonkers Parking Authority 7.750 12/01/2004 297,407 ------------- 5,155,963,347 --------------------------------------------------------------------------------------------------------------------- Other States--0.2% 8,730,000 Lake Charles, LA Harbor & Terminal District Port Facilities (Duke Energy Corp.) 7.750 08/15/2022 9,080,946 --------------------------------------------------------------------------------------------------------------------- 2,483,695 Robbins, IL Res Rec (Robbins Res Rec Partners) a 7.250 10/15/2009 1,791,141 ------------- 10,872,087 --------------------------------------------------------------------------------------------------------------------- U.S. Possessions--11.1% 499,999 American Samoa Power Authority 6.950 09/01/2003 504,165 --------------------------------------------------------------------------------------------------------------------- 500,000 American Samoa Power Authority 7.000 09/01/2004 528,805 --------------------------------------------------------------------------------------------------------------------- 4,225,000 Guam Airport Authority, Series A 6.500 10/01/2023 4,324,076 --------------------------------------------------------------------------------------------------------------------- 3,675,000 Guam Airport Authority, Series B 6.600 10/01/2010 3,765,772 --------------------------------------------------------------------------------------------------------------------- 65,750,000 Guam Airport Authority, Series B 6.700 10/01/2023 67,477,910 --------------------------------------------------------------------------------------------------------------------- 2,480,000 Guam EDA (Royal Socio Apartments) 9.500 11/01/2018 2,495,723 --------------------------------------------------------------------------------------------------------------------- 290,000 Guam Power Authority, Series A 5.250 10/01/2023 291,392 --------------------------------------------------------------------------------------------------------------------- 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 20,091,600 --------------------------------------------------------------------------------------------------------------------- 1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,072,640 --------------------------------------------------------------------------------------------------------------------- 8,155,000 Northern Mariana Islands, Series A 6.250 03/15/2028 8,501,669 --------------------------------------------------------------------------------------------------------------------- 19,685,000 Northern Mariana Islands, Series A 6.600 03/15/2028 21,717,476 --------------------------------------------------------------------------------------------------------------------- 10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,396,100 --------------------------------------------------------------------------------------------------------------------- 2,530,000 Puerto Rico Electric Power Authority, Series DD 5.000 07/01/2028 2,568,507 --------------------------------------------------------------------------------------------------------------------- 450,129 Puerto Rico Family Dept. Furniture Lease a,d 8.000 08/18/2003 450,052 --------------------------------------------------------------------------------------------------------------------- 1,800,989 Puerto Rico Family Dept. Furniture Lease a,d 12.725 08/12/2003 1,806,122 --------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico HBFA 6.250 04/01/2029 781,417 --------------------------------------------------------------------------------------------------------------------- 2,200,000 Puerto Rico HFC 5.500 12/01/2023 2,315,170 --------------------------------------------------------------------------------------------------------------------- 10,000 Puerto Rico HFC 7.300 10/01/2006 10,033 --------------------------------------------------------------------------------------------------------------------- 155,000 Puerto Rico HFC 7.500 10/01/2015 155,290
34 | ROCHESTER FUND MUNICIPALS
Principal Market Value Amount Coupon Maturity See Note 1 --------------------------------------------------------------------------------------------------------------------- U.S. Possessions Continued $ 3,830,000 Puerto Rico HFC 7.500% 04/01/2022 $ 3,883,620 --------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico Highway & Transportation Authority 5.750 07/01/2020 829,620 --------------------------------------------------------------------------------------------------------------------- 37,190,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 37,968,015 --------------------------------------------------------------------------------------------------------------------- 65,000,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 66,038,700 --------------------------------------------------------------------------------------------------------------------- 7,280,000 Puerto Rico Highway & Transportation Authority, Series H 5.000 07/01/2035 7,426,474 --------------------------------------------------------------------------------------------------------------------- 575,000 Puerto Rico Infrastructure 7.500 07/01/2009 587,564 --------------------------------------------------------------------------------------------------------------------- 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,125,090 --------------------------------------------------------------------------------------------------------------------- 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,647,844 --------------------------------------------------------------------------------------------------------------------- 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,882,653 --------------------------------------------------------------------------------------------------------------------- 2,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 2,854,830 --------------------------------------------------------------------------------------------------------------------- 42,800,000 Puerto Rico ITEMECF (Congeneration Facilities) 6.625 06/01/2026 45,119,760 --------------------------------------------------------------------------------------------------------------------- 3,685,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 3,347,380 --------------------------------------------------------------------------------------------------------------------- 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 839,732 --------------------------------------------------------------------------------------------------------------------- 8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,506,929 --------------------------------------------------------------------------------------------------------------------- 12,340,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 11,666,483 --------------------------------------------------------------------------------------------------------------------- 375,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 5.500 08/01/2024 383,940 --------------------------------------------------------------------------------------------------------------------- 35,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 5.700 08/01/2013 35,840 --------------------------------------------------------------------------------------------------------------------- 920,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 6.500 08/01/2024 992,634 --------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 771,788 --------------------------------------------------------------------------------------------------------------------- 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,495,276 --------------------------------------------------------------------------------------------------------------------- 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,276,198 --------------------------------------------------------------------------------------------------------------------- 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 5,440,260 --------------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 518,960 --------------------------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,232,240 --------------------------------------------------------------------------------------------------------------------- 1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 550,030 --------------------------------------------------------------------------------------------------------------------- 12,470,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 6,858,999 --------------------------------------------------------------------------------------------------------------------- 3,418,990 Puerto Rico Public Buildings Authority Computer Lease a 6.528 05/01/2004 3,403,946 --------------------------------------------------------------------------------------------------------------------- 182,410,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 193,872,644 --------------------------------------------------------------------------------------------------------------------- 262,428 Puerto Rico San Sebastian Garage Lease a,d 10.000 09/16/2005 269,484 --------------------------------------------------------------------------------------------------------------------- 2,000,000 University of V.I. 6.250 12/01/2029 2,176,980 --------------------------------------------------------------------------------------------------------------------- 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,278,875 --------------------------------------------------------------------------------------------------------------------- 45,000 V.I. Hsg. Finance Authority, Series A 6.450 03/01/2016 46,799 --------------------------------------------------------------------------------------------------------------------- 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,373,632 --------------------------------------------------------------------------------------------------------------------- 5,925,000 V.I. Public Finance Authority Computer Lease a 6.250 01/01/2005 6,161,052 --------------------------------------------------------------------------------------------------------------------- 1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,047,700 --------------------------------------------------------------------------------------------------------------------- 16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,786,565 --------------------------------------------------------------------------------------------------------------------- 7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,785,525
35 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Market Value Amount Coupon Maturity See Note 1 --------------------------------------------------------------------------------------------------------------------- U.S. Possessions Continued $ 50,000 V.I. Public Finance Authority, Series A 5.625% 10/01/2025 $ 52,269 --------------------------------------------------------------------------------------------------------------------- 3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,954,475 --------------------------------------------------------------------------------------------------------------------- 1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,606,453 --------------------------------------------------------------------------------------------------------------------- 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,535,598 --------------------------------------------------------------------------------------------------------------------- 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,570,850 -------------- 651,457,625 --------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $5,868,742,854)--99.5% 5,818,293,059 --------------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities--0.5 29,853,016 -------------- Net Assets--100.0% $5,848,146,075 ============== Footnotes to Statement of Investments a. Identifies issues considered to be illiquid--See Note 5 of Notes to Financial Statements. b. Non-income-accruing security. d. Issuer is in default. See Note 1 of Notes to Financial Statements. f. Represents the current interest rate for a variable rate bond known as an "inverse floater". See Note 1 of Notes to Financial Statements. v. Represents the current interest rate for a variable or increasing rate security. w. When-issued security to be delivered and settled after June 30, 2003. See Note 1 of Notes to Financial Statements. z. Represents a zero coupon bond.
See accompanying Notes to Financial Statements. 36 | ROCHESTER FUND MUNICIPALS -------------------------------------------------------------------------------- Portfolio Abbreviations June 30, 2003 To simplify the listings 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 CDD Community Development District 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 Corp. 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 Corp. HELP Homeless Economic Loan Program HFA Housing Finance Agency HFC Housing Finance Corp. 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 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 JFK John Fitzgerald Kennedy L.I. Long Island LEVRRS Leveraged Reverse Rate Security LGAC Local Government Assistance Corp. LGSB Local Government Services Corporation LILCO Long Island Lighting Corporation LRRHCF Loretto Rest Residential Health Care Facility LVH Little Village House MCH Maryhaven Center of Hope MSH/NYU Mount Sinai Hospital/New York University MTA Metropolitan Transportation Authority NH&HC Nursing Home and Health Care NIMO Niagara Mohawk Power Corporation NY/NJ New York/New Jersey NYC New York City NYS New York State NYSEG New York State Electric and Gas 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 UDC Urban Development Corp. V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults WWH Wyandach/Wheatley Heights YMCA Young Men's Christian Association 37 | ROCHESTER FUND MUNICIPALS FOOTNOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
----------------------------------------------------------------------------------------- Industry Concentrations June 30, 2003 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 $ 696,153,678 12.0% Tobacco Settlements 592,815,020 10.2 Electric Utilities 558,400,407 9.6 Highways/Railways 472,659,719 8.1 Airlines 375,213,295 6.5 Adult Living Facilities 331,273,954 5.7 Multifamily Housing 325,109,706 5.6 General Obligation 268,503,045 4.6 Not-for-Profit Organization 266,114,232 4.6 Higher Education 249,721,562 4.3 Sales Tax Revenue 232,704,163 4.0 Water Utilities 209,360,806 3.6 Municipal Leases 172,096,547 3.0 Paper, Containers & Packaging 169,346,206 2.9 Marine/Aviation Facilities 159,981,844 2.7 Resource Recovery 157,140,001 2.7 Single Family Housing 120,522,823 2.1 Manufacturing, Non-Durable Goods 112,748,934 1.9 Manufacturing, Durable Goods 100,714,143 1.7 Education 99,153,704 1.7 Special Assessment 40,674,020 0.7 Gas Utilities 34,354,006 0.6 Parking Fee Revenue 30,384,455 0.5 Pollution Control 30,353,092 0.5 Hotels, Restaurants &Leisure 12,793,697 0.2 -------------------------------- Total $5,818,293,059 100.0% ================================
----------------------------------------------------------------------------------------- Summary of Ratings June 30, 2003 Distribution of investments by rating category, as a percentage of total investments at value, is as follows: Ratings Percent ----------------------------------------------------------------------------------------- AAA 9.6% AA 15.4 A 24.4 BBB 25.9 BB 4.8 B 5.3 CCC 0.1 D 0.0 Not Rated 14.5 ------- 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. 38 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Unaudited
June 30, 2003 --------------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $5,868,742,854)--see accompanying statement $5,818,293,059 --------------------------------------------------------------------------------------------------------- Cash 1,791,194 --------------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 108,666,206 Investments sold 19,096,198 Shares of beneficial interest sold 11,331,248 Other 62,958 ---------------- Total assets 5,959,240,863 --------------------------------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased (including $53,365,000 purchased on a when-issued or forward commitment basis) 66,694,791 Notes payable to bank (interest rate 2.000% at June 30, 2003) 24,700,000 Shares of beneficial interest redeemed 9,298,556 Dividends 6,426,669 Distribution and service plan fees 2,558,086 Trustees' compensation 892,915 Shareholder reports 246,583 Transfer and shareholder servicing agent fees 230,530 Other 46,658 ---------------- Total liabilities 111,094,788 --------------------------------------------------------------------------------------------------------- Net Assets $5,848,146,075 ================ --------------------------------------------------------------------------------------------------------- Composition of Net Assets Paid-in capital $6,079,216,083 --------------------------------------------------------------------------------------------------------- Undistributed net investment income 6,568,100 --------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (187,188,313) --------------------------------------------------------------------------------------------------------- Net unrealized depreciation on investments (50,449,795) ---------------- Net Assets $5,848,146,075 ================
39 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
--------------------------------------------------------------------------------------------------------- Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $4,114,271,136 and 238,118,856 shares of beneficial interest outstanding) $17.28 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $18.14 --------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,283,167,074 and 74,321,562 shares of beneficial interest outstanding) $17.27 --------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $438,702,041 and 25,419,522 shares of beneficial interest outstanding) $17.26 --------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $12,005,824 and 694,944 shares of beneficial interest outstanding) $17.28
See accompanying Notes to Financial Statements. 40 | ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS Unaudited
For the Six Months Ended June 30, 2003 ---------------------------------------------------------------------------------------------------------- Investment Income Interest $ 211,943,542 ---------------------------------------------------------------------------------------------------------- Other income 148,266 --------------- Total investment income 212,091,808 ---------------------------------------------------------------------------------------------------------- Expenses Management fees 13,513,660 ---------------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 2,941,498 Class B 6,414,353 Class C 2,207,111 ---------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 939,159 Class B 368,090 Class C 121,526 Class Y 5,147 ---------------------------------------------------------------------------------------------------------- Accounting service fees 874,446 ---------------------------------------------------------------------------------------------------------- Interest expense 297,589 ---------------------------------------------------------------------------------------------------------- Custodian fees and expenses 260,237 ---------------------------------------------------------------------------------------------------------- Trustees' compensation 147,146 ---------------------------------------------------------------------------------------------------------- Shareholder reports 106,633 ---------------------------------------------------------------------------------------------------------- Other 28,173 --------------- Total expenses 28,224,768 Less reduction to custodian expenses (12,442) --------------- Net expenses 28,212,326 ---------------------------------------------------------------------------------------------------------- Net Investment Income 183,879,482 ---------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized loss on investments (70,687,194) ---------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 34,196,478 ---------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $147,388,766 ===============
See accompanying Notes to Financial Statements. 41 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS
Six Months Year Ended Ended June 30, 2003 December 31, (Unaudited) 2002 ------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 183,879,482 $ 358,453,248 ------------------------------------------------------------------------------------------------------------- Net realized gain (loss) (70,687,194) 4,858,580 ------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 34,196,478 (67,362,355) ----------------------------------------- Net increase in net assets resulting from operations 147,388,766 295,949,473 ------------------------------------------------------------------------------------------------------------- Dividends and/or Distributions to Shareholders Dividends from net investment income: Class A (137,877,715) (262,145,612) Class B (37,747,754) (66,778,356) Class C (13,017,211) (24,126,061) Class Y (401,917) (758,014) ------------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A (155,909,229) 266,560,700 Class B (49,615,967) 197,188,318 Class C (28,839,264) 47,416,054 Class Y -- -- ------------------------------------------------------------------------------------------------------------- Net Assets Total increase (decrease) (276,020,291) 453,306,502 ------------------------------------------------------------------------------------------------------------- Beginning of period 6,124,166,366 5,670,859,864 ----------------------------------------- End of period [including undistributed net investment income of $6,568,100 and $11,733,215, respectively] $5,848,146,075 $6,124,166,366 =========================================
See accompanying Notes to Financial Statements. 42 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS
Six Months Year Ended Ended June 30, 2003 Dec. 31, Class A (Unaudited) 2002 2001 2000 1999 1998 ------------------------------------------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $17.38 $ 17.52 $17.67 $16.78 $18.81 $18.67 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .54 1.08 1.06 1.04 1.04 1.04 Net realized and unrealized gain (loss) (.09) (.15) (.17) .89 (2.03) .15 ---------------------------------------------------------------------------- Total from investment operations .45 .93 .89 1.93 (.99) 1.19 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.55) (1.07) (1.04) (1.04) (1.04) (1.04) Undistributed net investment income-- prior year -- -- -- -- -- (.01) ---------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.55) (1.07) (1.04) (1.04) (1.04) (1.05) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $17.28 $17.38 $17.52 $17.67 $16.78 $18.81 ============================================================================ ------------------------------------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 1 2.80% 5.46% 5.14% 11.93% (5.51)% 6.52% ------------------------------------------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in millions) $4,114 $4,299 $4,073 $3,536 $3,288 $3,435 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $4,117 $4,292 $3,893 $3,341 $3,559 $3,161 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 6.58% 6.18% 5.97% 6.07% 5.78% 5.50% Expenses, gross 0.71% 0.72% 0.72% 0.78% 0.77% 0.78% 3 Expenses, net 0.70% 4,5 0.71% 4,5 0.70% 4,5 0.74% 4,5 0.73% 4,5 0.75% 4 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 5% 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 full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. Net of interest expense. The Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 5. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 43 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued
Six Months Year Ended Ended June 30, 2003 Dec. 31, Class B (Unaudited) 2002 2001 2000 1999 1998 ------------------------------------------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $17.36 $17.51 $17.66 $16.77 $18.79 $18.65 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .47 .93 .91 .89 .89 .89 Net realized and unrealized gain (loss) (.08) (.16) (.17) .90 (2.03) .14 ---------------------------------------------------------------------------- Total from investment operations .39 .77 .74 1.79 (1.14) 1.03 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.48) (.92) (.89) (.90) (.88) (.89) Undistributed net investment income-- prior year -- -- -- -- -- -- ---------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.48) (.92) (.89) (.90) (.88) (.89) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $17.27 $17.36 $17.51 $17.66 $16.77 $18.79 ============================================================================ ------------------------------------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 1 2.42% 4.50% 4.25% 10.98% (6.27)% 5.61% ------------------------------------------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in millions) $1,283 $1,342 $1,157 $803 $673 $494 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $1,293 $1,275 $ 997 $711 $635 $329 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 5.70% 5.32% 5.10% 5.19% 4.91% 4.57% Expenses, gross 1.58% 1.58% 1.58% 1.65% 1.64% 1.64% 3 Expenses, net 1.57% 4,5 1.57% 4,5 1.56% 4,5 1.60% 4,5 1.59% 4,5 1.61% 4 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 5% 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 full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. Net of interest expense. The Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 5. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 44 | ROCHESTER FUND MUNICIPALS
Six Months Year Ended Ended June 30, 2003 Dec. 31, Class C (Unaudited) 2002 2001 2000 1999 1998 ------------------------------------------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $17.36 $17.50 $17.66 $16.76 $18.79 $18.66 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .47 .93 .91 .89 .89 .89 Net realized and unrealized gain (loss) (.09) (.15) (.18) .91 (2.04) .13 ---------------------------------------------------------------------------- Total from investment operations .38 .78 .73 1.80 (1.15) 1.02 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.48) (.92) (.89) (.90) (.88) (.89) Undistributed net investment income-- prior year -- -- -- -- -- -- ---------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.48) (.92) (.89) (.90) (.88) (.89) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $17.26 $17.36 $17.50 $17.66 $16.76 $18.79 ============================================================================ ------------------------------------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 1 2.37% 4.57% 4.19% 11.06% (6.32)% 5.56% ------------------------------------------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in millions) $439 $471 $429 $259 $220 $174 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $445 $460 $356 $225 $221 $111 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 5.72% 5.32% 5.09% 5.20% 4.92% 4.57% Expenses, gross 1.58% 1.58% 1.57% 1.63% 1.63% 1.63% 3 Expenses, net 1.57% 4,5 1.57% 4,5 1.55% 4,5 1.59% 4,5 1.58% 4,51.59% 4 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 5% 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 full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. Net of interest expense. The Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 5. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 45 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued
Six Months Year Ended Ended June 30, 2003 Dec. 31, Class Y (Unaudited) 2002 2001 2000 1 --------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $17.38 $17.52 $17.67 $16.88 --------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .54 1.10 1.08 .70 Net realized and unrealized gain (loss) (.08) (.15) (.17) .78 ----------------------------------------------- Total from investment operations .46 .95 .91 1.48 --------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.56) (1.09) (1.06) (.69) Undistributed net investment income--prior year -- -- -- -- ----------------------------------------------- Total dividends and/or distributions to shareholders (.56) (1.09) (1.06) (.69) --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.28 $17.38 $17.52 $17.67 =============================================== --------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 2.85% 5.57% 5.25% 8.97% --------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in millions) $12 $12 $12 $11 --------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $12 $12 $12 $10 --------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 6.67% 6.30% 6.08% 6.07% Expenses, gross 0.61% 0.62% 0.62% 0.68% Expenses, net 0.60% 4,5 0.61% 4,5 0.60% 4,5 0.64% 4,5 --------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 5% 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Net of interest expense. The Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. 5. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 46 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- 1. Significant Accounting Policies Rochester Fund Municipals (the Fund) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders' capital. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to that class. Classes A, B and C have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (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 using 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 purchase 47 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued commitments. The purchase of securities on a when-issued (or forward commitment) basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. As of June 30, 2003, the Fund had entered into when-issued purchase commitments or forward commitments of $53,365,000. -------------------------------------------------------------------------------- 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 $568,003,733 as of June 30, 2003. Including the effect of leverage, inverse floaters represent 19% of the Fund's total assets as of June 30, 2003. -------------------------------------------------------------------------------- Security Credit Risk. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2003, securities with an aggregate market value of $28,719,535, representing 0.49% of the Fund's net assets, were in default. There are certain risks arising from geographic concentration in any State. Certain revenue or tax related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. -------------------------------------------------------------------------------- Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. -------------------------------------------------------------------------------- Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. As of June 30, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $185,116,564. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2003, the Fund did not use carryforward to 48 | ROCHESTER FUND MUNICIPALS offset capital gains realized. During the year ended December 31, 2002, the Fund used $4,858,580 of carryforward to offset capital gains realized. 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 ============ -------------------------------------------------------------------------------- Trustees' Compensation. The Fund has adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended June 30, 2003, the Fund's projected benefit obligations were increased by $93,816 and payments of $31,694 were made to retired trustees, resulting in an accumulated liability of $651,200 as of June 30, 2003. In January 1995, the then existing Board of Trustees of the Fund adopted an unfunded retirement plan for its independent trustees. The retirement plan, as amended and restated in October 1995, provides that no independent trustee of the Fund who is elected after September 1995 may be eligible to receive benefits thereunder. Upon retirement, eligible trustees receive annual payments based upon their years of service. In connection with the sale of certain assets of Rochester Capital Advisors, L.P. (the Fund's former investment advisor) to the Manager, all but one of the existing independent trustees retired effective January 4, 1996. During the six months ended June 30, 2003, payments of $16,875 were made to retired trustees. As of June 30, 2003, the Fund had recognized an accumulated liability of $229,500. 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 the annual compensation they are entitled to receive from the Fund. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or are invested in other selected Oppenheimer 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. Amounts will be deferred until distributed in accordance to the Plan. -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. 49 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued 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 tax character of distributions paid during the six months ended June 30, 2003 and the year ended December 31, 2002 was as follows:
Six Months Ended Year Ended June 30, 2003 December 31, 2002 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $189,044,597 $353,808,043 ---------------------------------------------------------------------------
-------------------------------------------------------------------------------- Investment Income. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. -------------------------------------------------------------------------------- Expense Offset Arrangement. The reduction of custodian fees represents earnings on cash balances maintained by the Fund. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended June 30, 2003 Year Ended December 31, 2002 Shares Amount Shares Amount --------------------------------------------------------------------------------------------------------------- Class A Sold 16,174,409 $ 275,107,224 46,250,617 $812,053,894 Dividends and/or distributions reinvested 4,575,196 77,748,595 8,272,468 144,484,462 Redeemed (30,029,265) (508,765,048) (39,608,309) (689,977,656) ------------------------------------------------------------------------------ Net increase (decrease) (9,279,660) $(155,909,229) 14,914,776 $266,560,700 ==============================================================================
50 | ROCHESTER FUND MUNICIPALS
Six Months Ended June 30, 2003 Year Ended December 31, 2002 Shares Amount Shares Amount --------------------------------------------------------------------------------------------------------------- Class B Sold 4,945,000 $ 84,252,044 18,018,394 $ 316,028,022 Dividends and/or distributions reinvested 1,340,814 22,768,594 2,312,130 40,363,248 Redeemed (9,245,374) (156,636,605) (9,146,731) (159,202,952) ------------------------------------------------------------------------------ Net increase (decrease) (2,959,560) $ (49,615,967) 11,183,793 $ 197,188,318 ============================================================================== --------------------------------------------------------------------------------------------------------------- Class C Sold 2,322,149 $ 39,589,282 8,867,195 $ 155,513,477 Dividends and/or distributions reinvested 499,196 8,471,279 915,923 15,983,379 Redeemed (4,545,379) (76,899,825) (7,127,719) (124,080,802) ------------------------------------------------------------------------------ Net increase (decrease) (1,724,034) $ (28,839,264) 2,655,399 $ 47,416,054 ============================================================================== --------------------------------------------------------------------------------------------------------------- Class Y Sold -- $ -- -- $ -- Dividends and/or distributions reinvested -- -- -- -- Redeemed -- -- -- -- ------------------------------------------------------------------------------ Net increase (decrease) -- $ -- -- $ -- ==============================================================================
-------------------------------------------------------------------------------- 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 30, 2003, were $279,977,760 and $583,088,237, respectively. -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate 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 net assets and $9,000 for each additional $30 million of net assets. During the six months ended, the Fund paid $874,446 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. 51 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Continued 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 Six Months on Class A Retained by Advanced by Advanced by Advanced by Ended Shares Distributor Distributor 1 Distributor 1 Distributor 1 ----------------------------------------------------------------------------------------------------------- June 30, 2003 $4,635,091 $604,177 $361,195 $2,599,960 $305,059 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 Contingent Contingent Deferred Deferred Deferred Sales Charges Sales Charges Sales Charges Six Months Retained by Retained by Retained by Ended Distributor Distributor Distributor ----------------------------------------------------------------------------------------------------------- June 30, 2003 $98,348 $1,960,328 $57,185
-------------------------------------------------------------------------------- Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A Shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. For the six months ended June 30, 2003, expense under the Class A Plan totaled $2,941,498, all of which were paid by the Distributor to recipients, which includes $37,508 retained by the Distributor and $16,469 which was paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. -------------------------------------------------------------------------------- Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans for Class B and Class C shares. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B shares and on Class C shares. The Distributor also receives a service fee of 0.25% per year under each plan. 52 | ROCHESTER FUND MUNICIPALS Distribution fees paid to the Distributor for the six months ended June 30, 2003, were as follows:
Distributor's Distributor's Aggregate Aggregate Unreimbursed Unreimbursed Expenses as % Total Payments Amount Retained Expenses of Net Assets Under Plan by Distributor Under Plan of Class ----------------------------------------------------------------------------------------------------------- Class B Plan $6,414,353 $4,157,027 $46,274,408 3.61% Class C Plan 2,207,111 826,342 9,064,625 2.07
-------------------------------------------------------------------------------- 5. Illiquid Securities As of June 30, 2003, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of June 30, 2003 was $618,830,144, which represents 10.58% 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 a committed, 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 $24,700,000 at June 30, 2003 at an interest rate of 2.000%. For the six months ended June 30, 2003, the average monthly loan balance was $29,799,521 at an average interest rate of 1.911%. The Fund had gross borrowings and gross loan repayments of $371,900,000 and $442,300,000, respectively, during the six months ended June 30, 2003. The maximum amount of borrowings outstanding at any month-end was $72,600,000. The Fund paid $10,510 in commitment fees during the six months ended June 30, 2003. 53 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- Portfolio Proxy Voting Policies and Procedures The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund will be required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX filing will be available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 54 | ROCHESTER FUND MUNICIPALS ITEM 2. CODE OF ETHICS - NOT REQUIRED ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. RESERVED ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. RESERVED ITEM 9. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of June 30, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)