N-CSR 1 ra0365_9482vef.txt RA0365_9482VEF 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. Two World Financial Center, New York, New York 10281-1008 -------------------------------------------------------------------------------- (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 - DECEMBER 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. FUND PERFORMANCE DISCUSSION HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED DECEMBER 31, 2003, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO APPROPRIATE BROAD-BASED MARKET INDICES. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Fund delivered high yields throughout the reporting period ended December 31, 2003. We attribute its strong results to intensive credit research and a macroeconomic environment that, ultimately, was beneficial to the types of securities we favor. Our research-intensive approach seeks to identify lesser known, smaller and/or misunderstood securities whose overall risk levels are, in our opinion, less than their yields would suggest. To offset the greater credit risk (and potential price volatility) in these securities, we ensure that the Fund is very widely diversified (1,066 issues at December 31, 2003). We also choose bonds with more than one type of backing or assurance of payment, and we invest in securities that we expect may be pre-refunded before their call dates, which generally produces significant price appreciation. Our emphasis on credit risk led to considerable volatility for the Fund this year but also paid off as the economic outlook grew increasingly positive, benefiting securities from a wide variety of economically sensitive industry sectors, from airlines and durable goods manufacturers to paper and forest products. For instance, among the strongest contributors to performance were the Fund's airline-related holdings (6.95% of investments at value at December 31), which included bonds issued by American Airlines. American narrowly avoided bankruptcy in March by securing valuable union and vendor concessions. We also hold approximately $56MM of Port Authority bonds issued on behalf of US Airlines. Because of their very attractive security features, the bonds continued to trade near their current call price at par. US Airways went into bankruptcy in late 2002, and emerged in 2003. Despite their financial problems, both companies continued to make all scheduled principal and interest payments on our bonds. In the latter half of the year, as the U.S. economy showed signs of improvement, so too did the economically leveraged airline industry, where profitability can climb quickly with even a small increase in paying passengers. In both cases, we maintained our position. We anticipated that a resurgent economy would brighten the companies' prospects. Also rebounding as the year progressed were the Fund's Master Settlement Agreement ("MSA")-backed bonds, which constituted about 10.0% of investments at market value. These securities are backed by the State of New York's share of the national settlement agreement with major tobacco manufacturers. A fear of national oversupply and a $10 billion Illinois state court decision against Phillip Morris roiled the MSA market in the past 12 months. That decision initially required Phillip Morris to pay the $10 billion judgment 7 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION or put up a $12 billion bond to appeal the decision--an amount that could potentially have bankrupted Phillip Morris and caused it to default on its share of the settlement payments to all states. However, upon appeal later in 2003, this bonding requirement was reduced. Although the industry still faces litigation, many states passed new legislation designed to prevent massive judgments and bond requirements that would place a company at risk of bankruptcy in order to appeal. On the supply front, it became increasingly apparent that many of the states that might still issue MSA-backed bonds will not do so; all of New York state's remaining MSA-related bond allowance was used instead to issue bonds backed by a promise of state repayment as well as MSA payments. The MSA bond market recovered nicely as we moved into the second half of the year, rewarding us for our perseverance. Despite the rebound, MSA bonds remain relatively inexpensive compared to other bonds of identical, investment-grade credit rating and maturity, and we believe they may appreciate in value further in 2004. With little new issuance on the horizon, we expect them to become relatively scarce in the coming year, while the demand for their attractive yields may lead to higher prices. Whenever possible, we added to the Fund's cache of MSA bonds. The Fund's performance benefited as well from our investments in inverse floaters and from the pre-refunding of various holdings. The yields of inverse floaters move in the opposite direction of interest rates. With rates at very low levels throughout the year, our holdings in this area consistently made strong contributions to current yield. Pre-refunding involves the issuance of a new bond; the bond proceeds are then invested in Treasuries earmarked to repay principal on a previously issued bond. With this added assurance of principal prepayment, the older (now pre-refunded) bond becomes a more secure credit, yet its coupon rate does not change. This combination--a higher credit rating and coupon rates associated with a lesser-rated bond--leads to price appreciation. Once various holdings in the portfolio had been pre-refunded, we sold them at a profit and reinvested in other opportunities. The Fund's holdings, strategy and management are of course subject to change, as we evaluate new prices and opportunities. But with over 1,000 bonds currently held in the portfolio, individual changes from sales, calls, or maturities only very gradually change the makeup of the Funds and its dividend. 8 | ROCHESTER FUND MUNICIPALS COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until December 31, 2003. In the case of Class A shares, performance is measured over a 10-year period. In the case of Class B and Class C shares, performance is measured from inception of the respective class on March 17, 1997. In the case of Class Y shares, performance is measured from inception of the class on April 28, 2000. The performance information for both indices in the graphs begins on 12/31/93 for Class A, 3/31/97 for Class B and for Class C and 4/30/00 for Class Y shares. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. The Fund's performance is compared to the performance of that of the Lehman Brothers Municipal Bond Index and the Consumer Price Index. The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. The Consumer Price Index is a non-securities index that measures changes in the inflation rate. Index performance reflects the reinvestment of dividends but does not consider the effect of capital gains or transaction costs, and none of the data in the graphs that follow shows the effect of taxes. The Fund's performance reflects the effects of Fund business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the securities in the index. 9 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class A) Lehman Brothers Municipal Bond Index Consumer Price Index [LINE CHART] EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Rochester Fund Municipals Lehman Brothers Consumer Price (Class A) Municipal Bond Index Index 12/31/1993 9,525 10,000 10,000 03/31/1994 8,985 9,451 10,096 06/30/1994 8,971 9,555 10,151 09/30/1994 8,977 9,621 10,247 12/31/1994 8,730 9,483 10,267 03/31/1995 9,405 10,153 10,384 06/30/1995 9,731 10,398 10,460 09/30/1995 9,938 10,697 10,508 12/31/1995 10,354 11,138 10,528 03/31/1996 10,204 11,004 10,679 06/30/1996 10,301 11,088 10,748 09/30/1996 10,590 11,343 10,823 12/31/1996 10,909 11,632 10,878 03/31/1997 10,927 11,604 10,974 06/30/1997 11,314 12,004 10,995 09/30/1997 11,687 12,365 11,056 12/31/1997 12,022 12,701 11,063 03/31/1998 12,208 12,847 11,125 06/30/1998 12,409 13,043 11,180 09/30/1998 12,781 13,443 11,221 12/31/1998 12,806 13,524 11,241 03/31/1999 12,917 13,644 11,317 06/30/1999 12,694 13,403 11,399 09/30/1999 12,407 13,349 11,516 12/31/1999 12,101 13,246 11,543 03/31/2000 12,528 13,633 11,742 06/30/2000 12,679 13,839 11,824 09/30/2000 13,015 14,174 11,914 12/31/2000 13,544 14,793 11,934 03/31/2001 13,842 15,122 12,085 06/30/2001 14,016 15,220 12,209 09/30/2001 14,341 15,647 12,229 12/31/2001 14,240 15,552 12,119 03/31/2002 14,385 15,698 12,263 06/30/2002 14,735 16,273 12,339 09/30/2002 15,140 17,045 12,414 12/31/2002 15,018 17,045 12,407 03/31/2003 14,761 17,250 12,634 06/30/2003 15,439 17,695 12,599 09/30/2003 15,646 17,709 12,702 12/31/2003 16,236 17,951 12,702
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES OF THE FUND WITH SALES CHARGE AT 12/31/03 1-Year 2.98% 5-Year 3.85% 10-Year 4.97% Inception Date 5/15/86 10 | ROCHESTER FUND MUNICIPALS CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class B) Lehman Brothers Municipal Bond Index Consumer Price Index [LINE CHART] EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Rochester Fund Municipals Lehman Brothers Consumer Price (Class B) Municipal Bond Index Index 03/17/1997 10,000 10,000 10,000 03/31/1997 9,951 10,000 10,000 06/30/1997 10,282 10,345 10,019 09/30/1997 10,599 10,656 10,075 12/31/1997 10,874 10,945 10,081 03/31/1998 11,019 11,072 10,138 06/30/1998 11,176 11,240 10,188 09/30/1998 11,487 11,585 10,225 12/31/1998 11,484 11,655 10,244 03/31/1999 11,560 11,758 10,313 06/30/1999 11,341 11,550 10,388 09/30/1999 11,061 11,504 10,494 12/31/1999 10,764 11,415 10,519 03/31/2000 11,120 11,749 10,700 06/30/2000 11,230 11,926 10,775 09/30/2000 11,503 12,215 10,856 12/31/2000 11,946 12,749 10,875 03/31/2001 12,182 13,032 11,013 06/30/2001 12,309 13,116 11,125 09/30/2001 12,568 13,485 11,144 12/31/2001 12,453 13,402 11,044 03/31/2002 12,553 13,529 11,175 06/30/2002 12,831 14,024 11,244 09/30/2002 13,148 14,689 11,313 12/31/2002 13,013 14,689 11,306 03/31/2003 12,779 14,866 11,513 06/30/2003 13,365 15,250 11,481 09/30/2003 13,545 15,262 11,575 12/31/2003 14,056 15,470 11,575
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES OF THE FUND WITH SALES CHARGE AT 12/31/03 1-Year 2.19% 5-Year 3.64% Since Inception 5.14% Inception Date 3/17/97 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR MORE CURRENT PERFORMANCE DATA, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800 CALL OPP (255.5677). FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE ON CLASS Y SHARES. SEE PAGE 14 FOR FURTHER DETAILS. 11 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class C) Lehman Brothers Municipal Bond Index Consumer Price Index [LINE CHART] EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Rochester Fund Municipals Lehman Brothers Consumer Price (Class C) Municipal Bond Index Index 03/17/1997 10,000 10,000 10,000 03/31/1997 9,956 10,000 10,000 06/30/1997 10,282 10,345 10,019 09/30/1997 10,599 10,656 10,075 12/31/1997 10,880 10,945 10,081 03/31/1998 11,020 11,072 10,138 06/30/1998 11,183 11,240 10,188 09/30/1998 11,488 11,585 10,225 12/31/1998 11,486 11,655 10,244 03/31/1999 11,567 11,758 10,313 06/30/1999 11,337 11,550 10,388 09/30/1999 11,063 11,504 10,494 12/31/1999 10,760 11,415 10,519 03/31/2000 11,117 11,749 10,700 06/30/2000 11,234 11,926 10,775 09/30/2000 11,501 12,215 10,856 12/31/2000 11,951 12,749 10,875 03/31/2001 12,181 13,032 11,013 06/30/2001 12,308 13,116 11,125 09/30/2001 12,567 13,485 11,144 12/31/2001 12,451 13,402 11,044 03/31/2002 12,552 13,529 11,175 06/30/2002 12,830 14,024 11,244 09/30/2002 13,155 14,689 11,313 12/31/2002 13,020 14,689 11,306 03/31/2003 12,770 14,866 11,513 06/30/2003 13,328 15,250 11,481 09/30/2003 13,478 15,262 11,575 12/31/2003 13,949 15,470 11,575
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES OF THE FUND WITH SALES CHARGE AT 12/31/03 1-Year 6.14% 5-Year 3.96% Since Inception 5.02% Inception Date 3/17/97 12 | ROCHESTER FUND MUNICIPALS CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class Y) Lehman Brothers Municipal Bond Index Consumer Price Index [LINE CHART] EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Rochester Fund Municipals Lehman Brothers Consumer Price Date (Class Y) Municipal Bond Index Index 04/28/2000 10,000 10,000 10,000 06/30/2000 10,197 10,212 10,064 09/30/2000 10,470 10,459 10,140 12/31/2000 10,897 10,916 10,158 03/31/2001 11,139 11,158 10,286 06/30/2001 11,283 11,231 10,391 09/30/2001 11,547 11,546 10,409 12/31/2001 11,469 11,475 10,315 03/31/2002 11,589 11,584 10,438 06/30/2002 11,877 12,007 10,502 09/30/2002 12,197 12,578 10,566 12/31/2002 12,108 12,578 10,560 03/31/2003 11,904 12,729 10,753 06/30/2003 12,454 13,057 10,724 09/30/2003 12,624 13,067 10,811 12/31/2003 13,096 13,246 10,811
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 12/31/03 1-Year 8.16% Since Inception 7.62% Inception Date 4/28/00 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR MORE CURRENT PERFORMANCE DATA, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800 CALL OPP (255.5677). FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE ON CLASS Y SHARES. SEE PAGE 14 FOR FURTHER DETAILS. 13 | ROCHESTER FUND MUNICIPALS NOTES Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. Investors should consider the Fund's investment objectives, risks, and other charges and expenses carefully before investing. The Fund's prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.CALL OPP (1.800.225.5677) or visit the OppenheimerFunds website at WWW.OPPENHEIMERFUNDS.COM. Read the prospectus carefully before you invest or send money. CLASS A shares of the Fund were first publicly offered on 5/15/86. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge. CLASS B shares of the Fund were first publicly offered on 3/17/97. The average annual total returns are shown net of the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the "since inception" return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 3/17/97. The average annual total returns are shown net of the applicable 1% contingent deferred sales charge for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 4/28/00. Class Y shares are offered only to certain institutional investors under special agreements with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 14 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS DECEMBER 31, 2003
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES--99.5% ----------------------------------------------------------------------------------------------------------------- NEW YORK--89.9% $ 620,000 Albany Hsg. Authority (Lark Drive) 5.500% 12/01/2028 $ 640,702 ----------------------------------------------------------------------------------------------------------------- 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,381,078 ----------------------------------------------------------------------------------------------------------------- 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,285,537 ----------------------------------------------------------------------------------------------------------------- 455,000 Albany IDA (Albany Medical Center) 8.250 08/01/2004 455,710 ----------------------------------------------------------------------------------------------------------------- 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 408,568 ----------------------------------------------------------------------------------------------------------------- 935,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 979,646 ----------------------------------------------------------------------------------------------------------------- 4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,079,813 ----------------------------------------------------------------------------------------------------------------- 3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,950,667 ----------------------------------------------------------------------------------------------------------------- 1,650,000 Albany IDA (MARA Mansion Rehab.) 6.500 02/01/2023 1,651,089 ----------------------------------------------------------------------------------------------------------------- 1,395,000 Albany IDA (Port of Albany) 7.250 02/01/2024 1,412,870 ----------------------------------------------------------------------------------------------------------------- 1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,309,312 ----------------------------------------------------------------------------------------------------------------- 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,768,360 ----------------------------------------------------------------------------------------------------------------- 125,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2029 143,971 ----------------------------------------------------------------------------------------------------------------- 1,770,000 Albany Parking Authority 0.000 z 11/01/2017 925,197 ----------------------------------------------------------------------------------------------------------------- 2,510,000 Albany Parking Authority 5.625 07/15/2020 2,678,070 ----------------------------------------------------------------------------------------------------------------- 2,000,000 Albany Parking Authority 5.625 07/15/2025 2,090,920 ----------------------------------------------------------------------------------------------------------------- 2,010,000 Allegany County IDA (Cuba Memorial Hospital) a,b,d 6.500 11/01/2009 648,406 ----------------------------------------------------------------------------------------------------------------- 4,230,000 Allegany County IDA (Cuba Memorial Hospital) a,b,d 7.250 11/01/2019 1,357,069 ----------------------------------------------------------------------------------------------------------------- 5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,757,114 ----------------------------------------------------------------------------------------------------------------- 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 902,143 ----------------------------------------------------------------------------------------------------------------- 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 2,842,320 ----------------------------------------------------------------------------------------------------------------- 2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 2,999,405 ----------------------------------------------------------------------------------------------------------------- 10,055,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,453,379 ----------------------------------------------------------------------------------------------------------------- 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,364,470 ----------------------------------------------------------------------------------------------------------------- 990,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 1,017,047 ----------------------------------------------------------------------------------------------------------------- 710,000 Battery Park City Authority 10.000 06/01/2023 713,543 ----------------------------------------------------------------------------------------------------------------- 1,360,000 Bayshore HDC 7.500 02/01/2023 1,419,704 ----------------------------------------------------------------------------------------------------------------- 570,000 Bethany Retirement Home 7.450 02/01/2024 601,339 ----------------------------------------------------------------------------------------------------------------- 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,036,991 ----------------------------------------------------------------------------------------------------------------- 45,000 Bleeker Terrace HDC 8.350 07/01/2004 45,339 ----------------------------------------------------------------------------------------------------------------- 900,000 Bleeker Terrace HDC 8.750 07/01/2007 908,181 ----------------------------------------------------------------------------------------------------------------- 580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 604,865 ----------------------------------------------------------------------------------------------------------------- 7,005,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 7,006,821 ----------------------------------------------------------------------------------------------------------------- 255,000 Brookhaven IDA (Farber) a 3.188 v 12/01/2004 254,618 ----------------------------------------------------------------------------------------------------------------- 95,000 Brookhaven IDA (Interdisciplinary School) 8.500 12/01/2004 95,835 ----------------------------------------------------------------------------------------------------------------- 3,220,000 Brookhaven IDA (Interdisciplinary School) 9.500 12/01/2019 3,380,775 ----------------------------------------------------------------------------------------------------------------- 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,318,563 ----------------------------------------------------------------------------------------------------------------- 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,508,444 ----------------------------------------------------------------------------------------------------------------- 515,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2011 542,393 ----------------------------------------------------------------------------------------------------------------- 3,230,000 Brookhaven IDA (United Baking Company) 8.750 12/01/2030 3,359,006 ----------------------------------------------------------------------------------------------------------------- 1,000,000 Canton Human Services Initiatives 5.700 09/01/2024 1,046,590 ----------------------------------------------------------------------------------------------------------------- 1,260,000 Canton Human Services Initiatives 5.750 09/01/2032 1,311,547 ----------------------------------------------------------------------------------------------------------------- 600,000 Capital District Youth Center 6.000 02/01/2017 645,534 ----------------------------------------------------------------------------------------------------------------- 500,000 Carnegie Redevelopment Corp. a 7.000 09/01/2021 502,065
15 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,430,000 Cattaraugus County IDA (Cherry Creek) 9.800% 09/01/2010 $ 1,433,160 ---------------------------------------------------------------------------------------------------------------- 570,000 Cattaraugus County IDA (Jamestown Community College) 6.400 07/01/2019 617,624 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Cattaraugus County IDA (Jamestown Community College) 6.500 07/01/2030 1,078,060 ---------------------------------------------------------------------------------------------------------------- 4,265,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,385,401 ---------------------------------------------------------------------------------------------------------------- 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,511,616 ---------------------------------------------------------------------------------------------------------------- 2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 2,987,464 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 1,043,080 ---------------------------------------------------------------------------------------------------------------- 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,529,544 ---------------------------------------------------------------------------------------------------------------- 8,145,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 7,546,343 ---------------------------------------------------------------------------------------------------------------- 8,435,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 8,008,779 ---------------------------------------------------------------------------------------------------------------- 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,526,136 ---------------------------------------------------------------------------------------------------------------- 1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,975,308 ---------------------------------------------------------------------------------------------------------------- 3,210,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 3,254,683 ---------------------------------------------------------------------------------------------------------------- 35,000 Cohoes GO 6.200 03/15/2012 36,847 ---------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.200 03/15/2013 26,237 ---------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2014 26,187 ---------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2015 26,060 ---------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2016 25,968 ---------------------------------------------------------------------------------------------------------------- 120,000 Columbia County IDA (Berkshire Farms) 6.900 12/15/2004 121,388 ---------------------------------------------------------------------------------------------------------------- 1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,935,006 ---------------------------------------------------------------------------------------------------------------- 3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,368,838 ---------------------------------------------------------------------------------------------------------------- 5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,509,352 ---------------------------------------------------------------------------------------------------------------- 120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 129,107 ---------------------------------------------------------------------------------------------------------------- 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,584,980 ---------------------------------------------------------------------------------------------------------------- 2,595,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,835,868 ---------------------------------------------------------------------------------------------------------------- 5,615,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 6,070,096 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County Water & Wastewater Authority 0.000 z 06/01/2027 317,860 ---------------------------------------------------------------------------------------------------------------- 3,350,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,296,367 ---------------------------------------------------------------------------------------------------------------- 1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,506,801 ---------------------------------------------------------------------------------------------------------------- 1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,469,160 ---------------------------------------------------------------------------------------------------------------- 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,038,540 ---------------------------------------------------------------------------------------------------------------- 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,251,388 ---------------------------------------------------------------------------------------------------------------- 2,820,000 Erie County IDA (Affordable Hospitality) a 9.250 12/01/2015 2,779,759 ---------------------------------------------------------------------------------------------------------------- 675,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 677,599 ---------------------------------------------------------------------------------------------------------------- 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,413,534 ---------------------------------------------------------------------------------------------------------------- 1,750,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,352,173 ---------------------------------------------------------------------------------------------------------------- 3,055,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,858,930 ---------------------------------------------------------------------------------------------------------------- 11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 11,339,972 ---------------------------------------------------------------------------------------------------------------- 3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,617,954 ---------------------------------------------------------------------------------------------------------------- 2,655,000 Erie County IDA (Mercy Hospital) 6.250 06/01/2010 2,476,664 ---------------------------------------------------------------------------------------------------------------- 25,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 25,433 ---------------------------------------------------------------------------------------------------------------- 9,495,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,617,296
16 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 570,000 Erie County Tobacco Asset Securitization Corp. 6.125% 07/15/2030 $ 563,206 ---------------------------------------------------------------------------------------------------------------- 9,295,000 Erie County Tobacco Asset Securitization Corp. 6.250 07/15/2040 9,311,824 ---------------------------------------------------------------------------------------------------------------- 40,000 Erie County Tobacco Asset Securitization Corp. 6.500 07/15/2032 40,667 ---------------------------------------------------------------------------------------------------------------- 10,120,000 Erie County Tobacco Asset Securitization Corp. RITES a 10.658 f 07/15/2040 10,156,634 ---------------------------------------------------------------------------------------------------------------- 22,490,000 Erie County Tobacco Asset Securitization Corp. RITES a 11.658 f 07/15/2040 23,990,533 ---------------------------------------------------------------------------------------------------------------- 1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,854,440 ---------------------------------------------------------------------------------------------------------------- 1,625,000 Essex County IDA (International Paper Company) 5.500 10/01/2026 1,607,174 ---------------------------------------------------------------------------------------------------------------- 310,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 316,445 ---------------------------------------------------------------------------------------------------------------- 2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,430,249 ---------------------------------------------------------------------------------------------------------------- 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,616,250 ---------------------------------------------------------------------------------------------------------------- 275,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 276,584 ---------------------------------------------------------------------------------------------------------------- 5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 6,013,814 ---------------------------------------------------------------------------------------------------------------- 805,000 Fulton County IDA (Nathan Littauer) 7.000 11/01/2004 805,845 ---------------------------------------------------------------------------------------------------------------- 535,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 538,215 ---------------------------------------------------------------------------------------------------------------- 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,880,436 ---------------------------------------------------------------------------------------------------------------- 2,375,000 Grand Central BID (Grand Central District Management) 5.250 01/01/2022 2,413,926 ---------------------------------------------------------------------------------------------------------------- 2,795,000 Green Island Power Authority 6.000 12/15/2020 2,956,467 ---------------------------------------------------------------------------------------------------------------- 1,695,000 Green Island Power Authority 6.000 12/15/2025 1,753,647 ---------------------------------------------------------------------------------------------------------------- 655,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015 667,740 ---------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,640,275 ---------------------------------------------------------------------------------------------------------------- 3,735,000 Hempstead IDA (Bristal Gardens) 7.500 05/01/2046 3,741,872 ---------------------------------------------------------------------------------------------------------------- 5,175,000 Hempstead IDA (Bristal Gardens) w 7.500 05/01/2046 5,185,712 ---------------------------------------------------------------------------------------------------------------- 5,175,000 Hempstead IDA (Bristal Gardens) w 7.500 05/01/2046 5,185,712 ---------------------------------------------------------------------------------------------------------------- 7,250,000 Hempstead IDA (Bristal Gardens) w 7.500 05/01/2046 7,265,008 ---------------------------------------------------------------------------------------------------------------- 375,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 384,866 ---------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,326,756 ---------------------------------------------------------------------------------------------------------------- 4,695,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 4,674,154 ---------------------------------------------------------------------------------------------------------------- 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 18,657,646 ---------------------------------------------------------------------------------------------------------------- 2,965,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 2,903,684 ---------------------------------------------------------------------------------------------------------------- 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,963,156 ---------------------------------------------------------------------------------------------------------------- 9,780,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 10,371,690 ---------------------------------------------------------------------------------------------------------------- 4,770,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,800,385 ---------------------------------------------------------------------------------------------------------------- 12,530,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 12,609,816 ---------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,515,925 ---------------------------------------------------------------------------------------------------------------- 5,700,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,699,886 ---------------------------------------------------------------------------------------------------------------- 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,332,186 ---------------------------------------------------------------------------------------------------------------- 9,835,000 Herkimer County IDA (Burrows Paper) a 8.000 01/01/2009 9,656,298 ---------------------------------------------------------------------------------------------------------------- 1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,354,377 ---------------------------------------------------------------------------------------------------------------- 2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,092,000 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Herkimer County IDA (Herkimer County College Foundation) 6.250 08/01/2034 1,041,850 ---------------------------------------------------------------------------------------------------------------- 325,000 Herkimer Hsg. Authority 7.150 03/01/2011 327,259 ---------------------------------------------------------------------------------------------------------------- 990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 996,742 ---------------------------------------------------------------------------------------------------------------- 125,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 115,423 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 895,250
17 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 8,500,000 Huntington Hsg. Authority (GJSR) 6.000% 05/01/2039 $ 7,477,110 ---------------------------------------------------------------------------------------------------------------- 865,000 Islip IDA (Leeway School) 9.000 08/01/2021 866,211 ---------------------------------------------------------------------------------------------------------------- 19,550,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 20,404,531 ---------------------------------------------------------------------------------------------------------------- 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,183,900 ---------------------------------------------------------------------------------------------------------------- 7,905,000 L.I. Power Authority RITES a 15.320 f 12/01/2022 9,595,247 ---------------------------------------------------------------------------------------------------------------- 21,000,000 L.I. Power Authority RITES a 15.321 f 12/01/2022 25,490,220 ---------------------------------------------------------------------------------------------------------------- 3,750,000 L.I. Power Authority RITES a 15.786 f 12/01/2026 4,583,325 ---------------------------------------------------------------------------------------------------------------- 2,915,000 L.I. Power Authority RITES a 15.861 f 09/01/2028 3,474,447 ---------------------------------------------------------------------------------------------------------------- 25,630,000 L.I. Power Authority, Series A 5.125 09/01/2029 26,066,992 ---------------------------------------------------------------------------------------------------------------- 44,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 46,283,591 ---------------------------------------------------------------------------------------------------------------- 3,000,000 L.I. Power Authority, Series C 5.000 09/01/2027 3,019,920 ---------------------------------------------------------------------------------------------------------------- 86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 89,304,103 ---------------------------------------------------------------------------------------------------------------- 75,000 Lowville GO 7.200 09/15/2007 86,698 ---------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2012 124,330 ---------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2013 125,046 ---------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2014 126,388 ---------------------------------------------------------------------------------------------------------------- 5,350,000 Lyons Community Health Initiatives Corp. 6.800 09/01/2024 5,534,254 ---------------------------------------------------------------------------------------------------------------- 4,450,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,672,322 ---------------------------------------------------------------------------------------------------------------- 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,354,074 ---------------------------------------------------------------------------------------------------------------- 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,698,660 ---------------------------------------------------------------------------------------------------------------- 90,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 87,526 ---------------------------------------------------------------------------------------------------------------- 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 637,857 ---------------------------------------------------------------------------------------------------------------- 905,000 Middleton IDA (Fleurchem, Inc.) a 8.000 12/01/2016 909,842 ---------------------------------------------------------------------------------------------------------------- 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,634,843 ---------------------------------------------------------------------------------------------------------------- 440,000 Middletown IDA (YMCA) 6.250 11/01/2009 417,094 ---------------------------------------------------------------------------------------------------------------- 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,144,096 ---------------------------------------------------------------------------------------------------------------- 300,000 Monroe County COP 8.050 01/01/2011 311,400 ---------------------------------------------------------------------------------------------------------------- 4,260,000 Monroe County IDA (Al Sigl Center) 6.600 12/15/2017 4,472,574 ---------------------------------------------------------------------------------------------------------------- 1,590,000 Monroe County IDA (Al Sigl Center) 7.250 12/15/2015 1,642,120 ---------------------------------------------------------------------------------------------------------------- 3,145,000 Monroe County IDA (Brazill Merk) 7.900 12/15/2014 3,193,810 ---------------------------------------------------------------------------------------------------------------- 840,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 859,748 ---------------------------------------------------------------------------------------------------------------- 2,890,000 Monroe County IDA (Collegiate Hsg. Foundation--RIT) 5.375 04/01/2029 2,881,821 ---------------------------------------------------------------------------------------------------------------- 1,547,078 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,575,220 ---------------------------------------------------------------------------------------------------------------- 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 904,267 ---------------------------------------------------------------------------------------------------------------- 2,595,000 Monroe County IDA (Depaul Community Facilities) 5.875 02/01/2028 2,150,944 ---------------------------------------------------------------------------------------------------------------- 5,650,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 5,000,307 ---------------------------------------------------------------------------------------------------------------- 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 901,234 ---------------------------------------------------------------------------------------------------------------- 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,312,974 ---------------------------------------------------------------------------------------------------------------- 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,064,307 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,042,430 ---------------------------------------------------------------------------------------------------------------- 4,955,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2027 5,142,646 ---------------------------------------------------------------------------------------------------------------- 275,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 272,124 ---------------------------------------------------------------------------------------------------------------- 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 578,550 ---------------------------------------------------------------------------------------------------------------- 300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 291,555
18 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 945,000 Monroe County IDA (Melles Griot) 9.500% 12/01/2009 $ 956,605 ---------------------------------------------------------------------------------------------------------------- 1,136,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 1,139,238 ---------------------------------------------------------------------------------------------------------------- 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,453,448 ---------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,109,780 ---------------------------------------------------------------------------------------------------------------- 1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,578,992 ---------------------------------------------------------------------------------------------------------------- 2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,290,039 ---------------------------------------------------------------------------------------------------------------- 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,222,200 ---------------------------------------------------------------------------------------------------------------- 1,215,000 Monroe County IDA (St. Joseph's Parking Garage) a 7.000 11/01/2008 419,175 ---------------------------------------------------------------------------------------------------------------- 4,345,000 Monroe County IDA (St. Joseph's Parking Garage) a 7.500 11/01/2022 1,499,025 ---------------------------------------------------------------------------------------------------------------- 7,420,000 Monroe County IDA (The Children's Beverage Group) a,b,d 8.750 11/01/2010 67,522 ---------------------------------------------------------------------------------------------------------------- 955,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 963,700 ---------------------------------------------------------------------------------------------------------------- 2,710,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,579,270 ---------------------------------------------------------------------------------------------------------------- 90,000 Monroe County IDA (West End Business) 6.750 12/01/2004 89,973 ---------------------------------------------------------------------------------------------------------------- 20,000 Monroe County IDA (West End Business) 6.750 12/01/2004 19,994 ---------------------------------------------------------------------------------------------------------------- 15,000 Monroe County IDA (West End Business) 6.750 12/01/2004 14,996 ---------------------------------------------------------------------------------------------------------------- 1,375,000 Monroe County IDA (West End Business) 8.000 12/01/2014 1,414,160 ---------------------------------------------------------------------------------------------------------------- 345,000 Monroe County IDA (West End Business) 8.000 12/01/2014 354,826 ---------------------------------------------------------------------------------------------------------------- 170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 174,842 ---------------------------------------------------------------------------------------------------------------- 515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 529,667 ---------------------------------------------------------------------------------------------------------------- 12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 12,653,040 ---------------------------------------------------------------------------------------------------------------- 15,000,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035 15,180,750 ---------------------------------------------------------------------------------------------------------------- 3,000,000 Monroe County Tobacco Asset Securitization Corp. Fixed Receipts 6.600 06/01/2042 3,080,250 ---------------------------------------------------------------------------------------------------------------- 15,000,000 Monroe County Tobacco Asset Securitization Corp. RITES a 10.908 f 06/01/2035 15,361,500 ---------------------------------------------------------------------------------------------------------------- 6,870,000 Monroe County Tobacco Asset Securitization Corp. RITES a 11.259 f 06/01/2042 7,237,476 ---------------------------------------------------------------------------------------------------------------- 9,000,000 Monroe County Tobacco Asset Securitization Corp. RITES a 16.007 f 06/01/2042 9,722,070 ---------------------------------------------------------------------------------------------------------------- 2,160,000 Monroe Newpower Corp. 5.500 01/01/2034 2,216,506 ---------------------------------------------------------------------------------------------------------------- 500,000 Monroe Newpower Corp. 5.625 01/01/2026 516,150 ---------------------------------------------------------------------------------------------------------------- 5,860,000 Montgomery County IDA (ASMF) a,b,d 7.250 01/15/2019 2,827,450 ---------------------------------------------------------------------------------------------------------------- 500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 503,515 ---------------------------------------------------------------------------------------------------------------- 3,275,000 Mount Vernon IDA (Macedonia Towers) 5.200 12/01/2033 3,298,023 ---------------------------------------------------------------------------------------------------------------- 2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,206,574 ---------------------------------------------------------------------------------------------------------------- 2,500,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,319,550 ---------------------------------------------------------------------------------------------------------------- 14,200,000 MTA RITES a 14.751 f 11/15/2025 15,899,456 ---------------------------------------------------------------------------------------------------------------- 1,910,000 MTA RITES a 14.751 f 11/15/2028 2,127,358 ---------------------------------------------------------------------------------------------------------------- 10,000,000 MTA RITES a 14.751 f 11/15/2030 11,108,800 ---------------------------------------------------------------------------------------------------------------- 5,000,000 MTA RITES a 14.751 f 11/15/2030 5,554,400 ---------------------------------------------------------------------------------------------------------------- 2,890,000 MTA RITES a 14.751 f 11/15/2030 3,210,443 ---------------------------------------------------------------------------------------------------------------- 7,500,000 MTA RITES a 14.751 f 11/15/2031 8,309,550 ---------------------------------------------------------------------------------------------------------------- 2,125,000 MTA RITES a 14.751 f 11/15/2032 2,341,920 ---------------------------------------------------------------------------------------------------------------- 2,220,000 MTA Service Contract RITES a 15.251 f 01/01/2024 2,510,243 ---------------------------------------------------------------------------------------------------------------- 136,525,000 MTA Service Contract, Series A 5.125 01/01/2029 140,312,204 ---------------------------------------------------------------------------------------------------------------- 33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 34,818,295
19 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $20,850,000 MTA, Series A 5.125% 11/15/2031 $ 21,310,994 ---------------------------------------------------------------------------------------------------------------- 20,000,000 MTA, Series B 5.250 11/15/2032 20,787,600 ---------------------------------------------------------------------------------------------------------------- 34,620,000 MTA, Series E 5.250 11/15/2031 35,796,041 ---------------------------------------------------------------------------------------------------------------- 802,824 Municipal Assistance Corp. for Troy, NY 0.000 z 07/15/2021 364,378 ---------------------------------------------------------------------------------------------------------------- 1,218,573 Municipal Assistance Corp. for Troy, NY 0.000 z 01/15/2022 531,310 ---------------------------------------------------------------------------------------------------------------- 1,290,000 Nassau County IDA (ALIA--ACDS) 7.500 06/01/2015 1,384,505 ---------------------------------------------------------------------------------------------------------------- 2,975,000 Nassau County IDA (ALIA--ACLD) 6.250 09/01/2022 3,011,979 ---------------------------------------------------------------------------------------------------------------- 260,000 Nassau County IDA (ALIA--ACLD) 7.125 06/01/2017 271,887 ---------------------------------------------------------------------------------------------------------------- 425,000 Nassau County IDA (ALIA--ACLD) 7.500 06/01/2015 456,136 ---------------------------------------------------------------------------------------------------------------- 6,495,000 Nassau County IDA (ALIA--CSMR) 7.000 11/01/2016 6,818,841 ---------------------------------------------------------------------------------------------------------------- 3,875,000 Nassau County IDA (ALIA--CSMR) 7.125 06/01/2017 4,075,415 ---------------------------------------------------------------------------------------------------------------- 2,110,000 Nassau County IDA (ALIA--CSMR) 7.500 06/01/2015 2,264,579 ---------------------------------------------------------------------------------------------------------------- 400,000 Nassau County IDA (ALIA--FREE) 7.125 06/01/2012 421,284 ---------------------------------------------------------------------------------------------------------------- 2,610,000 Nassau County IDA (ALIA--FREE) 7.500 06/01/2015 2,801,209 ---------------------------------------------------------------------------------------------------------------- 4,030,000 Nassau County IDA (ALIA--FREE) 8.150 06/01/2030 4,340,109 ---------------------------------------------------------------------------------------------------------------- 6,610,000 Nassau County IDA (ALIA--FREE) 8.250 06/01/2032 7,057,365 ---------------------------------------------------------------------------------------------------------------- 1,040,000 Nassau County IDA (ALIA--HH) 7.125 06/01/2017 1,093,789 ---------------------------------------------------------------------------------------------------------------- 800,000 Nassau County IDA (ALIA--HHS) 7.125 06/01/2017 841,376 ---------------------------------------------------------------------------------------------------------------- 280,000 Nassau County IDA (ALIA--LVH) 7.500 06/01/2015 300,513 ---------------------------------------------------------------------------------------------------------------- 635,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 681,520 ---------------------------------------------------------------------------------------------------------------- 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,458,095 ---------------------------------------------------------------------------------------------------------------- 970,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.000 11/01/2010 895,766 ---------------------------------------------------------------------------------------------------------------- 6,060,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.875 11/01/2026 5,532,477 ---------------------------------------------------------------------------------------------------------------- 3,955,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,172,446 ---------------------------------------------------------------------------------------------------------------- 470,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 470,597 ---------------------------------------------------------------------------------------------------------------- 2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,229,292 ---------------------------------------------------------------------------------------------------------------- 2,759,599 Nassau County IDA (Sharp International) a,b,d 7.375 12/01/2007 128,321 ---------------------------------------------------------------------------------------------------------------- 1,752,588 Nassau County IDA (Sharp International) a,b,d 7.375 12/01/2007 81,495 ---------------------------------------------------------------------------------------------------------------- 2,527,212 Nassau County IDA (Sharp International) a,b,d 7.875 12/01/2012 117,515 ---------------------------------------------------------------------------------------------------------------- 1,597,663 Nassau County IDA (Sharp International) a,b,d 7.875 12/01/2012 74,291 ---------------------------------------------------------------------------------------------------------------- 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 1,999,222 ---------------------------------------------------------------------------------------------------------------- 24,655,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,406,971 ---------------------------------------------------------------------------------------------------------------- 4,375,000 Nassau County IFA RITES a 15.379 f 11/15/2021 5,448,625 ---------------------------------------------------------------------------------------------------------------- 7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,171,242 ---------------------------------------------------------------------------------------------------------------- 3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,279,680 ---------------------------------------------------------------------------------------------------------------- 4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,212,523 ---------------------------------------------------------------------------------------------------------------- 6,195,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 6,157,087 ---------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,688,764 ---------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) w 7.800 05/01/2045 4,717,318 ---------------------------------------------------------------------------------------------------------------- 17,730,000 Nassau County Tobacco Settlement Corp. RITES a 10.958 f 07/15/2033 18,029,637 ---------------------------------------------------------------------------------------------------------------- 10,535,000 Nassau County Tobacco Settlement Corp. RITES a 11.158 f 07/15/2027 10,937,753 ---------------------------------------------------------------------------------------------------------------- 17,590,000 Nassau County Tobacco Settlement Corp. RITES a 11.358 f 07/15/2039 18,260,355 ---------------------------------------------------------------------------------------------------------------- 20,000 New Hartford HDC (Village Point) 7.375 01/01/2024 20,034 ---------------------------------------------------------------------------------------------------------------- 2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,102,840 ---------------------------------------------------------------------------------------------------------------- 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,235,724
20 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500% 07/01/2019 $ 6,865,430 ---------------------------------------------------------------------------------------------------------------- 4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 5,016,380 ---------------------------------------------------------------------------------------------------------------- 2,660,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,577,088 ---------------------------------------------------------------------------------------------------------------- 3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,501,399 ---------------------------------------------------------------------------------------------------------------- 1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,582,485 ---------------------------------------------------------------------------------------------------------------- 5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,634,198 ---------------------------------------------------------------------------------------------------------------- 1,900,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,900,494 ---------------------------------------------------------------------------------------------------------------- 6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,868,940 ---------------------------------------------------------------------------------------------------------------- 1,305,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,305,874 ---------------------------------------------------------------------------------------------------------------- 5,810,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 5,813,893 ---------------------------------------------------------------------------------------------------------------- 125,000 Niagara County Tobacco Asset Securitization Corp. (TASC) 5.375 05/15/2018 121,843 ---------------------------------------------------------------------------------------------------------------- 1,680,000 Niagara Falls City School District 5.875 06/15/2019 1,897,123 ---------------------------------------------------------------------------------------------------------------- 1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,710,081 ---------------------------------------------------------------------------------------------------------------- 750,000 Niagara Falls CSD COP (High School Facility) 6.625 06/15/2028 812,153 ---------------------------------------------------------------------------------------------------------------- 25,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport) 5.625 04/01/2029 27,243 ---------------------------------------------------------------------------------------------------------------- 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 802,030 ---------------------------------------------------------------------------------------------------------------- 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,659,030 ---------------------------------------------------------------------------------------------------------------- 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,284,607 ---------------------------------------------------------------------------------------------------------------- 485,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 501,907 ---------------------------------------------------------------------------------------------------------------- 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,649,839 ---------------------------------------------------------------------------------------------------------------- 25,000 Nunda GO 8.000 05/01/2010 31,484 ---------------------------------------------------------------------------------------------------------------- 150,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 152,910 ---------------------------------------------------------------------------------------------------------------- 3,975,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 4,005,409 ---------------------------------------------------------------------------------------------------------------- 11,915,000 NY Counties Tobacco Trust I (TASC) RITES a 14.878 f 06/01/2028 12,188,449 ---------------------------------------------------------------------------------------------------------------- 29,525,000 NY Counties Tobacco Trust I RITES a 10.856 f 06/01/2042 31,104,292 ---------------------------------------------------------------------------------------------------------------- 9,105,000 NY Counties Tobacco Trust I RITES a 11.158 f 06/01/2035 9,458,183 ---------------------------------------------------------------------------------------------------------------- 850,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 810,356 ---------------------------------------------------------------------------------------------------------------- 29,755,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 27,333,836 ---------------------------------------------------------------------------------------------------------------- 53,160,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 49,964,552 ---------------------------------------------------------------------------------------------------------------- 200,000 NYC GO 0.000 z 05/15/2012 144,978 ---------------------------------------------------------------------------------------------------------------- 40,000 NYC GO 0.000 z 10/01/2012 28,541 ---------------------------------------------------------------------------------------------------------------- 2,610,000 NYC GO 5.000 09/15/2028 2,625,373 ---------------------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.250 10/15/2021 5,255,500 ---------------------------------------------------------------------------------------------------------------- 1,015,000 NYC GO 5.250 08/15/2023 1,048,434 ---------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.250 08/01/2024 512,390 ---------------------------------------------------------------------------------------------------------------- 33,420,000 NYC GO 5.250 06/01/2027 34,405,556 ---------------------------------------------------------------------------------------------------------------- 5,400,000 NYC GO 5.250 06/01/2028 5,570,154 ---------------------------------------------------------------------------------------------------------------- 16,880,000 NYC GO 5.250 03/15/2032 19,339,416 ---------------------------------------------------------------------------------------------------------------- 9,470,000 NYC GO 5.250 03/15/2032 9,739,327 ---------------------------------------------------------------------------------------------------------------- 3,640,000 NYC GO 5.250 01/15/2033 3,752,185 ---------------------------------------------------------------------------------------------------------------- 1,000,000 NYC GO 5.250 09/15/2033 1,032,550 ---------------------------------------------------------------------------------------------------------------- 20,825,000 NYC GO 5.375 12/01/2026 21,723,391 ---------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.375 08/01/2027 517,350 ---------------------------------------------------------------------------------------------------------------- 1,350,000 NYC GO 5.375 03/15/2028 1,558,778
21 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,115,000 NYC GO 5.375% 03/15/2028 $ 1,163,592 ---------------------------------------------------------------------------------------------------------------- 55,765,000 NYC GO 5.375 06/01/2032 58,177,394 ---------------------------------------------------------------------------------------------------------------- 11,500,000 NYC GO 5.500 08/01/2020 12,503,490 ---------------------------------------------------------------------------------------------------------------- 11,860,000 NYC GO 5.500 08/01/2021 12,836,908 ---------------------------------------------------------------------------------------------------------------- 4,000,000 NYC GO 5.500 06/01/2022 4,308,880 ---------------------------------------------------------------------------------------------------------------- 14,325,000 NYC GO 5.500 08/01/2022 15,446,934 ---------------------------------------------------------------------------------------------------------------- 1,955,000 NYC GO 5.500 06/01/2023 2,101,312 ---------------------------------------------------------------------------------------------------------------- 1,255,000 NYC GO 5.500 06/01/2028 1,330,426 ---------------------------------------------------------------------------------------------------------------- 23,215,000 NYC GO 5.500 12/01/2031 24,531,987 ---------------------------------------------------------------------------------------------------------------- 7,075,000 NYC GO 5.500 11/15/2037 7,333,733 ---------------------------------------------------------------------------------------------------------------- 5,000,000 NYC GO 5.625 03/15/2019 5,455,450 ---------------------------------------------------------------------------------------------------------------- 45,000 NYC GO 5.750 02/01/2020 48,491 ---------------------------------------------------------------------------------------------------------------- 1,500,000 NYC GO 5.750 03/01/2020 1,660,245 ---------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.950 08/01/2014 5,676 ---------------------------------------------------------------------------------------------------------------- 4,595,000 NYC GO 6.000 02/01/2011 5,017,281 ---------------------------------------------------------------------------------------------------------------- 25,255,000 NYC GO 6.000 01/15/2021 28,391,671 ---------------------------------------------------------------------------------------------------------------- 740,000 NYC GO 6.250 04/15/2027 832,026 ---------------------------------------------------------------------------------------------------------------- 335,000 NYC GO 6.350 05/15/2014 385,005 ---------------------------------------------------------------------------------------------------------------- 397,000 NYC GO 6.500 08/01/2014 433,496 ---------------------------------------------------------------------------------------------------------------- 1,580,000 NYC GO 6.625 08/01/2025 1,728,330 ---------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2010 5,022 ---------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.250 08/15/2024 5,022 ---------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.750 08/15/2028 15,108 ---------------------------------------------------------------------------------------------------------------- 100,000 NYC GO DIAMONDS b 0.000 v 08/01/2025 84,041 ---------------------------------------------------------------------------------------------------------------- 837,000 NYC GO RIBS 10.770 f 08/12/2010 854,083 ---------------------------------------------------------------------------------------------------------------- 837,000 NYC GO RIBS 10.770 f 09/01/2011 854,083 ---------------------------------------------------------------------------------------------------------------- 336,946 NYC HDC (Albert Einstein Staff Hsg.) 6.500 12/15/2017 354,110 ---------------------------------------------------------------------------------------------------------------- 1,288,839 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,356,104 ---------------------------------------------------------------------------------------------------------------- 1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,094,105 ---------------------------------------------------------------------------------------------------------------- 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,228,108 ---------------------------------------------------------------------------------------------------------------- 318,054 NYC HDC (Bay Towers) 6.500 08/15/2017 334,596 ---------------------------------------------------------------------------------------------------------------- 2,378,935 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,502,330 ---------------------------------------------------------------------------------------------------------------- 404,339 NYC HDC (Bridgeview III) 6.500 12/15/2017 425,368 ---------------------------------------------------------------------------------------------------------------- 432,705 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 454,834 ---------------------------------------------------------------------------------------------------------------- 1,125,461 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,183,940 ---------------------------------------------------------------------------------------------------------------- 161,197 NYC HDC (Candia House) 6.500 06/15/2018 169,550 ---------------------------------------------------------------------------------------------------------------- 3,078,109 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,237,771 ---------------------------------------------------------------------------------------------------------------- 265,714 NYC HDC (Contello III) 7.000 12/15/2018 279,574 ---------------------------------------------------------------------------------------------------------------- 1,261,026 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,326,435 ---------------------------------------------------------------------------------------------------------------- 962,152 NYC HDC (Court Plaza) 6.500 08/15/2017 1,012,193 ---------------------------------------------------------------------------------------------------------------- 1,493,444 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,571,849 ---------------------------------------------------------------------------------------------------------------- 3,117,011 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,278,971 ---------------------------------------------------------------------------------------------------------------- 3,010,861 NYC HDC (Esplanade Gardens) 7.000 01/15/2019 3,168,389 ---------------------------------------------------------------------------------------------------------------- 72,185 NYC HDC (Essex Terrace) 6.500 07/15/2018 75,925 ---------------------------------------------------------------------------------------------------------------- 434,119 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 456,637
22 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,437,113 NYC HDC (Gouverneur Gardens) 7.034% 02/15/2019 $ 1,512,332 ---------------------------------------------------------------------------------------------------------------- 3,539,216 NYC HDC (Hudsonview Terrace) 6.500 09/15/2017 3,722,795 ---------------------------------------------------------------------------------------------------------------- 997,299 NYC HDC (Janel Towers) 6.500 09/15/2017 1,049,168 ---------------------------------------------------------------------------------------------------------------- 348,807 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 366,948 ---------------------------------------------------------------------------------------------------------------- 199,374 NYC HDC (Kingsbridge Arms) 6.500 11/15/2018 209,706 ---------------------------------------------------------------------------------------------------------------- 1,077,656 NYC HDC (Leader House) 6.500 03/15/2018 1,133,500 ---------------------------------------------------------------------------------------------------------------- 1,522,897 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,600,824 ---------------------------------------------------------------------------------------------------------------- 2,299,452 NYC HDC (Montefiore Hospital Hsg. Sec. II) 6.500 10/15/2017 2,418,725 ---------------------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,130,080 ---------------------------------------------------------------------------------------------------------------- 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,878,644 ---------------------------------------------------------------------------------------------------------------- 9,880,000 NYC HDC (Multifamily Hsg.), Series A 6.600 04/01/2030 10,118,009 ---------------------------------------------------------------------------------------------------------------- 775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 805,287 ---------------------------------------------------------------------------------------------------------------- 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,019,800 ---------------------------------------------------------------------------------------------------------------- 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,199,199 ---------------------------------------------------------------------------------------------------------------- 762,299 NYC HDC (New Amsterdam House) 6.500 08/15/2018 801,801 ---------------------------------------------------------------------------------------------------------------- 779,241 NYC HDC (New Amsterdam House) 6.500 08/15/2018 780,986 ---------------------------------------------------------------------------------------------------------------- 939,155 NYC HDC (Riverbend) 6.500 11/15/2018 987,953 ---------------------------------------------------------------------------------------------------------------- 5,860,919 NYC HDC (Riverside Park Community) 7.250 11/15/2018 6,174,771 ---------------------------------------------------------------------------------------------------------------- 411,255 NYC HDC (RNA House) 7.000 12/15/2018 432,768 ---------------------------------------------------------------------------------------------------------------- 582,584 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 612,885 ---------------------------------------------------------------------------------------------------------------- 214,686 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 225,890 ---------------------------------------------------------------------------------------------------------------- 571,520 NYC HDC (Scott Tower) 7.000 12/15/2018 601,331 ---------------------------------------------------------------------------------------------------------------- 782,899 NYC HDC (Seaview Towers) 6.500 01/15/2018 823,469 ---------------------------------------------------------------------------------------------------------------- 323,089 NYC HDC (St. Martin Tower) 6.500 11/15/2018 339,877 ---------------------------------------------------------------------------------------------------------------- 1,494,016 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,571,436 ---------------------------------------------------------------------------------------------------------------- 426,220 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 434,770 ---------------------------------------------------------------------------------------------------------------- 1,490,145 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,566,649 ---------------------------------------------------------------------------------------------------------------- 202,421 NYC HDC (Town House West) 6.500 01/15/2018 212,791 ---------------------------------------------------------------------------------------------------------------- 311,803 NYC HDC (Tri-Faith House) 7.000 01/15/2019 328,069 ---------------------------------------------------------------------------------------------------------------- 1,312,556 NYC HDC (University River View) 6.500 08/15/2017 1,380,822 ---------------------------------------------------------------------------------------------------------------- 397,344 NYC HDC (Washington Square Southeast) 7.000 01/15/2019 417,811 ---------------------------------------------------------------------------------------------------------------- 357,458 NYC HDC (West Side Manor) 6.500 11/15/2018 375,982 ---------------------------------------------------------------------------------------------------------------- 3,568,943 NYC HDC (West Village) 6.500 11/15/2013 3,754,492 ---------------------------------------------------------------------------------------------------------------- 225,726 NYC HDC (Westview Apartments) 6.500 10/15/2017 237,466 ---------------------------------------------------------------------------------------------------------------- 530,739 NYC HDC (Woodstock Terrace) 7.034 02/15/2019 558,438 ---------------------------------------------------------------------------------------------------------------- 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,013,060 ---------------------------------------------------------------------------------------------------------------- 5,875,000 NYC Health & Hospital Corp. RITES a 14.856 f 02/15/2020 7,037,310 ---------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,033,247 ---------------------------------------------------------------------------------------------------------------- 465,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 459,411 ---------------------------------------------------------------------------------------------------------------- 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,316,793 ---------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,262,104 ---------------------------------------------------------------------------------------------------------------- 965,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.000 11/01/2010 952,513 ---------------------------------------------------------------------------------------------------------------- 5,985,000 NYC IDA (Ahava Dairy Manufacturing Corp.) 8.500 11/01/2026 5,861,230 ---------------------------------------------------------------------------------------------------------------- 23,035,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 22,540,669 ---------------------------------------------------------------------------------------------------------------- 20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 20,846,028
23 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,035,000 NYC IDA (ALA Realty) 7.500% 12/01/2010 $ 1,070,459 ----------------------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,528,126 ----------------------------------------------------------------------------------------------------------------- 355,000 NYC IDA (Allied Metal) 6.375 12/01/2014 352,362 ----------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 935,535 ----------------------------------------------------------------------------------------------------------------- 3,385,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,259,112 ----------------------------------------------------------------------------------------------------------------- 2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,640,741 ----------------------------------------------------------------------------------------------------------------- 29,935,000 NYC IDA (American Airlines) 5.400 07/01/2020 18,925,805 ----------------------------------------------------------------------------------------------------------------- 38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 26,502,132 ----------------------------------------------------------------------------------------------------------------- 331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 260,164,380 ----------------------------------------------------------------------------------------------------------------- 915,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 915,842 ----------------------------------------------------------------------------------------------------------------- 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,647,166 ----------------------------------------------------------------------------------------------------------------- 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,216,875 ----------------------------------------------------------------------------------------------------------------- 670,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 675,916 ----------------------------------------------------------------------------------------------------------------- 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,701,749 ----------------------------------------------------------------------------------------------------------------- 290,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 279,911 ----------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,397,205 ----------------------------------------------------------------------------------------------------------------- 11,115,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,203,570 ----------------------------------------------------------------------------------------------------------------- 5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,530,855 ----------------------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,037,391 ----------------------------------------------------------------------------------------------------------------- 4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,230,508 ----------------------------------------------------------------------------------------------------------------- 28,680,000 NYC IDA (British Airways) 5.250 12/01/2032 20,802,178 ----------------------------------------------------------------------------------------------------------------- 10,715,000 NYC IDA (British Airways) 7.625 12/01/2032 10,582,134 ----------------------------------------------------------------------------------------------------------------- 3,075,000 NYC IDA (Brooklyn Heights Montessori School) 8.500 01/01/2027 3,254,334 ----------------------------------------------------------------------------------------------------------------- 610,000 NYC IDA (Brooklyn Heights Montessori School) 8.900 09/01/2011 618,583 ----------------------------------------------------------------------------------------------------------------- 1,690,000 NYC IDA (Brooklyn Heights Montessori School) 9.200 09/01/2021 1,747,815 ----------------------------------------------------------------------------------------------------------------- 72,225,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 68,295,960 ----------------------------------------------------------------------------------------------------------------- 137,735,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 128,711,980 ----------------------------------------------------------------------------------------------------------------- 7,485,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 7,545,404 ----------------------------------------------------------------------------------------------------------------- 16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 16,211,158 ----------------------------------------------------------------------------------------------------------------- 305,000 NYC IDA (Cellini Furniture Crafters) a 6.625 11/01/2009 282,518 ----------------------------------------------------------------------------------------------------------------- 885,000 NYC IDA (Cellini Furniture Crafters) a 7.125 11/01/2019 813,404 ----------------------------------------------------------------------------------------------------------------- 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,215,153 ----------------------------------------------------------------------------------------------------------------- 870,000 NYC IDA (CNC Associates NY) 6.500 11/01/2007 851,843 ----------------------------------------------------------------------------------------------------------------- 4,685,000 NYC IDA (CNC Associates NY) 7.500 11/01/2019 4,539,015 ----------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,551,125 ----------------------------------------------------------------------------------------------------------------- 9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,622,080 ----------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,662,175 ----------------------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,041,723 ----------------------------------------------------------------------------------------------------------------- 2,715,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,621,984 ----------------------------------------------------------------------------------------------------------------- 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,938,112 ----------------------------------------------------------------------------------------------------------------- 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,560,290 ----------------------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,903,263 ----------------------------------------------------------------------------------------------------------------- 1,380,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,423,567 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 987,770 ----------------------------------------------------------------------------------------------------------------- 2,000,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 1,964,900
24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 8,495,000 NYC IDA (Crowne Plaza-LaGuardia) b,d 6.000% 11/01/2028 $ 4,449,256 ----------------------------------------------------------------------------------------------------------------- 715,000 NYC IDA (Dioni) 6.000 11/01/2007 711,489 ----------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,552,876 ----------------------------------------------------------------------------------------------------------------- 1,100,000 NYC IDA (Display Creations) 7.000 06/01/2008 1,117,149 ----------------------------------------------------------------------------------------------------------------- 70,000 NYC IDA (Eden II School) 7.750 06/01/2004 70,520 ----------------------------------------------------------------------------------------------------------------- 2,505,000 NYC IDA (Eden II School) 8.750 06/01/2019 2,565,721 ----------------------------------------------------------------------------------------------------------------- 760,000 NYC IDA (Excel Paint Applicators) a 8.250 11/01/2010 757,013 ----------------------------------------------------------------------------------------------------------------- 4,825,000 NYC IDA (Excel Paint Applicators) a 8.625 11/01/2026 4,810,380 ----------------------------------------------------------------------------------------------------------------- 5,000,000 NYC IDA (Field Hotel Associates/JFK International Airport) b,d 6.000 11/01/2028 2,618,750 ----------------------------------------------------------------------------------------------------------------- 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,783,892 ----------------------------------------------------------------------------------------------------------------- 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,509,075 ----------------------------------------------------------------------------------------------------------------- 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,353,335 ----------------------------------------------------------------------------------------------------------------- 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,200,643 ----------------------------------------------------------------------------------------------------------------- 1,155,000 NYC IDA (Graphic Artists) 8.250 12/30/2023 1,178,239 ----------------------------------------------------------------------------------------------------------------- 470,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 473,567 ----------------------------------------------------------------------------------------------------------------- 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,304,092 ----------------------------------------------------------------------------------------------------------------- 455,000 NYC IDA (Hi Tech Res Rec) 9.250 08/01/2008 455,396 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,049,770 ----------------------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,102,060 ----------------------------------------------------------------------------------------------------------------- 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,635,479 ----------------------------------------------------------------------------------------------------------------- 910,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 933,633 ----------------------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,092,371 ----------------------------------------------------------------------------------------------------------------- 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,769,571 ----------------------------------------------------------------------------------------------------------------- 1,610,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,640,155 ----------------------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,061,240 ----------------------------------------------------------------------------------------------------------------- 545,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 514,851 ----------------------------------------------------------------------------------------------------------------- 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,694,991 ----------------------------------------------------------------------------------------------------------------- 2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,070,060 ----------------------------------------------------------------------------------------------------------------- 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 24,061,450 ----------------------------------------------------------------------------------------------------------------- 680,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 703,535 ----------------------------------------------------------------------------------------------------------------- 3,875,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 3,997,760 ----------------------------------------------------------------------------------------------------------------- 19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,622,692 ----------------------------------------------------------------------------------------------------------------- 2,125,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 2,144,614 ----------------------------------------------------------------------------------------------------------------- 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,716,713 ----------------------------------------------------------------------------------------------------------------- 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,142,049 ----------------------------------------------------------------------------------------------------------------- 17,050,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 13,077,350 ----------------------------------------------------------------------------------------------------------------- 4,400,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,532,000 ----------------------------------------------------------------------------------------------------------------- 470,000 NYC IDA (NY Vanities & Manufacturing) 7.000 11/01/2009 452,196 ----------------------------------------------------------------------------------------------------------------- 1,405,000 NYC IDA (NY Vanities & Manufacturing) 7.500 11/01/2019 1,361,220 ----------------------------------------------------------------------------------------------------------------- 1,550,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 1,559,130 ----------------------------------------------------------------------------------------------------------------- 545,000 NYC IDA (Paradise Products) 7.125 11/01/2007 558,412 ----------------------------------------------------------------------------------------------------------------- 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,730,388 ----------------------------------------------------------------------------------------------------------------- 875,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 904,628 ----------------------------------------------------------------------------------------------------------------- 265,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 273,957
25 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 3,780,000 NYC IDA (Petrocelli Electric) 8.000% 11/01/2017 $ 3,952,746 ----------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 990,224 ----------------------------------------------------------------------------------------------------------------- 70,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 58,150 ----------------------------------------------------------------------------------------------------------------- 16,700,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 13,376,032 ----------------------------------------------------------------------------------------------------------------- 180,000 NYC IDA (Pop Display) 6.750 12/30/2014 180,122 ----------------------------------------------------------------------------------------------------------------- 2,645,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,671,979 ----------------------------------------------------------------------------------------------------------------- 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,838,432 ----------------------------------------------------------------------------------------------------------------- 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,156,067 ----------------------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 982,192 ----------------------------------------------------------------------------------------------------------------- 815,000 NYC IDA (PRFF) 7.000 10/01/2016 817,111 ----------------------------------------------------------------------------------------------------------------- 710,000 NYC IDA (Promotional Slideguide) 7.500 12/01/2010 812,574 ----------------------------------------------------------------------------------------------------------------- 1,065,000 NYC IDA (Promotional Slideguide) 7.875 12/01/2015 1,226,177 ----------------------------------------------------------------------------------------------------------------- 4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,330,338 ----------------------------------------------------------------------------------------------------------------- 495,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 495,757 ----------------------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,825,169 ----------------------------------------------------------------------------------------------------------------- 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,799,361 ----------------------------------------------------------------------------------------------------------------- 1,455,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,401,500 ----------------------------------------------------------------------------------------------------------------- 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,858,487 ----------------------------------------------------------------------------------------------------------------- 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,344,172 ----------------------------------------------------------------------------------------------------------------- 3,545,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,642,877 ----------------------------------------------------------------------------------------------------------------- 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,041,612 ----------------------------------------------------------------------------------------------------------------- 1,105,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 1,130,824 ----------------------------------------------------------------------------------------------------------------- 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,307,014 ----------------------------------------------------------------------------------------------------------------- 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,461,234 ----------------------------------------------------------------------------------------------------------------- 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,409 ----------------------------------------------------------------------------------------------------------------- 4,540,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,725,595 ----------------------------------------------------------------------------------------------------------------- 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 592,915 ----------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,307,729 ----------------------------------------------------------------------------------------------------------------- 30,000 NYC IDA (Summit School) 7.250 12/01/2004 30,032 ----------------------------------------------------------------------------------------------------------------- 1,485,000 NYC IDA (Summit School) 8.250 12/01/2024 1,522,303 ----------------------------------------------------------------------------------------------------------------- 1,120,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 1,126,003 ----------------------------------------------------------------------------------------------------------------- 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,426,382 ----------------------------------------------------------------------------------------------------------------- 3,855,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 3,938,422 ----------------------------------------------------------------------------------------------------------------- 25,460,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 26,022,666 ----------------------------------------------------------------------------------------------------------------- 210,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 214,498 ----------------------------------------------------------------------------------------------------------------- 9,505,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 9,743,576 ----------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 406,505 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,041,140 ----------------------------------------------------------------------------------------------------------------- 10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,227,600 ----------------------------------------------------------------------------------------------------------------- 465,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 474,333 ----------------------------------------------------------------------------------------------------------------- 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,862,364 ----------------------------------------------------------------------------------------------------------------- 395,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 403,552 ----------------------------------------------------------------------------------------------------------------- 1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,133,489 ----------------------------------------------------------------------------------------------------------------- 4,325,000 NYC IDA (Touro College) 6.350 06/01/2029 4,174,274 ----------------------------------------------------------------------------------------------------------------- 4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,251,421
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,000,000 NYC IDA (United Nations School) 6.350% 12/01/2015 $ 1,063,500 ---------------------------------------------------------------------------------------------------------------- 1,355,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,314,038 ---------------------------------------------------------------------------------------------------------------- 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,151,828 ---------------------------------------------------------------------------------------------------------------- 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,639,454 ---------------------------------------------------------------------------------------------------------------- 110,000 NYC IDA (Utleys) 6.625 11/01/2006 108,341 ---------------------------------------------------------------------------------------------------------------- 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,291,679 ---------------------------------------------------------------------------------------------------------------- 680,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 677,647 ---------------------------------------------------------------------------------------------------------------- 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,060,443 ---------------------------------------------------------------------------------------------------------------- 400,000 NYC IDA (Visy Paper) 7.550 01/01/2005 405,700 ---------------------------------------------------------------------------------------------------------------- 17,300,000 NYC IDA (Visy Paper) 7.800 01/01/2016 18,087,842 ---------------------------------------------------------------------------------------------------------------- 48,250,000 NYC IDA (Visy Paper) 7.950 01/01/2028 49,935,373 ---------------------------------------------------------------------------------------------------------------- 1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 2,006,235 ---------------------------------------------------------------------------------------------------------------- 630,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 622,541 ---------------------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,571,436 ---------------------------------------------------------------------------------------------------------------- 4,390,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 4,501,594 ---------------------------------------------------------------------------------------------------------------- 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,395,682 ---------------------------------------------------------------------------------------------------------------- 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,488,472 ---------------------------------------------------------------------------------------------------------------- 9,000,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 7,030,530 ---------------------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2019 253,022 ---------------------------------------------------------------------------------------------------------------- 6,030,000 NYC Municipal Water Finance Authority 0.000 z 06/15/2020 2,708,375 ---------------------------------------------------------------------------------------------------------------- 450,000 NYC Municipal Water Finance Authority 5.000 06/15/2024 461,385 ---------------------------------------------------------------------------------------------------------------- 795,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 815,773 ---------------------------------------------------------------------------------------------------------------- 4,750,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 4,907,320 ---------------------------------------------------------------------------------------------------------------- 39,500,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 40,578,745 ---------------------------------------------------------------------------------------------------------------- 550,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 576,367 ---------------------------------------------------------------------------------------------------------------- 2,160,000 NYC Municipal Water Finance Authority 5.375 06/15/2026 2,302,582 ---------------------------------------------------------------------------------------------------------------- 75,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 78,627 ---------------------------------------------------------------------------------------------------------------- 10,850,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 11,764,655 ---------------------------------------------------------------------------------------------------------------- 40,000 NYC Municipal Water Finance Authority 5.750 06/15/2020 41,398 ---------------------------------------------------------------------------------------------------------------- 4,000,000 NYC Municipal Water Finance Authority CAB 0.000 z 06/15/2021 1,822,320 ---------------------------------------------------------------------------------------------------------------- 10,000,000 NYC Municipal Water Finance Authority LEVRRS 10.033 f 06/15/2019 10,639,600 ---------------------------------------------------------------------------------------------------------------- 2,930,000 NYC Municipal Water Finance Authority RITES a 14.717 f 06/15/2032 3,145,003 ---------------------------------------------------------------------------------------------------------------- 2,500,000 NYC Municipal Water Finance Authority RITES a 14.786 f 06/15/2029 2,702,350 ---------------------------------------------------------------------------------------------------------------- 7,850,000 NYC Municipal Water Finance Authority RITES a 14.786 f 06/15/2034 8,515,209 ---------------------------------------------------------------------------------------------------------------- 14,425,000 NYC Municipal Water Finance Authority RITES a 14.810 f 06/15/2026 15,665,550 ---------------------------------------------------------------------------------------------------------------- 2,805,000 NYC Municipal Water Finance Authority RITES a 14.867 f 06/15/2027 3,005,558 ---------------------------------------------------------------------------------------------------------------- 11,210,000 NYC Municipal Water Finance Authority RITES a 15.217 f 06/15/2032 12,353,420 ---------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES a 15.286 f 06/15/2030 5,414,100 ---------------------------------------------------------------------------------------------------------------- 3,555,000 NYC Municipal Water Finance Authority RITES a 15.320 f 06/15/2021 4,486,268 ---------------------------------------------------------------------------------------------------------------- 18,240,000 NYC Municipal Water Finance Authority RITES a 15.356 f 06/15/2030 19,750,637 ---------------------------------------------------------------------------------------------------------------- 4,030,000 NYC Municipal Water Finance Authority RITES a 15.367 f 06/15/2030 4,363,765 ---------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES a 15.367 f 06/15/2030 5,414,100 ---------------------------------------------------------------------------------------------------------------- 17,300,000 NYC Municipal Water Finance Authority RITES a 16.786 f 06/15/2033 23,134,252 ---------------------------------------------------------------------------------------------------------------- 3,140,000 NYC Municipal Water Finance Authority RITES a 16.820 f 06/15/2027 4,226,880 ---------------------------------------------------------------------------------------------------------------- 2,150,000 NYC TFA RITES a 14.787 f 08/15/2027 2,290,610
27 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 19,386,273 NYS Certificate of Lease a 5.875% 01/02/2023 $ 19,966,892 ----------------------------------------------------------------------------------------------------------------- 1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,965,064 ----------------------------------------------------------------------------------------------------------------- 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 371,091 ----------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,592,955 ----------------------------------------------------------------------------------------------------------------- 35,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 38,157 ----------------------------------------------------------------------------------------------------------------- 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,871,216 ----------------------------------------------------------------------------------------------------------------- 20,025,000 NYS DA (Catholic Health Services) 6.000 07/01/2030 21,232,508 ----------------------------------------------------------------------------------------------------------------- 8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,937,389 ----------------------------------------------------------------------------------------------------------------- 2,855,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,949,358 ----------------------------------------------------------------------------------------------------------------- 25,000 NYS DA (City University) 5.000 07/01/2023 25,786 ----------------------------------------------------------------------------------------------------------------- 16,385,000 NYS DA (City University) 5.250 07/01/2031 18,832,755 ----------------------------------------------------------------------------------------------------------------- 1,895,000 NYS DA (City University) 5.250 07/01/2031 1,968,128 ----------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,730,600 ----------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Court Facilities) 5.375 05/15/2023 2,637,250 ----------------------------------------------------------------------------------------------------------------- 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,313,438 ----------------------------------------------------------------------------------------------------------------- 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 554,227 ----------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 21,444 ----------------------------------------------------------------------------------------------------------------- 16,970,000 NYS DA (FHA Insured Mtg.), Series B 0.000 z 08/15/2040 1,923,719 ----------------------------------------------------------------------------------------------------------------- 6,480,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,891,156 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,113,130 ----------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 2,142,680 ----------------------------------------------------------------------------------------------------------------- 140,510,000 NYS DA (Insured Hospital) 0.000 z 08/15/2036 24,576,604 ----------------------------------------------------------------------------------------------------------------- 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 40,172,810 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,062,990 ----------------------------------------------------------------------------------------------------------------- 30,000 NYS DA (KMH Homes) 6.950 08/01/2031 31,166 ----------------------------------------------------------------------------------------------------------------- 3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,596,246 ----------------------------------------------------------------------------------------------------------------- 1,400,000 NYS DA (L.I. University) 5.250 09/01/2028 1,465,324 ----------------------------------------------------------------------------------------------------------------- 50,000 NYS DA (L.I. University) 5.250 09/01/2028 51,819 ----------------------------------------------------------------------------------------------------------------- 1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,716,428 ----------------------------------------------------------------------------------------------------------------- 25,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 27,032 ----------------------------------------------------------------------------------------------------------------- 9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES a 8.873 f 02/01/2038 10,314,415 ----------------------------------------------------------------------------------------------------------------- 3,115,000 NYS DA (Menorah Home & Hospital) RITES a 15.233 f 08/01/2038 3,438,150 ----------------------------------------------------------------------------------------------------------------- 5,825,000 NYS DA (Menorah Home) RITES a 15.420 f 08/01/2038 6,437,091 ----------------------------------------------------------------------------------------------------------------- 4,625,000 NYS DA (Mental Health) RITES a 14.867 f 02/15/2023 5,173,803 ----------------------------------------------------------------------------------------------------------------- 3,460,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,671,095 ----------------------------------------------------------------------------------------------------------------- 3,180,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 3,489,509 ----------------------------------------------------------------------------------------------------------------- 2,430,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019 2,778,899 ----------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2025 7,692,324 ----------------------------------------------------------------------------------------------------------------- 2,375,000 NYS DA (Montefiore Medical) RITES a 16.820 f 08/01/2038 3,126,830 ----------------------------------------------------------------------------------------------------------------- 6,800,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.000 07/01/2014 6,645,028 ----------------------------------------------------------------------------------------------------------------- 3,000,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.500 07/01/2017 3,017,640 ----------------------------------------------------------------------------------------------------------------- 26,920,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.500 07/01/2025 26,999,145
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $42,630,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.600% 07/01/2026 $ 43,274,992 ----------------------------------------------------------------------------------------------------------------- 8,820,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.625 07/01/2019 8,910,670 ----------------------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.750 07/01/2020 15,264,300 ----------------------------------------------------------------------------------------------------------------- 7,280,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2026 7,356,222 ----------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Mt. Sinai/NYU Health) 6.250 07/01/2022 2,534,750 ----------------------------------------------------------------------------------------------------------------- 2,850,000 NYS DA (Municipal Health Facilities) RITES a 14.867 f 01/15/2023 3,206,763 ----------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (North Shore Long Island Jewish Group) 5.500 05/01/2033 2,079,620 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,039,980 ----------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,214,100 ----------------------------------------------------------------------------------------------------------------- 4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,350,765 ----------------------------------------------------------------------------------------------------------------- 2,200,000 NYS DA (NY & Presbyterian Hospital) 6.500 08/01/2034 2,302,366 ----------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,518,560 ----------------------------------------------------------------------------------------------------------------- 6,502,625 NYS DA Our Lady of Mercy Medical Center) Computer Lease a 6.200 08/15/2006 6,389,804 ----------------------------------------------------------------------------------------------------------------- 11,210,000 NYS DA (Rochester General Hospital) RITES a 9.524 f 08/01/2033 11,729,584 ----------------------------------------------------------------------------------------------------------------- 600,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 642,984 ----------------------------------------------------------------------------------------------------------------- 9,000,000 NYS DA (St. Agnes Hospital) 5.400 02/15/2025 9,385,560 ----------------------------------------------------------------------------------------------------------------- 2,400,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,574,936 ----------------------------------------------------------------------------------------------------------------- 280,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 297,783 ----------------------------------------------------------------------------------------------------------------- 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,848,368 ----------------------------------------------------------------------------------------------------------------- 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,097,235 ----------------------------------------------------------------------------------------------------------------- 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,689,856 ----------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,544,670 ----------------------------------------------------------------------------------------------------------------- 3,885,000 NYS DA (St. Vincent Depaul Residence) 5.300 07/01/2018 4,072,995 ----------------------------------------------------------------------------------------------------------------- 130,000 NYS DA (St. Vincent's Hospital & Medical Center) 7.400 08/01/2030 134,869 ----------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (State University Dormitory Facilities) 5.100 07/01/2031 1,139,380 ----------------------------------------------------------------------------------------------------------------- 50,000 NYS DA (State University Educational Facilities) 0.000 z 05/15/2007 45,930 ----------------------------------------------------------------------------------------------------------------- 95,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 97,361 ----------------------------------------------------------------------------------------------------------------- 3,315,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014 4,090,511 ----------------------------------------------------------------------------------------------------------------- 55,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 57,149 ----------------------------------------------------------------------------------------------------------------- 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,812,285 ----------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,646,375 ----------------------------------------------------------------------------------------------------------------- 26,040,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 27,339,656 ----------------------------------------------------------------------------------------------------------------- 4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) w 5.400 07/15/2021 4,199,341 ----------------------------------------------------------------------------------------------------------------- 1,625,000 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 1,641,169 ----------------------------------------------------------------------------------------------------------------- 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,962,450 ----------------------------------------------------------------------------------------------------------------- 2,340,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,456,368 ----------------------------------------------------------------------------------------------------------------- 30,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 30,155 ----------------------------------------------------------------------------------------------------------------- 11,845,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 11,874,849 ----------------------------------------------------------------------------------------------------------------- 15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 15,491,403 ----------------------------------------------------------------------------------------------------------------- 4,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.972 f 07/08/2026 4,948,865 ----------------------------------------------------------------------------------------------------------------- 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 11.245 f 04/01/2020 9,020,270 ----------------------------------------------------------------------------------------------------------------- 16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 12.354 f 07/01/2026 20,074,428
29 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450% 08/01/2027 $ 226,943 ---------------------------------------------------------------------------------------------------------------- 555,000 NYS ERDA (Con Ed) 7.125 12/01/2029 593,123 ---------------------------------------------------------------------------------------------------------------- 9,350,000 NYS ERDA (Con Ed) RITES a 8.773 f 08/15/2020 9,945,595 ---------------------------------------------------------------------------------------------------------------- 40,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 41,104 ---------------------------------------------------------------------------------------------------------------- 23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,625,600 ---------------------------------------------------------------------------------------------------------------- 300,000 NYS ERDA (LILCO) 5.300 10/01/2024 306,087 ---------------------------------------------------------------------------------------------------------------- 3,485,000 NYS ERDA (NIMO) RITES a 15.467 f 11/01/2025 3,953,245 ---------------------------------------------------------------------------------------------------------------- 425,000 NYS ERDA (NYSEG) 5.700 12/01/2028 434,758 ---------------------------------------------------------------------------------------------------------------- 30,000 NYS ERDA (NYSEG) 5.950 12/01/2027 30,632 ---------------------------------------------------------------------------------------------------------------- 45,000 NYS ERDA (NYSEG) 5.950 12/01/2027 45,167 ---------------------------------------------------------------------------------------------------------------- 50,000 NYS ERDA (NYSEG) 6.050 04/01/2034 51,546 ---------------------------------------------------------------------------------------------------------------- 3,625,000 NYS ERDA (RG&E) Residual Certificates a 19.120 f 09/01/2033 4,805,300 ---------------------------------------------------------------------------------------------------------------- 3,310,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,311,622 ---------------------------------------------------------------------------------------------------------------- 2,200,000 NYS HFA (Dominican Village) 6.600 08/15/2027 2,254,362 ---------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,236 ---------------------------------------------------------------------------------------------------------------- 5,085,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 5,212,125 ---------------------------------------------------------------------------------------------------------------- 655,000 NYS HFA (HELP-Suffolk Hsg.) 8.100 11/01/2005 671,375 ---------------------------------------------------------------------------------------------------------------- 200,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 251,390 ---------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,016 ---------------------------------------------------------------------------------------------------------------- 50,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2016 24,544 ---------------------------------------------------------------------------------------------------------------- 12,695,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2017 5,866,233 ---------------------------------------------------------------------------------------------------------------- 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 762,195 ---------------------------------------------------------------------------------------------------------------- 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,380,267 ---------------------------------------------------------------------------------------------------------------- 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,738,675 ---------------------------------------------------------------------------------------------------------------- 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,127,277 ---------------------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,939,537 ---------------------------------------------------------------------------------------------------------------- 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,146,123 ---------------------------------------------------------------------------------------------------------------- 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,380,390 ---------------------------------------------------------------------------------------------------------------- 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,113,574 ---------------------------------------------------------------------------------------------------------------- 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,281,193 ---------------------------------------------------------------------------------------------------------------- 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,462,726 ---------------------------------------------------------------------------------------------------------------- 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,281,949 ---------------------------------------------------------------------------------------------------------------- 1,665,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,747,850 ---------------------------------------------------------------------------------------------------------------- 1,210,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,266,180 ---------------------------------------------------------------------------------------------------------------- 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,332,544 ---------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,045,930 ---------------------------------------------------------------------------------------------------------------- 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,768,362 ---------------------------------------------------------------------------------------------------------------- 2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,223,096 ---------------------------------------------------------------------------------------------------------------- 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 97,233 ---------------------------------------------------------------------------------------------------------------- 10,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 10,480 ---------------------------------------------------------------------------------------------------------------- 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,384,048 ---------------------------------------------------------------------------------------------------------------- 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,933,449 ---------------------------------------------------------------------------------------------------------------- 45,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 45,244 ---------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 26,330 ---------------------------------------------------------------------------------------------------------------- 755,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 780,149
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 5,000,000 NYS HFA (Multifamily Hsg.) 6.300% 08/15/2026 $ 5,194,900 ---------------------------------------------------------------------------------------------------------------- 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,323,084 ---------------------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 2,887,599 ---------------------------------------------------------------------------------------------------------------- 3,240,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 3,296,506 ---------------------------------------------------------------------------------------------------------------- 5,505,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,655,837 ---------------------------------------------------------------------------------------------------------------- 45,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 45,531 ---------------------------------------------------------------------------------------------------------------- 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,459,292 ---------------------------------------------------------------------------------------------------------------- 1,471,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 1,473,486 ---------------------------------------------------------------------------------------------------------------- 900,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 917,991 ---------------------------------------------------------------------------------------------------------------- 2,880,000 NYS HFA (NH&HC) RITES a 15.467 f 11/01/2016 3,621,024 ---------------------------------------------------------------------------------------------------------------- 40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 40,459 ---------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 25,562 ---------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 20,236 ---------------------------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 20,231 ---------------------------------------------------------------------------------------------------------------- 2,015,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 2,057,093 ---------------------------------------------------------------------------------------------------------------- 2,180,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 2,225,540 ---------------------------------------------------------------------------------------------------------------- 2,365,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 2,414,405 ---------------------------------------------------------------------------------------------------------------- 2,565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 2,618,583 ---------------------------------------------------------------------------------------------------------------- 2,770,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 2,827,865 ---------------------------------------------------------------------------------------------------------------- 1,330,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 1,357,784 ---------------------------------------------------------------------------------------------------------------- 1,440,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 1,470,082 ---------------------------------------------------------------------------------------------------------------- 1,560,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 1,592,588 ---------------------------------------------------------------------------------------------------------------- 1,705,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,740,617 ---------------------------------------------------------------------------------------------------------------- 1,800,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,837,602 ---------------------------------------------------------------------------------------------------------------- 1,155,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 1,179,128 ---------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,288,950 ---------------------------------------------------------------------------------------------------------------- 70,000 NYS HFA (Service Contract) 5.375 03/15/2023 71,595 ---------------------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 6,040,104 ---------------------------------------------------------------------------------------------------------------- 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,864,180 ---------------------------------------------------------------------------------------------------------------- 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 272,297 ---------------------------------------------------------------------------------------------------------------- 600,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 600,804 ---------------------------------------------------------------------------------------------------------------- 400,000 NYS LGSC (SCSB) a 7.250 12/15/2011 405,612 ---------------------------------------------------------------------------------------------------------------- 810,000 NYS LGSC (SCSB) a 7.375 12/15/2016 842,716 ---------------------------------------------------------------------------------------------------------------- 980,000 NYS LGSC (SCSB) a 7.750 12/15/2021 1,016,427 ---------------------------------------------------------------------------------------------------------------- 215,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006 215,974 ---------------------------------------------------------------------------------------------------------------- 2,025,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/2014 2,034,295 ---------------------------------------------------------------------------------------------------------------- 1,045,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 809,614 ---------------------------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/2019 39,766 ---------------------------------------------------------------------------------------------------------------- 65,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2029 67,153 ---------------------------------------------------------------------------------------------------------------- 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,023,860 ---------------------------------------------------------------------------------------------------------------- 1,890,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2034 1,938,781 ---------------------------------------------------------------------------------------------------------------- 2,155,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 2,251,975 ---------------------------------------------------------------------------------------------------------------- 2,030,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 2,139,823 ---------------------------------------------------------------------------------------------------------------- 440,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 465,674 ---------------------------------------------------------------------------------------------------------------- 1,650,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,789,425
31 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 250,000 NYS Medcare (Mental Health) 5.500% 08/15/2024 $ 256,100 ---------------------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 26,515 ---------------------------------------------------------------------------------------------------------------- 210,000 NYS Medcare (Our Lady of Victory Hospital) 6.625 11/01/2016 210,865 ---------------------------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 25,640 ---------------------------------------------------------------------------------------------------------------- 44,445,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 45,471,235 ---------------------------------------------------------------------------------------------------------------- 12,500,000 NYS Medcare (St. Luke's Hospital) RITES a 9.466 f 02/15/2029 13,077,250 ---------------------------------------------------------------------------------------------------------------- 8,400,000 NYS Medcare (St. Luke's Hospital) RITES a 9.524 f 02/15/2029 8,787,912 ---------------------------------------------------------------------------------------------------------------- 5,750,000 NYS Medcare (St. Luke's Hospital) RITES a 9.524 f 02/15/2029 6,015,535 ---------------------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare (St. Luke's Hospital) RITES a 9.558 f 02/15/2029 10,461,800 ---------------------------------------------------------------------------------------------------------------- 5,925,000 NYS Medcare RITES a 8.773 f 02/15/2019 6,221,843 ---------------------------------------------------------------------------------------------------------------- 10,000,000 NYS Medcare RITES a 9.023 f 02/15/2025 10,486,400 ---------------------------------------------------------------------------------------------------------------- 50,000,000 NYS Thruway Authority Permanently Linked Convertible INFLOS & VDRNS 5.000 01/01/2024 50,405,500 ---------------------------------------------------------------------------------------------------------------- 7,140,000 NYS Thruway Authority RITES a 14.856 f 01/01/2025 7,725,623 ---------------------------------------------------------------------------------------------------------------- 5,000 NYS UDC (Correctional Facilities) 0.000 z 01/01/2013 3,606 ---------------------------------------------------------------------------------------------------------------- 9,000,000 NYS UDC (State Personal Income Tax) 5.125 03/15/2029 9,319,950 ---------------------------------------------------------------------------------------------------------------- 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,344,973 ---------------------------------------------------------------------------------------------------------------- 755,000 Oneida County IDA (Mobile Climate Control) 8.000 11/01/2008 771,384 ---------------------------------------------------------------------------------------------------------------- 2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,908,592 ---------------------------------------------------------------------------------------------------------------- 450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 465,723 ---------------------------------------------------------------------------------------------------------------- 740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 750,308 ---------------------------------------------------------------------------------------------------------------- 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,240,051 ---------------------------------------------------------------------------------------------------------------- 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,110,623 ---------------------------------------------------------------------------------------------------------------- 4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,073,320 ---------------------------------------------------------------------------------------------------------------- 2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,051,740 ---------------------------------------------------------------------------------------------------------------- 515,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 525,017 ---------------------------------------------------------------------------------------------------------------- 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 807,730 ---------------------------------------------------------------------------------------------------------------- 1,530,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,159,587 ---------------------------------------------------------------------------------------------------------------- 8,005,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 6,859,725 ---------------------------------------------------------------------------------------------------------------- 4,200,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 4,447,212 ---------------------------------------------------------------------------------------------------------------- 11,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 11,878,350 ---------------------------------------------------------------------------------------------------------------- 67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 69,790,560 ---------------------------------------------------------------------------------------------------------------- 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 777,855 ---------------------------------------------------------------------------------------------------------------- 66,449,598 Onondaga County Res Rec b 0.000 v 05/01/2022 28,964,715 ---------------------------------------------------------------------------------------------------------------- 41,580,000 Onondaga County Res Rec 5.000 05/01/2015 37,441,127 ---------------------------------------------------------------------------------------------------------------- 612,000 Ontario County IDA (Ontario Design) 6.500 11/01/2005 614,099 ---------------------------------------------------------------------------------------------------------------- 430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 426,109 ---------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,477,375 ---------------------------------------------------------------------------------------------------------------- 2,300,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,250,389 ---------------------------------------------------------------------------------------------------------------- 2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,044,919 ---------------------------------------------------------------------------------------------------------------- 2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,381,293 ---------------------------------------------------------------------------------------------------------------- 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,578,601 ---------------------------------------------------------------------------------------------------------------- 3,000,000 Orange County IDA (Kingston Manufacturing) a 8.000 11/01/2017 1,620,000 ---------------------------------------------------------------------------------------------------------------- 425,000 Orange County IDA (Mental Retardation Projec t) 7.800 07/01/2011 425,425
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375% 12/01/2021 $ 1,811,898 ---------------------------------------------------------------------------------------------------------------- 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,570,287 ---------------------------------------------------------------------------------------------------------------- 2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,319,841 ---------------------------------------------------------------------------------------------------------------- 7,835,000 Orange County IDA (Tuxedo Place) a 7.000 08/01/2032 5,843,970 ---------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Tuxedo Place) a 7.000 08/01/2033 1,864,700 ---------------------------------------------------------------------------------------------------------------- 2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,937,023 ---------------------------------------------------------------------------------------------------------------- 3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,550,564 ---------------------------------------------------------------------------------------------------------------- 5,700,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 5,740,470 ---------------------------------------------------------------------------------------------------------------- 2,970,000 Otsego County IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,143,062 ---------------------------------------------------------------------------------------------------------------- 11,175,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 9,779,354 ---------------------------------------------------------------------------------------------------------------- 692,716 Peekskill IDA (Karta) 9.000 07/01/2010 700,121 ---------------------------------------------------------------------------------------------------------------- 4,230,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 4,290,066 ---------------------------------------------------------------------------------------------------------------- 1,360,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,379,312 ---------------------------------------------------------------------------------------------------------------- 50,460,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 51,176,532 ---------------------------------------------------------------------------------------------------------------- 10,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 10,957 ---------------------------------------------------------------------------------------------------------------- 285,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 297,777 ---------------------------------------------------------------------------------------------------------------- 15,320,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 15,666,538 ---------------------------------------------------------------------------------------------------------------- 2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 2,947,464 ---------------------------------------------------------------------------------------------------------------- 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,064,705 ---------------------------------------------------------------------------------------------------------------- 6,365,000 Rensselaer County Tobacco Asset Securitization Corp. 5.625 06/01/2035 5,806,408 ---------------------------------------------------------------------------------------------------------------- 7,300,000 Rensselaer County Tobacco Asset Securitization Corp. 5.750 06/01/2043 6,750,237 ---------------------------------------------------------------------------------------------------------------- 5,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 5,108 ---------------------------------------------------------------------------------------------------------------- 20,000,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 20,439,000 ---------------------------------------------------------------------------------------------------------------- 1,785,000 Riverhead IDA (Michael Reilly Design) b,d 8.625 02/01/2012 1,558,162 ---------------------------------------------------------------------------------------------------------------- 510,000 Riverhead IDA (Michael Reilly Design) b,d 8.625 02/01/2012 445,133 ---------------------------------------------------------------------------------------------------------------- 4,535,000 Riverhead IDA (Michael Reilly Design) b,d 8.875 02/01/2032 3,967,037 ---------------------------------------------------------------------------------------------------------------- 15,070,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 14,887,804 ---------------------------------------------------------------------------------------------------------------- 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,747,087 ---------------------------------------------------------------------------------------------------------------- 1,880,000 Rockland County IDA (Dominican College) 5.900 05/01/2010 1,897,108 ---------------------------------------------------------------------------------------------------------------- 5,000,000 Rockland County IDA (Dominican College) 6.250 05/01/2028 4,983,950 ---------------------------------------------------------------------------------------------------------------- 740,000 Rockland County Tobacco Asset Securitization Corp. 5.500 08/15/2025 681,429 ---------------------------------------------------------------------------------------------------------------- 9,225,000 Rockland County Tobacco Asset Securitization Corp. 5.625 08/15/2035 8,413,477 ---------------------------------------------------------------------------------------------------------------- 10,100,000 Rockland County Tobacco Asset Securitization Corp. 5.750 08/15/2043 9,338,258 ---------------------------------------------------------------------------------------------------------------- 1,245,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,270,560 ---------------------------------------------------------------------------------------------------------------- 3,000,000 Saratoga County IDA (Saratoga Hospital) 5.125 12/01/2033 3,089,220 ---------------------------------------------------------------------------------------------------------------- 1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,752,867 ---------------------------------------------------------------------------------------------------------------- 3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,501,650 ---------------------------------------------------------------------------------------------------------------- 337,000 Schroon Lake Fire District a 7.250 03/01/2009 337,179 ---------------------------------------------------------------------------------------------------------------- 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 178,066 ---------------------------------------------------------------------------------------------------------------- 775,000 SONYMA, Series 24 6.125 10/01/2030 794,794 ---------------------------------------------------------------------------------------------------------------- 2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,553,086
33 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 15,000 SONYMA, Series 30-C2 5.800% 10/01/2025 $ 15,268 ---------------------------------------------------------------------------------------------------------------- 7,000,000 SONYMA, Series 38 RITES a 10.012 f 04/01/2025 7,063,910 ---------------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 54 6.100 10/01/2015 105,175 ---------------------------------------------------------------------------------------------------------------- 140,000 SONYMA, Series 60 6.000 10/01/2022 147,312 ---------------------------------------------------------------------------------------------------------------- 15,000 SONYMA, Series 63 6.125 04/01/2027 15,806 ---------------------------------------------------------------------------------------------------------------- 8,290,000 SONYMA, Series 65 5.850 10/01/2028 8,682,780 ---------------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 66 5.700 10/01/2027 20,949 ---------------------------------------------------------------------------------------------------------------- 19,315,000 SONYMA, Series 67 5.800 10/01/2028 20,441,644 ---------------------------------------------------------------------------------------------------------------- 3,295,000 SONYMA, Series 69 5.400 10/01/2019 3,431,907 ---------------------------------------------------------------------------------------------------------------- 6,265,000 SONYMA, Series 69 5.500 10/01/2028 6,460,656 ---------------------------------------------------------------------------------------------------------------- 4,630,000 SONYMA, Series 69 RITES a 9.239 f 10/01/2028 4,919,190 ---------------------------------------------------------------------------------------------------------------- 13,000,000 SONYMA, Series 71 5.400 04/01/2029 13,381,160 ---------------------------------------------------------------------------------------------------------------- 10,150,000 SONYMA, Series 71 RITES a 9.039 f 04/01/2029 10,740,832 ---------------------------------------------------------------------------------------------------------------- 5,500,000 SONYMA, Series 73 RITES a 15.964 f 10/01/2028 6,049,120 ---------------------------------------------------------------------------------------------------------------- 1,675,000 SONYMA, Series 73-A 5.300 10/01/2028 1,716,808 ---------------------------------------------------------------------------------------------------------------- 10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,444,943 ---------------------------------------------------------------------------------------------------------------- 135,000 SONYMA, Series 82 5.650 04/01/2030 143,751 ---------------------------------------------------------------------------------------------------------------- 5,945,000 SONYMA, Series 97 5.500 04/01/2031 6,159,971 ---------------------------------------------------------------------------------------------------------------- 300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 309,561 ---------------------------------------------------------------------------------------------------------------- 1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,347,454 ---------------------------------------------------------------------------------------------------------------- 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,477,551 ---------------------------------------------------------------------------------------------------------------- 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,998,685 ---------------------------------------------------------------------------------------------------------------- 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,794,954 ---------------------------------------------------------------------------------------------------------------- 615,000 Suffolk County IDA (ALIA--ACDS) 7.125 06/01/2017 648,868 ---------------------------------------------------------------------------------------------------------------- 400,000 Suffolk County IDA (ALIA--ACLD) 6.375 06/01/2014 403,896 ---------------------------------------------------------------------------------------------------------------- 1,310,000 Suffolk County IDA (ALIA--ACLD) 6.500 03/01/2018 1,343,274 ---------------------------------------------------------------------------------------------------------------- 745,000 Suffolk County IDA (ALIA--ACLD) 7.500 09/01/2015 797,619 ---------------------------------------------------------------------------------------------------------------- 325,000 Suffolk County IDA (ALIA--ADD) 6.950 12/01/2014 342,391 ---------------------------------------------------------------------------------------------------------------- 560,000 Suffolk County IDA (ALIA--ADD) 7.125 06/01/2017 590,839 ---------------------------------------------------------------------------------------------------------------- 505,000 Suffolk County IDA (ALIA--ADD) 7.500 09/01/2015 540,668 ---------------------------------------------------------------------------------------------------------------- 1,490,000 Suffolk County IDA (ALIA--DDI) a 6.375 06/01/2014 1,510,383 ---------------------------------------------------------------------------------------------------------------- 285,000 Suffolk County IDA (ALIA--DDI) a 6.950 12/01/2014 300,250 ---------------------------------------------------------------------------------------------------------------- 100,000 Suffolk County IDA (ALIA--DDI) a 7.500 09/01/2015 94,440 ---------------------------------------------------------------------------------------------------------------- 880,000 Suffolk County IDA (ALIA--FREE) 6.375 06/01/2014 892,038 ---------------------------------------------------------------------------------------------------------------- 2,020,000 Suffolk County IDA (ALIA--FREE) 6.950 12/01/2014 2,128,090 ---------------------------------------------------------------------------------------------------------------- 4,865,000 Suffolk County IDA (ALIA--FREE) 7.125 06/01/2017 5,132,916 ---------------------------------------------------------------------------------------------------------------- 710,000 Suffolk County IDA (ALIA--IGHL) 6.375 06/01/2014 716,915 ---------------------------------------------------------------------------------------------------------------- 690,000 Suffolk County IDA (ALIA--IGHL) 6.950 12/01/2014 726,922 ---------------------------------------------------------------------------------------------------------------- 1,295,000 Suffolk County IDA (ALIA--IGHL) 7.125 06/01/2017 1,366,316 ---------------------------------------------------------------------------------------------------------------- 1,945,000 Suffolk County IDA (ALIA--IGHL) 7.250 12/01/2033 1,951,107 ---------------------------------------------------------------------------------------------------------------- 305,000 Suffolk County IDA (ALIA--IGHL) 7.500 09/01/2015 326,542 ---------------------------------------------------------------------------------------------------------------- 420,000 Suffolk County IDA (ALIA--L.I. Head Injury Association) 6.375 06/01/2014 425,468 ---------------------------------------------------------------------------------------------------------------- 820,000 Suffolk County IDA (ALIA--L.I. Head Injury Association) 6.950 12/01/2014 863,878 ---------------------------------------------------------------------------------------------------------------- 300,000 Suffolk County IDA (ALIA--L.I. Head Injury Association) 7.500 09/01/2015 321,189 ---------------------------------------------------------------------------------------------------------------- 695,000 Suffolk County IDA (ALIA--MCH) 6.375 06/01/2014 701,769
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,830,000 Suffolk County IDA (ALIA--MCH) 6.950% 12/01/2014 $ 1,927,923 ------------------------------------------------------------------------------------------------------------------ 1,580,000 Suffolk County IDA (ALIA--MCH) 7.125 06/01/2017 1,667,011 ------------------------------------------------------------------------------------------------------------------ 805,000 Suffolk County IDA (ALIA--NYS ARC) 7.500 09/01/2015 861,857 ------------------------------------------------------------------------------------------------------------------ 505,000 Suffolk County IDA (ALIA--Pederson-Krag Center) 8.375 06/01/2016 527,488 ------------------------------------------------------------------------------------------------------------------ 600,000 Suffolk County IDA (ALIA--SMCFS) 7.500 09/01/2015 642,378 ------------------------------------------------------------------------------------------------------------------ 770,000 Suffolk County IDA (ALIA--Suffolk Hostels) 7.500 09/01/2015 824,385 ------------------------------------------------------------------------------------------------------------------ 295,000 Suffolk County IDA (ALIA--UCPAGS) 6.375 06/01/2014 297,873 ------------------------------------------------------------------------------------------------------------------ 1,195,000 Suffolk County IDA (ALIA--UCPAGS) 6.950 12/01/2014 1,258,944 ------------------------------------------------------------------------------------------------------------------ 935,000 Suffolk County IDA (ALIA--UCPAGS) 7.000 06/01/2016 980,170 ------------------------------------------------------------------------------------------------------------------ 500,000 Suffolk County IDA (ALIA--UCPAGS) 7.500 09/01/2015 535,315 ------------------------------------------------------------------------------------------------------------------ 425,000 Suffolk County IDA (ALIA--WORCA) 6.950 12/01/2014 447,742 ------------------------------------------------------------------------------------------------------------------ 995,000 Suffolk County IDA (ALIA--WORCA) 7.125 06/01/2017 1,049,795 ------------------------------------------------------------------------------------------------------------------ 590,000 Suffolk County IDA (ALIA--WORCA) 7.500 09/01/2015 631,672 ------------------------------------------------------------------------------------------------------------------ 7,293,119 Suffolk County IDA (Camelot Village) b,d 7.900 11/01/2031 3,615,782 ------------------------------------------------------------------------------------------------------------------ 310,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 325,974 ------------------------------------------------------------------------------------------------------------------ 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,755,760 ------------------------------------------------------------------------------------------------------------------ 960,000 Suffolk County IDA (DDI) a 6.250 03/01/2009 928,166 ------------------------------------------------------------------------------------------------------------------ 5,025,000 Suffolk County IDA (DDI) a 7.250 03/01/2024 4,893,747 ------------------------------------------------------------------------------------------------------------------ 9,275,000 Suffolk County IDA (DDI) a 8.750 03/01/2023 9,552,879 ------------------------------------------------------------------------------------------------------------------ 2,605,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,576,111 ------------------------------------------------------------------------------------------------------------------ 3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,246,448 ------------------------------------------------------------------------------------------------------------------ 255,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 259,514 ------------------------------------------------------------------------------------------------------------------ 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,285,171 ------------------------------------------------------------------------------------------------------------------ 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,901,148 ------------------------------------------------------------------------------------------------------------------ 3,250,000 Suffolk County IDA (Jefferson's Ferry) 6.125 11/01/2029 3,251,268 ------------------------------------------------------------------------------------------------------------------ 6,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 6,787,170 ------------------------------------------------------------------------------------------------------------------ 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,434,800 ------------------------------------------------------------------------------------------------------------------ 5,500,000 Suffolk County IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 5,532,615 ------------------------------------------------------------------------------------------------------------------ 3,500,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,390,555 ------------------------------------------------------------------------------------------------------------------ 7,485,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 7,088,445 ------------------------------------------------------------------------------------------------------------------ 705,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 713,361 ------------------------------------------------------------------------------------------------------------------ 1,600,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 1,635,056 ------------------------------------------------------------------------------------------------------------------ 295,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 305,405 ------------------------------------------------------------------------------------------------------------------ 2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,649,549 ------------------------------------------------------------------------------------------------------------------ 185,000 Suffolk County IDA (Rainbow Chimes) 7.000 05/01/2007 182,303 ------------------------------------------------------------------------------------------------------------------ 2,210,000 Suffolk County IDA (Rainbow Chimes) 8.000 11/01/2024 2,110,727 ------------------------------------------------------------------------------------------------------------------ 1,670,000 Suffolk County IDA (Rimland Facilities) a 3.000 v 12/01/2009 1,666,660 ------------------------------------------------------------------------------------------------------------------ 5,635,000 Suffolk County IDA (United Cerebral Palsy) 7.875 09/01/2041 5,654,497 ------------------------------------------------------------------------------------------------------------------ 1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,707,853 ------------------------------------------------------------------------------------------------------------------ 1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,379,946 ------------------------------------------------------------------------------------------------------------------ 990,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 1,055,142 ------------------------------------------------------------------------------------------------------------------ 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,292,118 ------------------------------------------------------------------------------------------------------------------ 3,035,000 Sullivan County IDA (Center Discovery Civic Facility) 7.250 02/01/2012 3,023,862 ------------------------------------------------------------------------------------------------------------------ 9,965,000 Sullivan County IDA (Center Discovery Civic Facility) 7.750 02/01/2027 9,900,825 ------------------------------------------------------------------------------------------------------------------ 8,725,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,782,847
35 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 442,500 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375% 11/01/2008 $ 400,887 ------------------------------------------------------------------------------------------------------------------ 6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,327,957 ------------------------------------------------------------------------------------------------------------------ 6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 7,392,267 ------------------------------------------------------------------------------------------------------------------ 510,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 511,428 ------------------------------------------------------------------------------------------------------------------ 2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,380,894 ------------------------------------------------------------------------------------------------------------------ 270,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 271,131 ------------------------------------------------------------------------------------------------------------------ 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,224,633 ------------------------------------------------------------------------------------------------------------------ 1,000,000 Syracuse IDA (Crouse Irving Health Hospital) a 5.375 01/01/2023 728,800 ------------------------------------------------------------------------------------------------------------------ 22,295,000 Syracuse IDA (James Square) 0.000 z 08/01/2025 5,547,442 ------------------------------------------------------------------------------------------------------------------ 725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 743,067 ------------------------------------------------------------------------------------------------------------------ 2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,087,228 ------------------------------------------------------------------------------------------------------------------ 8,085,000 Syracuse IDA (Spectrum Medsystems Corp.) a,b,d 8.500 11/01/2010 1,940,400 ------------------------------------------------------------------------------------------------------------------ 7,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 8,037,525 ------------------------------------------------------------------------------------------------------------------ 13,775,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 14,675,334 ------------------------------------------------------------------------------------------------------------------ 12,675,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2022 13,473,652 ------------------------------------------------------------------------------------------------------------------ 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 4,203,450 ------------------------------------------------------------------------------------------------------------------ 125,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2007 140,275 ------------------------------------------------------------------------------------------------------------------ 70,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 80,009 ------------------------------------------------------------------------------------------------------------------ 655,000 Tonawanda SCHC 6.500 12/01/2010 669,390 ------------------------------------------------------------------------------------------------------------------ 10,000,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 10,194,800 ------------------------------------------------------------------------------------------------------------------ 10,050,000 Triborough Bridge & Tunnel Authority 5.125 01/01/2031 10,369,289 ------------------------------------------------------------------------------------------------------------------ 8,265,000 Triborough Bridge & Tunnel Authority RITES a 14.786 f 01/01/2027 9,019,595 ------------------------------------------------------------------------------------------------------------------ 4,190,000 Triborough Bridge & Tunnel Authority RITES a 14.820 f 01/01/2032 4,583,776 ------------------------------------------------------------------------------------------------------------------ 1,035,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 1,024,050 ------------------------------------------------------------------------------------------------------------------ 200,000 TSASC, Inc. (TFABs) 5.600 07/15/2014 207,442 ------------------------------------------------------------------------------------------------------------------ 12,940,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 12,975,067 ------------------------------------------------------------------------------------------------------------------ 195,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 200,353 ------------------------------------------------------------------------------------------------------------------ 71,660,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 73,627,067 ------------------------------------------------------------------------------------------------------------------ 128,225,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 132,607,731 ------------------------------------------------------------------------------------------------------------------ 45,000 Tupper Lake HDC 8.125 10/01/2010 45,522 ------------------------------------------------------------------------------------------------------------------ 995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,126,221 ------------------------------------------------------------------------------------------------------------------ 725,000 Ulster County IDA (Benedictine Hospital) 6.400 06/01/2014 700,046 ------------------------------------------------------------------------------------------------------------------ 1,945,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,782,301 ------------------------------------------------------------------------------------------------------------------ 1,880,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,906,546 ------------------------------------------------------------------------------------------------------------------ 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,119,240 ------------------------------------------------------------------------------------------------------------------ 1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,525,695 ------------------------------------------------------------------------------------------------------------------ 2,000,000 Ulster County Tobacco Asset Securitization Corp. b 0.000 v 06/01/2025 1,915,460 ------------------------------------------------------------------------------------------------------------------ 2,635,000 Ulster County Tobacco Asset Securitization Corp. b 0.000 v 06/01/2040 1,719,759 ------------------------------------------------------------------------------------------------------------------ 2,650,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 2,567,294 ------------------------------------------------------------------------------------------------------------------ 2,470,000 Union Hsg. Authority (Methodist Homes) 7.625 11/01/2016 2,537,752 ------------------------------------------------------------------------------------------------------------------ 1,875,000 Union Hsg. Authority (Methodist Homes) 8.500 04/01/2012 1,939,144 ------------------------------------------------------------------------------------------------------------------ 795,000 United Nations Devel. Corp., Series B 5.500 07/01/2017 795,644 ------------------------------------------------------------------------------------------------------------------ 20,280,000 United Nations Devel. Corp., Series B 5.600 07/01/2026 20,295,413 ------------------------------------------------------------------------------------------------------------------ 17,160,000 United Nations Devel. Corp., Series C 5.600 07/01/2026 17,168,752
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 25,000 Upper Mohawk Valley Regional Water Finance Authority 5.125% 10/01/2026 $ 25,670 ----------------------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.100 01/15/2013 567,595 ----------------------------------------------------------------------------------------------------------------- 3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,584,009 ----------------------------------------------------------------------------------------------------------------- 8,440,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.000 12/15/2012 7,751,718 ----------------------------------------------------------------------------------------------------------------- 8,645,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,019,707 ----------------------------------------------------------------------------------------------------------------- 8,965,000 Warren & Washington Counties IDA (Adirondack Res Rec) 8.200 12/15/2010 8,316,562 ----------------------------------------------------------------------------------------------------------------- 2,925,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,968,202 ----------------------------------------------------------------------------------------------------------------- 7,195,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,044,696 ----------------------------------------------------------------------------------------------------------------- 3,145,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,162,958 ----------------------------------------------------------------------------------------------------------------- 6,330,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,366,144 ----------------------------------------------------------------------------------------------------------------- 3,590,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,610,750 ----------------------------------------------------------------------------------------------------------------- 8,470,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,518,957 ----------------------------------------------------------------------------------------------------------------- 8,115,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 8,161,337 ----------------------------------------------------------------------------------------------------------------- 6,290,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,325,916 ----------------------------------------------------------------------------------------------------------------- 6,865,000 Westchester County IDA (Ardsley Hsg.) w 7.900 11/01/2044 6,904,199 ----------------------------------------------------------------------------------------------------------------- 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,968,605 ----------------------------------------------------------------------------------------------------------------- 4,720,000 Westchester County IDA (Childrens Village) 6.000 06/01/2022 4,745,110 ----------------------------------------------------------------------------------------------------------------- 1,101,600 Westchester County IDA (Clearview School) 9.375 01/01/2021 1,142,414 ----------------------------------------------------------------------------------------------------------------- 2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,098,420 ----------------------------------------------------------------------------------------------------------------- 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,639,030 ----------------------------------------------------------------------------------------------------------------- 3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,129,133 ----------------------------------------------------------------------------------------------------------------- 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 811,544 ----------------------------------------------------------------------------------------------------------------- 1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,361,891 ----------------------------------------------------------------------------------------------------------------- 3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,188,085 ----------------------------------------------------------------------------------------------------------------- 1,675,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,714,463 ----------------------------------------------------------------------------------------------------------------- 1,000,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 1,004,570 ----------------------------------------------------------------------------------------------------------------- 1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,719,251 ----------------------------------------------------------------------------------------------------------------- 85,000 Westchester County IDA (Westchester Airport) 5.950 08/01/2024 86,186 ----------------------------------------------------------------------------------------------------------------- 2,500,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,590,725 ----------------------------------------------------------------------------------------------------------------- 76,375,000 Westchester County Tobacco Asset Securitization Corp. b 0.000 v 07/15/2039 56,490,769 ----------------------------------------------------------------------------------------------------------------- 1,565,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,943,370 ----------------------------------------------------------------------------------------------------------------- 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 4,223,680 ----------------------------------------------------------------------------------------------------------------- 15,175,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 16,205,686 ----------------------------------------------------------------------------------------------------------------- 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,687,717 ----------------------------------------------------------------------------------------------------------------- 1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,580,667 ----------------------------------------------------------------------------------------------------------------- 2,500,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,512,300 ----------------------------------------------------------------------------------------------------------------- 3,270,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,362,345 ----------------------------------------------------------------------------------------------------------------- 2,200,000 Yonkers IDA (St. Joseph's Hospital), Series 98-A 6.150 03/01/2015 1,944,536 ----------------------------------------------------------------------------------------------------------------- 2,100,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 6.150 03/01/2015 1,856,148 ----------------------------------------------------------------------------------------------------------------- 1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-C 6.200 03/01/2020 840,690
37 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS CONTINUED PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 3,375,000 Yonkers IDA (Westchester School) 8.750% 12/30/2023 $ 3,546,653 ----------------------------------------------------------------------------------------------------------------- 800,000 Yonkers Parking Authority 6.000 06/15/2018 838,360 ----------------------------------------------------------------------------------------------------------------- 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,249,093 ----------------------------------------------------------------------------------------------------------------- 150,000 Yonkers Parking Authority 7.750 12/01/2004 152,339 --------------- 5,315,095,230 ----------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--9.6% 500,000 American Samoa Power Authority 7.000 09/01/2004 516,235 ----------------------------------------------------------------------------------------------------------------- 2,460,000 Guam EDA (Royal Socio Apartments) b,d 9.500 11/01/2018 2,235,476 ----------------------------------------------------------------------------------------------------------------- 290,000 Guam Power Authority, Series A 5.250 10/01/2023 272,499 ----------------------------------------------------------------------------------------------------------------- 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 18,194,800 ----------------------------------------------------------------------------------------------------------------- 1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,068,110 ----------------------------------------------------------------------------------------------------------------- 8,155,000 Northern Mariana Islands, Series A 6.250 03/15/2028 8,348,763 ----------------------------------------------------------------------------------------------------------------- 19,685,000 Northern Mariana Islands, Series A 6.600 03/15/2028 21,167,281 ----------------------------------------------------------------------------------------------------------------- 10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,338,700 ----------------------------------------------------------------------------------------------------------------- 2,000,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 1,876,480 ----------------------------------------------------------------------------------------------------------------- 35,000 Puerto Rico Electric Power Authority 5.375 07/01/2030 36,804 ----------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico HBFA 6.250 04/01/2029 777,735 ----------------------------------------------------------------------------------------------------------------- 125,000 Puerto Rico HFC 5.100 12/01/2018 130,219 ----------------------------------------------------------------------------------------------------------------- 2,140,000 Puerto Rico HFC 5.500 12/01/2023 2,248,798 ----------------------------------------------------------------------------------------------------------------- 10,000 Puerto Rico HFC 7.300 10/01/2006 10,032 ----------------------------------------------------------------------------------------------------------------- 140,000 Puerto Rico HFC 7.500 10/01/2015 140,241 ----------------------------------------------------------------------------------------------------------------- 3,495,000 Puerto Rico HFC 7.500 04/01/2022 3,639,169 ----------------------------------------------------------------------------------------------------------------- 7,000,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 7,126,140 ----------------------------------------------------------------------------------------------------------------- 37,190,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 37,908,511 ----------------------------------------------------------------------------------------------------------------- 54,000,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 54,541,080 ----------------------------------------------------------------------------------------------------------------- 575,000 Puerto Rico Infrastructure 7.500 07/01/2009 590,094 ----------------------------------------------------------------------------------------------------------------- 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,116,893 ----------------------------------------------------------------------------------------------------------------- 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,620,045 ----------------------------------------------------------------------------------------------------------------- 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,790,078 ----------------------------------------------------------------------------------------------------------------- 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,374,740 ----------------------------------------------------------------------------------------------------------------- 42,800,000 Puerto Rico ITEMECF (Congeneration Facilities) 6.625 06/01/2026 44,621,140 ----------------------------------------------------------------------------------------------------------------- 3,520,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 3,019,139 ----------------------------------------------------------------------------------------------------------------- 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 777,864 ----------------------------------------------------------------------------------------------------------------- 8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,006,763 ----------------------------------------------------------------------------------------------------------------- 12,340,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 10,887,335 ----------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 767,213 ----------------------------------------------------------------------------------------------------------------- 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,478,175 ----------------------------------------------------------------------------------------------------------------- 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,253,833 ----------------------------------------------------------------------------------------------------------------- 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 5,354,090 ----------------------------------------------------------------------------------------------------------------- 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 519,945 ----------------------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,189,440 ----------------------------------------------------------------------------------------------------------------- 1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 654,770 ----------------------------------------------------------------------------------------------------------------- 12,470,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 8,166,728
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL MARKET VALUE AMOUNT COUPON MATURITY SEE NOTE 1 -------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 445,000 Puerto Rico Public Buildings Authority 5.375% 07/01/2033 $ 465,693 -------------------------------------------------------------------------------------------------------------------- 3,418,990 Puerto Rico Public Buildings Authority Computer Lease a 6.528 05/01/2004 3,410,784 -------------------------------------------------------------------------------------------------------------------- 182,410,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 192,686,979 -------------------------------------------------------------------------------------------------------------------- 262,428 Puerto Rico San Sebastian Garage Lease a,d 10.000 09/16/2005 267,461 -------------------------------------------------------------------------------------------------------------------- 2,040,000 University of V.I., Series A 6.250 12/01/2029 2,206,668 -------------------------------------------------------------------------------------------------------------------- 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,308,188 -------------------------------------------------------------------------------------------------------------------- 45,000 V.I. Hsg. Finance Authority, Series A 6.450 03/01/2016 46,472 -------------------------------------------------------------------------------------------------------------------- 4,000,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 4,011,240 -------------------------------------------------------------------------------------------------------------------- 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,980,430 -------------------------------------------------------------------------------------------------------------------- 8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,184,240 -------------------------------------------------------------------------------------------------------------------- 4,510,000 V.I. Public Finance Authority Computer Lease a 6.250 01/01/2005 4,628,839 -------------------------------------------------------------------------------------------------------------------- 1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,030,660 -------------------------------------------------------------------------------------------------------------------- 16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,469,626 -------------------------------------------------------------------------------------------------------------------- 7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,646,775 -------------------------------------------------------------------------------------------------------------------- 50,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 51,795 -------------------------------------------------------------------------------------------------------------------- 3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,898,595 -------------------------------------------------------------------------------------------------------------------- 1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,586,781 -------------------------------------------------------------------------------------------------------------------- 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,478,268 -------------------------------------------------------------------------------------------------------------------- 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,526,450 -------------- 567,651,302 -------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $5,832,625,665)--99.5% 5,882,746,532 -------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES--0.5 28,948,361 -------------- NET ASSETS--100.0% $5,911,694,893 ==============
FOOTNOTES TO STATEMENT OF INVESTMENTS A. Identifies issues considered to be illiquid. See Note 5 of Notes to Financial Statements. B. Non-income producing security. D. Issue 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 December 31, 2003. See Note 1 of Notes to Financial Statements. Z. Represents a zero coupon bond. 39 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS CONTINUED -------------------------------------------------------------------------------- PORTFOLIO ABBREVIATIONS DECEMBER 31, 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 CCSSVD Central Council of the Society of St.Vincent dePaul CFGA Child and Family Guidance Association CNGCS Central Nassau Guidance and Counseling Services COP Certificates of Participation CSD Central School District CSMR Community Services for the Mentally Retarded Con Ed Consolidated Edison Company DA Dormitory Authority DDI Developmental Disabilities Institute DIAMONDS Direct Investment of Accrued Municipals EDA Economic Development Authority EFC Environmental Facilities Corporation EHC Elderly Housing Corporation ERDA Energy Research and Development Authority FHA Federal Housing Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation HBFA Housing Bank and Finance Agency HDC Housing Development Corporation HELP Homeless Economic Loan Program HFA Housing Finance Agency HFC Housing Finance Corporation HH Harmony Heights, Inc. HHS Harmony Heights School HJDOI Hospital for Joint Diseases Orthopaedic Institute IDA Industrial Development Agency IFA Interim Finance Authority IGHL Independent Group Home for Living INFLOS Inverse Floating Rate Securities ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities JCC Jewish Community Center JDAM Julia Dyckman Andrus Memorial LEVRRS Leveraged Reverse Rate Security LGSC Local Government Services Corporation L.I. Long Island LILCO Long Island Lighting Corporation LRRHCF Loretto Rest Residential Health Care Facility LVH Little Village House MCH Maryhaven Center of Hope MSH Mount Sinai Hospital 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 NYU New York University OBPWC Ocean Bay Park Water Corporation PRFF Puerto Rican Family Foundation RG&E Rochester Gas and Electric RIBS Residual Interest Bonds RIT Rochester Institute of Technology RITES Residual Interest Tax Exempt Security Res Rec Resource Recovery Facility SCCC Sullivan County Community College SCHC Senior Citizen Housing Corporation SCSB Schuyler Community Services Board SLCD School for Language and Communication Development SMCFS St. Mary's Children and Family Services SONYMA State of New York Mortgage Agency SSMH Soldiers and Sailors Memorial Hospital SUNY State University of New York TASC Tobacco Settlement Asset-Backed Bonds TFA Transitional Finance Authority TFABs Tobacco Flexible Amortization Bonds UCPAGS United Cerebral Palsy Association of Greater Suffolk UCP/HCA United Cerebral Palsy and Handicapped Children's Association UDC Urban Development Corporation VDRNS Variable Demand Rate Notes V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults WWH Wyandach/Wheatley Heights YMCA Young Men's Christian Association 40 | ROCHESTER FUND MUNICIPALS ---------------------------------------------------------------------------- INDUSTRY CONCENTRATIONS DECEMBER 31, 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 $ 727,476,022 12.4% Tobacco Settlements 600,333,533 10.2 Electric Utilities 558,981,797 9.5 Highways/Railways 495,961,618 8.4 Airlines 467,264,490 7.9 Multifamily Housing 334,881,048 5.7 Adult Living Facilities 320,772,750 5.5 General Obligation 306,818,818 5.2 Higher Education 252,965,273 4.3 Not-for-Profit Organization 248,988,948 4.2 Sales Tax Revenue 243,153,132 4.1 Water Utilities 209,000,085 3.6 Paper, Containers & Packaging 169,331,269 2.9 Resource Recovery 134,218,431 2.3 Municipal Leases 128,858,773 2.2 Education 113,295,736 1.9 Single Family Housing 106,544,081 1.8 Manufacturing, Non-Durable Goods 103,955,787 1.8 Manufacturing, Durable Goods 94,716,254 1.6 Marine/Aviation Facilities 83,656,190 1.4 Special Assessment 76,860,246 1.3 Gas Utilities 34,084,667 0.6 Pollution Control 30,988,739 0.5 Parking Fee Revenue 27,890,586 0.5 Hotels, Restaurants & Leisure 11,748,259 0.2 -------------------------------- Total $5,882,746,532 100.0% ================================ ---------------------------------------------------------------------------- SUMMARY OF RATINGS DECEMBER 31, 2003 ---------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY RATING CATEGORY, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: RATINGS PERCENT ---------------------------------------------------------------------------- AAA 10.0% AA 14.8 A 20.9 BBB 30.0 BB 4.0 B 0.3 CCC 6.5 CC 0.0 C 0.0 D 0.0 Not Rated 13.5 ------ Total 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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 41 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 2003 ------------------------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------------------------- Investments, at value (cost $5,832,625,665)--see accompanying statement $5,882,746,532 ------------------------------------------------------------------------------------------------- Cash 1,705,743 ------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 107,458,783 Shares of beneficial interest sold 8,419,127 Investments sold 29,790,095 Other 49,435 --------------- Total assets 6,030,169,715 ------------------------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------------------------- Payables and other liabilities: Notes payable to bank (interest rate 1.750% at December 31, 2003) 54,400,000 Investments purchased (including $52,515,000 purchased on a when-issued or forward commitment basis) 53,074,364 Shares of beneficial interest redeemed 6,969,141 Distribution and service plan fees 2,586,204 Trustees' compensation 939,635 Transfer and shareholder servicing agent fees 226,632 Shareholder reports 133,758 Other 145,088 ----------------- Total liabilities 118,474,822 ------------------------------------------------------------------------------------------------- Net Assets $5,911,694,893 =============== ------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ------------------------------------------------------------------------------------------------- Paid-in capital $6,021,275,251 ------------------------------------------------------------------------------------------------- Accumulated net investment income 13,550,832 ------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments (173,252,057) ------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments 50,120,867 ------------------------------------------------------------------------------------------------- NET ASSETS $5,911,694,893 ===============
42 | ROCHESTER FUND MUNICIPALS
--------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE --------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $4,228,426,701 and 240,038,842 shares of beneficial interest outstanding) $17.62 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $18.50 --------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,231,370,642 and 69,956,316 shares of beneficial interest outstanding) $17.60 --------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $442,811,686 and 25,166,911 shares of beneficial interest outstanding) $17.59 --------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $9,085,864 and 515,846 shares of beneficial interest outstanding) $17.61
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 43 | ROCHESTER FUND MUNICIPALS
STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2003 ------------------------------------------------------------------------------------------------- INVESTMENT INCOME ------------------------------------------------------------------------------------------------- Interest $418,077,126 ------------------------------------------------------------------------------------------------- EXPENSES ------------------------------------------------------------------------------------------------- Management fees 26,976,540 ------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 5,974,356 Class B 12,595,749 Class C 4,363,839 ------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 1,801,877 Class B 732,655 Class C 244,764 Class Y 10,134 ------------------------------------------------------------------------------------------------- Accounting service fees 1,745,069 ------------------------------------------------------------------------------------------------- Interest expense 656,728 ------------------------------------------------------------------------------------------------- Custodian fees and expenses 436,582 ------------------------------------------------------------------------------------------------- Trustees' compensation 297,563 ------------------------------------------------------------------------------------------------- Shareholder reports 160,594 ------------------------------------------------------------------------------------------------- Other 174,306 ------------- Total expenses 56,170,756 Less reduction to custodian expenses (14,215) Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (4,132) Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (499) Less voluntary waiver of transfer and shareholder servicing agent fees--Class C (193) ------------- Net expenses 56,151,717 ------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 361,925,409 ------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ------------------------------------------------------------------------------------------------- Net realized loss on investments (67,477,223) ------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on investments 134,767,140 ------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $429,215,326 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 44 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31, 2003 2002 ------------------------------------------------------------------------------------------- OPERATIONS ------------------------------------------------------------------------------------------- Net investment income $ 361,925,409 $ 358,453,248 ------------------------------------------------------------------------------------------- Net realized gain (loss) (67,477,223) 4,858,580 ------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 134,767,140 (67,362,355) ------------------------------------ Net increase in net assets resulting from operations 429,215,326 295,949,473 ------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS ------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (264,497,024) (262,145,612) Class B (70,438,857) (66,778,356) Class C (24,428,144) (24,126,061) Class Y (743,767) (758,014) ------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A (121,893,999) 266,560,700 Class B (123,811,036) 197,188,318 Class C (32,773,952) 47,416,054 Class Y (3,100,020) -- ------------------------------------------------------------------------------------------- NET ASSETS ------------------------------------------------------------------------------------------- Total increase (decrease) (212,471,473) 453,306,502 ------------------------------------------------------------------------------------------- Beginning of period 6,124,166,366 5,670,859,864 ------------------------------------ End of period [including accumulated net investment income of $13,550,832 and $11,733,215, respectively] $5,911,694,893 $6,124,166,366 ====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 45 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS
CLASS A YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999 -------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA -------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.38 $17.52 $17.67 $16.78 $18.81 -------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income 1.11 1.08 1.06 1.04 1.04 Net realized and unrealized gain (loss) .23 (.15) (.17) .89 (2.03) ---------------------------------------------------------------- Total from investment operations 1.34 .93 .89 1.93 (.99) -------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (1.10) (1.07) (1.04) (1.04) (1.04) -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.62 $17.38 $17.52 $17.67 $16.78 ================================================================ -------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 8.12% 5.46% 5.14% 11.93% (5.51)% -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $4,228 $4,299 $4,073 $3,536 $3,288 -------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $4,100 $4,292 $3,893 $3,341 $3,559 -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 6.49% 6.18% 5.97% 6.07% 5.78% Total expenses 0.71% 0.72% 0.72% 0.78% 0.77% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 3,4 0.71% 4,5 0.70% 4,5 0.74% 4,5 0.73% 4,5 -------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 18% 29% 11% 26% 30%
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. Voluntary waiver of transfer agent fees less than 0.01%. 4. Reduction to custodian expenses less than 0.01%. 5. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 46 | ROCHESTER FUND MUNICIPALS
CLASS B YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999 -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA -------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.36 $17.51 $17.66 $16.77 $18.79 -------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .96 .93 .91 .89 .89 Net realized and unrealized gain (loss) .23 (.16) (.17) .90 (2.03) ------------------------------------------------------------- Total from investment operations 1.19 .77 .74 1.79 (1.14) -------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to sha reholders: Dividends from net investment income (.95) (.92) (.89) (.90) (.88) -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.60 $17.36 $17.51 $17.66 $16.77 ============================================================= -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 7.19% 4.50% 4.25% 10.98% (6.27)% -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $1,231 $1,342 $1,157 $803 $673 -------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $1,259 $1,275 $ 997 $711 $635 -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 5.62% 5.32% 5.10% 5.19% 4.91% Total expenses 1.58% 1.58% 1.58% 1.65% 1.64% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 3,4 1.57% 4,5 1.56% 4,5 1.60% 4,5 1.59% 4,5 -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 18% 29% 11% 26% 30%
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. Voluntary waiver of transfer agent fees less than 0.01%. 4. Reduction to custodian expenses less than 0.01%. 5. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS CONTINUED
CLASS C YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999 -------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA -------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.36 $17.50 $17.66 $16.76 $18.79 -------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .96 .93 .91 .89 .89 Net realized and unrealized gain (loss) .22 (.15) (.18) .91 (2.04) ----------------------------------------------------------- Total from investment operations 1.18 .78 .73 1.80 (1.15) -------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.95) (.92) (.89) (.90) (.88) -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.59 $17.36 $17.50 $17.66 $16.76 =========================================================== -------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 7.14% 4.57% 4.19% 11.06% (6.32)% -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $443 $471 $429 $259 $220 -------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $436 $460 $356 $225 $221 -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 5.62% 5.32% 5.09% 5.20% 4.92% Total expenses 1.58% 1.58% 1.57% 1.63% 1.63% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 3,4 1.57% 4,5 1.55% 4,5 1.59% 4,5 1.58% 4,5 -------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 18% 29% 11% 26% 30%
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. Voluntary waiver of transfer agent fees less than 0.01%. 4. Reduction to custodian expenses less than 0.01%. 5. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | ROCHESTER FUND MUNICIPALS
CLASS Y YEAR ENDED DECEMBER 31, 2003 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 1.14 1.10 1.08 .70 Net realized and unrealized gain (loss) .21 (.15) (.17) .78 ----------------------------------------------------- Total from investment operations 1.35 .95 .91 1.48 ---------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (1.12) (1.09) (1.06) (.69) ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $17.61 $17.38 $17.52 $17.67 ===================================================== ---------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 8.16% 5.57% 5.25% 8.97% ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 9 $12 $12 $11 ---------------------------------------------------------------------------------------------------------- Average net assets (in millions) $11 $12 $12 $10 ---------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 6.79% 6.30% 6.08% 6.07% Total expenses 0.61% 0.62% 0.62% 0.68% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 4 0.61% 4,5 0.60% 4,5 0.64% 4,5 ---------------------------------------------------------------------------------------------------------- Portfolio turnover rate 18% 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, with all dividends and distribu- tions 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. Reduction to custodian expenses less than 0.01%. 5. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Rochester Fund Municipals (the Fund) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders' capital. The Fund's investment advisor is OppenheimerFunds, Inc. The 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 with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ 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 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 50 | ROCHESTER FUND MUNICIPALS assets with a market value equal to or greater than the amount of its commitments. These transactions of securities on a when issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. As of December 31, 2003, the Fund had entered into when issued purchase commitments or forward commitments of $52,515,000. -------------------------------------------------------------------------------- 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 $604,901,843 as of December 31, 2003. Including the effect of leverage, inverse floaters represent 17.88% of the Fund's total assets as of December 31, 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 December 31, 2003, securities with an aggregate market value of $26,399,526, representing 0.45% 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. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. 51 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS CONTINUED -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES --------------------------------------------------------------------- $21,084,420 $-- $172,328,930 $49,197,742 1. As of December 31, 2003, the Fund had $172,328,930 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of December 31, 2003, details of the capital loss carryforwards were as follows: EXPIRING ---------------------- 2004 $ 3,560,645 2005 5,760,047 2006 4,332,921 2007 41,458,446 2008 48,591,026 2011 68,625,845 ------------ Total $172,328,930 ============ 2. During the fiscal year December 31, 2003, the Fund did not utilize any capital loss carryforwards. During the fiscal year December 31, 2002, the Fund utilized $4,773,145 of capital loss carryforward to offset capital gains realized in that fiscal year. During the fiscal year $10,726,285 of unused capital loss carryforward expired. 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. Accordingly, the following amounts have been reclassified for December 31, 2003. Net assets of the Fund were unaffected by the reclassifications. REDUCTION TO ACCUMULATED NET REDUCTION TO REALIZED LOSS ON PAID-IN CAPITAL INVESTMENTS -------------------------------------- $10,726,285 $10,726,285 The tax character of distributions paid during the years ended December 31, 2003 and December 31, 2002 was as follows: YEAR ENDED YEAR ENDED DECEMBER 31, 2003 DECEMBER 31, 2002 ----------------------------------------------------------------------- Distributions paid from: Exempt-interest dividends $360,107,792 $353,808,043 The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2003 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. 52 | ROCHESTER FUND MUNICIPALS Federal tax cost of securities $5,833,548,790 ============== Gross unrealized appreciation $ 228,819,697 Gross unrealized depreciation (179,621,955) --------------- Net unrealized appreciation $ 49,197,742 =============== -------------------------------------------------------------------------------- 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 year ended December 31, 2003, the Fund's projected benefit obligations were increased by $160,200 and payments of $14,819 were made to retired trustees, resulting in an accumulated liability of $734,459 as of December 31, 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 year ended December 31, 2003, payments of $67,500 were made to retired trustees. As of December 31, 2003, the Fund had recognized an accumulated liability of $178,875. 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 Oppenheimer funds selected by the Trustee. 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. -------------------------------------------------------------------------------- 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, if applicable, 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. 53 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS CONTINUED -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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:
YEAR ENDED DECEMBER 31, 2003 YEAR ENDED DECEMBER 31, 2002 SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------------------------------ CLASS A Sold 31,968,251 $ 545,936,442 46,250,617 $ 812,053,894 Dividends and/or distributions reinvested 9,003,352 153,817,637 8,272,468 144,484,462 Redeemed (48,331,277) (821,648,078) (39,608,309) (689,977,656) ------------------------------------------------------------- Net increase (decrease) (7,359,674) $(121,893,999) 14,914,776 $ 266,560,700 ============================================================= ------------------------------------------------------------------------------------------ CLASS B Sold 8,236,496 $ 140,702,835 18,018,394 $ 316,028,022 Dividends and/or distributions reinvested 2,559,786 43,684,161 2,312,130 40,363,248 Redeemed (18,121,088) (308,198,032) (9,146,731) (159,202,952) ------------------------------------------------------------- Net increase (decrease) (7,324,806) $(123,811,036) 11,183,793 $ 197,188,318 ============================================================= ------------------------------------------------------------------------------------------ CLASS C Sold 4,623,365 $ 79,157,974 8,867,195 $ 155,513,477 Dividends and/or distributions reinvested 957,977 16,341,183 915,923 15,983,379 Redeemed (7,557,987) (128,273,109) (7,127,719) (124,080,802) ------------------------------------------------------------- Net increase (decrease) (1,976,645) $ (32,773,952) 2,655,399 $ 47,416,054 ============================================================= ------------------------------------------------------------------------------------------ CLASS Y Sold -- $ -- -- $ -- Dividends and/or distributions reinvested -- -- -- -- Redeemed (179,098) (3,100,020) -- -- ------------------------------------------------------------- Net decrease (179,098) $ (3,100,020) -- $ -- =============================================================
-------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended December 31, 2003, were $1,043,747,044 and $1,387,785,590, respectively. 54 | ROCHESTER FUND MUNICIPALS -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee 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 average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the year ended, the Fund paid $1,745,069 to the Manager for accounting and pricing services. -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended December 31, 2003, the Fund paid $2,676,006 to OFS for services to the Fund. 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 Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan 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. The Distributor currently uses the fees it receives from the Fund to pay brokers, dealers and other financial institutions for personal services and account maintenance services they provide for their customers who hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. Fees incurred by the Fund under the plan are detailed in the Statement of Operations. -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS SHARES. The Fund has adopted Distribution and Service Plans for Class B and Class C shares to compensate the Distributor for its services in connection with the distribution of these shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales 55 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS CONTINUED -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the plan at December 31, 2003 for Class B and Class C shares was $43,709,458 and $9,655,198, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated. CLASS A CLASS B CLASS C CLASS A CONTINGENT CONTINGENT CONTINGENT FRONT-END SALES DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR -------------------------------------------------------------------------------- December 31, 2003 $1,256,842 $117,684 $3,574,383 $79,710 -------------------------------------------------------------------------------- 5. ILLIQUID SECURITIES As of December 31, 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 December 31, 2003 was $654,706,789, which represents 11.07% 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 $540 million, collectively. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.75%. The rate of 0.625% was effective from January 1, 2003 to November 8, 2003; thereafter, the rate is 0.75%. 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. 56 | ROCHESTER FUND MUNICIPALS The Fund had borrowings outstanding of $54,400,000 at December 31, 2003 at an interest rate of 1.750%. For the year ended December 31, 2003, the average monthly loan balance was $34,669,868 at an average daily interest rate of 1.625%. The Fund had gross borrowings and gross loan repayments of $767,700,000 and $783,700,000, respectively, during the year ended December 31, 2003. The maximum amount of borrowings outstanding at any month-end was $81,500,000. The Fund paid commitment fees of $28,758 and interest of $629,115 during the year ended December 31, 2003. 57 | ROCHESTER FUND MUNICIPALS INDEPENDENT AUDITORS' REPORT -------------------------------------------------------------------------------- THE BOARD OF TRUSTEES AND SHAREHOLDERS OF ROCHESTER FUND MUNICIPALS: We have audited the accompanying statement of assets and liabilities of Rochester Fund Municipals, including the statement of investments, as of December 31, 2003, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the period ended December 31, 1999, were audited by other auditors whose report dated January 24, 2000, expressed an unqualified opinion on this information. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2003, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochester Fund Municipals as of December 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. KPMG LLP Denver, Colorado January 23, 2004 58 | ROCHESTER FUND MUNICIPALS FEDERAL INCOME TAX INFORMATION UNAUDITED -------------------------------------------------------------------------------- In early 2004, if applicable, shareholders of record received information regarding any taxable dividends and distributions paid to them by the Fund during calendar year 2002. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. None of the dividends paid by the Fund during the year ended December 31, 2003 are eligible for the corporate dividend-received deduction. 100% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 99.7% of the dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (92.1%), Texas (0.2%), Louisiana (0.1%), Puerto Rico (5.2%), Guam (1.4%), Virgin Islands (1.0%). During 2003, 32.9% of this tax-exempt income was derived from "private activity bonds". These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES UNAUDITED -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, (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. 59 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS UNAUDITED
NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER FUND, LENGTH OF SERVICE, AGE TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE INDEPENDENT TRUSTEES THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm); former Chairman of the Board of Trustees, General Partner of Trivest Venture Fund (private venture capital fund); Trustee (since 1995) former President of Investment Counseling Federated Investors, Inc.; Age: 70 Trustee of the following open-end investment companies: Cash Assets Trust, PIMCO ADVISORS VIT, Tax Free Trust of Arizona and 4 funds for the Hawaiian Tax Free Trust. Oversees 10 portfolios in the OppenheimerFunds complex. JOHN CANNON, Director, Neuberger Berman Income Managers Trust, Neuberger & Berman Trustee (since 1992) Income Funds and Neuberger Berman Trust, (1995-present); Neuberger Berman Age: 73 Equity Funds (November 2000-present); Trustee, Neuberger Berman Mutual Funds (October 1994-present); formerly Chairman and Treasurer, CDC Associates, a registered investment adviser (December 1993-February 1996); Independent Consultant; Chief Investment Officer, CDC Associates (1996-June 2000); Consultant and director, CDC Associates (December 1993-February 1999). Oversees 3 portfolios in the OppenheimerFunds complex. PAUL Y. CLINTON, Principal of Clinton Management Associates, a financial and venture Trustee (since 1995) capital consulting firm; Trustee of the following open-end investment Age: 72 companies: Trustee of Capital Cash Management Trust, Prime Cash Fund, PIMCO ADVISORS VIT and Narragansett Insured Tax-Free Income Fund. Oversees 10 portfolios in the OppenheimerFunds complex. ROBERT G. GALLI, A trustee or director of other Oppenheimer funds. Oversees 35 portfolios Trustee (since 1998) in the OppenheimerFunds complex. Age: 70 LACY B. HERRMANN, Chairman and Chief Executive Officer of Aquila Management Corporation, Trustee (since 1995) the sponsoring organization and manager, administrator and/or sub-adviser Age: 74 to the following open-end investment companies, and Chairman of the Board of Trustees and President of each: Churchill Cash Reserves Trust, Aquila-Cascadia Equity Fund, Cash Assets Trust, Prime Cash Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Churchill Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and Aquila Rocky Mountain Equity Fund and PIMCO ADVISORS VIT; Vice President, Director, Secretary, and formerly Treasurer of Aquila Distributors, Inc., distributor of the above funds; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors; President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT; Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser and administrator of Prime Cash Fund and Short Term Asset Reserves; Trustee Emeritus of Brown University. Oversees 10 portfolios in the OppenheimerFunds complex.
60 | ROCHESTER FUND MUNICIPALS
BRIAN WRUBLE, Special Limited Partner (since January 1999) of Odyssey Investment Trustee (since 2001) Partners, LLC (private equity investment); General Partner (since Age: 60 September 1996) of Odyssey Partners, L.P. (hedge fund in distribution since 1/1/97); Board of Governing Trustees (since August 1990) of The Jackson Laboratory (non-profit); Trustee (since May 1992) of Institute for Advanced Study (educational institute); formerly Trustee (May 2000 - 2002) of Research Foundation of AIMR (investment research, non-profit); Governor, Jerome Levy Economics Institute of Bard College (economics research) (August 1990-September 2001); Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April 2002). Oversees 10 portfolios in the OppenheimerFunds complex. ------------------------------------------------------------------------------------------------------------------- OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS. MURPHY AND ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NY 10281-1008, FOR MR. WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924, FOR MR. FIELDING, 350 LINDEN OAKS, ROCHESTER, NY 14625. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR HER EARLIER RESIGNATION, DEATH OR REMOVAL. RONALD H. FIELDING, Senior Vice President (since January 1996) of the Manager; Chairman of Vice President (since 2002) the Rochester Division of the Manager (since January 1996); an officer of Age: 54 9 portfolios in the OppenheimerFunds complex. JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since June 2001) and President (since 2001) President (since September 2000) of the Manager; President and a director Age: 54 or trustee of other Oppenheimer funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); a director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc. (Investment advisory affiliates of the Manager); Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns the shares of David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of Emerald Isle Bancorp). Oversees 72 portfolios as Trustee/Officer and 10 portfolios as Officer in the OppenheimerFunds complex.
61 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS UNAUDITED / CONTINUED
BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer (since 1999) Treasurer (since March 1999) of HarbourView Asset Management Corporation, Age: 44 Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000) and OFI Institutional Asset Management, Inc. (since November 2000) (offshore fund management subsidiaries of the Manager); Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust Company (a trust company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); formerly Principal and Chief Operating Officer (March 1995-March 1999), Bankers Trust Company-Mutual Fund Services Division. An officer of 82 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since Secretary (since 2001) February 2002) of the Manager; General Counsel and a director (since Age: 55 November 2001) of OppenheimerFunds Distributor, Inc.; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Vice President and a director (since November 2000) of Oppenheimer Partnership Holdings, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Services, Inc., Shareholder Financial Services, Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset Management, Inc.; General Counsel (since November 2001) of Centennial Asset Management Corporation; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a director (since November 2001) of OppenheimerFunds International Ltd.; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Secretary (since November 2001) of Oppenheimer Acquisition Corp.; formerly Senior Vice President (May 1985-January 2004) Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); OppenheimerFunds International Ltd. and OppenheimerFunds plc (October 1997-November 2001). An officer of 82 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 62 | ROCHESTER FUND MUNICIPALS ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the Fund has determined that the Fund does not have an audit committee financial expert serving on its Audit Committee. In this regard, no member of the Audit Committee was identified as having all of the technical attributes identified in Instruction 2(b) to Item 3 of Form N-CSR to qualify as an "audit committee financial expert," whether through the type of specialized education or experience described in that Instruction. The Board has concluded that while the members of the Audit Committee collectively have the necessary attributes and experience required to serve effectively as an Audit Committee, no single member possesses all of the required technical attributes through the particular methods of education or experience set forth in the Instructions to be designated as an audit committee financial expert. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $38,000 in fiscal 2003 and $38,500 in fiscal 2002. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed $0 in fiscal 2003 and $1,303 in fiscal 2002. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews and consultation concerning financial accounting and reporting standards. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $5,000 in fiscal 2003 and $0 in fiscal 2002 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed $962 in fiscal 2003 and $214 in fiscal 2002. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant's retirement plan with respect to its trustees. (i) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Pre-approval of non-audit services is waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (j) Not applicable as less than 50%. (k) The principal accountant for the audit of the registrant's annual financial statements billed $5,962 in fiscal 2003 and $1,517 in fiscal 2002 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (l) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7) (ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal account's independence. No such services were rendered. ITEM 5. NOT APPLICABLE ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable for fiscal periods ending December 31, 2003. ITEM 10. 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 December 31, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances 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 over financial reporting that occurred during the registrant's second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)