N-CSRS 1 rs0365_15626ncsrs.txt RS0365_15626NCSRS.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSRS 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: June 30, 2005 ------------- ITEM 1. REPORTS TO STOCKHOLDERS. -------------------------------------------------------------------------------- TOP HOLDINGS AND ALLOCATIONS -------------------------------------------------------------------------------- TOP TEN INDUSTRIES -------------------------------------------------------------------------------- Tobacco Settlements 11.2% -------------------------------------------------------------------------------- Hospital/Health Care 11.0 -------------------------------------------------------------------------------- Electric Utilities 8.3 -------------------------------------------------------------------------------- Highways/Railways 8.2 -------------------------------------------------------------------------------- Airlines 8.0 -------------------------------------------------------------------------------- General Obligation 6.1 -------------------------------------------------------------------------------- Water Utilities 5.9 -------------------------------------------------------------------------------- Adult Living Facilities 5.3 -------------------------------------------------------------------------------- Higher Education 4.1 -------------------------------------------------------------------------------- Multifamily Housing 4.1 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2005, and are based on total value of investments. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CREDIT ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] AAA 10.7% AA 16.9 A 16.9 BBB 33.2 BB 4.1 B 0.2 CCC 6.6 Not Rated 11.4 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2005, and are dollar-weighted based on total investments. Securities rated by any rating organization are included in the equivalent S&P rating category. The allocation includes rated securities and those not rated by a national rating organization but to which the ratings above have been assigned by the Manager for internal purposes as being comparable, in the Manager's judgment, to securities rated by a rating agency in the same category. -------------------------------------------------------------------------------- 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. THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF ROCHESTER FUND MUNICIPALS. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. 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 FUND EXPENSES -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2005. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in 15 | ROCHESTER FUND MUNICIPALS FUND EXPENSES -------------------------------------------------------------------------------- the Statement of Additional Information). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (1/1/05) (6/30/05) JUNE 30, 2005 -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,067.00 $3.70 -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,021.22 3.61 -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,062.50 8.13 -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,016.91 7.98 -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,062.60 8.08 -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,016.96 7.93 -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,068.00 2.77 -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,022.12 2.71 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 30, 2005, are as follows: CLASS EXPENSE RATIOS ------------------------- Class A 0.72% ------------------------- Class B 1.59 ------------------------- Class C 1.58 ------------------------- Class Y 0.54 -------------------------------------------------------------------------------- 16 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS June 30, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS AND NOTES--101.5% ------------------------------------------------------------------------------------------------------------------------ NEW YORK--88.7% $ 125,000 Albany County Airport Authority 5.500% 12/15/2019 $ 133,455 ------------------------------------------------------------------------------------------------------------------------ 635,000 Albany County IDA (Albany College of Pharmacy) 5.375 12/01/2024 664,096 ------------------------------------------------------------------------------------------------------------------------ 1,700,000 Albany County IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,800,181 ------------------------------------------------------------------------------------------------------------------------ 885,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 922,135 ------------------------------------------------------------------------------------------------------------------------ 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,456,338 ------------------------------------------------------------------------------------------------------------------------ 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,500,492 ------------------------------------------------------------------------------------------------------------------------ 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 405,260 ------------------------------------------------------------------------------------------------------------------------ 895,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 942,990 ------------------------------------------------------------------------------------------------------------------------ 4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,189,030 ------------------------------------------------------------------------------------------------------------------------ 3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 4,063,984 ------------------------------------------------------------------------------------------------------------------------ 2,620,000 Albany IDA (Hampton Plaza) 6.250 03/15/2018 2,674,129 ------------------------------------------------------------------------------------------------------------------------ 900,000 Albany IDA (New Covenant Charter School) 7.000 05/01/2025 886,149 ------------------------------------------------------------------------------------------------------------------------ 1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,328,048 ------------------------------------------------------------------------------------------------------------------------ 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,815,933 ------------------------------------------------------------------------------------------------------------------------ 1,770,000 Albany Parking Authority 0.000 1 11/01/2017 1,001,997 ------------------------------------------------------------------------------------------------------------------------ 2,510,000 Albany Parking Authority 5.625 07/15/2020 2,720,689 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Albany Parking Authority 5.625 07/15/2025 2,156,760 ------------------------------------------------------------------------------------------------------------------------ 5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,865,528 ------------------------------------------------------------------------------------------------------------------------ 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 920,313 ------------------------------------------------------------------------------------------------------------------------ 10,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2023 10,002 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 3,087,930 ------------------------------------------------------------------------------------------------------------------------ 2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 3,081,571 ------------------------------------------------------------------------------------------------------------------------ 10,055,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,675,192 ------------------------------------------------------------------------------------------------------------------------ 25,000 Amherst IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 27,321 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,335,700 ------------------------------------------------------------------------------------------------------------------------ 800,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 810,072 ------------------------------------------------------------------------------------------------------------------------ 265,000 Bethany Retirement Home 7.450 02/01/2024 271,310 ------------------------------------------------------------------------------------------------------------------------ 810,000 Bethlehem Water System 5.250 03/01/2018 883,208 ------------------------------------------------------------------------------------------------------------------------ 855,000 Bethlehem Water System 5.375 03/01/2019 941,877 ------------------------------------------------------------------------------------------------------------------------ 905,000 Bethlehem Water System 5.375 03/01/2020 994,867 ------------------------------------------------------------------------------------------------------------------------ 955,000 Bethlehem Water System 5.500 03/01/2021 1,056,440 ------------------------------------------------------------------------------------------------------------------------ 505,000 Bethlehem Water System 5.500 03/01/2022 557,086 ------------------------------------------------------------------------------------------------------------------------ 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,094,447 ------------------------------------------------------------------------------------------------------------------------ 900,000 Bleeker Terrace HDC 8.750 07/01/2007 907,452 ------------------------------------------------------------------------------------------------------------------------ 580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 630,298 ------------------------------------------------------------------------------------------------------------------------ 6,645,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 6,649,851 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,311,763 ------------------------------------------------------------------------------------------------------------------------ 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,572,780 ------------------------------------------------------------------------------------------------------------------------ 65,000 Broome County IDA (University Plaza) 5.000 08/01/2025 67,008 ------------------------------------------------------------------------------------------------------------------------ 3,030,000 Broome County IDA (University Plaza) 5.000 08/01/2036 3,138,656
17 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,000,000 Broome County IDA (University Plaza) 5.100% 08/01/2030 $ 1,038,180 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 Broome County IDA (University Plaza) 5.100 08/01/2036 1,296,875 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Broome County IDA (University Plaza) 5.200 08/01/2030 3,121,470 ------------------------------------------------------------------------------------------------------------------------ 4,450,000 Broome County IDA (University Plaza) 5.200 08/01/2036 4,623,817 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Bushnell Basin Fire Association (Volunteer Fire Department) 5.750 11/01/2030 3,041,910 ------------------------------------------------------------------------------------------------------------------------ 915,000 Canton Human Services Initiatives 5.700 09/01/2024 990,881 ------------------------------------------------------------------------------------------------------------------------ 1,155,000 Canton Human Services Initiatives 5.750 09/01/2032 1,250,472 ------------------------------------------------------------------------------------------------------------------------ 600,000 Capital District Youth Center 6.000 02/01/2017 630,510 ------------------------------------------------------------------------------------------------------------------------ 500,000 Carnegie Redevelopment Corp. 2 7.000 09/01/2021 504,665 ------------------------------------------------------------------------------------------------------------------------ 570,000 Cattaraugus County IDA (Jamestown Community College) 6.400 07/01/2019 624,600 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Cattaraugus County IDA (Jamestown Community College) 6.500 07/01/2030 1,084,300 ------------------------------------------------------------------------------------------------------------------------ 4,295,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,496,436 ------------------------------------------------------------------------------------------------------------------------ 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,527,512 ------------------------------------------------------------------------------------------------------------------------ 2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 3,038,620 ------------------------------------------------------------------------------------------------------------------------ 825,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 859,031 ------------------------------------------------------------------------------------------------------------------------ 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,567,059 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Chautauqua County IDA (Woman's Christian Association of Jamestown) 6.400 11/15/2029 2,084,740 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 2,586,825 ------------------------------------------------------------------------------------------------------------------------ 915,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 946,778 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,031,500 ------------------------------------------------------------------------------------------------------------------------ 1,455,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,500,833 ------------------------------------------------------------------------------------------------------------------------ 1,265,000 Chemung County IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,300,306 ------------------------------------------------------------------------------------------------------------------------ 1,515,000 Chemung County IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,582,539 ------------------------------------------------------------------------------------------------------------------------ 6,880,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 6,533,592 ------------------------------------------------------------------------------------------------------------------------ 7,060,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 6,847,494 ------------------------------------------------------------------------------------------------------------------------ 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,648,641 ------------------------------------------------------------------------------------------------------------------------ 1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,984,461 ------------------------------------------------------------------------------------------------------------------------ 3,065,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 3,080,019 ------------------------------------------------------------------------------------------------------------------------ 35,000 Cohoes GO 6.200 03/15/2012 36,597 ------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.200 03/15/2013 26,082 ------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.250 03/15/2014 26,078 ------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.250 03/15/2015 26,066 ------------------------------------------------------------------------------------------------------------------------ 25,000 Cohoes GO 6.250 03/15/2016 26,024 ------------------------------------------------------------------------------------------------------------------------ 1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,902,952 ------------------------------------------------------------------------------------------------------------------------ 3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,500,442 ------------------------------------------------------------------------------------------------------------------------ 5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,747,457
18 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 155,000 Dutchess County IDA (Astor Learning Center Civic Facility) 5.150% 11/01/2024 $ 162,423 ------------------------------------------------------------------------------------------------------------------------ 120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 130,243 ------------------------------------------------------------------------------------------------------------------------ 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,546,970 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Dutchess County IDA (St. Francis Hospital) 7.500 03/01/2029 1,061,740 ------------------------------------------------------------------------------------------------------------------------ 2,410,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,639,432 ------------------------------------------------------------------------------------------------------------------------ 5,635,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 6,158,773 ------------------------------------------------------------------------------------------------------------------------ 25,000 Dutchess County IDA (Vassar College) 5.350 09/01/2040 26,804 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Dutchess County Water & Wastewater Authority 0.000 1 06/01/2027 378,000 ------------------------------------------------------------------------------------------------------------------------ 3,350,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,365,544 ------------------------------------------------------------------------------------------------------------------------ 1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,507,370 ------------------------------------------------------------------------------------------------------------------------ 1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,501,402 ------------------------------------------------------------------------------------------------------------------------ 2,620,000 East Rochester Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,545,016 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,037,880 ------------------------------------------------------------------------------------------------------------------------ 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,297,088 ------------------------------------------------------------------------------------------------------------------------ 525,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 527,525 ------------------------------------------------------------------------------------------------------------------------ 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,392,733 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 Erie County IDA (Charter School Applied Tech) 6.750 06/01/2025 3,903,600 ------------------------------------------------------------------------------------------------------------------------ 7,000,000 Erie County IDA (Charter School Applied Tech) 6.875 06/01/2035 6,784,050 ------------------------------------------------------------------------------------------------------------------------ 1,860,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,471,539 ------------------------------------------------------------------------------------------------------------------------ 3,055,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,880,773 ------------------------------------------------------------------------------------------------------------------------ 11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 11,771,900 ------------------------------------------------------------------------------------------------------------------------ 3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,700,100 ------------------------------------------------------------------------------------------------------------------------ 75,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 77,855 ------------------------------------------------------------------------------------------------------------------------ 9,600,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,980,640 ------------------------------------------------------------------------------------------------------------------------ 670,000 Erie County Tobacco Asset Securitization Corp. 6.125 07/15/2030 702,823 ------------------------------------------------------------------------------------------------------------------------ 12,100,000 Erie County Tobacco Asset Securitization Corp. 6.250 07/15/2040 12,766,710 ------------------------------------------------------------------------------------------------------------------------ 90,000 Erie County Tobacco Asset Securitization Corp. 6.500 07/15/2032 95,946 ------------------------------------------------------------------------------------------------------------------------ 10,120,000 Erie County Tobacco Asset Securitization Corp. RITES 2 9.669 3 07/15/2040 11,235,224 ------------------------------------------------------------------------------------------------------------------------ 22,440,000 Erie County Tobacco Asset Securitization Corp. RITES 2 10.669 3 07/15/2040 25,897,555 ------------------------------------------------------------------------------------------------------------------------ 4,440,000 Essex County IDA (International Paper Company) 5.200 03/01/2028 4,482,846 ------------------------------------------------------------------------------------------------------------------------ 1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,906,000 ------------------------------------------------------------------------------------------------------------------------ 1,625,000 Essex County IDA (International Paper Company) 5.500 10/01/2026 1,672,791 ------------------------------------------------------------------------------------------------------------------------ 335,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 343,754 ------------------------------------------------------------------------------------------------------------------------ 2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,494,143 ------------------------------------------------------------------------------------------------------------------------ 45,000 Essex County IDA (Moses Ludington Nursing Home) 6.200 02/01/2030 50,318 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,601,400 ------------------------------------------------------------------------------------------------------------------------ 170,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 171,465 ------------------------------------------------------------------------------------------------------------------------ 975,000 Essex County IDA (North Country Community College Foundation) 5.000 06/01/2020 982,166
19 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 320,000 Essex County IDA (North Country Community College Foundation) 5.000% 06/01/2020 $ 322,352 ------------------------------------------------------------------------------------------------------------------------ 1,235,000 Essex County IDA (North Country Community College Foundation) 5.200 06/01/2025 1,242,657 ------------------------------------------------------------------------------------------------------------------------ 410,000 Essex County IDA (North Country Community College Foundation) 5.200 06/01/2025 412,542 ------------------------------------------------------------------------------------------------------------------------ 1,100,000 Essex County IDA (North Country Community College Foundation) 5.300 06/01/2035 1,109,240 ------------------------------------------------------------------------------------------------------------------------ 5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 6,096,798 ------------------------------------------------------------------------------------------------------------------------ 900,000 Franklin County IDA (North Country Community College Foundation) 5.200 06/01/2025 905,580 ------------------------------------------------------------------------------------------------------------------------ 50,000 Freeport Union Free School District 5.250 03/15/2032 53,409 ------------------------------------------------------------------------------------------------------------------------ 375,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 378,870 ------------------------------------------------------------------------------------------------------------------------ 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,963,977 ------------------------------------------------------------------------------------------------------------------------ 1,355,000 Green Island Power Authority 5.125 12/15/2024 1,398,848 ------------------------------------------------------------------------------------------------------------------------ 2,795,000 Green Island Power Authority 6.000 12/15/2020 2,996,771 ------------------------------------------------------------------------------------------------------------------------ 1,695,000 Green Island Power Authority 6.000 12/15/2025 1,802,107 ------------------------------------------------------------------------------------------------------------------------ 840,000 Hempstead GO 5.000 07/01/2020 865,788 ------------------------------------------------------------------------------------------------------------------------ 1,025,000 Hempstead GO 5.000 07/01/2021 1,052,286 ------------------------------------------------------------------------------------------------------------------------ 1,270,000 Hempstead GO 5.000 07/01/2022 1,301,458 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,728,575 ------------------------------------------------------------------------------------------------------------------------ 345,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 357,437 ------------------------------------------------------------------------------------------------------------------------ 1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,338,682 ------------------------------------------------------------------------------------------------------------------------ 4,140,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 4,181,193 ------------------------------------------------------------------------------------------------------------------------ 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,303,908 ------------------------------------------------------------------------------------------------------------------------ 2,435,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 2,413,718 ------------------------------------------------------------------------------------------------------------------------ 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 9,156,375 ------------------------------------------------------------------------------------------------------------------------ 9,540,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 10,203,316 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,552,450 ------------------------------------------------------------------------------------------------------------------------ 5,700,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,700,912 ------------------------------------------------------------------------------------------------------------------------ 4,770,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,870,075 ------------------------------------------------------------------------------------------------------------------------ 12,530,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 12,792,879 ------------------------------------------------------------------------------------------------------------------------ 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,475,999 ------------------------------------------------------------------------------------------------------------------------ 8,110,000 Herkimer County IDA (Burrows Paper) 2 8.000 01/01/2009 8,054,690 ------------------------------------------------------------------------------------------------------------------------ 1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,381,401 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,127,280 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Herkimer County IDA (Folts Adult Home) 4 5.500 03/20/2040 3,309,180 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Herkimer County IDA (Herkimer County College Foundation) 6.250 08/01/2034 1,062,780 ------------------------------------------------------------------------------------------------------------------------ 280,000 Herkimer Hsg. Authority 7.150 03/01/2011 291,581 ------------------------------------------------------------------------------------------------------------------------ 990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 1,003,197 ------------------------------------------------------------------------------------------------------------------------ 1,255,000 Hudson IDA (Hudson Fabrics) 6.750 11/01/2024 1,289,738
20 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 145,000 Huntington Hsg. Authority (GJSR) 5.875% 05/01/2019 $ 145,661 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 1,004,150 ------------------------------------------------------------------------------------------------------------------------ 8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 8,381,680 ------------------------------------------------------------------------------------------------------------------------ 845,000 Islip IDA (Leeway School) 9.000 08/01/2021 847,569 ------------------------------------------------------------------------------------------------------------------------ 19,065,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 20,144,842 ------------------------------------------------------------------------------------------------------------------------ 1,315,000 Islip Res Rec, Series E 5.750 07/01/2021 1,483,452 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Islip Res Rec, Series E 5.750 07/01/2023 1,123,280 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,212,550 ------------------------------------------------------------------------------------------------------------------------ 8,000,000 L.I. Power Authority 5.750 12/01/2024 8,635,840 ------------------------------------------------------------------------------------------------------------------------ 7,905,000 L.I. Power Authority RITES 2 12.924 3 12/01/2022 9,703,546 ------------------------------------------------------------------------------------------------------------------------ 21,000,000 L.I. Power Authority RITES 2 12.954 3 12/01/2022 25,777,920 ------------------------------------------------------------------------------------------------------------------------ 3,750,000 L.I. Power Authority RITES 2 13.424 3 12/01/2026 4,741,200 ------------------------------------------------------------------------------------------------------------------------ 2,915,000 L.I. Power Authority RITES 2 13.489 3 09/01/2028 3,876,425 ------------------------------------------------------------------------------------------------------------------------ 24,130,000 L.I. Power Authority, Series A 5.125 09/01/2029 25,364,008 ------------------------------------------------------------------------------------------------------------------------ 44,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 48,493,170 ------------------------------------------------------------------------------------------------------------------------ 86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 91,871,528 ------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2012 122,492 ------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2013 123,998 ------------------------------------------------------------------------------------------------------------------------ 100,000 Lowville GO 7.200 09/15/2014 126,148 ------------------------------------------------------------------------------------------------------------------------ 3,830,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 4,119,625 ------------------------------------------------------------------------------------------------------------------------ 4,410,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,509,446 ------------------------------------------------------------------------------------------------------------------------ 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,377,694 ------------------------------------------------------------------------------------------------------------------------ 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,866,465 ------------------------------------------------------------------------------------------------------------------------ 750,000 Madison County, IDA (Morrisville State College Foundation) 5.000 06/01/2032 787,733 ------------------------------------------------------------------------------------------------------------------------ 45,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 45,856 ------------------------------------------------------------------------------------------------------------------------ 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 729,254 ------------------------------------------------------------------------------------------------------------------------ 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,720,666 ------------------------------------------------------------------------------------------------------------------------ 375,000 Middletown IDA (YMCA) 6.250 11/01/2009 362,771 ------------------------------------------------------------------------------------------------------------------------ 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,167,426 ------------------------------------------------------------------------------------------------------------------------ 250,000 Monroe County COP 8.050 01/01/2011 262,013 ------------------------------------------------------------------------------------------------------------------------ 715,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 727,570 ------------------------------------------------------------------------------------------------------------------------ 50,000 Monroe County IDA (Cloverwood Senior Living) 6.750 05/01/2023 40,454 ------------------------------------------------------------------------------------------------------------------------ 1,306,934 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,318,357 ------------------------------------------------------------------------------------------------------------------------ 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 923,989 ------------------------------------------------------------------------------------------------------------------------ 2,495,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 2,104,707 ------------------------------------------------------------------------------------------------------------------------ 5,545,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 4,958,173 ------------------------------------------------------------------------------------------------------------------------ 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 891,475 ------------------------------------------------------------------------------------------------------------------------ 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,300,883 ------------------------------------------------------------------------------------------------------------------------ 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,174,997 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,034,650
21 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 5,005,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875% 04/01/2027 $ 5,161,456 ------------------------------------------------------------------------------------------------------------------------ 190,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 189,536 ------------------------------------------------------------------------------------------------------------------------ 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 596,934 ------------------------------------------------------------------------------------------------------------------------ 300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 297,189 ------------------------------------------------------------------------------------------------------------------------ 820,000 Monroe County IDA (Melles Griot) 9.500 12/01/2009 830,914 ------------------------------------------------------------------------------------------------------------------------ 875,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 875,350 ------------------------------------------------------------------------------------------------------------------------ 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,483,888 ------------------------------------------------------------------------------------------------------------------------ 2,890,000 Monroe County IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,874,394 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,102,940 ------------------------------------------------------------------------------------------------------------------------ 1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,580,222 ------------------------------------------------------------------------------------------------------------------------ 2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,350,155 ------------------------------------------------------------------------------------------------------------------------ 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,268,541 ------------------------------------------------------------------------------------------------------------------------ 980,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 997,660 ------------------------------------------------------------------------------------------------------------------------ 2,720,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,712,248 ------------------------------------------------------------------------------------------------------------------------ 345,000 Monroe County IDA (West End Business) 8.000 12/01/2014 350,227 ------------------------------------------------------------------------------------------------------------------------ 170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 172,576 ------------------------------------------------------------------------------------------------------------------------ 515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 525,830 ------------------------------------------------------------------------------------------------------------------------ 1,375,000 Monroe County IDA (West End Business) 8.000 12/01/2014 1,397,179 ------------------------------------------------------------------------------------------------------------------------ 12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 13,070,040 ------------------------------------------------------------------------------------------------------------------------ 16,295,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035 17,300,727 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Monroe County Tobacco Asset Securitization Corp. Fixed Receipts 6.600 06/01/2042 3,210,660 ------------------------------------------------------------------------------------------------------------------------ 15,000,000 Monroe County Tobacco Asset Securitization Corp. RITES 2 9.919 3 06/01/2035 16,851,600 ------------------------------------------------------------------------------------------------------------------------ 6,870,000 Monroe County Tobacco Asset Securitization Corp. RITES 2 10.517 3 06/01/2042 7,834,754 ------------------------------------------------------------------------------------------------------------------------ 9,000,000 Monroe County Tobacco Asset Securitization Corp. RITES 2 14.508 3 06/01/2042 10,895,850 ------------------------------------------------------------------------------------------------------------------------ 2,165,000 Monroe Newpower Corp. 5.500 01/01/2034 2,284,789 ------------------------------------------------------------------------------------------------------------------------ 580,000 Monroe Newpower Corp. 5.625 01/01/2026 617,996 ------------------------------------------------------------------------------------------------------------------------ 5,860,000 Montgomery County IDA (ASMF) 2,5,6 7.250 01/15/2019 2,344,000 ------------------------------------------------------------------------------------------------------------------------ 500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 511,165 ------------------------------------------------------------------------------------------------------------------------ 3,275,000 Mount Vernon IDA (Macedonia Towers) 5.200 12/01/2033 3,348,131 ------------------------------------------------------------------------------------------------------------------------ 2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,364,699 ------------------------------------------------------------------------------------------------------------------------ 2,600,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,662,166 ------------------------------------------------------------------------------------------------------------------------ 2,100,000 MTA DRIVERS 4 0.000 3 05/15/2013 2,134,944 ------------------------------------------------------------------------------------------------------------------------ 14,200,000 MTA RITES 2 12.424 3 11/15/2025 18,034,000 ------------------------------------------------------------------------------------------------------------------------ 1,910,000 MTA RITES 2 12.424 3 11/15/2028 2,385,934 ------------------------------------------------------------------------------------------------------------------------ 10,000,000 MTA RITES 2 12.424 3 11/15/2030 12,387,000 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 MTA RITES 2 12.424 3 11/15/2030 6,193,500 ------------------------------------------------------------------------------------------------------------------------ 2,890,000 MTA RITES 2 12.424 3 11/15/2030 3,579,843
22 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 7,500,000 MTA RITES 2 12.424% 3 11/15/2031 $ 9,270,600 ------------------------------------------------------------------------------------------------------------------------ 2,125,000 MTA RITES 2 12.424 3 11/15/2032 2,621,145 ------------------------------------------------------------------------------------------------------------------------ 2,220,000 MTA Service Contract RITES 2 12.924 3 01/01/2024 2,911,574 ------------------------------------------------------------------------------------------------------------------------ 15,895,000 MTA Service Contract, Series A 5.125 01/01/2024 17,132,744 ------------------------------------------------------------------------------------------------------------------------ 132,950,000 MTA Service Contract, Series A 5.125 01/01/2029 141,497,356 ------------------------------------------------------------------------------------------------------------------------ 20,000,000 MTA Service Contract, Series A 5.750 07/01/2031 22,588,000 ------------------------------------------------------------------------------------------------------------------------ 33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 35,573,637 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 MTA, Series A 4.750 11/15/2030 4,157,680 ------------------------------------------------------------------------------------------------------------------------ 70,000 MTA, Series A 5.000 11/15/2030 74,177 ------------------------------------------------------------------------------------------------------------------------ 42,295,000 MTA, Series A 5.125 11/15/2031 44,917,290 ------------------------------------------------------------------------------------------------------------------------ 42,000,000 MTA, Series B 4 5.000 11/15/2031 44,745,540 ------------------------------------------------------------------------------------------------------------------------ 20,080,000 MTA, Series B 5.250 11/15/2032 21,709,291 ------------------------------------------------------------------------------------------------------------------------ 34,765,000 MTA, Series E 5.250 11/15/2031 37,205,851 ------------------------------------------------------------------------------------------------------------------------ 802,824 Municipal Assistance Corp. for Troy, NY 0.000 1 07/15/2021 415,389 ------------------------------------------------------------------------------------------------------------------------ 1,218,573 Municipal Assistance Corp. for Troy, NY 0.000 1 01/15/2022 612,699 ------------------------------------------------------------------------------------------------------------------------ 1,090,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 1,198,793 ------------------------------------------------------------------------------------------------------------------------ 2,975,000 Nassau County IDA (ALIA-ACLD) 6.250 09/01/2022 3,091,204 ------------------------------------------------------------------------------------------------------------------------ 240,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 260,412 ------------------------------------------------------------------------------------------------------------------------ 375,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 412,429 ------------------------------------------------------------------------------------------------------------------------ 6,175,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 6,711,422 ------------------------------------------------------------------------------------------------------------------------ 3,520,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 3,823,565 ------------------------------------------------------------------------------------------------------------------------ 1,870,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 2,056,645 ------------------------------------------------------------------------------------------------------------------------ 330,000 Nassau County IDA (ALIA-FREE) 7.125 06/01/2012 362,175 ------------------------------------------------------------------------------------------------------------------------ 2,310,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,540,561 ------------------------------------------------------------------------------------------------------------------------ 4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,388,025 ------------------------------------------------------------------------------------------------------------------------ 6,485,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 7,005,486 ------------------------------------------------------------------------------------------------------------------------ 945,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 1,026,497 ------------------------------------------------------------------------------------------------------------------------ 725,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 787,524 ------------------------------------------------------------------------------------------------------------------------ 240,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 263,954 ------------------------------------------------------------------------------------------------------------------------ 565,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 621,393 ------------------------------------------------------------------------------------------------------------------------ 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,460,789 ------------------------------------------------------------------------------------------------------------------------ 5,240,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 5,439,539 ------------------------------------------------------------------------------------------------------------------------ 3,410,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 3,539,853 ------------------------------------------------------------------------------------------------------------------------ 5,875,000 Nassau County IDA (Engel Burman Senior Hsg.) 4 7.750 05/01/2047 6,098,720 ------------------------------------------------------------------------------------------------------------------------ 6,450,000 Nassau County IDA (Engel Burman Senior Hsg.) 4 7.750 05/01/2047 6,695,616 ------------------------------------------------------------------------------------------------------------------------ 9,155,000 Nassau County IDA (Engel Burman Senior Hsg.) 4 7.750 05/01/2047 9,503,622 ------------------------------------------------------------------------------------------------------------------------ 3,910,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,192,224 ------------------------------------------------------------------------------------------------------------------------ 2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,332,113 ------------------------------------------------------------------------------------------------------------------------ 2,759,599 Nassau County IDA (Sharp International) 2,5,6 7.375 12/01/2007 103,485 ------------------------------------------------------------------------------------------------------------------------ 1,752,588 Nassau County IDA (Sharp International) 2,5,6 7.375 12/01/2007 65,722 ------------------------------------------------------------------------------------------------------------------------ 2,527,212 Nassau County IDA (Sharp International) 2,5,6 7.875 12/01/2012 94,770
23 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,597,663 Nassau County IDA (Sharp International) 2,5,6 7.875% 12/01/2012 $ 59,912 ------------------------------------------------------------------------------------------------------------------------ 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,036,163 ------------------------------------------------------------------------------------------------------------------------ 24,265,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,396,759 ------------------------------------------------------------------------------------------------------------------------ 3,750,000 Nassau County Interim Finance Authority 4 5.000 11/15/2022 4,077,338 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Nassau County Interim Finance Authority 4 5.000 11/15/2023 1,083,750 ------------------------------------------------------------------------------------------------------------------------ 4,675,000 Nassau County Interim Finance Authority 4 5.000 11/15/2024 5,054,143 ------------------------------------------------------------------------------------------------------------------------ 4,375,000 Nassau County Interim Finance Authority RITES 2 13.004 3 11/15/2021 5,044,288 ------------------------------------------------------------------------------------------------------------------------ 17,730,000 Nassau County Tobacco Settlement Corp. RITES 2 9.969 3 07/15/2033 19,689,520 ------------------------------------------------------------------------------------------------------------------------ 10,535,000 Nassau County Tobacco Settlement Corp. RITES 2 10.169 3 07/15/2027 11,807,101 ------------------------------------------------------------------------------------------------------------------------ 17,590,000 Nassau County Tobacco Settlement Corp. RITES 2 10.369 3 07/15/2039 19,735,101 ------------------------------------------------------------------------------------------------------------------------ 7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,519,333 ------------------------------------------------------------------------------------------------------------------------ 3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,351,890 ------------------------------------------------------------------------------------------------------------------------ 4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,305,272 ------------------------------------------------------------------------------------------------------------------------ 6,195,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 6,254,534 ------------------------------------------------------------------------------------------------------------------------ 4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,791,999 ------------------------------------------------------------------------------------------------------------------------ 4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,812,341 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,108,560 ------------------------------------------------------------------------------------------------------------------------ 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,689,382 ------------------------------------------------------------------------------------------------------------------------ 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,927,115 ------------------------------------------------------------------------------------------------------------------------ 3,670,000 New Rochelle IDA (Soundview Apartments) 5.375 04/01/2036 3,883,227 ------------------------------------------------------------------------------------------------------------------------ 4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 4,961,484 ------------------------------------------------------------------------------------------------------------------------ 2,515,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,507,581 ------------------------------------------------------------------------------------------------------------------------ 3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,560,535 ------------------------------------------------------------------------------------------------------------------------ 1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,647,795 ------------------------------------------------------------------------------------------------------------------------ 5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,769,468 ------------------------------------------------------------------------------------------------------------------------ 1,200,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,200,792 ------------------------------------------------------------------------------------------------------------------------ 6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 7,071,220 ------------------------------------------------------------------------------------------------------------------------ 20,000 Niagara County Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,889 ------------------------------------------------------------------------------------------------------------------------ 1,370,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,443,624 ------------------------------------------------------------------------------------------------------------------------ 6,120,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,448,889 ------------------------------------------------------------------------------------------------------------------------ 1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,831,886 ------------------------------------------------------------------------------------------------------------------------ 750,000 Niagara Falls CSD COP (High School Facility) 6.625 06/15/2028 855,270 ------------------------------------------------------------------------------------------------------------------------ 40,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport) 5.000 04/01/2028 40,973 ------------------------------------------------------------------------------------------------------------------------ 25,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport) 5.625 04/01/2029 26,984 ------------------------------------------------------------------------------------------------------------------------ 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 771,106 ------------------------------------------------------------------------------------------------------------------------ 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,648,129 ------------------------------------------------------------------------------------------------------------------------ 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,319,044 ------------------------------------------------------------------------------------------------------------------------ 375,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 387,019 ------------------------------------------------------------------------------------------------------------------------ 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,789,382 ------------------------------------------------------------------------------------------------------------------------ 25,000 Nunda GO 8.000 05/01/2010 29,530
24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 960,000 NY Counties Tobacco Trust I (TASC) 6.500% 06/01/2035 $ 1,022,256 ------------------------------------------------------------------------------------------------------------------------ 3,975,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 2 6.225 06/01/2028 4,207,856 ------------------------------------------------------------------------------------------------------------------------ 11,915,000 NY Counties Tobacco Trust I (TASC) RITES 2 13.380 3 06/01/2028 14,008,823 ------------------------------------------------------------------------------------------------------------------------ 9,105,000 NY Counties Tobacco Trust I RITES 2 10.169 3 06/01/2035 10,285,919 ------------------------------------------------------------------------------------------------------------------------ 29,525,000 NY Counties Tobacco Trust I RITES 2 10.172 3 06/01/2042 33,671,196 ------------------------------------------------------------------------------------------------------------------------ 29,780,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 30,384,832 ------------------------------------------------------------------------------------------------------------------------ 53,855,000 NY Counties Tobacco Trust II (TASC) 2 5.750 06/01/2043 55,303,700 ------------------------------------------------------------------------------------------------------------------------ 245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 258,066 ------------------------------------------------------------------------------------------------------------------------ 200,000 NYC GO 0.000 1 05/15/2012 154,918 ------------------------------------------------------------------------------------------------------------------------ 40,000 NYC GO 0.000 1 10/01/2012 30,519 ------------------------------------------------------------------------------------------------------------------------ 4,150,000 NYC GO 5.000 03/01/2024 4,413,069 ------------------------------------------------------------------------------------------------------------------------ 60,000 NYC GO 5.000 08/15/2028 61,907 ------------------------------------------------------------------------------------------------------------------------ 7,000,000 NYC GO 5.000 11/01/2028 7,425,670 ------------------------------------------------------------------------------------------------------------------------ 185,000 NYC GO 5.000 03/15/2029 191,575 ------------------------------------------------------------------------------------------------------------------------ 11,510,000 NYC GO 5.000 03/01/2030 12,220,858 ------------------------------------------------------------------------------------------------------------------------ 33,000,000 NYC GO 5.000 06/01/2033 35,015,310 ------------------------------------------------------------------------------------------------------------------------ 12,455,000 NYC GO 5.000 12/01/2033 13,179,383 ------------------------------------------------------------------------------------------------------------------------ 30,550,000 NYC GO 5.000 11/01/2034 32,310,902 ------------------------------------------------------------------------------------------------------------------------ 30,000,000 NYC GO 5.000 03/01/2035 31,779,300 ------------------------------------------------------------------------------------------------------------------------ 7,600,000 NYC GO 5.000 04/01/2035 8,053,872 ------------------------------------------------------------------------------------------------------------------------ 60,000 NYC GO 5.100 11/01/2019 64,171 ------------------------------------------------------------------------------------------------------------------------ 4,910,000 NYC GO 5.100 08/15/2027 5,242,996 ------------------------------------------------------------------------------------------------------------------------ 3,710,000 NYC GO 5.250 10/15/2021 4,035,664 ------------------------------------------------------------------------------------------------------------------------ 1,015,000 NYC GO 5.250 08/15/2023 1,070,805 ------------------------------------------------------------------------------------------------------------------------ 535,000 NYC GO 5.250 08/01/2024 560,461 ------------------------------------------------------------------------------------------------------------------------ 33,480,000 NYC GO 5.250 06/01/2027 35,871,811 ------------------------------------------------------------------------------------------------------------------------ 4,460,000 NYC GO 5.250 06/01/2028 4,817,781 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC GO 5.250 09/15/2033 1,079,260 ------------------------------------------------------------------------------------------------------------------------ 20,830,000 NYC GO 5.375 12/01/2026 22,393,916 ------------------------------------------------------------------------------------------------------------------------ 20,000 NYC GO 5.375 03/01/2027 21,765 ------------------------------------------------------------------------------------------------------------------------ 570,000 NYC GO 5.375 08/01/2027 603,961 ------------------------------------------------------------------------------------------------------------------------ 1,115,000 NYC GO 5.375 03/15/2028 1,202,650 ------------------------------------------------------------------------------------------------------------------------ 55,790,000 NYC GO 5.375 06/01/2032 60,157,799 ------------------------------------------------------------------------------------------------------------------------ 11,500,000 NYC GO 5.500 08/01/2020 12,769,370 ------------------------------------------------------------------------------------------------------------------------ 11,860,000 NYC GO 5.500 08/01/2021 13,125,818 ------------------------------------------------------------------------------------------------------------------------ 1,255,000 NYC GO 5.500 06/01/2028 1,368,163 ------------------------------------------------------------------------------------------------------------------------ 6,910,000 NYC GO 5.500 12/01/2031 7,633,408 ------------------------------------------------------------------------------------------------------------------------ 330,000 NYC GO 5.500 11/15/2037 354,281 ------------------------------------------------------------------------------------------------------------------------ 6,745,000 NYC GO 5.500 11/15/2037 7,129,937 ------------------------------------------------------------------------------------------------------------------------ 200,000 NYC GO 5.625 03/15/2019 228,762 ------------------------------------------------------------------------------------------------------------------------ 4,800,000 NYC GO 5.625 03/15/2019 5,315,616
25 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 10,000 NYC GO 5.750% 02/01/2020 $ 10,295 ------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYC GO 5.750 03/01/2020 1,687,620 ------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 5.950 08/01/2014 5,443 ------------------------------------------------------------------------------------------------------------------------ 12,375,000 NYC GO 6.000 01/15/2021 14,552,505 ------------------------------------------------------------------------------------------------------------------------ 12,880,000 NYC GO 6.000 01/15/2021 14,772,716 ------------------------------------------------------------------------------------------------------------------------ 335,000 NYC GO 6.350 05/15/2014 366,758 ------------------------------------------------------------------------------------------------------------------------ 20,000 NYC GO 7.000 02/01/2010 20,070 ------------------------------------------------------------------------------------------------------------------------ 5,000 NYC GO 7.250 08/15/2024 5,017 ------------------------------------------------------------------------------------------------------------------------ 15,000 NYC GO 7.750 08/15/2028 15,085 ------------------------------------------------------------------------------------------------------------------------ 100,000 NYC GO DIAMONDS 0.000 7 08/01/2025 91,578 ------------------------------------------------------------------------------------------------------------------------ 837,000 NYC GO RIBS 9.020 3 08/12/2010 842,189 ------------------------------------------------------------------------------------------------------------------------ 837,000 NYC GO RIBS 9.020 3 09/01/2011 842,206 ------------------------------------------------------------------------------------------------------------------------ 1,214,781 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,278,411 ------------------------------------------------------------------------------------------------------------------------ 1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,075,660 ------------------------------------------------------------------------------------------------------------------------ 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,176,285 ------------------------------------------------------------------------------------------------------------------------ 297,770 NYC HDC (Bay Towers) 6.500 08/15/2017 313,307 ------------------------------------------------------------------------------------------------------------------------ 2,228,816 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,344,804 ------------------------------------------------------------------------------------------------------------------------ 377,894 NYC HDC (Bridgeview III) 6.500 12/15/2017 397,612 ------------------------------------------------------------------------------------------------------------------------ 1,456 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 1,531 ------------------------------------------------------------------------------------------------------------------------ 1,059,005 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,114,190 ------------------------------------------------------------------------------------------------------------------------ 151,230 NYC HDC (Candia House) 6.500 06/15/2018 159,091 ------------------------------------------------------------------------------------------------------------------------ 2,875,736 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,025,389 ------------------------------------------------------------------------------------------------------------------------ 250,166 NYC HDC (Contello III) 7.000 12/15/2018 263,255 ------------------------------------------------------------------------------------------------------------------------ 1,175,346 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,236,511 ------------------------------------------------------------------------------------------------------------------------ 896,794 NYC HDC (Court Plaza) 6.500 08/15/2017 943,589 ------------------------------------------------------------------------------------------------------------------------ 1,415,263 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,489,833 ------------------------------------------------------------------------------------------------------------------------ 2,932,956 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,085,792 ------------------------------------------------------------------------------------------------------------------------ 68,056 NYC HDC (Essex Terrace) 6.500 07/15/2018 71,594 ------------------------------------------------------------------------------------------------------------------------ 405,726 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 426,839 ------------------------------------------------------------------------------------------------------------------------ 1,354,536 NYC HDC (Gouverneur Gardens) 7.034 02/15/2019 1,425,704 ------------------------------------------------------------------------------------------------------------------------ 933,049 NYC HDC (Janel Towers) 6.500 09/15/2017 981,735 ------------------------------------------------------------------------------------------------------------------------ 326,562 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 343,602 ------------------------------------------------------------------------------------------------------------------------ 1,441,592 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,515,719 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,127,170 ------------------------------------------------------------------------------------------------------------------------ 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,941,359 ------------------------------------------------------------------------------------------------------------------------ 775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 808,511 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,027,350 ------------------------------------------------------------------------------------------------------------------------ 11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2033 11,390,280 ------------------------------------------------------------------------------------------------------------------------ 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,213,939 ------------------------------------------------------------------------------------------------------------------------ 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,371,308 ------------------------------------------------------------------------------------------------------------------------ 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,462,050
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200% 11/01/2038 $ 15,836,796 ------------------------------------------------------------------------------------------------------------------------ 544,482 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 572,893 ------------------------------------------------------------------------------------------------------------------------ 202,009 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 212,585 ------------------------------------------------------------------------------------------------------------------------ 735,405 NYC HDC (Seaview Towers) 6.500 01/15/2018 773,632 ------------------------------------------------------------------------------------------------------------------------ 304,012 NYC HDC (St. Martin Tower) 6.500 11/15/2018 319,854 ------------------------------------------------------------------------------------------------------------------------ 1,406,886 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,480,016 ------------------------------------------------------------------------------------------------------------------------ 401,052 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 406,110 ------------------------------------------------------------------------------------------------------------------------ 1,399,744 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,471,705 ------------------------------------------------------------------------------------------------------------------------ 190,142 NYC HDC (Town House West) 6.500 01/15/2018 199,898 ------------------------------------------------------------------------------------------------------------------------ 1,228,844 NYC HDC (University River View) 6.500 08/15/2017 1,292,966 ------------------------------------------------------------------------------------------------------------------------ 210,593 NYC HDC (Westview Apartments) 6.500 10/15/2017 221,582 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,052,520 ------------------------------------------------------------------------------------------------------------------------ 5,875,000 NYC Health & Hospital Corp. RITES 2 12.454 3 02/15/2020 7,239,528 ------------------------------------------------------------------------------------------------------------------------ 1,245,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,130,510 ------------------------------------------------------------------------------------------------------------------------ 400,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 399,584 ------------------------------------------------------------------------------------------------------------------------ 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,337,767 ------------------------------------------------------------------------------------------------------------------------ 3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,347,892 ------------------------------------------------------------------------------------------------------------------------ 29,675,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 30,223,691 ------------------------------------------------------------------------------------------------------------------------ 20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 21,303,870 ------------------------------------------------------------------------------------------------------------------------ 1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,068,048 ------------------------------------------------------------------------------------------------------------------------ 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,502,809 ------------------------------------------------------------------------------------------------------------------------ 330,000 NYC IDA (Allied Metal) 6.375 12/01/2014 333,069 ------------------------------------------------------------------------------------------------------------------------ 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 956,093 ------------------------------------------------------------------------------------------------------------------------ 3,300,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,302,607 ------------------------------------------------------------------------------------------------------------------------ 2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,889,238 ------------------------------------------------------------------------------------------------------------------------ 29,935,000 NYC IDA (American Airlines) 5.400 07/01/2020 21,507,100 ------------------------------------------------------------------------------------------------------------------------ 38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 31,639,469 ------------------------------------------------------------------------------------------------------------------------ 331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 316,663,284 ------------------------------------------------------------------------------------------------------------------------ 705,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 708,814 ------------------------------------------------------------------------------------------------------------------------ 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,727,415 ------------------------------------------------------------------------------------------------------------------------ 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,222,118 ------------------------------------------------------------------------------------------------------------------------ 605,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 616,465 ------------------------------------------------------------------------------------------------------------------------ 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,717,790 ------------------------------------------------------------------------------------------------------------------------ 225,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 221,038 ------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,431,060 ------------------------------------------------------------------------------------------------------------------------ 10,915,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,417,385 ------------------------------------------------------------------------------------------------------------------------ 5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,961,175 ------------------------------------------------------------------------------------------------------------------------ 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,094,854 ------------------------------------------------------------------------------------------------------------------------ 4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,446,023 ------------------------------------------------------------------------------------------------------------------------ 31,815,000 NYC IDA (British Airways) 5.250 12/01/2032 28,509,103 ------------------------------------------------------------------------------------------------------------------------ 21,470,000 NYC IDA (British Airways) 7.625 12/01/2032 24,014,624
27 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 72,470,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650% 10/01/2028 $ 72,785,969 ------------------------------------------------------------------------------------------------------------------------ 139,740,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 139,888,124 ------------------------------------------------------------------------------------------------------------------------ 8,550,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 8,914,059 ------------------------------------------------------------------------------------------------------------------------ 16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 17,323,955 ------------------------------------------------------------------------------------------------------------------------ 345,000 NYC IDA (Cellini Furniture Crafters) 2 6.625 11/01/2009 338,728 ------------------------------------------------------------------------------------------------------------------------ 885,000 NYC IDA (Cellini Furniture Crafters) 2 7.125 11/01/2019 875,628 ------------------------------------------------------------------------------------------------------------------------ 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,243,806 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,587,650 ------------------------------------------------------------------------------------------------------------------------ 9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,751,776 ------------------------------------------------------------------------------------------------------------------------ 2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,644,002 ------------------------------------------------------------------------------------------------------------------------ 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,062,284 ------------------------------------------------------------------------------------------------------------------------ 2,400,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,355,168 ------------------------------------------------------------------------------------------------------------------------ 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 4,004,892 ------------------------------------------------------------------------------------------------------------------------ 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,586,639 ------------------------------------------------------------------------------------------------------------------------ 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,869,580 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,277,263 ------------------------------------------------------------------------------------------------------------------------ 1,900,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 1,885,541 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 2,004,700 ------------------------------------------------------------------------------------------------------------------------ 550,000 NYC IDA (Dioni) 6.000 11/01/2007 550,952 ------------------------------------------------------------------------------------------------------------------------ 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,670,092 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,131,130 ------------------------------------------------------------------------------------------------------------------------ 5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,653,505 ------------------------------------------------------------------------------------------------------------------------ 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,931,581 ------------------------------------------------------------------------------------------------------------------------ 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,480,211 ------------------------------------------------------------------------------------------------------------------------ 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,428,057 ------------------------------------------------------------------------------------------------------------------------ 14,350,000 NYC IDA (General Motors Corp.) 5.125 12/30/2023 13,229,265 ------------------------------------------------------------------------------------------------------------------------ 1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,906,251 ------------------------------------------------------------------------------------------------------------------------ 1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,799,928 ------------------------------------------------------------------------------------------------------------------------ 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,242,512 ------------------------------------------------------------------------------------------------------------------------ 405,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 410,127 ------------------------------------------------------------------------------------------------------------------------ 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,295,443 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (Independent Living Association) 6.200 07/01/2020 1,005,880 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,067,970 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,188,730 ------------------------------------------------------------------------------------------------------------------------ 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,652,348 ------------------------------------------------------------------------------------------------------------------------ 850,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 919,054 ------------------------------------------------------------------------------------------------------------------------ 1,030,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,117,663 ------------------------------------------------------------------------------------------------------------------------ 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,747,863 ------------------------------------------------------------------------------------------------------------------------ 1,265,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,270,250 ------------------------------------------------------------------------------------------------------------------------ 4,500,000 NYC IDA (Liberty-7 World Trade Center) 2,4 6.750 03/01/2015 4,783,950 ------------------------------------------------------------------------------------------------------------------------ 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,177,884
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 470,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000% 11/01/2009 $ 461,437 ------------------------------------------------------------------------------------------------------------------------ 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,933,752 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,097,700 ------------------------------------------------------------------------------------------------------------------------ 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 25,072,760 ------------------------------------------------------------------------------------------------------------------------ 680,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 715,149 ------------------------------------------------------------------------------------------------------------------------ 3,960,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 4,230,666 ------------------------------------------------------------------------------------------------------------------------ 19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 18,112,448 ------------------------------------------------------------------------------------------------------------------------ 1,690,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,720,826 ------------------------------------------------------------------------------------------------------------------------ 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,809,543 ------------------------------------------------------------------------------------------------------------------------ 3,400,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 3,391,364 ------------------------------------------------------------------------------------------------------------------------ 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,288,559 ------------------------------------------------------------------------------------------------------------------------ 25,000 NYC IDA (New York University) 5.000 07/01/2041 26,092 ------------------------------------------------------------------------------------------------------------------------ 25,840,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 17,530,890 ------------------------------------------------------------------------------------------------------------------------ 4,180,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,269,619 ------------------------------------------------------------------------------------------------------------------------ 465,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 467,013 ------------------------------------------------------------------------------------------------------------------------ 420,000 NYC IDA (Paradise Products) 7.125 11/01/2007 428,652 ------------------------------------------------------------------------------------------------------------------------ 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,712,578 ------------------------------------------------------------------------------------------------------------------------ 680,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 698,020 ------------------------------------------------------------------------------------------------------------------------ 220,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 226,873 ------------------------------------------------------------------------------------------------------------------------ 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,960,193 ------------------------------------------------------------------------------------------------------------------------ 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 993,599 ------------------------------------------------------------------------------------------------------------------------ 6,310,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 6,329,813 ------------------------------------------------------------------------------------------------------------------------ 34,000,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 34,155,720 ------------------------------------------------------------------------------------------------------------------------ 2,645,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,684,067 ------------------------------------------------------------------------------------------------------------------------ 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,266,813 ------------------------------------------------------------------------------------------------------------------------ 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,922,358 ------------------------------------------------------------------------------------------------------------------------ 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 987,837 ------------------------------------------------------------------------------------------------------------------------ 4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,408,648 ------------------------------------------------------------------------------------------------------------------------ 385,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 385,662 ------------------------------------------------------------------------------------------------------------------------ 815,000 NYC IDA (Puerto Rican Family Foundation) 7.000 10/01/2016 817,592 ------------------------------------------------------------------------------------------------------------------------ 6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,848,620 ------------------------------------------------------------------------------------------------------------------------ 2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,302,530 ------------------------------------------------------------------------------------------------------------------------ 2,825,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,689,909 ------------------------------------------------------------------------------------------------------------------------ 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,976,160 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,224,425 ------------------------------------------------------------------------------------------------------------------------ 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,949,746 ------------------------------------------------------------------------------------------------------------------------ 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,453,891 ------------------------------------------------------------------------------------------------------------------------ 3,485,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,603,839 ------------------------------------------------------------------------------------------------------------------------ 1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,663,350 ------------------------------------------------------------------------------------------------------------------------ 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,195,813 ------------------------------------------------------------------------------------------------------------------------ 735,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 747,767
29 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875% 08/01/2025 $ 7,589,657 ------------------------------------------------------------------------------------------------------------------------ 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,370,699 ------------------------------------------------------------------------------------------------------------------------ 1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,626,570 ------------------------------------------------------------------------------------------------------------------------ 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,165 ------------------------------------------------------------------------------------------------------------------------ 4,530,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,604,519 ------------------------------------------------------------------------------------------------------------------------ 1,490,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,527,786 ------------------------------------------------------------------------------------------------------------------------ 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 594,775 ------------------------------------------------------------------------------------------------------------------------ 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,307,691 ------------------------------------------------------------------------------------------------------------------------ 707,350 NYC IDA (Summit School) 8.250 12/01/2024 726,038 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 1,018,730 ------------------------------------------------------------------------------------------------------------------------ 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,467,228 ------------------------------------------------------------------------------------------------------------------------ 3,965,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 4,021,779 ------------------------------------------------------------------------------------------------------------------------ 25,890,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 26,260,745 ------------------------------------------------------------------------------------------------------------------------ 210,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 211,699 ------------------------------------------------------------------------------------------------------------------------ 11,220,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 11,381,792 ------------------------------------------------------------------------------------------------------------------------ 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 410,852 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,071,950 ------------------------------------------------------------------------------------------------------------------------ 10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,594,100 ------------------------------------------------------------------------------------------------------------------------ 420,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 434,763 ------------------------------------------------------------------------------------------------------------------------ 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,931,722 ------------------------------------------------------------------------------------------------------------------------ 350,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 359,755 ------------------------------------------------------------------------------------------------------------------------ 1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,143,677 ------------------------------------------------------------------------------------------------------------------------ 4,325,000 NYC IDA (Touro College) 6.350 06/01/2029 4,487,404 ------------------------------------------------------------------------------------------------------------------------ 4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,350,315 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,038,410 ------------------------------------------------------------------------------------------------------------------------ 1,050,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,033,725 ------------------------------------------------------------------------------------------------------------------------ 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,387,060 ------------------------------------------------------------------------------------------------------------------------ 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,840,200 ------------------------------------------------------------------------------------------------------------------------ 75,000 NYC IDA (Utleys) 6.625 11/01/2006 74,649 ------------------------------------------------------------------------------------------------------------------------ 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,322,344 ------------------------------------------------------------------------------------------------------------------------ 530,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 531,362 ------------------------------------------------------------------------------------------------------------------------ 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,073,193 ------------------------------------------------------------------------------------------------------------------------ 22,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 22,983,180 ------------------------------------------------------------------------------------------------------------------------ 65,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 68,587,015 ------------------------------------------------------------------------------------------------------------------------ 1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 2,029,704 ------------------------------------------------------------------------------------------------------------------------ 505,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 505,187 ------------------------------------------------------------------------------------------------------------------------ 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,586,675 ------------------------------------------------------------------------------------------------------------------------ 5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 6,093,846 ------------------------------------------------------------------------------------------------------------------------ 2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,920,909 ------------------------------------------------------------------------------------------------------------------------ 3,900,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 4,017,858 ------------------------------------------------------------------------------------------------------------------------ 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,411,513
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,660,000 NYC IDA (World Casing Corp.) 6.700% 11/01/2019 $ 1,547,352 ------------------------------------------------------------------------------------------------------------------------ 9,000,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 8,593,380 ------------------------------------------------------------------------------------------------------------------------ 530,000 NYC Municipal Water Finance Authority 0.000 1 06/15/2019 275,086 ------------------------------------------------------------------------------------------------------------------------ 9,415,000 NYC Municipal Water Finance Authority 2.310 8 12/15/2006 9,415,000 ------------------------------------------------------------------------------------------------------------------------ 40,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 42,026 ------------------------------------------------------------------------------------------------------------------------ 50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 52,532 ------------------------------------------------------------------------------------------------------------------------ 27,500,000 NYC Municipal Water Finance Authority 5.000 06/15/2031 29,471,475 ------------------------------------------------------------------------------------------------------------------------ 2,450,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 2,592,419 ------------------------------------------------------------------------------------------------------------------------ 6,565,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 6,986,407 ------------------------------------------------------------------------------------------------------------------------ 21,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 22,294,020 ------------------------------------------------------------------------------------------------------------------------ 200,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 211,626 ------------------------------------------------------------------------------------------------------------------------ 66,750,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 71,203,560 ------------------------------------------------------------------------------------------------------------------------ 13,705,000 NYC Municipal Water Finance Authority 5.000 06/15/2037 14,647,082 ------------------------------------------------------------------------------------------------------------------------ 18,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 19,021,320 ------------------------------------------------------------------------------------------------------------------------ 850,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 908,072 ------------------------------------------------------------------------------------------------------------------------ 31,165,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 33,084,141 ------------------------------------------------------------------------------------------------------------------------ 19,745,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 21,036,718 ------------------------------------------------------------------------------------------------------------------------ 795,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 837,032 ------------------------------------------------------------------------------------------------------------------------ 25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 26,499 ------------------------------------------------------------------------------------------------------------------------ 20,545,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 21,776,467 ------------------------------------------------------------------------------------------------------------------------ 605,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 648,064 ------------------------------------------------------------------------------------------------------------------------ 335,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 365,991 ------------------------------------------------------------------------------------------------------------------------ 12,750,000 NYC Municipal Water Finance Authority DRIVERS 4 0.000 3 06/15/2013 16,035,675 ------------------------------------------------------------------------------------------------------------------------ 2,930,000 NYC Municipal Water Finance Authority RITES 2 12.365 3 06/15/2032 3,466,600 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYC Municipal Water Finance Authority RITES 2 12.424 3 06/15/2029 2,979,400 ------------------------------------------------------------------------------------------------------------------------ 7,850,000 NYC Municipal Water Finance Authority RITES 2 12.424 3 06/15/2034 9,355,316 ------------------------------------------------------------------------------------------------------------------------ 14,425,000 NYC Municipal Water Finance Authority RITES 2 12.444 3 06/15/2026 17,253,454 ------------------------------------------------------------------------------------------------------------------------ 2,805,000 NYC Municipal Water Finance Authority RITES 2 12.464 3 06/15/2027 3,384,233 ------------------------------------------------------------------------------------------------------------------------ 11,210,000 NYC Municipal Water Finance Authority RITES 2 12.865 3 06/15/2032 13,580,691 ------------------------------------------------------------------------------------------------------------------------ 3,555,000 NYC Municipal Water Finance Authority RITES 2 12.924 3 06/15/2021 4,192,980 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYC Municipal Water Finance Authority RITES 2 12.924 3 06/15/2030 5,879,800 ------------------------------------------------------------------------------------------------------------------------ 18,240,000 NYC Municipal Water Finance Authority RITES 2 12.954 3 06/15/2030 21,449,510 ------------------------------------------------------------------------------------------------------------------------ 4,030,000 NYC Municipal Water Finance Authority RITES 2 12.964 3 06/15/2030 4,739,119 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYC Municipal Water Finance Authority RITES 2 12.964 3 06/15/2030 5,879,800 ------------------------------------------------------------------------------------------------------------------------ 3,140,000 NYC Municipal Water Finance Authority RITES 2 14.424 3 06/15/2027 3,937,120 ------------------------------------------------------------------------------------------------------------------------ 17,300,000 NYC Municipal Water Finance Authority RITES 2 14.424 3 06/15/2033 23,701,692 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYC Transitional Finance Authority (Future Tax), Series E 5.000 02/01/2033 5,289,000 ------------------------------------------------------------------------------------------------------------------------ 2,150,000 NYC Transitional Finance Authority RITES 2 12.454 3 08/15/2027 2,399,572 ------------------------------------------------------------------------------------------------------------------------ 50,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 55,149 ------------------------------------------------------------------------------------------------------------------------ 18,534,003 NYS Certificate of Lease 2 5.875 01/02/2023 19,260,350
31 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,690,000 NYS DA (4201 Schools Program) 6.250% 07/01/2020 $ 1,916,629 ------------------------------------------------------------------------------------------------------------------------ 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 379,054 ------------------------------------------------------------------------------------------------------------------------ 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,622,985 ------------------------------------------------------------------------------------------------------------------------ 35,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 36,271 ------------------------------------------------------------------------------------------------------------------------ 195,000 NYS DA (Bishop Henry B. Hucles Nursing Home) 6.000 07/01/2024 204,073 ------------------------------------------------------------------------------------------------------------------------ 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 15,078,431 ------------------------------------------------------------------------------------------------------------------------ 8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,957,211 ------------------------------------------------------------------------------------------------------------------------ 2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 3,060,505 ------------------------------------------------------------------------------------------------------------------------ 5,000 NYS DA (City University) 5.000 07/01/2023 5,269 ------------------------------------------------------------------------------------------------------------------------ 1,895,000 NYS DA (City University) 5.250 07/01/2031 2,119,349 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,761,250 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,347,138 ------------------------------------------------------------------------------------------------------------------------ 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 549,554 ------------------------------------------------------------------------------------------------------------------------ 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,442 ------------------------------------------------------------------------------------------------------------------------ 17,630,000 NYS DA (FHA Insured Mtg.), Series B 0.000 1 08/15/2040 2,181,007 ------------------------------------------------------------------------------------------------------------------------ 6,480,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,897,053 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,051,170 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 2,145,040 ------------------------------------------------------------------------------------------------------------------------ 140,915,000 NYS DA (Insured Hospital) 0.000 1 08/15/2036 27,128,956 ------------------------------------------------------------------------------------------------------------------------ 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 40,483,556 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,051,240 ------------------------------------------------------------------------------------------------------------------------ 10,300,000 NYS DA (Kaleida Health) 5.050 02/15/2025 10,957,449 ------------------------------------------------------------------------------------------------------------------------ 3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,634,127 ------------------------------------------------------------------------------------------------------------------------ 1,400,000 NYS DA (L.I. University) 5.250 09/01/2028 1,484,966 ------------------------------------------------------------------------------------------------------------------------ 235,000 NYS DA (L.I. University) 5.250 09/01/2028 251,850 ------------------------------------------------------------------------------------------------------------------------ 1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,734,180 ------------------------------------------------------------------------------------------------------------------------ 20,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 20,533 ------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS DA (Lenox Hill Hospital) 5.375 07/01/2020 1,806,641 ------------------------------------------------------------------------------------------------------------------------ 9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES 2 8.075 3 02/01/2038 10,715,400 ------------------------------------------------------------------------------------------------------------------------ 3,115,000 NYS DA (Menorah Home & Hospital) RITES 2 12.835 3 08/01/2038 3,672,523 ------------------------------------------------------------------------------------------------------------------------ 5,825,000 NYS DA (Menorah Home) RITES 2 13.024 3 08/01/2038 6,848,453 ------------------------------------------------------------------------------------------------------------------------ 3,660,000 NYS DA (Mental Health) 5.000 02/15/2033 3,860,385 ------------------------------------------------------------------------------------------------------------------------ 4,625,000 NYS DA (Mental Health) RITES 2 12.464 3 02/15/2023 5,650,085 ------------------------------------------------------------------------------------------------------------------------ 3,770,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,965,324 ------------------------------------------------------------------------------------------------------------------------ 4,125,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 4,590,094 ------------------------------------------------------------------------------------------------------------------------ 2,430,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019 2,782,010 ------------------------------------------------------------------------------------------------------------------------ 6,860,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2025 7,836,933 ------------------------------------------------------------------------------------------------------------------------ 8,600,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 9,162,526 ------------------------------------------------------------------------------------------------------------------------ 2,375,000 NYS DA (Montefiore Medical) RITES 2 14.424 3 08/01/2038 2,974,783 ------------------------------------------------------------------------------------------------------------------------ 6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 7,031,404
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 3,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500% 07/01/2017 $ 3,198,510 ------------------------------------------------------------------------------------------------------------------------ 27,420,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 29,334,464 ------------------------------------------------------------------------------------------------------------------------ 43,630,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.600 07/01/2026 44,150,506 ------------------------------------------------------------------------------------------------------------------------ 8,820,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.625 07/01/2019 9,516,339 ------------------------------------------------------------------------------------------------------------------------ 15,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.750 07/01/2020 16,269,900 ------------------------------------------------------------------------------------------------------------------------ 6,400,000 NYS DA (Mt. Sinai/NYU Health) 4 5.500 07/01/2026 6,492,672 ------------------------------------------------------------------------------------------------------------------------ 2,850,000 NYS DA (Municipal Health Facilities) RITES 2 12.464 3 01/15/2023 3,535,197 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 NYS DA (North Shore Long Island Jewish Group) 5.500 05/01/2033 4,297,480 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,063,330 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,282,120 ------------------------------------------------------------------------------------------------------------------------ 6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 6,410,800 ------------------------------------------------------------------------------------------------------------------------ 7,600,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,913,196 ------------------------------------------------------------------------------------------------------------------------ 4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,572,727 ------------------------------------------------------------------------------------------------------------------------ 15,000 NYS DA (NY & Presbyterian Hospital) 5.000 08/01/2032 15,730 ------------------------------------------------------------------------------------------------------------------------ 6,950,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,609,486 ------------------------------------------------------------------------------------------------------------------------ 2,977,225 NYS DA (Our Lady of Mercy Medical Center) Computer Lease 2 6.200 08/15/2006 2,960,880 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 NYS DA (Rochester General Hospital) 5.000 12/01/2025 4,250,320 ------------------------------------------------------------------------------------------------------------------------ 10,900,000 NYS DA (Rochester General Hospital) 5.000 12/01/2035 11,516,177 ------------------------------------------------------------------------------------------------------------------------ 10,335,000 NYS DA (Rochester General Hospital) RITES 2 8.756 3 08/01/2033 10,393,289 ------------------------------------------------------------------------------------------------------------------------ 580,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 619,463 ------------------------------------------------------------------------------------------------------------------------ 50,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2022 57,494 ------------------------------------------------------------------------------------------------------------------------ 25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 28,816 ------------------------------------------------------------------------------------------------------------------------ 20,400,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 22,001,196 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 1,034,580 ------------------------------------------------------------------------------------------------------------------------ 2,470,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,616,916 ------------------------------------------------------------------------------------------------------------------------ 905,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 978,151 ------------------------------------------------------------------------------------------------------------------------ 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,834,788 ------------------------------------------------------------------------------------------------------------------------ 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,112,887 ------------------------------------------------------------------------------------------------------------------------ 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,708,458 ------------------------------------------------------------------------------------------------------------------------ 1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,562,642 ------------------------------------------------------------------------------------------------------------------------ 3,885,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,107,921 ------------------------------------------------------------------------------------------------------------------------ 230,000 NYS DA (St. Vincent's Hospital & Medical Center) 7.400 08/01/2030 240,304 ------------------------------------------------------------------------------------------------------------------------ 3,200,000 NYS DA (Various School Districts) 4 5.000 04/01/2035 3,420,128 ------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,820,088 ------------------------------------------------------------------------------------------------------------------------ 7,030,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,584,597 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,719,825
33 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 26,070,000 NYS DA (Wyckoff Heights Medical Center) 5.300% 08/15/2021 $ 27,289,033 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS DA RITES 2 15.427 3 02/01/2012 7,947,400 ------------------------------------------------------------------------------------------------------------------------ 100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 106,679 ------------------------------------------------------------------------------------------------------------------------ 4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.400 07/15/2021 4,519,774 ------------------------------------------------------------------------------------------------------------------------ 473,400 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 477,050 ------------------------------------------------------------------------------------------------------------------------ 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 8,186,700 ------------------------------------------------------------------------------------------------------------------------ 2,340,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,540,585 ------------------------------------------------------------------------------------------------------------------------ 20,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 20,080 ------------------------------------------------------------------------------------------------------------------------ 11,895,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 11,905,230 ------------------------------------------------------------------------------------------------------------------------ 15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 15,684,795 ------------------------------------------------------------------------------------------------------------------------ 4,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 8.157 3 07/08/2026 4,807,019 ------------------------------------------------------------------------------------------------------------------------ 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.917 3 04/01/2020 8,438,640 ------------------------------------------------------------------------------------------------------------------------ 16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 10.933 3 07/01/2026 18,090,881 ------------------------------------------------------------------------------------------------------------------------ 210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 228,327 ------------------------------------------------------------------------------------------------------------------------ 60,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 62,310 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,051,200 ------------------------------------------------------------------------------------------------------------------------ 23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 24,136,660 ------------------------------------------------------------------------------------------------------------------------ 315,000 NYS ERDA (LILCO) 5.300 10/01/2024 330,470 ------------------------------------------------------------------------------------------------------------------------ 3,485,000 NYS ERDA (NIMO) RITES 2 13.064 3 11/01/2025 4,471,116 ------------------------------------------------------------------------------------------------------------------------ 3,625,000 NYS ERDA (RG&E) Residual Certificates 2 16.000 3 09/01/2033 4,993,873 ------------------------------------------------------------------------------------------------------------------------ 3,105,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,106,708 ------------------------------------------------------------------------------------------------------------------------ 20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,839 ------------------------------------------------------------------------------------------------------------------------ 1,345,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 1,385,713 ------------------------------------------------------------------------------------------------------------------------ 175,000 NYS HFA (HELP-Suffolk Hsg.) 8.100 11/01/2005 179,597 ------------------------------------------------------------------------------------------------------------------------ 200,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 245,320 ------------------------------------------------------------------------------------------------------------------------ 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,015 ------------------------------------------------------------------------------------------------------------------------ 35,000 NYS HFA (Multifamily Hsg.) 0.000 1 11/01/2016 18,433 ------------------------------------------------------------------------------------------------------------------------ 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 765,972 ------------------------------------------------------------------------------------------------------------------------ 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,385,587 ------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,744,812 ------------------------------------------------------------------------------------------------------------------------ 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,126,464 ------------------------------------------------------------------------------------------------------------------------ 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,948,288 ------------------------------------------------------------------------------------------------------------------------ 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,161,411 ------------------------------------------------------------------------------------------------------------------------ 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,396,868 ------------------------------------------------------------------------------------------------------------------------ 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,097,535 ------------------------------------------------------------------------------------------------------------------------ 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,272,542 ------------------------------------------------------------------------------------------------------------------------ 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,452,311 ------------------------------------------------------------------------------------------------------------------------ 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,291,857 ------------------------------------------------------------------------------------------------------------------------ 1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,825,617 ------------------------------------------------------------------------------------------------------------------------ 1,190,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,245,026 ------------------------------------------------------------------------------------------------------------------------ 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,335,712
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,000,000 NYS HFA (Multifamily Hsg.) 5.650% 08/15/2031 $ 1,045,850 ------------------------------------------------------------------------------------------------------------------------ 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,776,793 ------------------------------------------------------------------------------------------------------------------------ 2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,231,448 ------------------------------------------------------------------------------------------------------------------------ 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 95,164 ------------------------------------------------------------------------------------------------------------------------ 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,343,647 ------------------------------------------------------------------------------------------------------------------------ 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,884,851 ------------------------------------------------------------------------------------------------------------------------ 40,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 40,065 ------------------------------------------------------------------------------------------------------------------------ 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,880 ------------------------------------------------------------------------------------------------------------------------ 735,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 766,267 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 5,108,850 ------------------------------------------------------------------------------------------------------------------------ 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,306,493 ------------------------------------------------------------------------------------------------------------------------ 1,915,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 1,962,454 ------------------------------------------------------------------------------------------------------------------------ 3,240,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 3,244,860 ------------------------------------------------------------------------------------------------------------------------ 5,625,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,889,375 ------------------------------------------------------------------------------------------------------------------------ 15,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 15,336 ------------------------------------------------------------------------------------------------------------------------ 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,624,100 ------------------------------------------------------------------------------------------------------------------------ 320,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 326,282 ------------------------------------------------------------------------------------------------------------------------ 2,805,000 NYS HFA (NH&HC) RITES 2 13.059 3 11/01/2016 3,025,810 ------------------------------------------------------------------------------------------------------------------------ 5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 5,050 ------------------------------------------------------------------------------------------------------------------------ 480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 492,557 ------------------------------------------------------------------------------------------------------------------------ 525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 538,734 ------------------------------------------------------------------------------------------------------------------------ 565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 579,780 ------------------------------------------------------------------------------------------------------------------------ 605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 620,827 ------------------------------------------------------------------------------------------------------------------------ 655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 672,135 ------------------------------------------------------------------------------------------------------------------------ 780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 800,405 ------------------------------------------------------------------------------------------------------------------------ 835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 856,844 ------------------------------------------------------------------------------------------------------------------------ 900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 923,544 ------------------------------------------------------------------------------------------------------------------------ 990,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,015,898 ------------------------------------------------------------------------------------------------------------------------ 1,060,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,087,730 ------------------------------------------------------------------------------------------------------------------------ 460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 472,034 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,120,850 ------------------------------------------------------------------------------------------------------------------------ 70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,282 ------------------------------------------------------------------------------------------------------------------------ 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,936,896 ------------------------------------------------------------------------------------------------------------------------ 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,850,036 ------------------------------------------------------------------------------------------------------------------------ 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 261,179 ------------------------------------------------------------------------------------------------------------------------ 410,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 410,488 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS HFA (Watergate II) 4.750 02/15/2034 1,005,220 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS HFA (Watergate II) 4.900 02/15/2045 974,170 ------------------------------------------------------------------------------------------------------------------------ 360,000 NYS LGSC (SCSB) 2 7.250 12/15/2011 373,871 ------------------------------------------------------------------------------------------------------------------------ 810,000 NYS LGSC (SCSB) 2 7.375 12/15/2016 845,486 ------------------------------------------------------------------------------------------------------------------------ 980,000 NYS LGSC (SCSB) 2 7.750 12/15/2021 1,045,954
35 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,045,000 NYS Medcare (Central Suffolk Hospital) 6.125% 11/01/2016 $ 1,003,367 ------------------------------------------------------------------------------------------------------------------------ 1,200,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 1,214,388 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,002,680 ------------------------------------------------------------------------------------------------------------------------ 1,155,000 NYS Medcare (Hospital & Nursing Home) 2 7.400 11/01/2016 1,191,960 ------------------------------------------------------------------------------------------------------------------------ 990,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 1,041,827 ------------------------------------------------------------------------------------------------------------------------ 310,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 327,608 ------------------------------------------------------------------------------------------------------------------------ 1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,709,763 ------------------------------------------------------------------------------------------------------------------------ 350,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 361,830 ------------------------------------------------------------------------------------------------------------------------ 44,470,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 45,657,349 ------------------------------------------------------------------------------------------------------------------------ 12,500,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.707 3 02/15/2029 13,167,500 ------------------------------------------------------------------------------------------------------------------------ 8,400,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.756 3 02/15/2029 8,848,560 ------------------------------------------------------------------------------------------------------------------------ 5,750,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.756 3 02/15/2029 6,057,050 ------------------------------------------------------------------------------------------------------------------------ 10,000,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.776 3 02/15/2029 10,534,000 ------------------------------------------------------------------------------------------------------------------------ 7,140,000 NYS Thruway Authority RITES 2 12.454 3 01/01/2025 8,048,208 ------------------------------------------------------------------------------------------------------------------------ 5,000 NYS UDC (Correctional Facilities) 0.000 1 01/01/2013 3,595 ------------------------------------------------------------------------------------------------------------------------ 9,000,000 NYS UDC (State Personal Income Tax) 5.125 03/15/2029 10,103,580 ------------------------------------------------------------------------------------------------------------------------ 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,490,138 ------------------------------------------------------------------------------------------------------------------------ 500,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 4.625 09/15/2030 494,825 ------------------------------------------------------------------------------------------------------------------------ 830,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 853,472 ------------------------------------------------------------------------------------------------------------------------ 625,000 Oneida County IDA (Mobile Climate Control) 8.000 11/01/2008 638,981 ------------------------------------------------------------------------------------------------------------------------ 2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,900,343 ------------------------------------------------------------------------------------------------------------------------ 450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 470,867 ------------------------------------------------------------------------------------------------------------------------ 740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 764,908 ------------------------------------------------------------------------------------------------------------------------ 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,233,506 ------------------------------------------------------------------------------------------------------------------------ 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,114,074 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,140,800 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,082,540 ------------------------------------------------------------------------------------------------------------------------ 295,000 Onondaga County IDA (Central New York Charter School for Math & Science) 5,6 8.500 01/01/2032 141,721 ------------------------------------------------------------------------------------------------------------------------ 510,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 521,067 ------------------------------------------------------------------------------------------------------------------------ 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 810,040 ------------------------------------------------------------------------------------------------------------------------ 1,460,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,468,264 ------------------------------------------------------------------------------------------------------------------------ 7,685,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,736,566 ------------------------------------------------------------------------------------------------------------------------ 4,700,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 5,088,596 ------------------------------------------------------------------------------------------------------------------------ 11,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 12,090,410 ------------------------------------------------------------------------------------------------------------------------ 67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 70,814,016 ------------------------------------------------------------------------------------------------------------------------ 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 788,145 ------------------------------------------------------------------------------------------------------------------------ 500,000 Onondaga County IDA Sewage Waste Facilities (Anheuser-Busch Companies) 6.250 12/01/2034 549,920 ------------------------------------------------------------------------------------------------------------------------ 59,474,598 Onondaga County Res Rec 0.000 7 05/01/2022 30,235,696
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 41,580,000 Onondaga County Res Rec 5.000% 05/01/2015 $ 39,891,852 ------------------------------------------------------------------------------------------------------------------------ 512,000 Ontario County IDA (Ontario Design) 6.500 11/01/2005 512,707 ------------------------------------------------------------------------------------------------------------------------ 430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 459,442 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,671,175 ------------------------------------------------------------------------------------------------------------------------ 2,310,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,442,502 ------------------------------------------------------------------------------------------------------------------------ 2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,209,882 ------------------------------------------------------------------------------------------------------------------------ 2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,524,252 ------------------------------------------------------------------------------------------------------------------------ 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,968,672 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Orange County IDA (Kingston Manufacturing) 2 8.000 11/01/2017 1,460,730 ------------------------------------------------------------------------------------------------------------------------ 340,000 Orange County IDA (Mental Retardation Project) 7.800 07/01/2011 343,128 ------------------------------------------------------------------------------------------------------------------------ 1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,844,448 ------------------------------------------------------------------------------------------------------------------------ 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,774,493 ------------------------------------------------------------------------------------------------------------------------ 2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,391,942 ------------------------------------------------------------------------------------------------------------------------ 7,745,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2032 5,902,000 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2033 1,904,700 ------------------------------------------------------------------------------------------------------------------------ 2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,951,432 ------------------------------------------------------------------------------------------------------------------------ 3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,479,202 ------------------------------------------------------------------------------------------------------------------------ 6,680,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 6,433,909 ------------------------------------------------------------------------------------------------------------------------ 2,970,000 Otsego County IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,185,771 ------------------------------------------------------------------------------------------------------------------------ 11,040,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,625,006 ------------------------------------------------------------------------------------------------------------------------ 617,716 Peekskill IDA (Karta) 9.000 07/01/2010 627,408 ------------------------------------------------------------------------------------------------------------------------ 4,210,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 4,258,836 ------------------------------------------------------------------------------------------------------------------------ 1,770,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,790,532 ------------------------------------------------------------------------------------------------------------------------ 53,290,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 53,908,164 ------------------------------------------------------------------------------------------------------------------------ 2,795,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 2,789,242 ------------------------------------------------------------------------------------------------------------------------ 285,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 299,789 ------------------------------------------------------------------------------------------------------------------------ 20,610,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 21,786,831 ------------------------------------------------------------------------------------------------------------------------ 20,000,000 Port Authority NY/NJ RITES 2 12.368 3 09/15/2013 25,143,200 ------------------------------------------------------------------------------------------------------------------------ 50,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 54,942,796 ------------------------------------------------------------------------------------------------------------------------ 35,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 35,934 ------------------------------------------------------------------------------------------------------------------------ 190,000 Port Authority NY/NJ, 114th Series 5.000 08/01/2024 192,318 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Port Authority NY/NJ, 120th Series 5.750 10/15/2026 1,065,960 ------------------------------------------------------------------------------------------------------------------------ 30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 30,843 ------------------------------------------------------------------------------------------------------------------------ 15,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 15,490 ------------------------------------------------------------------------------------------------------------------------ 9,500,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,771,035 ------------------------------------------------------------------------------------------------------------------------ 70,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 74,493 ------------------------------------------------------------------------------------------------------------------------ 210,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 222,959 ------------------------------------------------------------------------------------------------------------------------ 7,000,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 7,489,580 ------------------------------------------------------------------------------------------------------------------------ 19,350,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2038 20,540,993
37 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 6,000,000 Port Authority NY/NJ, 136th Series 5.125% 05/01/2034 $ 6,433,620 ------------------------------------------------------------------------------------------------------------------------ 19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 20,991,256 ------------------------------------------------------------------------------------------------------------------------ 22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 25,320,369 ------------------------------------------------------------------------------------------------------------------------ 10,000,000 Port Authority NY/NJ, 140th Series 5.000 12/01/2034 10,747,400 ------------------------------------------------------------------------------------------------------------------------ 2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 3,008,708 ------------------------------------------------------------------------------------------------------------------------ 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,065,859 ------------------------------------------------------------------------------------------------------------------------ 1,500,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2036 1,600,170 ------------------------------------------------------------------------------------------------------------------------ 6,385,000 Rensselaer County Tobacco Asset Securitization Corp. 5.625 06/01/2035 6,514,679 ------------------------------------------------------------------------------------------------------------------------ 7,300,000 Rensselaer County Tobacco Asset Securitization Corp. 2 5.750 06/01/2043 7,496,370 ------------------------------------------------------------------------------------------------------------------------ 5,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 5,244 ------------------------------------------------------------------------------------------------------------------------ 19,505,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 19,887,298 ------------------------------------------------------------------------------------------------------------------------ 1,580,000 Riverhead IDA (Michael Reilly Design) 8.875 08/01/2021 1,562,241 ------------------------------------------------------------------------------------------------------------------------ 40,000 Rochester Hsg. Authority (Crossroads Apartments) 7.300 07/01/2005 40,001 ------------------------------------------------------------------------------------------------------------------------ 15,860,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 16,402,253 ------------------------------------------------------------------------------------------------------------------------ 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,886,961 ------------------------------------------------------------------------------------------------------------------------ 9,225,000 Rockland County Tobacco Asset Securitization Corp. 5.625 08/15/2035 9,416,788 ------------------------------------------------------------------------------------------------------------------------ 10,100,000 Rockland County Tobacco Asset Securitization Corp. 5.750 08/15/2043 10,378,154 ------------------------------------------------------------------------------------------------------------------------ 1,070,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,073,435 ------------------------------------------------------------------------------------------------------------------------ 3,000,000 Saratoga County IDA (Saratoga Hospital) 5.125 12/01/2033 3,196,080 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Schenectady Bond Anticipation Notes 5.250 05/26/2006 1,999,280 ------------------------------------------------------------------------------------------------------------------------ 1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,801,247 ------------------------------------------------------------------------------------------------------------------------ 3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,589,160 ------------------------------------------------------------------------------------------------------------------------ 242,000 Schroon Lake Fire District 2 7.250 03/01/2009 242,760 ------------------------------------------------------------------------------------------------------------------------ 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 177,886 ------------------------------------------------------------------------------------------------------------------------ 2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,563,457 ------------------------------------------------------------------------------------------------------------------------ 6,710,000 SONYMA, Series 65 5.850 10/01/2028 6,990,881 ------------------------------------------------------------------------------------------------------------------------ 20,000 SONYMA, Series 66 5.700 10/01/2027 20,825 ------------------------------------------------------------------------------------------------------------------------ 18,815,000 SONYMA, Series 67 5.800 10/01/2028 19,425,735 ------------------------------------------------------------------------------------------------------------------------ 3,495,000 SONYMA, Series 69 5.400 10/01/2019 3,610,615 ------------------------------------------------------------------------------------------------------------------------ 5,090,000 SONYMA, Series 69 5.500 10/01/2028 5,249,368 ------------------------------------------------------------------------------------------------------------------------ 3,765,000 SONYMA, Series 69 RITES 2 8.420 3 10/01/2028 4,000,689 ------------------------------------------------------------------------------------------------------------------------ 13,100,000 SONYMA, Series 71 5.400 04/01/2029 13,649,152 ------------------------------------------------------------------------------------------------------------------------ 10,150,000 SONYMA, Series 71 RITES 2 8.255 3 04/01/2029 11,000,875 ------------------------------------------------------------------------------------------------------------------------ 5,500,000 SONYMA, Series 73 RITES 2 13.605 3 10/01/2028 6,127,330 ------------------------------------------------------------------------------------------------------------------------ 1,675,000 SONYMA, Series 73-A 5.300 10/01/2028 1,722,754 ------------------------------------------------------------------------------------------------------------------------ 100,000 SONYMA, Series 77 5.150 04/01/2029 102,459 ------------------------------------------------------------------------------------------------------------------------ 10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,546,693 ------------------------------------------------------------------------------------------------------------------------ 515,000 SONYMA, Series 82 5.650 04/01/2030 528,946 ------------------------------------------------------------------------------------------------------------------------ 5,945,000 SONYMA, Series 97 5.500 04/01/2031 6,189,458 ------------------------------------------------------------------------------------------------------------------------ 2,400,000 SONYMA, Series 106 5.100 04/01/2023 2,481,624
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 300,000 St. Lawrence County IDA (Clarkson University) 5.125% 07/01/2021 $ 310,518 ------------------------------------------------------------------------------------------------------------------------ 1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,363,182 ------------------------------------------------------------------------------------------------------------------------ 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,502,957 ------------------------------------------------------------------------------------------------------------------------ 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,982,697 ------------------------------------------------------------------------------------------------------------------------ 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,828,711 ------------------------------------------------------------------------------------------------------------------------ 1,360,000 Suffolk County IDA (ACLD) 6.000 12/01/2019 1,402,473 ------------------------------------------------------------------------------------------------------------------------ 560,000 Suffolk County IDA (ALIA-ACDS) 7.125 06/01/2017 608,294 ------------------------------------------------------------------------------------------------------------------------ 345,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 352,373 ------------------------------------------------------------------------------------------------------------------------ 1,310,000 Suffolk County IDA (ALIA-ACLD) 6.500 03/01/2018 1,360,435 ------------------------------------------------------------------------------------------------------------------------ 745,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 816,364 ------------------------------------------------------------------------------------------------------------------------ 305,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 329,742 ------------------------------------------------------------------------------------------------------------------------ 510,000 Suffolk County IDA (ALIA-ADD) 7.125 06/01/2017 553,982 ------------------------------------------------------------------------------------------------------------------------ 475,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 520,500 ------------------------------------------------------------------------------------------------------------------------ 1,370,000 Suffolk County IDA (ALIA-DDI) 6.375 06/01/2014 1,440,582 ------------------------------------------------------------------------------------------------------------------------ 100,000 Suffolk County IDA (ALIA-DDI) 7.500 09/01/2015 109,579 ------------------------------------------------------------------------------------------------------------------------ 765,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 804,413 ------------------------------------------------------------------------------------------------------------------------ 1,890,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 2,043,317 ------------------------------------------------------------------------------------------------------------------------ 4,285,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 4,654,538 ------------------------------------------------------------------------------------------------------------------------ 615,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 628,143 ------------------------------------------------------------------------------------------------------------------------ 645,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 697,322 ------------------------------------------------------------------------------------------------------------------------ 1,175,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,276,332 ------------------------------------------------------------------------------------------------------------------------ 1,945,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 2,043,514 ------------------------------------------------------------------------------------------------------------------------ 285,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 312,300 ------------------------------------------------------------------------------------------------------------------------ 360,000 Suffolk County IDA (ALIA-L.I. Head Injury Association) 6.375 06/01/2014 368,719 ------------------------------------------------------------------------------------------------------------------------ 770,000 Suffolk County IDA (ALIA-L.I. Head Injury Association) 6.950 12/01/2014 832,462 ------------------------------------------------------------------------------------------------------------------------ 300,000 Suffolk County IDA (ALIA-L.I. Head Injury Association) 7.500 09/01/2015 328,737 ------------------------------------------------------------------------------------------------------------------------ 600,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 612,822 ------------------------------------------------------------------------------------------------------------------------ 1,830,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,978,450 ------------------------------------------------------------------------------------------------------------------------ 1,435,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,558,754 ------------------------------------------------------------------------------------------------------------------------ 745,000 Suffolk County IDA (ALIA-NYS ARC) 7.500 09/01/2015 816,364 ------------------------------------------------------------------------------------------------------------------------ 435,000 Suffolk County IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 480,170 ------------------------------------------------------------------------------------------------------------------------ 600,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 657,474 ------------------------------------------------------------------------------------------------------------------------ 710,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 778,011 ------------------------------------------------------------------------------------------------------------------------ 255,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 260,449 ------------------------------------------------------------------------------------------------------------------------ 1,120,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,210,854 ------------------------------------------------------------------------------------------------------------------------ 840,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 909,854 ------------------------------------------------------------------------------------------------------------------------ 500,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 547,895 ------------------------------------------------------------------------------------------------------------------------ 400,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 432,448 ------------------------------------------------------------------------------------------------------------------------ 900,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 977,616 ------------------------------------------------------------------------------------------------------------------------ 590,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 646,516 ------------------------------------------------------------------------------------------------------------------------ 7,293,119 Suffolk County IDA (Camelot Village) 2,5,6 7.900 11/01/2031 64,179
39 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 235,000 Suffolk County IDA (CCSSVD) 7.000% 04/01/2010 $ 248,193 ------------------------------------------------------------------------------------------------------------------------ 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,775,249 ------------------------------------------------------------------------------------------------------------------------ 255,000 Suffolk County IDA (DDI) 6.000 12/01/2019 262,964 ------------------------------------------------------------------------------------------------------------------------ 670,000 Suffolk County IDA (DDI) 6.250 03/01/2009 672,606 ------------------------------------------------------------------------------------------------------------------------ 5,025,000 Suffolk County IDA (DDI) 7.250 03/01/2024 5,113,440 ------------------------------------------------------------------------------------------------------------------------ 9,070,000 Suffolk County IDA (DDI) 8.750 03/01/2023 9,259,200 ------------------------------------------------------------------------------------------------------------------------ 2,540,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,564,333 ------------------------------------------------------------------------------------------------------------------------ 3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,339,889 ------------------------------------------------------------------------------------------------------------------------ 1,925,000 Suffolk County IDA (Family Residences) 6.000 12/01/2019 1,985,118 ------------------------------------------------------------------------------------------------------------------------ 1,345,000 Suffolk County IDA (Family Services League) 5.000 11/01/2027 1,426,789 ------------------------------------------------------------------------------------------------------------------------ 830,000 Suffolk County IDA (Family Services League) 5.000 11/01/2034 877,841 ------------------------------------------------------------------------------------------------------------------------ 195,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 204,307 ------------------------------------------------------------------------------------------------------------------------ 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,322,200 ------------------------------------------------------------------------------------------------------------------------ 2,600,000 Suffolk County IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,732,834 ------------------------------------------------------------------------------------------------------------------------ 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 4,048,522 ------------------------------------------------------------------------------------------------------------------------ 295,000 Suffolk County IDA (Independent Group Home Living) 6.000 12/01/2019 304,213 ------------------------------------------------------------------------------------------------------------------------ 6,700,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 7,292,213 ------------------------------------------------------------------------------------------------------------------------ 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,855,500 ------------------------------------------------------------------------------------------------------------------------ 13,760,000 Suffolk County IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 14,469,603 ------------------------------------------------------------------------------------------------------------------------ 4,065,000 Suffolk County IDA (L.I. Network Community Services) 7.550 02/01/2034 4,270,730 ------------------------------------------------------------------------------------------------------------------------ 3,360,000 Suffolk County IDA (New Interdisciplinary School) 6.750 12/01/2019 3,460,867 ------------------------------------------------------------------------------------------------------------------------ 3,500,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,541,580 ------------------------------------------------------------------------------------------------------------------------ 8,835,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 8,922,113 ------------------------------------------------------------------------------------------------------------------------ 695,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 696,946 ------------------------------------------------------------------------------------------------------------------------ 2,250,000 Suffolk County IDA (Peconic Landing Retirement Home) 7.000 10/01/2030 2,254,905 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,131,060 ------------------------------------------------------------------------------------------------------------------------ 2,850,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,208,160 ------------------------------------------------------------------------------------------------------------------------ 4,800,000 Suffolk County IDA (Pederson-Krag Center) 7.200 02/01/2035 4,790,448 ------------------------------------------------------------------------------------------------------------------------ 225,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 241,439 ------------------------------------------------------------------------------------------------------------------------ 2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,725,033 ------------------------------------------------------------------------------------------------------------------------ 1,540,000 Suffolk County IDA (Rimland Facilities) 2 4.500 8 12/01/2009 1,529,898 ------------------------------------------------------------------------------------------------------------------------ 80,000 Suffolk County IDA (Southampton Hospital Association) 7.250 01/01/2020 83,252 ------------------------------------------------------------------------------------------------------------------------ 2,345,000 Suffolk County IDA (United Cerebral Palsy Association) 6.000 12/01/2019 2,418,234 ------------------------------------------------------------------------------------------------------------------------ 5,635,000 Suffolk County IDA (United Cerebral Palsy Association) 7.875 09/01/2041 5,905,311 ------------------------------------------------------------------------------------------------------------------------ 1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,756,291
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 1,305,000 Suffolk County IDA (Windmill Village) 5.750% 12/01/2031 $ 1,417,595 ------------------------------------------------------------------------------------------------------------------------ 910,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 960,105 ------------------------------------------------------------------------------------------------------------------------ 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,243,418 ------------------------------------------------------------------------------------------------------------------------ 50,000 Suffolk County Water Authority 5.125 06/01/2026 53,319 ------------------------------------------------------------------------------------------------------------------------ 2,515,000 Sullivan County IDA (Center Discovery Civic Facility) 7.250 02/01/2012 2,533,309 ------------------------------------------------------------------------------------------------------------------------ 9,965,000 Sullivan County IDA (Center Discovery Civic Facility) 7.750 02/01/2027 10,051,994 ------------------------------------------------------------------------------------------------------------------------ 4,700,000 Sullivan County IDA (Center for Discovery) 6.950 02/01/2035 4,710,763 ------------------------------------------------------------------------------------------------------------------------ 8,655,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,931,527 ------------------------------------------------------------------------------------------------------------------------ 315,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 310,360 ------------------------------------------------------------------------------------------------------------------------ 6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,900,358 ------------------------------------------------------------------------------------------------------------------------ 6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 7,090,115 ------------------------------------------------------------------------------------------------------------------------ 325,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 328,344 ------------------------------------------------------------------------------------------------------------------------ 2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,438,263 ------------------------------------------------------------------------------------------------------------------------ 210,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 212,585 ------------------------------------------------------------------------------------------------------------------------ 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,287,190 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Syracuse IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 753,470 ------------------------------------------------------------------------------------------------------------------------ 18,855,000 Syracuse IDA (James Square) 0.000 1 08/01/2025 4,992,804 ------------------------------------------------------------------------------------------------------------------------ 725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 779,368 ------------------------------------------------------------------------------------------------------------------------ 2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,196,596 ------------------------------------------------------------------------------------------------------------------------ 75,000 Taconic Hills Central School District at Craryville 5.000 06/15/2026 79,445 ------------------------------------------------------------------------------------------------------------------------ 7,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 8,438,325 ------------------------------------------------------------------------------------------------------------------------ 13,825,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 15,334,137 ------------------------------------------------------------------------------------------------------------------------ 13,555,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2022 14,947,234 ------------------------------------------------------------------------------------------------------------------------ 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 3,996,113 ------------------------------------------------------------------------------------------------------------------------ 75,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2007 79,109 ------------------------------------------------------------------------------------------------------------------------ 65,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2028 73,730 ------------------------------------------------------------------------------------------------------------------------ 580,000 Tonawanda Senior Citizen Hsg. Corp. 6.500 12/01/2010 590,805 ------------------------------------------------------------------------------------------------------------------------ 80,000 Triborough Bridge & Tunnel Authority 5.125 01/01/2031 84,429 ------------------------------------------------------------------------------------------------------------------------ 8,265,000 Triborough Bridge & Tunnel Authority RITES 2 12.424 3 01/01/2027 9,977,343 ------------------------------------------------------------------------------------------------------------------------ 4,190,000 Triborough Bridge & Tunnel Authority RITES 2 12.424 3 01/01/2032 5,067,805 ------------------------------------------------------------------------------------------------------------------------ 16,160,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 16,822,883 ------------------------------------------------------------------------------------------------------------------------ 840,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 886,267 ------------------------------------------------------------------------------------------------------------------------ 78,735,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 82,924,489 ------------------------------------------------------------------------------------------------------------------------ 130,450,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 137,980,879 ------------------------------------------------------------------------------------------------------------------------ 995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,062,143 ------------------------------------------------------------------------------------------------------------------------ 1,805,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,821,895 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,210,120 ------------------------------------------------------------------------------------------------------------------------ 1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,529,006 ------------------------------------------------------------------------------------------------------------------------ 3,005,000 Ulster County Tobacco Asset Securitization Corp. 0.000 7 06/01/2040 2,385,099
41 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 2,815,000 Ulster County Tobacco Asset Securitization Corp. 2 6.000% 06/01/2040 $ 2,940,999 ------------------------------------------------------------------------------------------------------------------------ 2,175,000 Ulster County Tobacco Asset Securitization Corp. 2 6.250 06/01/2025 2,332,427 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 2,077,580 ------------------------------------------------------------------------------------------------------------------------ 25,000 Upper Mohawk Valley Regional Water Finance Authority 5.125 10/01/2026 26,305 ------------------------------------------------------------------------------------------------------------------------ 500,000 Utica GO 6.100 01/15/2013 552,465 ------------------------------------------------------------------------------------------------------------------------ 3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,762,574 ------------------------------------------------------------------------------------------------------------------------ 340,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 5.875 06/01/2018 329,814 ------------------------------------------------------------------------------------------------------------------------ 10,800,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 6.125 06/01/2038 10,161,720 ------------------------------------------------------------------------------------------------------------------------ 2,710,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,714,255 ------------------------------------------------------------------------------------------------------------------------ 300,000 Westchester County Healthcare Corp., Series A 5.875 11/01/2025 301,743 ------------------------------------------------------------------------------------------------------------------------ 7,180,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,568,151 ------------------------------------------------------------------------------------------------------------------------ 3,140,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,309,748 ------------------------------------------------------------------------------------------------------------------------ 6,320,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,661,659 ------------------------------------------------------------------------------------------------------------------------ 3,585,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,779,701 ------------------------------------------------------------------------------------------------------------------------ 8,455,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,914,191 ------------------------------------------------------------------------------------------------------------------------ 8,100,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,537,886 ------------------------------------------------------------------------------------------------------------------------ 6,280,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,619,497 ------------------------------------------------------------------------------------------------------------------------ 6,850,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,220,311 ------------------------------------------------------------------------------------------------------------------------ 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,941,004 ------------------------------------------------------------------------------------------------------------------------ 90,000 Westchester County IDA (Children's Village) 5.375 03/15/2019 91,763 ------------------------------------------------------------------------------------------------------------------------ 4,450,000 Westchester County IDA (Children's Village) 6.000 06/01/2022 4,582,833 ------------------------------------------------------------------------------------------------------------------------ 1,215,000 Westchester County IDA (Clearview School) 7.250 01/01/2035 1,248,291 ------------------------------------------------------------------------------------------------------------------------ 1,300,000 Westchester County IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,372,215 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,150,780 ------------------------------------------------------------------------------------------------------------------------ 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,613,945 ------------------------------------------------------------------------------------------------------------------------ 3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,305,445 ------------------------------------------------------------------------------------------------------------------------ 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 826,920 ------------------------------------------------------------------------------------------------------------------------ 1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,385,147 ------------------------------------------------------------------------------------------------------------------------ 3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,281,260 ------------------------------------------------------------------------------------------------------------------------ 1,610,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,660,747 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 1,043,300 ------------------------------------------------------------------------------------------------------------------------ 1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,837,874 ------------------------------------------------------------------------------------------------------------------------ 130,000 Westchester County IDA (Westchester Airport Association) 5.950 08/01/2024 131,697 ------------------------------------------------------------------------------------------------------------------------ 2,000,000 Westchester County IDA (Westhab Community Revitalization) 4.850 06/01/2032 2,010,260 ------------------------------------------------------------------------------------------------------------------------ 2,590,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,738,744
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000% 7 07/15/2039 $ 78,262,226 ------------------------------------------------------------------------------------------------------------------------ 42,655,000 Westchester County Tobacco Asset Securitization Corp. 5.125 06/01/2038 42,811,117 ------------------------------------------------------------------------------------------------------------------------ 52,675,000 Westchester County Tobacco Asset Securitization Corp. 5.125 06/01/2045 52,717,140 ------------------------------------------------------------------------------------------------------------------------ 1,485,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,690,138 ------------------------------------------------------------------------------------------------------------------------ 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 4,172,157 ------------------------------------------------------------------------------------------------------------------------ 6,000,000 Yonkers GO 5.000 08/01/2030 6,449,940 ------------------------------------------------------------------------------------------------------------------------ 4,500,000 Yonkers GO 5.000 08/01/2035 4,825,890 ------------------------------------------------------------------------------------------------------------------------ 15,185,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 16,801,899 ------------------------------------------------------------------------------------------------------------------------ 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,781,886 ------------------------------------------------------------------------------------------------------------------------ 1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,590,207 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,594,450 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 Yonkers IDA (St. Joseph's Hospital) 5.900 03/01/2008 2,428,150 ------------------------------------------------------------------------------------------------------------------------ 3,050,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,098,404 ------------------------------------------------------------------------------------------------------------------------ 3,300,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,435,696 ------------------------------------------------------------------------------------------------------------------------ 800,000 Yonkers Parking Authority 6.000 06/15/2018 852,104 ------------------------------------------------------------------------------------------------------------------------ 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,269,274 --------------- 6,233,221,162 ------------------------------------------------------------------------------------------------------------------------ U.S. POSSESSIONS--12.8% 2,435,000 Guam EDA (Royal Socio Apartments) 5,6 9.500 11/01/2018 1,221,396 ------------------------------------------------------------------------------------------------------------------------ 290,000 Guam Power Authority, Series A 5.250 10/01/2023 286,456 ------------------------------------------------------------------------------------------------------------------------ 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 19,289,200 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,071,180 ------------------------------------------------------------------------------------------------------------------------ 7,855,000 Northern Mariana Islands, Series A 6.250 03/15/2028 8,265,659 ------------------------------------------------------------------------------------------------------------------------ 18,980,000 Northern Mariana Islands, Series A 6.600 03/15/2028 21,413,426 ------------------------------------------------------------------------------------------------------------------------ 10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,898,900 ------------------------------------------------------------------------------------------------------------------------ 6,935,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 7,126,059 ------------------------------------------------------------------------------------------------------------------------ 21,535,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 22,169,852 ------------------------------------------------------------------------------------------------------------------------ 1,900,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 2,002,771 ------------------------------------------------------------------------------------------------------------------------ 4,700,000 Puerto Rico Commonwealth GO 5.000 07/01/2033 4,927,245 ------------------------------------------------------------------------------------------------------------------------ 17,500,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 18,433,100 ------------------------------------------------------------------------------------------------------------------------ 5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,877,571 ------------------------------------------------------------------------------------------------------------------------ 50,000 Puerto Rico Electric Power Authority 5.250 07/01/2029 54,299 ------------------------------------------------------------------------------------------------------------------------ 25,000 Puerto Rico Electric Power Authority, Series II 5.125 07/01/2026 27,031 ------------------------------------------------------------------------------------------------------------------------ 30,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 31,849 ------------------------------------------------------------------------------------------------------------------------ 750,000 Puerto Rico HBFA 6.250 04/01/2029 768,473 ------------------------------------------------------------------------------------------------------------------------ 95,000 Puerto Rico HFC 5.100 12/01/2018 98,098 ------------------------------------------------------------------------------------------------------------------------ 1,985,000 Puerto Rico HFC 5.500 12/01/2023 2,092,865 ------------------------------------------------------------------------------------------------------------------------ 90,000 Puerto Rico HFC 7.500 10/01/2015 90,165 ------------------------------------------------------------------------------------------------------------------------ 2,440,000 Puerto Rico HFC 7.500 04/01/2022 2,464,912 ------------------------------------------------------------------------------------------------------------------------ 1,300,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 1,363,765
43 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ U.S. POSSESSIONS Continued $ 50,440,000 Puerto Rico Highway & Transportation Authority, Series D 5.250% 07/01/2038 $ 53,719,104 ------------------------------------------------------------------------------------------------------------------------ 4,000,000 Puerto Rico Highway & Transportation Authority, Series D 5.375 07/01/2036 4,303,440 ------------------------------------------------------------------------------------------------------------------------ 6,175,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 6,473,561 ------------------------------------------------------------------------------------------------------------------------ 63,500,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 66,504,820 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2039 1,328,713 ------------------------------------------------------------------------------------------------------------------------ 5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 5,284,200 ------------------------------------------------------------------------------------------------------------------------ 122,300,000 Puerto Rico Infrastructure 5.000 07/01/2041 129,271,100 ------------------------------------------------------------------------------------------------------------------------ 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,123,049 ------------------------------------------------------------------------------------------------------------------------ 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,682,021 ------------------------------------------------------------------------------------------------------------------------ 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,942,453 ------------------------------------------------------------------------------------------------------------------------ 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,779,531 ------------------------------------------------------------------------------------------------------------------------ 42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 46,127,384 ------------------------------------------------------------------------------------------------------------------------ 3,160,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,941,960 ------------------------------------------------------------------------------------------------------------------------ 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 878,531 ------------------------------------------------------------------------------------------------------------------------ 8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,744,346 ------------------------------------------------------------------------------------------------------------------------ 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 12,295,940 ------------------------------------------------------------------------------------------------------------------------ 615,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 618,180 ------------------------------------------------------------------------------------------------------------------------ 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,452,744 ------------------------------------------------------------------------------------------------------------------------ 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,257,298 ------------------------------------------------------------------------------------------------------------------------ 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 4,995,200 ------------------------------------------------------------------------------------------------------------------------ 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 519,020 ------------------------------------------------------------------------------------------------------------------------ 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,226,240 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 793,850 ------------------------------------------------------------------------------------------------------------------------ 12,470,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 10,114,292 ------------------------------------------------------------------------------------------------------------------------ 52,715,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 55,505,732 ------------------------------------------------------------------------------------------------------------------------ 57,835,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 62,303,332 ------------------------------------------------------------------------------------------------------------------------ 325,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 364,163 ------------------------------------------------------------------------------------------------------------------------ 120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 128,704 ------------------------------------------------------------------------------------------------------------------------ 76,800,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 86,542,080 ------------------------------------------------------------------------------------------------------------------------ 46,060,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 49,692,292 ------------------------------------------------------------------------------------------------------------------------ 112,707 Puerto Rico San Sebastian Garage Lease 2,5,6 10.000 09/16/2005 110,485 ------------------------------------------------------------------------------------------------------------------------ 9,230,000 University of V.I., Series A 5.375 06/01/2034 9,881,453 ------------------------------------------------------------------------------------------------------------------------ 2,040,000 University of V.I., Series A 6.250 12/01/2029 2,246,611 ------------------------------------------------------------------------------------------------------------------------ 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,430,800 ------------------------------------------------------------------------------------------------------------------------ 25,000 V.I. Hsg. Finance Authority, Series A 6.450 03/01/2016 25,473
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 ------------------------------------------------------------------------------------------------------------------------ U.S. POSSESSIONS Continued $ 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000% 10/01/2031 $ 19,630,122 ------------------------------------------------------------------------------------------------------------------------ 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2033 582,978 ------------------------------------------------------------------------------------------------------------------------ 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 31,744,301 ------------------------------------------------------------------------------------------------------------------------ 8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,862,400 ------------------------------------------------------------------------------------------------------------------------ 11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 12,762,477 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 1,079,350 ------------------------------------------------------------------------------------------------------------------------ 750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 808,320 ------------------------------------------------------------------------------------------------------------------------ 1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,049,210 ------------------------------------------------------------------------------------------------------------------------ 16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,962,714 ------------------------------------------------------------------------------------------------------------------------ 7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,866,900 ------------------------------------------------------------------------------------------------------------------------ 50,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 52,711 ------------------------------------------------------------------------------------------------------------------------ 3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,932,414 ------------------------------------------------------------------------------------------------------------------------ 1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,619,825 ------------------------------------------------------------------------------------------------------------------------ 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,576,864 ------------------------------------------------------------------------------------------------------------------------ 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,583,175 --------------- 897,696,135 ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $6,751,355,704)--101.5% 7,130,917,297 ------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(1.5) (104,664,786) --------------- NET ASSETS--100.0% $7,026,252,511 ===============
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Represents a zero coupon bond. 2. Illiquid security. The aggregate value of illiquid securities as of June 30, 2005 was $716,479,077, which represents 10.20% of the Fund's net assets. See Note 5 of Notes to Financial Statements. 3. Represents the current interest rate for a variable rate bond known as an "inverse floater." See Note 1 of Notes to Financial Statements. 4. When-issued security or forward commitment to be delivered and settled after June 30, 2005. See Note 1 of Notes to Financial Statements. 5. Non-income producing security. 6. Issue is in default. See Note 1 of Notes to Financial Statements. 7. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 8. Represents the current interest rate for a variable or increasing rate security. 45 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PORTFOLIO ABBREVIATIONS June 30, 2005 -------------------------------------------------------------------------------- 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 CAB Capital Appreciation Board CCSSVD Central Council of the Society of St. Vincent dePaul CFGA Child and Family Guidance Association CHSLI Catholic Health Services of Long Island CNGCS Central Nassau Guidance and Counseling Services COP Certificates of Participation CSD Central School District CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DIAMONDS Direct Investment of Accrued Municipals DRIVERS Derivative Inverse Tax Exempt Receipts EDA Economic Development Authority EFC Environmental Facilities Corp. ERDA Energy Research and Development Authority FHA Federal Housing Agency FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation GSHMC Good Samaritan Hospital Medical Center HBFA Housing Bank and Finance Agency HDC Housing Development Corp. HELP Homeless Economic Loan Program HFA Housing Finance Agency/Authority HFC Housing Finance Corp. HH Harmony Heights, Inc. HHS Harmony Heights School HJDOI Hospital for Joint Diseases Orthopedic Institute IDA Industrial Development Agency IGHL Independent Group Home for Living ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities JCC Jewish Community Center JDAM Julia Dyckman Andrus Memorial JFK John Fitzgerald Kennedy L.I. Long Island LGSC Local Government Services Corporation LILCO Long Island Lighting Corporation LRRHCF Loretto Rest Residential Health Care Facility LVH Little Village House MCH Maryhaven Center of Hope MMC Mercy Medical Center 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 NYU New York University OBPWC Ocean Bay Park Water Corporation PSCH Professional Service for the Handicapped, Inc. Res Rec Resource Recovery Facility RG&E Rochester Gas and Electric RIBS Residual Interest Bonds RITES Residual Interest Tax Exempt Security SCCC Sullivan County Community College SCHRC St. Charles Hospital and Rehabilitation Center SCSB Schuyler Community Services Board SCSMC St. Catherine of Sienna Medical Center SFH St. Francis Hospital 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 SV Sienna Village TASC Tobacco Settlement Asset-Backed Bonds TFABs Tobacco Flexible Amortization Bonds UBF University of Buffalo Foundation UCP/HCA United Cerebral Palsy and Handicapped Children's Association UCPAGS United Cerebral Palsy Association of Greater Suffolk UDC Urban Development Corp. V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults WWH Wyandach/Wheatley Heights YMCA Young Men's Christian Association 46 | ROCHESTER FUND MUNICIPALS -------------------------------------------------------------------------------- INDUSTRY CONCENTRATIONS June 30, 2005 -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: INDUSTRY MARKET VALUE PERCENT -------------------------------------------------------------------------------- Tobacco Settlements $ 798,245,049 11.2% Hospital/Health Care 782,844,835 11.0 Electric Utilities 593,927,167 8.3 Highways/Railways 585,991,294 8.2 Airlines 569,768,260 8.0 General Obligation 432,655,683 6.1 Water Utilities 417,427,147 5.9 Adult Living Facilities 374,934,190 5.3 Higher Education 290,813,659 4.1 Multifamily Housing 290,294,594 4.1 Not-for-Profit Organization 277,462,902 3.9 Marine/Aviation Facilities 273,701,599 3.5 Municipal Leases 232,519,608 3.3 Sales Tax Revenue 212,175,270 3.0 Paper, Containers & Packaging 196,929,287 2.8 Special Tax 134,555,300 1.9 Resource Recovery 125,975,583 1.8 Education 122,529,466 1.7 Single Family Housing 97,195,770 1.4 Manufacturing, Durable Goods 88,269,983 1.2 Manufacturing, Non-Durable Goods 75,462,465 1.1 Pollution Control 55,427,386 0.8 Special Assessment 40,797,276 0.6 Gas Utilities 31,398,850 0.4 Parking Fee Revenue 28,413,882 0.4 Hotels, Restaurants & Leisure 1,200,792 0.0 -------------------------- Total $7,130,917,297 100.0% ========================== 47 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- SUMMARY OF RATINGS June 30, 2005 -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: RATINGS PERCENT -------------------------------------------------------------------------------- AAA 10.7% AA 16.9 A 16.9 BBB 33.2 BB 4.1 B 0.2 CCC 6.6 Not Rated 11.4 ------ 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. 48 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Unaudited --------------------------------------------------------------------------------
June 30, 2005 ----------------------------------------------------------------------------------------------------------- ASSETS ----------------------------------------------------------------------------------------------------------- Investments, at value (cost $6,751,355,704)--see accompanying statement of investments $ 7,130,917,297 ----------------------------------------------------------------------------------------------------------- Cash 1,893,365 ----------------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 114,041,232 Investments sold (including $62,958,187 sold on a when-issued basis or forward commitment) 102,255,064 Shares of beneficial interest sold 27,464,564 Other 93,166 ---------------- Total assets 7,376,664,688 ----------------------------------------------------------------------------------------------------------- LIABILITIES ----------------------------------------------------------------------------------------------------------- Payables and other liabilities: Payable to conduit lender (See Note 6) 182,600,000 Investments purchased (including $111,689,846 purchased on a when-issued basis or forward commitment) 148,683,302 Dividends 7,462,538 Shares of beneficial interest redeemed 7,059,999 Distribution and service plan fees 2,875,691 Trustees' compensation 990,161 Transfer and shareholder servicing agent fees 210,116 Interest expense 173,389 Shareholder communications 124,331 Other 232,650 ---------------- Total liabilities 350,412,177 ----------------------------------------------------------------------------------------------------------- NET ASSETS $ 7,026,252,511 ================ ----------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ----------------------------------------------------------------------------------------------------------- Paid-in capital $ 6,852,219,171 ----------------------------------------------------------------------------------------------------------- Accumulated net investment loss (9,124,262) ----------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments (196,403,990) ----------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments 379,561,592 ---------------- NET ASSETS $ 7,026,252,511 ================
49 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued -------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE ---------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $5,389,488,382 and 293,026,967 shares of beneficial interest outstanding) $18.39 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $19.31 ---------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,023,505,653 and 55,695,047 shares of beneficial interest outstanding) $18.38 ---------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $603,281,670 and 32,842,506 shares of beneficial interest outstanding) $18.37 ---------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $9,976,806 and 542,538 shares of beneficial interest outstanding) $18.39
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS Unaudited -------------------------------------------------------------------------------- For the Six Months Ended June 30, 2005 -------------------------------------------------------------------------------- INVESTMENT INCOME -------------------------------------------------------------------------------- Interest $ 206,455,332 -------------------------------------------------------------------------------- EXPENSES -------------------------------------------------------------------------------- Management fees 15,083,025 -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 3,652,987 Class B 5,136,119 Class C 2,680,155 -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 796,871 Class B 243,308 Class C 117,955 Class Y 9 -------------------------------------------------------------------------------- Shareholder communications: Class A 71,881 Class B 22,001 Class C 8,357 -------------------------------------------------------------------------------- Accounting service fees 979,068 -------------------------------------------------------------------------------- Interest expense 719,290 -------------------------------------------------------------------------------- Custodian fees and expenses 156,702 -------------------------------------------------------------------------------- Trustees' compensation 130,856 -------------------------------------------------------------------------------- Other 469,026 -------------- Total expenses 30,267,610 Less reduction to custodian expenses (26,996) -------------- Net expenses 30,240,614 -------------------------------------------------------------------------------- NET INVESTMENT INCOME 176,214,718 -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN -------------------------------------------------------------------------------- Net realized gain on investments 11,653,447 -------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 234,658,796 -------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 422,526,961 ============== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 51 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2005 DECEMBER 31, (UNAUDITED) 2004 --------------------------------------------------------------------------------------------------------- OPERATIONS --------------------------------------------------------------------------------------------------------- Net investment income $ 176,214,718 $ 350,857,637 --------------------------------------------------------------------------------------------------------- Net realized gain (loss) 11,653,447 (38,366,025) --------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 234,658,796 94,781,929 ----------------------------------- Net increase in net assets resulting from operations 422,526,961 407,273,541 --------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS --------------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (149,826,728) (272,651,228) Class B (26,826,873) (60,767,414) Class C (13,929,481) (24,573,155) Class Y (265,988) (542,368) --------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS --------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 514,437,080 431,796,391 Class B (85,728,679) (164,466,975) Class C 86,311,270 51,246,009 Class Y 1,553,385 (1,008,130) --------------------------------------------------------------------------------------------------------- NET ASSETS --------------------------------------------------------------------------------------------------------- Total increase 748,250,947 366,306,671 --------------------------------------------------------------------------------------------------------- Beginning of period 6,278,001,564 5,911,694,893 ----------------------------------- End of period (including accumulated net investment income (loss) of $(9,124,262) and $5,510,090, respectively) $7,026,252,511 $6,278,001,564 ===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2005 DEC. 31, CLASS A (UNAUDITED) 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $17.76 $17.62 $17.38 $17.52 $17.67 $16.78 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .50 1 1.07 1 1.11 1.08 1.06 1.04 Net realized and unrealized gain (loss) .65 .16 .23 (.15) (.17) .89 ---------------------------------------------------------------------------------- Total from investment operations 1.15 1.23 1.34 .93 .89 1.93 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.52) (1.09) (1.10) (1.07) (1.04) (1.04) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $18.39 $17.76 $17.62 $17.38 $17.52 $17.67 ================================================================================== ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 6.70% 7.25% 8.12% 5.46% 5.14% 11.93% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $5,389 $4,699 $4,228 $4,299 $4,073 $3,536 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $4,989 $4,387 $4,100 $4,292 $3,893 $3,341 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 5.61% 6.09% 6.49% 6.18% 5.97% 6.07% Total expenses 0.72% 0.72% 0.71% 0.72% 0.72% 0.78% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 N/A 4,5 0.71% 4,6 0.70% 4,6 0.74% 4,6 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 6% 14% 18% 29% 11% 26%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. 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. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. 6. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2005 DEC. 31, CLASS B (UNAUDITED) 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $17.75 $17.60 $17.36 $17.51 $17.66 $16.77 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .43 1 .91 1 .96 .93 .91 .89 Net realized and unrealized gain (loss) .65 .18 .23 (.16) (.17) .90 ---------------------------------------------------------------------------------- Total from investment operations 1.08 1.09 1.19 .77 .74 1.79 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.45) (.94) (.95) (.92) (.89) (.90) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $18.38 $17.75 $17.60 $17.36 $17.51 $17.66 ================================================================================== ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 6.25% 6.40% 7.19% 4.50% 4.25% 10.98% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $1,024 $1,073 $1,231 $1,342 $1,157 $ 803 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $1,036 $1,130 $1,259 $1,275 $ 997 $ 711 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 4.76% 5.23% 5.62% 5.32% 5.10% 5.19% Total expenses 1.59% 1.59% 1.58% 1.58% 1.58% 1.65% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 N/A 4,5 1.57% 4,6 1.56% 4,6 1.60% 4,6 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 6% 14% 18% 29% 11% 26%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. 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. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. 6. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 54 | ROCHESTER FUND MUNICIPALS
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2005 DEC. 31, CLASS C (UNAUDITED) 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $17.74 $17.59 $17.36 $17.50 $17.66 $16.76 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .42 1 .91 1 .96 .93 .91 .89 Net realized and unrealized gain (loss) .66 .18 .22 (.15) (.18) .91 ---------------------------------------------------------------------------------- Total from investment operations 1.08 1.09 1.18 .78 .73 1.80 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.45) (.94) (.95) (.92) (.89) (.90) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $18.37 $17.74 $17.59 $17.36 $17.50 $17.66 ================================================================================== ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 6.26% 6.40% 7.14% 4.57% 4.19% 11.06% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $ 603 $ 498 $ 443 $ 471 $ 429 $ 259 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $ 542 $ 459 $ 436 $ 460 $ 356 $ 225 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 4.74% 5.22% 5.62% 5.32% 5.09% 5.20% Total expenses 1.58% 1.59% 1.58% 1.58% 1.57% 1.63% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 N/A 4,5 1.57% 4,6 1.55% 4,6 1.59% 4,6 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 6% 14% 18% 29% 11% 26%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. 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. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. 6. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2005 DEC. 31, CLASS Y (UNAUDITED) 2004 2003 2002 2001 2000 1 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $17.76 $17.61 $17.38 $17.52 $17.67 $16.88 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .52 2 1.10 2 1.14 1.10 1.08 .70 Net realized and unrealized gain (loss) .65 .17 .21 (.15) (.17) .78 ---------------------------------------------------------------------------------- Total from investment operations 1.17 1.27 1.35 .95 .91 1.48 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.54) (1.12) (1.12) (1.09) (1.06) (.69) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $18.39 $17.76 $17.61 $17.38 $17.52 $17.67 ================================================================================== ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 6.80% 7.50% 8.16% 5.57% 5.25% 8.97% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $ 10 $ 8 $ 9 $ 12 $ 12 $ 11 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $ 9 $ 8 $ 11 $ 12 $ 12 $ 10 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment income 5.79% 6.27% 6.79% 6.30% 6.08% 6.07% Total expenses 0.54% 0.55% 0.61% 0.62% 0.62% 0.68% Expenses after payments and waivers and reduction to custodian expenses N/A 5 N/A 5 N/A 5 0.61% 5,6 0.60% 5,6 0.64% 5,6 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 6% 14% 18% 29% 11% 26%
1. For the period from April 28, 2000 (inception of offering) to December 31, 2000. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. 6. Excludes interest expenses. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 56 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Rochester Fund Municipals (the Fund) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to seek to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders' capital. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. 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 due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class 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. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. 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. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and 57 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. 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 BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days 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 internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of June 30, 2005, the Fund had purchased $111,689,846 of securities issued on a when-issued basis or forward commitment and sold $62,958,187 of securities issued on a when-issued basis or forward commitment. -------------------------------------------------------------------------------- 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 will invest no more than 20% of its total assets in inverse floaters. Inverse floaters amount to $641,270,476 as of June 30, 2005. Including the effect of leverage, inverse floaters represent 16.32% of the Fund's total assets as of June 30, 2005. -------------------------------------------------------------------------------- SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2005, securities with an aggregate market value of $4,205,670, representing 0.06% of the Fund's net assets, were in default. 58 | ROCHESTER FUND MUNICIPALS 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. 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. As of June 30, 2005, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $187,447,738. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. As of June 30, 2005, it is estimated that the Fund will utilize $11,653,447 of capital loss carryforward to offset realized capital gains. During the year ended December 31, 2004, the Fund did not utilize any capital loss carryforward. As of December 31, 2004, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: EXPIRING -------------------------- 2005 $ 5,760,047 2006 4,332,921 2007 41,458,446 2008 48,591,026 2011 68,625,845 2012 30,332,900 ------------ Total $199,101,185 ============ -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended June 30, 2005, the Fund's 59 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued projected benefit obligations were increased by $1,989 and payments of $15,897 were made to retired trustees, resulting in an accumulated liability of $816,169 as of June 30, 2005. 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 there under. Upon retirement, eligible trustees receive annual payments based upon their years of service. In connection with the sale of certain assets of Rochester Capital Advisors, L.P. (the Fund's former investment advisor) to the Manager, all but one of the existing independent trustees retired effective January 4, 1996. During the six months ended June 30, 2005, payments of $27,000 were made to retired trustees. As of June 30, 2005, the Fund had recognized an accumulated liability of $91,125. 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. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. 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. -------------------------------------------------------------------------------- CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts at a rate equal to the Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. 60 | ROCHESTER FUND MUNICIPALS -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED JUNE 30, 2005 YEAR ENDED DECEMBER 31, 2004 SHARES AMOUNT SHARES AMOUNT ---------------------------------------------------------------------------------------------------- CLASS A Sold 37,138,023 $ 669,867,265 46,521,892 $ 815,106,857 Dividends and/or distributions reinvested 4,573,911 82,381,344 8,491,183 148,621,535 Redeemed (13,209,033) (237,811,529) (30,527,851) (531,932,001) ---------------------------------------------------------------------- Net increase 28,502,901 $ 514,437,080 24,485,224 $ 431,796,391 ====================================================================== ---------------------------------------------------------------------------------------------------- CLASS B Sold 2,934,856 $ 52,856,254 5,986,622 $ 104,928,366 Dividends and/or distributions reinvested 855,445 15,386,196 1,972,158 34,491,896 Redeemed (8,571,959) (153,971,129) (17,438,391) (303,887,237) ---------------------------------------------------------------------- Net decrease (4,781,658) $ (85,728,679) (9,479,611) $(164,466,975) ====================================================================== ---------------------------------------------------------------------------------------------------- CLASS C Sold 6,046,574 $ 108,984,002 6,761,505 $ 118,507,396 Dividends and/or distributions reinvested 474,865 8,542,955 805,567 14,083,421 Redeemed (1,735,125) (31,215,687) (4,677,791) (81,344,808) ---------------------------------------------------------------------- Net increase 4,786,314 $ 86,311,270 2,889,281 $ 51,246,009 ====================================================================== ---------------------------------------------------------------------------------------------------- CLASS Y Sold 86,364 $ 1,570,211 -- $ -- Dividends and/or distributions reinvested 224 4,074 -- -- Redeemed (1,147) (20,900) (58,749) (1,008,130) ---------------------------------------------------------------------- Net increase (decrease) 85,441 $ 1,553,385 (58,749) $ (1,008,130) ======================================================================
61 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 30, 2005, were $947,237,964 and $380,371,948, respectively. -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 0.54% of the first $100 million of average daily net assets, 0.52% on the next $150 million, 0.47% on the next $1.75 billion, 0.46% on the next $3 billion, 0.45% on the next $3 billion and 0.44% of average daily net assets over $8 billion. -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. -------------------------------------------------------------------------------- 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 six months ended June 30, 2005, the Fund paid $979,068 to the Manager for accounting 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 six months ended June 30, 2005, the Fund paid $1,164,898 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 per annum 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. -------------------------------------------------------------------------------- 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 0.15% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions quarterly for providing personal services and maintenance of accounts of their customers that 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. 62 | ROCHESTER FUND MUNICIPALS -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has adopted Distribution and Service Plans for Class B and Class C shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B and Class C shares. The Distributor also receives a service fee of up to 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 June 30, 2005 for Class B and Class C shares were $37,939,754 and $12,366,026, 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 DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR ------------------------------------------------------------------------------------------- June 30, 2005 $1,548,534 $32,718 $737,377 $86,088
-------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time. -------------------------------------------------------------------------------- 5. ILLIQUID SECURITIES As of June 30, 2005, 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 will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. 63 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 6. BANK BORROWINGS The Fund can borrow money from banks in amounts up to 5% of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings to purchase portfolio securities, to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. Until terminated on January 21, 2005, the Fund had entered into an agreement which enabled it to participate with certain other Oppenheimer funds in a committed, unsecured line of credit with a bank, which permitted borrowings up to $540 million, collectively. Interest was charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.75%. The Fund also paid 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. Effective January 21, 2005, the Fund entered into a Revolving Credit and Security Agreement with a conduit lender and a bank which enables it to participate with a certain other Oppenheimer fund in a committed, unsecured borrowing facility that permits borrowings of up to $300 million, collectively. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (3.2109% as of June 30, 2005). The Fund pays additional fees of 0.30% per annum to the lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of a 0.13% per annum commitment fee for a liquidity backstop facility with respect to the $300 million facility size. For the six months ended June 30, 2005, the average daily loan balance was $50,499,448 at an average daily interest rate of 2.79%. The Fund had borrowings outstanding of $182,600,000 at June 30, 2005 at an interest rate of 3.2109%. The Fund had gross borrowings and gross loan repayments of $547,700,000 and $470,000,000, respectively, during the six months ended June 30, 2005. The maximum amount of borrowings outstanding at any month-end during the six months ended June 30, 2005 was $182,600,000. The Fund paid $204,733 in fees and $705,649 in interest during the six months ended June 30, 2005. -------------------------------------------------------------------------------- 7. LITIGATION A consolidated amended complaint has been filed as putative derivative and class actions against the Manager, OFS and the Distributor, as well as 51 of the Oppenheimer funds (as "Nominal Defendants") including the Fund, 30 present and former Directors or Trustees and 8 present and former officers of the funds. This complaint, initially filed in the U.S. District Court for the Southern District of New York on January 10, 2005, and amended on March 4, 2005, consolidates into a single action and amends six individual previously filed putative derivative and class action complaints. Like those prior complaints, the complaint alleges that the Manager charged excessive fees for distribution and other costs, improperly used assets of the funds in the form of directed brokerage commissions and 12b-1 fees to pay brokers to promote sales of the funds, and failed to properly 64 | ROCHESTER FUND MUNICIPALS disclose the use of assets of the funds to make those payments in violation of the Investment Company Act of 1940 and the Investment Advisers Act of 1940. Also, like those prior complaints, the complaint further alleges that by permitting and/or participating in those actions, the Directors/Trustees and the Officers breached their fiduciary duties to shareholders of the funds under the Investment Company Act of 1940 and at common law. The complaint seeks unspecified compensatory and punitive damages, rescission of the funds' investment advisory agreements, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. The defendants believe that the allegations contained in the Complaints are without merit and that they have meritorious defenses against the claims asserted. The defendants intend to defend these lawsuits vigorously and to contest any claimed liability. The defendants believe that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them and that no estimate can yet be made with any degree of certainty as to the amount or range of any potential loss. 65 | ROCHESTER FUND MUNICIPALS PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS 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 1.800.525.7048, (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 is required to file 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 Fund's voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in Form N-PX filing on the SEC's website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 66 | ROCHESTER FUND MUNICIPALS BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Each year, the Board of Trustees (the "Board"), including a majority of the independent Trustees, is required to determine whether to renew the Fund's advisory agreement. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for this purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. NATURE AND EXTENT OF SERVICES. In considering the renewal of the Fund's advisory agreement for the current year, the Board evaluated the nature and extent of the services provided by the Manager and its affiliates. The Manager provides the Fund with office space, facilities and equipment; administrative, accounting, clerical, legal and compliance personnel; securities trading services; oversight of third party service providers and the services of the portfolio managers and the Manager's investment team, who provide research, analysis and other advisory services in regard to the Fund's investments. QUALITY OF SERVICES. The Board also considered the quality of the services provided and the quality of the Manager's resources that are available to the Fund. The Board noted that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager's administrative, accounting, legal and compliance services and information the Board received regarding the experience and professional qualifications of the Manager's personnel and the size and functions of its staff. The Board members also considered their experiences as directors or trustees of the Fund and other funds advised by the Manager. The Board received and reviewed information regarding the quality of services provided by affiliates of the Manager, which it also reviews at other times during the year in connection with the renewal of the Fund's service agreements. The Board was aware that there are alternatives to retaining the Manager. PORTFOLIO MANAGEMENT SERVICES AND PERFORMANCE. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Ronald H. Fielding, Daniel G. Loughran, Scott Cottier and Troy Willis and the Manager's Rochester investment team and analysts. Mr. Fielding has been a Portfolio Manager and Vice President of the Fund, a Senior Vice President of the Manager and Chairman of the Rochester Division of the Manager since January 1996. Mr. Fielding is the team leader for the Fund and has had over 27 years of experience managing municipal bond/tax exempt/fixed income investments. Mr. Loughran has been a Senior Portfolio Manager 67 | ROCHESTER FUND MUNICIPALS BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued -------------------------------------------------------------------------------- of the Fund and a Vice President of the Manager since April 2001. Mr. Cottier has been a Portfolio Manager of the Fund and a Vice President of the Manager since 2002. Messrs. Loughran and Cottier have each had over 10 years of experience managing municipal bond/tax exempt/fixed income investments. Messrs. Fielding, Loughran and Cottier are also portfolio managers of other funds in the OppenheimerFunds complex. Mr. Willis has been an Associate Portfolio Manager of both the Fund and the Manager since 2003. He is an associate portfolio manager of other funds in the OppenheimerFunds complex. The Board reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund's historical performance to relevant market indices and to the performance of other New York municipal debt funds (including both funds advised by the Manager and funds advised by other investment advisers). The Board also receives and reviews comparative performance information regarding the Fund and other funds at each Board meeting. The Board considered that the Fund's one-year, three-year, five-year and ten-year performance were all better than its peer group average. MANAGEMENT FEES AND EXPENSES. The Board also reviewed information, including comparative information, regarding the fees paid to the Manager and its affiliates and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, other New York municipal debt funds and other funds with comparable assets levels and distribution features. The Board considered that the Fund's contractual management fees are higher than its peer group average. However the Fund's actual management fees and its total expenses are lower than its peer group average. In addition, the Board evaluated the comparability of the fees charged and the services provided to the Fund to the fees charged and services provided to other types of entities advised by the Manager. PROFITABILITY OF THE MANAGER AND AFFILIATES. The Board also reviewed information regarding the cost of services provided by the Manager and its affiliates and the Manager's profitability. The Board considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders. In addition the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager's affiliates. ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may realize economies of scale in managing and supporting the Fund and the current level of Fund assets in relation to the Fund's breakpoint schedule for its management fees. The 68 | ROCHESTER FUND MUNICIPALS Board considered that the Fund has recently experienced modest asset growth and that, based on current asset levels, the Fund has passed its last management fee breakpoint. Based on this evaluation, the Board requested and the Manager agreed to a revised breakpoint schedule that declines as the Fund's assets grow. Under the revised breakpoint schedule, the Fund will pay 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, 0.46% on the next $3 billion, 0.45% on the next $3 billion and 0.44% of average daily net assets over $8 billion. For the calendar year ended December 31, 2004, the Fund paid the Manager according to the following schedule: 0.54% of the first $100 million of average daily net assets, 0.52% of the next $150 million, 0.47% on the next $1.75 billion, 0.46% on the next $3 billion and 0.45% of average daily net assets in excess of $5 billion. CONCLUSIONS. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and the independent Trustees. Fund counsel is independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules. Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, concluded that the nature, extent and quality of the services provided to the Fund by the Manager are a benefit to the Fund and in the best interest of the Fund's shareholders and that the amount and structure of the compensation received by the Manager and its affiliates, and the revised fee structure adopted by the Board and the Manager are reasonable in relation to the services provided. Accordingly, the Board elected to continue the investment advisory agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the factors together. The Board judged the terms and conditions of the advisory agreement, including the management fee, in light of all of the surrounding circumstances. 69 | ROCHESTER FUND MUNICIPALS ITEM 2. CODE OF ETHICS. Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to semiannual reports. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUNDS' AUDIT COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Funds' Audit Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of June 30, 2005 the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the 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. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Not applicable to semiannual reports. (2) Exhibits attached hereto. (3) Not applicable. (b) Not applicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Rochester Fund Municipals By: /s/John V. Murphy ----------------- John V. Murphy Principal Executive Officer Date: August 10, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/John V. Murphy ----------------- John V. Murphy Principal Executive Officer Date: August 10, 2005 By: /s/Brian W. Wixted ----------------- Brian W. Wixted Principal Financial Officer Date: August 10, 2005