-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GmaU+QRBTeZeU4WqnAlKpZrhbuxUFnilZP1vy/fhgmw4A/m88e4sQFrF9swLkAwJ kfqEfRbdWvB0sBX5oVHIzA== 0000935069-06-000686.txt : 20060303 0000935069-06-000686.hdr.sgml : 20060303 20060303155916 ACCESSION NUMBER: 0000935069-06-000686 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060303 DATE AS OF CHANGE: 20060303 EFFECTIVENESS DATE: 20060303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 06663959 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 0000093621 S000008503 ROCHESTER FUND MUNICIPALS C000023347 A C000023348 B C000023349 C C000023350 Y N-CSR 1 ra365_18663ncsr.txt RA365_18663NCSR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-3614 ROCHESTER FUND MUNICIPALS (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) ROBERT G. ZACK, ESQ. OPPENHEIMERFUNDS, INC. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: DECEMBER 31 Date of reporting period: DECEMBER 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN INDUSTRIES - -------------------------------------------------------------------------------- Tobacco Settlement Payments 12.0% - -------------------------------------------------------------------------------- Hospital/Health Care 10.4 - -------------------------------------------------------------------------------- Highways/Railways 9.0 - -------------------------------------------------------------------------------- Electric Utilities 8.8 - -------------------------------------------------------------------------------- Airlines 7.8 - -------------------------------------------------------------------------------- General Obligation 7.8 - -------------------------------------------------------------------------------- Adult Living Facilities 5.0 - -------------------------------------------------------------------------------- Marine/Aviation Facilities 4.9 - -------------------------------------------------------------------------------- Multifamily Housing 4.3 - -------------------------------------------------------------------------------- Water Utilities 4.2 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2005, and are based on the total market value of investments. - -------------------------------------------------------------------------------- CREDIT ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.] AAA 10.9% AA 17.4 A 15.4 BBB 31.8 BB 3.9 B 5.4 CCC 1.7 Not Rated 13.5 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2005, and are dollar-weighted based on the total market value of investments. Securities rated by any rating organization are included in the equivalent Standard & Poor's 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. - -------------------------------------------------------------------------------- 10 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED DECEMBER 31, 2005, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Fund's distributions and share-price appreciation have combined to produce superior performance during this report period. Yields generated by the Fund's holdings, representing a wide variety of credit qualities and industry sectors, generated approximately two-thirds of the Fund's total return for the period. The price of bonds issued by New York State and New York City strengthened during this period, due to improved financial performance resulting in credit upgrades for both the State and City by major credit rating agencies. Price appreciation in long-maturity bonds and in particular in the Fund's lower-rated and unrated holdings, and in its tobacco Master Settlement Agreement (MSA) bonds, accounted for the remainder of the period's total return. MSA bonds are backed by the issuing state's (or U.S. territory's) share of proceeds from a national litigation settlement with tobacco manufacturers. These bonds, representing 10.2% of the Fund's assets as of December 31, 2005 (12.0% including those that have been pre-refunded and backed by U.S. Treasury Securities), generated attractive yields and share price appreciation for shareholders during this reporting period. Across the municipal bond market, the difference between yields on low-rated, long-term municipal bonds and higher-rated bonds decreased as the prices of lower-rated municipal bonds rose more than those of high-grade bonds during this reporting period. However, these price movements resulted in the need for reductions in the Fund's monthly dividend during this report period. In July 2005, the monthly dividend for Class A shares was reduced from $0.087 to $0.080, and distributions for other share classes were adjusted accordingly. This reduction is not related to the Fund's net asset value, which has reflected an overall increase in the combined value of Fund holdings. Importantly, this dividend reduction does not result from any material defaults of bonds in the Fund's portfolio. With generally higher prices of longer-term, lower-rated and non-rated municipal securities, many of the Fund's newest investments have been made at approximately market rates during this period. At the same time, the new issue market has offered fewer higher-yielding municipal bonds that possess what we consider to be a favorable balance of risk and reward for the Fund. Increasing prices in the Fund's lower-rated holdings relative to high-grade holdings, a condition sometimes known as "credit-spread tightening," has been a significant driver of the Fund's total return during this report period. The Fund's net asset value increased in this period, largely through price appreciation in bonds that we had selected for their yield and structural characteristics. With generally higher prices of longer-term, 11 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- lower-rated and non-rated municipal securities, the Fund began adopting a general strategy of investing a larger portion of its funds in higher-quality bonds during this period. We anticipate that new municipal bond issues have offered fewer higher-yielding municipal bonds that possess what we consider to be a favorable balance of risk and reward for the Fund. The Fund's holdings in airline sector bonds, which comprised 7.8% of the Fund's investments as of December 31, 2005, benefited from credit-spread tightening and growing passenger traffic during this report period. US Airways, an air carrier whose payments back some bonds owned by the Fund, emerged from bankruptcy reorganization during this report period. Throughout US Airways' reorganization, the Fund received all scheduled principal and income payments due. This event did not cause the Fund any credit loss or delay of scheduled cash payments. The value of holdings in bonds backed by American Airlines also strengthened considerably. At the end of this report period, approximately 5.57% of the Fund's assets were invested in municipal bonds backed by payments from American Airlines. During this report period, bonds backed by payments from American Airlines were issued to re-finance construction of an American Airlines terminal at John F. Kennedy International Airport. As a condition of the refinancing, American Airlines agreed to modify the terms of existing municipal bonds, including some bonds held in the Fund's portfolio, to enhance security features. This agreement generally strengthened the security features of these bonds, and their prices rose. We believe that future prospects for the airline industry continue to improve, with traffic trends on the rise. The Fund's holdings in bonds issued by the Commonwealth of Puerto Rico have not performed strongly during this report period, mainly as the result of credit downgrades. These bonds were issued to finance infrastructure projects in Puerto Rico, but had been downgraded due to widespread government overspending and ongoing budgetary deficits. On November 21, 2005, members of the Puerto Rico Senate and House of Representatives joined the Commonwealth's Governor in signing a joint resolution establishing new initiatives to restore discipline in government finance operations. We anticipate that this measure will help to strengthen Puerto Rico's government financial structure, which would benefit municipal bonds that the Fund continues to own. As of December 31, 2005, tobacco bonds backed by the national Master Settlement Agreement ("MSA") accounted for 10.2% of investments (12.0% including those that have been pre-refunded and backed by U.S. Treasury Securities). MSA bond prices have increased significantly during this report period. Westchester County, New York pre-refunded its MSA-backed bonds in June, and other municipalities also announced plans to 12 | ROCHESTER FUND MUNICIPALS pre-refund many of their MSA-backed bonds. In a pre-refunding, a new bond issue generates proceeds that are earmarked to pay off another previously-issued--but not yet callable--bond. When a municipal bond is pre-refunded, its price generally rises significantly. The market reacted favorably to the issuance of new MSA bonds. Prices of MSA-backed tobacco bonds rose as speculation of additional new issuance to refund outstanding, higher coupon MSA-backed bonds increased. During this report period, the Fund sold some pre-refunded MSA bonds at a gain over their purchase price. However, the Fund took strategic advantage of large tax loss carry-forwards, and no capital gain was distributed to shareholders during this period. Positive news on tobacco litigation has also contributed to the large price rally in MSA-backed bonds. One significant event during this period was the ruling of a federal appeals court in Washington, D.C. that the U.S. government could not seek disgorgement of $280 billion in past profits from the tobacco industry under the Racketeer Influenced Corrupt Organizations Act ("RICO"). On February 4, 2005, in a 2-1 decision, the United States Court of Appeals for the District of Columbia held that, because the applicable RICO statute limits remedies to those that prevent and restrain future acts, disgorgement based on past profits is not a remedy available to the government. Investors viewed dismissal of this claim positively and MSA bond prices rose. On April 20, 2005, the United States Court of Appeals for the District of Columbia denied the Department of Justice's request to reconsider the February decision. However, on July 18, 2005, the Government filed its petition for certiorari seeking further review on this issue by the United States Supreme Court. During final arguments in this case in June 2005, the U.S. government reduced its demand for damages from the tobacco industry to $14 billion--a huge reduction from the original claim for $280 billion. It is not clear when the trial judge will make a final decision. However, developments during this report period have been positive for the tobacco industry and, by extension, for MSA bonds. Futhermore, the recent resolution of Illinois' Price/Miles case offered additional positive news for MSA bonds. On December 15, 2005, the Illinois Supreme Court reversed a $10.1 billion judgment against Philip Morris that had been awarded by a lower court in 2003. When it was issued, the lower court decision resulted in some volatility for MSA bond prices. Since that time, however, the price of those bonds has risen significantly. As a result, MSA bonds have generated very strong yields while contributing to appreciation in the Fund's NAV. Overall, developments during this report period have been positive for the tobacco industry and, by extension, for MSA bonds. 13 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- Our approach to municipal bond investing is flexible and responsive to market conditions; our strategies are intended to balance many different types of risk to reduce overall portfolio risk. We continue to comb the market for bonds that offer attractive yields, and to monitor developing market conditions. Notwithstanding recent dividend reductions, we believe that the Fund's shareholders will continue to benefit from highly competitive yields despite current market conditions. OppenheimerFunds offers two other New York State municipal bond funds that investors may use in combination with Rochester Fund Municipals. Limited Term New York Municipal Fund invests in shorter-term municipal bonds, at least 95% of which are investment-grade, with generally much lower price volatility than longer-term or lower credit quality funds. Investors subject to the federal Alternative Minimum Tax may consider Oppenheimer AMT-Free New York Municipals, which offers investors tax-free income that is not includable in the federal Alternative Minimum Tax computation. Your financial advisor can help to identify whether there is an advantage to investing in Rochester Fund Municipals in conjunction with another Oppenheimer municipal bond fund. COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until December 31, 2005. In the case of Class A shares, performance is measured over a ten-fiscal-year period. In the case of Class B and Class C shares, performance is measured from inception of the Class on March 17, 1997. In the case of Class Y shares, performance is measured from inception of the Class on April 28, 2000. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to that of the Lehman Brothers Municipal Bond Index, the Lipper New York Municipal Debt Funds Index and the Consumer Price Index. The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market. The Lipper New York Municipal Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper New York Municipal Debt Funds classification that invest their assets in securities exempt from taxation in New York or a city in New York. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. The Consumer Price Index is a 14 | ROCHESTER FUND MUNICIPALS non-securities index that measures changes in the inflation rate. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the indices. 15 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class A) Lipper New York Municipal Debt Funds Index Lehman Brothers Municipal Bond Index Consumer Price Index [THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals Consumer Price Municipal Municipal Debt (Class A) Index Bond Index Fund Index 12/31/1995 9,525 10,000 10,000 10,000 03/31/1996 9,387 10,143 9,880 9,785 06/30/1996 9,476 10,208 9,955 9,847 09/30/1996 9,742 10,280 10,183 10,079 12/31/1996 10,036 10,332 10,443 10,310 03/31/1997 10,052 10,423 10,418 10,267 06/30/1997 10,409 10,443 10,777 10,618 09/30/1997 10,752 10,502 11,102 10,943 12/31/1997 11,060 10,508 11,403 11,255 03/31/1998 11,231 10,567 11,534 11,367 06/30/1998 11,416 10,619 11,710 11,531 09/30/1998 11,758 10,658 12,069 11,891 12/31/1998 11,781 10,678 12,142 11,907 03/31/1999 11,883 10,749 12,249 11,971 06/30/1999 11,678 10,827 12,033 11,699 09/30/1999 11,414 10,938 11,985 11,514 12/31/1999 11,132 10,964 11,892 11,317 03/31/2000 11,525 11,153 12,239 11,668 06/30/2000 11,664 11,231 12,425 11,821 09/30/2000 11,973 11,316 12,725 12,098 12/31/2000 12,460 11,336 13,281 12,693 03/31/2001 12,734 11,479 13,576 12,942 06/30/2001 12,894 11,596 13,665 13,035 09/30/2001 13,193 11,616 14,048 13,325 12/31/2001 13,100 11,511 13,962 13,200 03/31/2002 13,234 11,648 14,094 13,347 06/30/2002 13,555 11,720 14,609 13,776 09/30/2002 13,928 11,792 15,303 14,448 12/31/2002 13,816 11,785 15,303 14,391 03/31/2003 13,580 12,000 15,487 14,493 06/30/2003 14,203 11,967 15,887 14,869 09/30/2003 14,394 12,065 15,899 14,873 12/31/2003 14,937 12,007 16,116 15,103 03/31/2004 15,307 12,208 16,395 15,293 06/30/2004 14,915 12,358 16,007 14,923 09/30/2004 15,595 12,371 16,630 15,469 12/31/2004 16,021 12,397 16,838 15,642 03/31/2005 16,286 12,593 16,832 15,629 06/30/2005 17,095 12,671 17,326 16,093 09/30/2005 17,191 12,951 17,304 16,067 12/31/2005 17,423 12,821 17,430 16,160
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 12/31/05 1-Year 3.60% 5-Year 5.90% 10-Year 5.71% 16 | ROCHESTER FUND MUNICIPALS CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class B) Lipper New York Municipal Debt Funds Index Lehman Brothers Municipal Bond Index Consumer Price Index [THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals Consumer Price Municipal Municipal Debt (Class B) Index Bond Index Fund Index 03/17/1997 10,000 10,000 10,000 10,000 03/31/1997 9,951 10,000 10,000 10,000 06/30/1997 10,282 10,019 10,345 10,342 09/30/1997 10,599 10,075 10,656 10,658 12/31/1997 10,874 10,081 10,945 10,963 03/31/1998 11,019 10,138 11,072 11,071 06/30/1998 11,176 10,188 11,240 11,231 09/30/1998 11,487 10,225 11,585 11,581 12/31/1998 11,484 10,244 11,655 11,597 03/31/1999 11,560 10,313 11,758 11,659 06/30/1999 11,341 10,388 11,550 11,395 09/30/1999 11,061 10,494 11,504 11,214 12/31/1999 10,764 10,519 11,415 11,022 03/31/2000 11,120 10,700 11,749 11,364 06/30/2000 11,230 10,775 11,926 11,513 09/30/2000 11,503 10,856 12,215 11,783 12/31/2000 11,946 10,875 12,749 12,362 03/31/2001 12,182 11,013 13,032 12,605 06/30/2001 12,309 11,125 13,116 12,696 09/30/2001 12,568 11,144 13,485 12,978 12/31/2001 12,453 11,044 13,402 12,856 03/31/2002 12,553 11,175 13,529 13,000 06/30/2002 12,831 11,244 14,024 13,417 09/30/2002 13,148 11,313 14,689 14,072 12/31/2002 13,013 11,306 14,689 14,016 03/31/2003 12,779 11,513 14,866 14,116 06/30/2003 13,365 11,481 15,250 14,482 09/30/2003 13,545 11,575 15,262 14,486 12/31/2003 14,056 11,519 15,470 14,710 03/31/2004 14,405 11,713 15,738 14,895 06/30/2004 14,036 11,856 15,365 14,535 09/30/2004 14,675 11,869 15,964 15,067 12/31/2004 15,076 11,894 16,163 15,235 03/31/2005 15,325 12,081 16,157 15,223 06/30/2005 16,087 12,156 16,631 15,674 09/30/2005 16,177 12,425 16,610 15,649 12/31/2005 16,398 12,300 16,731 15,740
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 12/31/05 1-Year 2.77% 5-Year 5.69% Since Inception (3/17/97) 5.79% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR RETURNS FOR CLASS B SHARES USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 20 FOR FURTHER INFORMATION. 17 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class C) Lipper New York Municipal Debt Funds Index Lehman Brothers Municipal Bond Index Consumer Price Index [THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals Consumer Price Municipal Municipal Debt (Class C) Index Bond Index Fund Index 03/17/1997 10,000 10,000 10,000 10,000 03/31/1997 9,956 10,000 10,000 10,000 06/30/1997 10,282 10,019 10,345 10,342 09/30/1997 10,599 10,075 10,656 10,658 12/31/1997 10,880 10,081 10,945 10,963 03/31/1998 11,020 10,138 11,072 11,071 06/30/1998 11,183 10,188 11,240 11,231 09/30/1998 11,488 10,225 11,585 11,581 12/31/1998 11,486 10,244 11,655 11,597 03/31/1999 11,567 10,313 11,758 11,659 06/30/1999 11,337 10,388 11,550 11,395 09/30/1999 11,063 10,494 11,504 11,214 12/31/1999 10,760 10,519 11,415 11,022 03/31/2000 11,117 10,700 11,749 11,364 06/30/2000 11,234 10,775 11,926 11,513 09/30/2000 11,501 10,856 12,215 11,783 12/31/2000 11,951 10,875 12,749 12,362 03/31/2001 12,181 11,013 13,032 12,605 06/30/2001 12,308 11,125 13,116 12,696 09/30/2001 12,567 11,144 13,485 12,978 12/31/2001 12,451 11,044 13,402 12,856 03/31/2002 12,552 11,175 13,529 13,000 06/30/2002 12,830 11,244 14,024 13,417 09/30/2002 13,155 11,313 14,689 14,072 12/31/2002 13,020 11,306 14,689 14,016 03/31/2003 12,770 11,513 14,866 14,116 06/30/2003 13,328 11,481 15,250 14,482 09/30/2003 13,478 11,575 15,262 14,486 12/31/2003 13,949 11,519 15,470 14,710 03/31/2004 14,273 11,713 15,738 14,895 06/30/2004 13,877 11,856 15,365 14,535 09/30/2004 14,479 11,869 15,964 15,067 12/31/2004 14,843 11,894 16,163 15,235 03/31/2005 15,056 12,081 16,157 15,223 06/30/2005 15,772 12,156 16,631 15,674 09/30/2005 15,825 12,425 16,610 15,649 12/31/2005 15,997 12,300 16,731 15,740
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 12/31/05 1-Year 6.78% 5-Year 6.01% Since Inception (3/17/97) 5.49% 18 | ROCHESTER FUND MUNICIPALS CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class Y) Lipper New York Municipal Debt Funds Index Lehman Brothers Municipal Bond Index Consumer Price Index [THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL.]
Rochester Lehman Brothers Lipper New York Fund Municipals Consumer Price Municipal Bond Municipal Debt (Class Y) Index Index Fund Index 04/28/2000 10,000 10,000 10,000 10,000 06/30/2000 10,197 10,064 10,212 10,210 09/30/2000 10,470 10,140 10,459 10,450 12/31/2000 10,897 10,158 10,916 10,964 03/31/2001 11,139 10,286 11,158 11,179 06/30/2001 11,283 10,391 11,231 11,260 09/30/2001 11,547 10,409 11,546 11,510 12/31/2001 11,469 10,315 11,475 11,402 03/31/2002 11,589 10,438 11,584 11,529 06/30/2002 11,877 10,502 12,007 11,899 09/30/2002 12,197 10,566 12,578 12,480 12/31/2002 12,108 10,560 12,578 12,431 03/31/2003 11,904 10,753 12,729 12,519 06/30/2003 12,454 10,724 13,057 12,844 09/30/2003 12,624 10,811 13,067 12,847 12/31/2003 13,096 10,759 13,246 13,046 03/31/2004 13,433 10,940 13,475 13,210 06/30/2004 13,095 11,074 13,156 12,891 09/30/2004 13,698 11,086 13,668 13,362 12/31/2004 14,078 11,109 13,839 13,512 03/31/2005 14,318 11,284 13,834 13,501 06/30/2005 15,036 11,354 14,240 13,901 09/30/2005 15,127 11,605 14,222 13,878 12/31/2005 15,336 11,489 14,326 13,959
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT 12/31/05 1-Year 8.93% 5-Year 7.07% Since Inception (4/28/00) 7.83% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR RETURNS FOR CLASS B SHARES USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 20 FOR FURTHER INFORMATION. 19 | ROCHESTER FUND MUNICIPALS NOTES - -------------------------------------------------------------------------------- Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS 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. 20 | 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 December 31, 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 21 | 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 (7/1/05) (12/31/05) DECEMBER 31, 2005 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,019.30 $3.77 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,021.48 3.78 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,014.30 8.22 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,017.04 8.27 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,014.40 8.12 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,017.14 8.17 - -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,020.00 3.11 - -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,022.13 3.11 - -------------------------------------------------------------------------------- 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 184/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended December 31, 2005 are as follows: CLASS EXPENSE RATIOS - ------------------------------------------------ Class A 0.74% - ------------------------------------------------ Class B 1.62 - ------------------------------------------------ Class C 1.60 - ------------------------------------------------ Class Y 0.61 - -------------------------------------------------------------------------------- 22 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS December 31,2005 - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES--99.3% - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK--86.9% $ 125,000 Albany County Airport Authority 5.500% 12/15/2019 $ 131,188 - ---------------------------------------------------------------------------------------------------------------------------- 1,035,000 Albany County IDA (Albany College of Pharmacy) 5.375 12/01/2024 1,076,586 - ---------------------------------------------------------------------------------------------------------------------------- 1,700,000 Albany County IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,788,128 - ---------------------------------------------------------------------------------------------------------------------------- 885,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 914,311 - ---------------------------------------------------------------------------------------------------------------------------- 1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,458,766 - ---------------------------------------------------------------------------------------------------------------------------- 2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,514,514 - ---------------------------------------------------------------------------------------------------------------------------- 400,000 Albany IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 405,224 - ---------------------------------------------------------------------------------------------------------------------------- 895,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 938,175 - ---------------------------------------------------------------------------------------------------------------------------- 4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,160,554 - ---------------------------------------------------------------------------------------------------------------------------- 3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,991,175 - ---------------------------------------------------------------------------------------------------------------------------- 2,620,000 Albany IDA (Hampton Plaza) 6.250 03/15/2018 2,656,235 - ---------------------------------------------------------------------------------------------------------------------------- 900,000 Albany IDA (New Covenant Charter School) 7.000 05/01/2025 884,466 - ---------------------------------------------------------------------------------------------------------------------------- 1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,312,962 - ---------------------------------------------------------------------------------------------------------------------------- 1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,795,464 - ---------------------------------------------------------------------------------------------------------------------------- 2,510,000 Albany Parking Authority 5.625 07/15/2020 2,686,453 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 Albany Parking Authority 5.625 07/15/2025 2,132,460 - ---------------------------------------------------------------------------------------------------------------------------- 1,770,000 Albany Parking Authority 7.050 1 11/01/2017 980,191 - ---------------------------------------------------------------------------------------------------------------------------- 5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,821,581 - ---------------------------------------------------------------------------------------------------------------------------- 920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 920,405 - ---------------------------------------------------------------------------------------------------------------------------- 10,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2023 10,003 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 3,064,920 - ---------------------------------------------------------------------------------------------------------------------------- 2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 3,046,838 - ---------------------------------------------------------------------------------------------------------------------------- 10,055,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,598,674 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Amherst IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 26,904 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,260,940 - ---------------------------------------------------------------------------------------------------------------------------- 650,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 656,130 - ---------------------------------------------------------------------------------------------------------------------------- 150,000 Bethany Retirement Home 2 7.450 02/01/2024 152,007 - ---------------------------------------------------------------------------------------------------------------------------- 810,000 Bethlehem Water System 5.250 03/01/2018 867,389 - ---------------------------------------------------------------------------------------------------------------------------- 855,000 Bethlehem Water System 5.375 03/01/2019 925,845 - ---------------------------------------------------------------------------------------------------------------------------- 905,000 Bethlehem Water System 5.375 03/01/2020 979,337 - ---------------------------------------------------------------------------------------------------------------------------- 955,000 Bethlehem Water System 5.500 03/01/2021 1,041,771 - ---------------------------------------------------------------------------------------------------------------------------- 505,000 Bethlehem Water System 5.500 03/01/2022 549,425 - ---------------------------------------------------------------------------------------------------------------------------- 1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,089,516 - ---------------------------------------------------------------------------------------------------------------------------- 900,000 Bleeker Terrace HDC 8.750 07/01/2007 912,591 - ---------------------------------------------------------------------------------------------------------------------------- 580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 627,769 - ---------------------------------------------------------------------------------------------------------------------------- 6,645,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 6,649,386 - ---------------------------------------------------------------------------------------------------------------------------- 1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,296,825 - ---------------------------------------------------------------------------------------------------------------------------- 2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,540,454 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Broome County IDA (University Plaza) 5.000 08/01/2025 66,570 - ---------------------------------------------------------------------------------------------------------------------------- 3,030,000 Broome County IDA (University Plaza) 5.000 08/01/2036 3,084,055
23 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS 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 $ 1,025,750 - ---------------------------------------------------------------------------------------------------------------------------- 1,250,000 Broome County IDA (University Plaza) 5.100 08/01/2036 1,283,163 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Broome County IDA (University Plaza) 5.200 08/01/2030 3,103,350 - ---------------------------------------------------------------------------------------------------------------------------- 4,450,000 Broome County IDA (University Plaza) 5.200 08/01/2036 4,579,540 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Bushnell Basin Fire Assoc. (Volunteer Fire Department) 5.750 11/01/2030 3,027,150 - ---------------------------------------------------------------------------------------------------------------------------- 915,000 Canton Human Services Initiatives 5.700 09/01/2024 979,608 - ---------------------------------------------------------------------------------------------------------------------------- 1,155,000 Canton Human Services Initiatives 5.750 09/01/2032 1,235,099 - ---------------------------------------------------------------------------------------------------------------------------- 600,000 Capital District Youth Center 6.000 02/01/2017 622,956 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Carnegie Redevelopment Corp. 2 7.000 09/01/2021 503,440 - ---------------------------------------------------------------------------------------------------------------------------- 4,295,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,440,472 - ---------------------------------------------------------------------------------------------------------------------------- 1,465,000 Cattaraugus County IDA (St. Bonaventure University) 5.450 09/15/2019 1,514,766 - ---------------------------------------------------------------------------------------------------------------------------- 2,900,000 Chautauqua County IDA (Jamestown Community College) 5.250 08/01/2028 2,999,412 - ---------------------------------------------------------------------------------------------------------------------------- 640,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 661,984 - ---------------------------------------------------------------------------------------------------------------------------- 3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,548,115 - ---------------------------------------------------------------------------------------------------------------------------- 1,900,000 Chautauqua County IDA (Woman's Christian Association of Jamestown) 6.400 11/15/2029 1,987,704 - ---------------------------------------------------------------------------------------------------------------------------- 2,500,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 2,565,850 - ---------------------------------------------------------------------------------------------------------------------------- 915,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 939,101 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,021,060 - ---------------------------------------------------------------------------------------------------------------------------- 1,455,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,485,642 - ---------------------------------------------------------------------------------------------------------------------------- 1,245,000 Chemung County IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,264,335 - ---------------------------------------------------------------------------------------------------------------------------- 1,515,000 Chemung County IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,549,224 - ---------------------------------------------------------------------------------------------------------------------------- 6,160,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 6,029,408 - ---------------------------------------------------------------------------------------------------------------------------- 6,395,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 6,382,850 - ---------------------------------------------------------------------------------------------------------------------------- 4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,880,245 - ---------------------------------------------------------------------------------------------------------------------------- 1,700,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,759,908 - ---------------------------------------------------------------------------------------------------------------------------- 2,905,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 2,909,096 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Cohoes GO 6.200 03/15/2012 36,225 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.200 03/15/2013 25,848 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2014 25,844 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2015 25,835 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes GO 6.250 03/15/2016 25,811 - ---------------------------------------------------------------------------------------------------------------------------- 1,725,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,769,108 - ---------------------------------------------------------------------------------------------------------------------------- 3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,443,979 - ---------------------------------------------------------------------------------------------------------------------------- 5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,636,245 - ---------------------------------------------------------------------------------------------------------------------------- 155,000 Dutchess County IDA (Astor Learning Center Civic Facility) 5.150 11/01/2024 160,963 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 129,220 - ---------------------------------------------------------------------------------------------------------------------------- 3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,510,570 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County IDA (St. Francis Hospital) 7.500 03/01/2029 1,094,550 - ---------------------------------------------------------------------------------------------------------------------------- 2,410,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2020 2,598,390
24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 5,635,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500% 04/01/2030 $ 6,057,005 - ------------------------------------------------------------------------------------------------------------------------- 25,000 Dutchess County IDA (Vassar College) 5.350 09/01/2040 26,674 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County Water & Wastewater Authority 5.400 1 06/01/2027 372,810 - ------------------------------------------------------------------------------------------------------------------------- 3,315,000 East Rochester Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,341,222 - ------------------------------------------------------------------------------------------------------------------------- 1,355,000 East Rochester Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,495,256 - ------------------------------------------------------------------------------------------------------------------------- 1,400,000 East Rochester Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,481,662 - ------------------------------------------------------------------------------------------------------------------------- 2,620,000 East Rochester Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,507,157 - ------------------------------------------------------------------------------------------------------------------------- 2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,027,480 - ------------------------------------------------------------------------------------------------------------------------- 4,095,000 East Rochester Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,260,233 - ------------------------------------------------------------------------------------------------------------------------- 365,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 366,686 - ------------------------------------------------------------------------------------------------------------------------- 2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,392,352 - ------------------------------------------------------------------------------------------------------------------------- 4,000,000 Erie County IDA (Charter School Applied Tech) 6.750 06/01/2025 3,896,440 - ------------------------------------------------------------------------------------------------------------------------- 7,000,000 Erie County IDA (Charter School Applied Tech) 6.875 06/01/2035 6,768,440 - ------------------------------------------------------------------------------------------------------------------------- 1,860,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,518,988 - ------------------------------------------------------------------------------------------------------------------------- 2,915,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,759,601 - ------------------------------------------------------------------------------------------------------------------------- 35,000,000 Erie County IDA (Great Lakes) 7.500 12/01/2025 34,860,700 - ------------------------------------------------------------------------------------------------------------------------- 11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 11,740,798 - ------------------------------------------------------------------------------------------------------------------------- 3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,687,587 - ------------------------------------------------------------------------------------------------------------------------- 75,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 77,658 - ------------------------------------------------------------------------------------------------------------------------- 9,600,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,953,952 - ------------------------------------------------------------------------------------------------------------------------- 3,170,000 Erie County Sewer District 5.000 06/01/2029 3,343,621 - ------------------------------------------------------------------------------------------------------------------------- 2,630,000 Erie County Sewer District 5.000 12/01/2030 2,773,835 - ------------------------------------------------------------------------------------------------------------------------- 1,360,000 Erie County Sewer District 5.000 12/01/2035 1,426,640 - ------------------------------------------------------------------------------------------------------------------------- 21,250,000 Erie County Tobacco Asset Securitization Corp. 2 5.880 3 06/01/2045 18,781,813 - ------------------------------------------------------------------------------------------------------------------------- 54,000,000 Erie County Tobacco Asset Securitization Corp. 5.880 1 06/01/2047 4,491,180 - ------------------------------------------------------------------------------------------------------------------------- 80,000,000 Erie County Tobacco Asset Securitization Corp. 6.380 1 06/01/2050 4,883,200 - ------------------------------------------------------------------------------------------------------------------------- 90,000 Erie County Tobacco Asset Securitization Corp. 6.500 07/15/2032 102,107 - ------------------------------------------------------------------------------------------------------------------------- 180,000,000 Erie County Tobacco Asset Securitization Corp. 6.750 1 06/01/2055 6,809,400 - ------------------------------------------------------------------------------------------------------------------------- 1,024,000,000 Erie County Tobacco Asset Securitization Corp. 4 7.650 1 06/01/2060 17,315,840 - ------------------------------------------------------------------------------------------------------------------------- 3,340,000 Erie County Tobacco Asset Securitization Corp. RITES 2 5.880 3 06/01/2038 2,986,528 - ------------------------------------------------------------------------------------------------------------------------- 4,440,000 Essex County IDA (International Paper Company) 5.200 03/01/2028 4,444,040 - ------------------------------------------------------------------------------------------------------------------------- 1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,886,889 - ------------------------------------------------------------------------------------------------------------------------- 1,625,000 Essex County IDA (International Paper Company) 5.500 10/01/2026 1,658,621 - ------------------------------------------------------------------------------------------------------------------------- 335,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 342,568 - ------------------------------------------------------------------------------------------------------------------------- 2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,446,694 - ------------------------------------------------------------------------------------------------------------------------- 45,000 Essex County IDA (Moses Ludington Nursing Home) 6.200 02/01/2030 49,441 - ------------------------------------------------------------------------------------------------------------------------- 5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,496,200 - ------------------------------------------------------------------------------------------------------------------------- 170,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 174,328 - ------------------------------------------------------------------------------------------------------------------------- 975,000 Essex County IDA (North Country Community College Foundation) 5.000 06/01/2020 973,469
25 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS 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 $ 319,498 - ---------------------------------------------------------------------------------------------------------------------------- 1,235,000 Essex County IDA (North Country Community College Foundation) 5.200 06/01/2025 1,240,879 - ---------------------------------------------------------------------------------------------------------------------------- 410,000 Essex County IDA (North Country Community College Foundation) 5.200 06/01/2025 411,952 - ---------------------------------------------------------------------------------------------------------------------------- 1,100,000 Essex County IDA (North Country Community College Foundation) 5.300 06/01/2035 1,106,347 - ---------------------------------------------------------------------------------------------------------------------------- 3,750,000 Essex County IDA Solid Waste Disposal (International Paper Company) 5.200 12/01/2023 3,791,850 - ---------------------------------------------------------------------------------------------------------------------------- 5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 6,016,199 - ---------------------------------------------------------------------------------------------------------------------------- 900,000 Franklin County IDA (North Country Community College Foundation) 5.200 06/01/2025 904,284 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Freeport Union Free School District 5.250 03/15/2032 52,657 - ---------------------------------------------------------------------------------------------------------------------------- 320,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 322,464 - ---------------------------------------------------------------------------------------------------------------------------- 3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,941,893 - ---------------------------------------------------------------------------------------------------------------------------- 1,315,000 Green Island Power Authority 5.125 12/15/2024 1,337,552 - ---------------------------------------------------------------------------------------------------------------------------- 2,795,000 Green Island Power Authority 6.000 12/15/2020 2,954,958 - ---------------------------------------------------------------------------------------------------------------------------- 1,695,000 Green Island Power Authority 6.000 12/15/2025 1,776,801 - ---------------------------------------------------------------------------------------------------------------------------- 840,000 Hempstead GO 5.000 07/01/2020 861,344 - ---------------------------------------------------------------------------------------------------------------------------- 1,025,000 Hempstead GO 5.000 07/01/2021 1,047,786 - ---------------------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead GO 5.000 07/01/2022 1,296,899 - ---------------------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead IDA (Adelphi University) 5.500 06/01/2032 2,680,400 - ---------------------------------------------------------------------------------------------------------------------------- 310,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 332,996 - ---------------------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,385,265 - ---------------------------------------------------------------------------------------------------------------------------- 3,550,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 3,594,091 - ---------------------------------------------------------------------------------------------------------------------------- 18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,374,878 - ---------------------------------------------------------------------------------------------------------------------------- 1,875,000 Hempstead IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 1,862,756 - ---------------------------------------------------------------------------------------------------------------------------- 9,375,000 Hempstead IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 9,193,219 - ---------------------------------------------------------------------------------------------------------------------------- 9,415,000 Hempstead IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 10,089,396 - ---------------------------------------------------------------------------------------------------------------------------- 2,495,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,551,412 - ---------------------------------------------------------------------------------------------------------------------------- 5,690,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,691,081 - ---------------------------------------------------------------------------------------------------------------------------- 4,760,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,867,624 - ---------------------------------------------------------------------------------------------------------------------------- 12,505,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 12,787,738 - ---------------------------------------------------------------------------------------------------------------------------- 6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,451,787 - ---------------------------------------------------------------------------------------------------------------------------- 6,270,000 Herkimer County IDA (Burrows Paper) 2 8.000 01/01/2009 6,225,295 - ---------------------------------------------------------------------------------------------------------------------------- 1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,365,865 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,113,080 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Herkimer County IDA (Folts Adult Home) 5.500 03/20/2040 3,280,950 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Herkimer County IDA (Herkimer County College Foundation) 6.250 08/01/2034 1,054,500 - ---------------------------------------------------------------------------------------------------------------------------- 265,000 Herkimer Hsg. Authority 7.150 03/01/2011 270,411
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 990,000 Hudson IDA (Have, Inc.) 8.125% 12/01/2017 $ 1,000,375 - ---------------------------------------------------------------------------------------------------------------------------- 1,255,000 Hudson IDA (Hudson Fabrics) 6.750 11/01/2024 1,284,078 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 146,340 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 1,010,660 - ---------------------------------------------------------------------------------------------------------------------------- 8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 8,511,815 - ---------------------------------------------------------------------------------------------------------------------------- 820,000 Islip IDA (Leeway School) 9.000 08/01/2021 822,452 - ---------------------------------------------------------------------------------------------------------------------------- 18,545,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 19,642,308 - ---------------------------------------------------------------------------------------------------------------------------- 1,315,000 Islip Res Rec, Series E 5.750 07/01/2021 1,459,256 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Islip Res Rec, Series E 5.750 07/01/2023 1,106,680 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,178,620 - ---------------------------------------------------------------------------------------------------------------------------- 8,000,000 L.I. Power Authority 5.750 12/01/2024 8,492,000 - ---------------------------------------------------------------------------------------------------------------------------- 7,905,000 L.I. Power Authority RITES 2 7.415 3 12/01/2022 9,421,970 - ---------------------------------------------------------------------------------------------------------------------------- 21,000,000 L.I. Power Authority RITES 2 7.451 3 12/01/2022 25,029,900 - ---------------------------------------------------------------------------------------------------------------------------- 3,750,000 L.I. Power Authority RITES 2 7.915 3 12/01/2026 4,473,525 - ---------------------------------------------------------------------------------------------------------------------------- 2,915,000 L.I. Power Authority RITES 2 8.004 3 09/01/2028 3,708,113 - ---------------------------------------------------------------------------------------------------------------------------- 250,000 L.I. Power Authority, Series A 5.000 09/01/2027 259,153 - ---------------------------------------------------------------------------------------------------------------------------- 24,130,000 L.I. Power Authority, Series A 5.125 09/01/2029 24,906,262 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 L.I. Power Authority, Series A 5.125 09/01/2029 63,325 - ---------------------------------------------------------------------------------------------------------------------------- 44,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 47,547,798 - ---------------------------------------------------------------------------------------------------------------------------- 86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 91,839,597 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2012 119,293 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2013 121,053 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville GO 7.200 09/15/2014 123,112 - ---------------------------------------------------------------------------------------------------------------------------- 3,830,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 4,076,231 - ---------------------------------------------------------------------------------------------------------------------------- 4,360,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,445,282 - ---------------------------------------------------------------------------------------------------------------------------- 750,000 Madison County IDA (Morrisville State College Foundation) 5.000 06/01/2028 789,503 - ---------------------------------------------------------------------------------------------------------------------------- 1,100,000 Madison County IDA (Morrisville State College Foundation) 5.000 06/01/2032 1,153,240 - ---------------------------------------------------------------------------------------------------------------------------- 1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,358,886 - ---------------------------------------------------------------------------------------------------------------------------- 5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,778,905 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 30,362 - ---------------------------------------------------------------------------------------------------------------------------- 690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 726,701 - ---------------------------------------------------------------------------------------------------------------------------- 3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,952,904 - ---------------------------------------------------------------------------------------------------------------------------- 310,000 Middletown IDA (YMCA) 6.250 11/01/2009 300,449 - ---------------------------------------------------------------------------------------------------------------------------- 1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,164,615 - ---------------------------------------------------------------------------------------------------------------------------- 230,000 Monroe County COP 8.050 01/01/2011 238,717 - ---------------------------------------------------------------------------------------------------------------------------- 715,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 743,686 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Monroe County IDA (Cloverwood Senior Living) 6.750 05/01/2023 40,681 - ---------------------------------------------------------------------------------------------------------------------------- 1,214,193 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,228,715 - ---------------------------------------------------------------------------------------------------------------------------- 950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 925,120 - ---------------------------------------------------------------------------------------------------------------------------- 2,495,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 2,076,888
27 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 5,435,000 Monroe County IDA (DePaul Community Facilities) 5.950% 08/01/2028 $ 4,570,726 - ---------------------------------------------------------------------------------------------------------------------------- 880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 882,209 - ---------------------------------------------------------------------------------------------------------------------------- 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,287,891 - ---------------------------------------------------------------------------------------------------------------------------- 4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,162,125 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2022 1,020,960 - ---------------------------------------------------------------------------------------------------------------------------- 1,250,000 Monroe County IDA (Highland Hospital of Rochester) 5.000 08/01/2025 1,264,663 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,031,800 - ---------------------------------------------------------------------------------------------------------------------------- 5,005,000 Monroe County IDA (Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2027 5,152,848 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 99,798 - ---------------------------------------------------------------------------------------------------------------------------- 600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 595,866 - ---------------------------------------------------------------------------------------------------------------------------- 300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 296,544 - ---------------------------------------------------------------------------------------------------------------------------- 685,000 Monroe County IDA (Melles Griot) 9.500 12/01/2009 694,727 - ---------------------------------------------------------------------------------------------------------------------------- 875,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 875,315 - ---------------------------------------------------------------------------------------------------------------------------- 2,525,000 Monroe County IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,538,332 - ---------------------------------------------------------------------------------------------------------------------------- 4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,461,632 - ---------------------------------------------------------------------------------------------------------------------------- 2,890,000 Monroe County IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,855,725 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,085,280 - ---------------------------------------------------------------------------------------------------------------------------- 1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,554,350 - ---------------------------------------------------------------------------------------------------------------------------- 2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,320,174 - ---------------------------------------------------------------------------------------------------------------------------- 3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,237,668 - ---------------------------------------------------------------------------------------------------------------------------- 935,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 948,483 - ---------------------------------------------------------------------------------------------------------------------------- 2,720,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,695,411 - ---------------------------------------------------------------------------------------------------------------------------- 12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 13,651,560 - ---------------------------------------------------------------------------------------------------------------------------- 2,165,000 Monroe Newpower Corp. 5.500 01/01/2034 2,272,319 - ---------------------------------------------------------------------------------------------------------------------------- 580,000 Monroe Newpower Corp. 5.625 01/01/2026 613,779 - ---------------------------------------------------------------------------------------------------------------------------- 5,860,000 Montgomery County IDA (ASMF)(2,5) 7.250 01/15/2019 879,000 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 505,270 - ---------------------------------------------------------------------------------------------------------------------------- 3,275,000 Mount Vernon IDA (Macedonia Towers) 5.200 12/01/2033 3,309,519 - ---------------------------------------------------------------------------------------------------------------------------- 2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,366,145 - ---------------------------------------------------------------------------------------------------------------------------- 2,600,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,664,948 - ---------------------------------------------------------------------------------------------------------------------------- 2,100,000 MTA DRIVERS 2 6.521 3 05/15/2013 2,090,466 - ---------------------------------------------------------------------------------------------------------------------------- 14,200,000 MTA RITES 2 6.915 3 11/15/2025 17,198,188 - ---------------------------------------------------------------------------------------------------------------------------- 1,910,000 MTA RITES 2 6.915 3 11/15/2028 2,222,743 - ---------------------------------------------------------------------------------------------------------------------------- 10,000,000 MTA RITES 2 6.915 3 11/15/2030 11,538,400 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 MTA RITES 2 6.915 3 11/15/2030 5,769,200 - ---------------------------------------------------------------------------------------------------------------------------- 2,890,000 MTA RITES 2 6.915 3 11/15/2030 3,334,598 - ---------------------------------------------------------------------------------------------------------------------------- 7,500,000 MTA RITES 2 6.915 3 11/15/2031 8,673,750 - ---------------------------------------------------------------------------------------------------------------------------- 2,125,000 MTA RITES 2 6.915 3 11/15/2032 2,447,320 - ---------------------------------------------------------------------------------------------------------------------------- 2,220,000 MTA Service Contract RITES 2 7.415 3 01/01/2024 2,776,643
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 15,895,000 MTA Service Contract, Series A 5.125% 01/01/2024 $ 16,891,299 - ------------------------------------------------------------------------------------------------------------------------- 132,950,000 MTA Service Contract, Series A 5.125 01/01/2029 140,194,446 - ------------------------------------------------------------------------------------------------------------------------- 20,000,000 MTA Service Contract, Series A 5.750 07/01/2031 22,058,800 - ------------------------------------------------------------------------------------------------------------------------- 33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 35,061,202 - ------------------------------------------------------------------------------------------------------------------------- 3,775,000 MTA, Series A 5.000 11/15/2030 3,920,187 - ------------------------------------------------------------------------------------------------------------------------- 20,000 MTA, Series A 5.000 11/15/2032 20,838 - ------------------------------------------------------------------------------------------------------------------------- 42,295,000 MTA, Series A 5.125 11/15/2031 44,626,300 - ------------------------------------------------------------------------------------------------------------------------- 25,000 MTA, Series B 5.000 01/01/2031 25,933 - ------------------------------------------------------------------------------------------------------------------------- 26,990,000 MTA, Series B 5.000 11/15/2031 28,000,506 - ------------------------------------------------------------------------------------------------------------------------- 4,600,000 MTA, Series B 5.000 11/15/2035 4,824,526 - ------------------------------------------------------------------------------------------------------------------------- 20,080,000 MTA, Series B 5.250 11/15/2032 21,266,326 - ------------------------------------------------------------------------------------------------------------------------- 34,770,000 MTA, Series E 5.250 11/15/2031 36,536,664 - ------------------------------------------------------------------------------------------------------------------------- 23,500,000 MTA, Series F 5.000 11/15/2030 24,417,910 - ------------------------------------------------------------------------------------------------------------------------- 802,824 Municipal Assistance Corp. for Troy, NY 5.730 1 07/15/2021 413,181 - ------------------------------------------------------------------------------------------------------------------------- 1,218,573 Municipal Assistance Corp. for Troy, NY 5.740 1 01/15/2022 612,735 - ------------------------------------------------------------------------------------------------------------------------- 1,090,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 1,188,732 - ------------------------------------------------------------------------------------------------------------------------- 2,975,000 Nassau County IDA (ALIA-ACLD) 6.250 09/01/2022 3,075,704 - ------------------------------------------------------------------------------------------------------------------------- 240,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 258,662 - ------------------------------------------------------------------------------------------------------------------------- 375,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 408,968 - ------------------------------------------------------------------------------------------------------------------------- 5,830,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 6,295,234 - ------------------------------------------------------------------------------------------------------------------------- 3,520,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 3,797,658 - ------------------------------------------------------------------------------------------------------------------------- 1,870,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 2,039,385 - ------------------------------------------------------------------------------------------------------------------------- 330,000 Nassau County IDA (ALIA-FREE) 7.125 06/01/2012 359,297 - ------------------------------------------------------------------------------------------------------------------------- 2,310,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,519,240 - ------------------------------------------------------------------------------------------------------------------------- 4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,355,463 - ------------------------------------------------------------------------------------------------------------------------- 6,485,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 6,961,777 - ------------------------------------------------------------------------------------------------------------------------- 945,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 1,019,542 - ------------------------------------------------------------------------------------------------------------------------- 725,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 782,188 - ------------------------------------------------------------------------------------------------------------------------- 240,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 261,739 - ------------------------------------------------------------------------------------------------------------------------- 565,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 616,178 - ------------------------------------------------------------------------------------------------------------------------- 2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,441,123 - ------------------------------------------------------------------------------------------------------------------------- 5,240,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 5,434,404 - ------------------------------------------------------------------------------------------------------------------------- 3,410,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 3,536,511 - ------------------------------------------------------------------------------------------------------------------------- 5,875,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 6,092,963 - ------------------------------------------------------------------------------------------------------------------------- 6,450,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 6,689,295 - ------------------------------------------------------------------------------------------------------------------------- 9,155,000 Nassau County IDA (Engel Burman Senior Hsg.) 4 7.750 05/01/2047 9,494,651 - ------------------------------------------------------------------------------------------------------------------------- 3,860,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,115,802 - ------------------------------------------------------------------------------------------------------------------------- 2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,323,640 - ------------------------------------------------------------------------------------------------------------------------- 2,759,599 Nassau County IDA (Sharp International) 2,5 7.375 12/01/2007 356,816 - ------------------------------------------------------------------------------------------------------------------------- 1,752,588 Nassau County IDA (Sharp International) 2,5 7.375 12/01/2007 226,610 - ------------------------------------------------------------------------------------------------------------------------- 2,527,212 Nassau County IDA (Sharp International) 2,5 7.875 12/01/2012 326,768
29 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,597,663 Nassau County IDA (Sharp International) 2,5 7.875% 12/01/2012 $ 206,578 - ---------------------------------------------------------------------------------------------------------------------------- 2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 2,061,111 - ---------------------------------------------------------------------------------------------------------------------------- 24,125,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,335,129 - ---------------------------------------------------------------------------------------------------------------------------- 4,375,000 Nassau County Interim Finance Authority RITES 2 7.508 3 11/15/2021 4,846,013 - ---------------------------------------------------------------------------------------------------------------------------- 17,730,000 Nassau County Tobacco Settlement Corp. RITES 2 8.093 3 07/15/2033 19,555,126 - ---------------------------------------------------------------------------------------------------------------------------- 10,535,000 Nassau County Tobacco Settlement Corp. RITES 2 8.293 3 07/15/2027 11,757,060 - ---------------------------------------------------------------------------------------------------------------------------- 17,590,000 Nassau County Tobacco Settlement Corp. RITES 2 8.493 3 07/15/2039 19,626,218 - ---------------------------------------------------------------------------------------------------------------------------- 7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,564,481 - ---------------------------------------------------------------------------------------------------------------------------- 3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,358,370 - ---------------------------------------------------------------------------------------------------------------------------- 4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,313,595 - ---------------------------------------------------------------------------------------------------------------------------- 6,195,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 6,263,641 - ---------------------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,801,263 - ---------------------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,824,326 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,092,800 - ---------------------------------------------------------------------------------------------------------------------------- 13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,496,964 - ---------------------------------------------------------------------------------------------------------------------------- 6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,838,130 - ---------------------------------------------------------------------------------------------------------------------------- 3,670,000 New Rochelle IDA (Soundview Apartments) 5.375 04/01/2036 3,793,459 - ---------------------------------------------------------------------------------------------------------------------------- 4,885,000 Newark-Wayne Community Hospital 5.875 01/15/2033 4,894,428 - ---------------------------------------------------------------------------------------------------------------------------- 2,360,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,359,976 - ---------------------------------------------------------------------------------------------------------------------------- 3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,461,997 - ---------------------------------------------------------------------------------------------------------------------------- 1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,618,485 - ---------------------------------------------------------------------------------------------------------------------------- 5,400,000 Niagara County IDA (Niagara University) 5.400 11/01/2031 5,687,172 - ---------------------------------------------------------------------------------------------------------------------------- 1,200,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,200,696 - ---------------------------------------------------------------------------------------------------------------------------- 6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,863,025 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 Niagara County Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,755 - ---------------------------------------------------------------------------------------------------------------------------- 1,370,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,445,556 - ---------------------------------------------------------------------------------------------------------------------------- 6,255,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,599,963 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport) 5.000 04/01/2028 91,110 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport) 5.625 04/01/2029 26,489 - ---------------------------------------------------------------------------------------------------------------------------- 715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 760,381 - ---------------------------------------------------------------------------------------------------------------------------- 1,555,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2019 1,627,696 - ---------------------------------------------------------------------------------------------------------------------------- 3,145,000 North Country Devel. Authority (Clarkson University) 5.500 07/01/2029 3,278,505 - ---------------------------------------------------------------------------------------------------------------------------- 260,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 266,022 - ---------------------------------------------------------------------------------------------------------------------------- 3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,689,346 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Nunda GO 8.000 05/01/2010 28,744 - ---------------------------------------------------------------------------------------------------------------------------- 315,000 NY Counties Tobacco Trust I 6.500 06/01/2035 335,595 - ---------------------------------------------------------------------------------------------------------------------------- 3,975,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 4,212,149 - ---------------------------------------------------------------------------------------------------------------------------- 11,915,000 NY Counties Tobacco Trust I (TASC) RITES 2 9.680 3 06/01/2028 14,047,547 - ---------------------------------------------------------------------------------------------------------------------------- 29,525,000 NY Counties Tobacco Trust I RITES 2 8.256 3 06/01/2042 33,917,434 - ---------------------------------------------------------------------------------------------------------------------------- 9,105,000 NY Counties Tobacco Trust I RITES 2 8.293 3 06/01/2035 10,295,479
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 29,805,000 NY Counties Tobacco Trust II (TASC) 5.625% 06/01/2035 $ 30,349,239 - ------------------------------------------------------------------------------------------------------------------------- 38,855,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 39,740,894 - ------------------------------------------------------------------------------------------------------------------------- 5,000,000 NY Counties Tobacco Trust II RITES 2,4 10.114(3) 06/01/2043 5,342,150 - ------------------------------------------------------------------------------------------------------------------------- 245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 257,772 - ------------------------------------------------------------------------------------------------------------------------- 9,600,000 NY Counties Tobacco Trust IV 4 5.000 06/01/2042 9,056,064 - ------------------------------------------------------------------------------------------------------------------------- 117,975,000 NY Counties Tobacco Trust IV 5.880 1 06/01/2050 8,055,333 - ------------------------------------------------------------------------------------------------------------------------- 279,690,000 NY Counties Tobacco Trust IV 6.370 1 06/01/2055 12,462,986 - ------------------------------------------------------------------------------------------------------------------------- 561,950,000 NY Counties Tobacco Trust IV 6.800 1 06/01/2060 14,936,631 - ------------------------------------------------------------------------------------------------------------------------- 82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 06/01/2041 63,587,700 - ------------------------------------------------------------------------------------------------------------------------- 82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 17,670,675 - ------------------------------------------------------------------------------------------------------------------------- 5,725,000 NY Counties Tobacco Trust IV RITES 2,4 6.425 3 06/01/2045 5,060,099 - ------------------------------------------------------------------------------------------------------------------------- 158,835,000 NY Counties Tobacco Trust V 6.000 1 06/01/2038 23,771,246 - ------------------------------------------------------------------------------------------------------------------------- 398,010,000 NY Counties Tobacco Trust V 6.090 1 06/01/2050 28,218,909 - ------------------------------------------------------------------------------------------------------------------------- 643,195,000 NY Counties Tobacco Trust V 6.850 1 06/01/2055 23,708,168 - ------------------------------------------------------------------------------------------------------------------------- 3,845,000,000 NY Counties Tobacco Trust V 7.850 1 06/01/2060 59,482,150 - ------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.000 03/15/2021 5,142 - ------------------------------------------------------------------------------------------------------------------------- 4,150,000 NYC GO 5.000 03/01/2024 4,324,840 - ------------------------------------------------------------------------------------------------------------------------- 14,305,000 NYC GO 5.000 08/01/2024 14,956,021 - ------------------------------------------------------------------------------------------------------------------------- 9,000,000 NYC GO 5.000 09/01/2024 9,395,820 - ------------------------------------------------------------------------------------------------------------------------- 25,000 NYC GO 5.000 03/01/2025 25,842 - ------------------------------------------------------------------------------------------------------------------------- 7,500,000 NYC GO 5.000 08/01/2025 7,835,100 - ------------------------------------------------------------------------------------------------------------------------- 8,000,000 NYC GO 5.000 04/01/2026 8,327,120 - ------------------------------------------------------------------------------------------------------------------------- 8,300,000 NYC GO 5.000 08/01/2026 8,663,955 - ------------------------------------------------------------------------------------------------------------------------- 6,000,000 NYC GO 5.000 09/01/2026 6,254,280 - ------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC GO 5.000 08/01/2027 3,751,920 - ------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC GO 5.000 08/01/2028 2,599,325 - ------------------------------------------------------------------------------------------------------------------------- 60,000 NYC GO 5.000 08/15/2028 61,225 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC GO 5.000 11/01/2028 1,035,690 - ------------------------------------------------------------------------------------------------------------------------- 395,000 NYC GO 5.000 03/15/2029 403,591 - ------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 5.000 03/15/2029 20,561 - ------------------------------------------------------------------------------------------------------------------------- 16,760,000 NYC GO 5.000 03/01/2030 17,338,388 - ------------------------------------------------------------------------------------------------------------------------- 10,455,000 NYC GO 5.000 06/01/2030 10,823,957 - ------------------------------------------------------------------------------------------------------------------------- 23,250,000 NYC GO 5.000 08/01/2030 24,082,118 - ------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYC GO 5.000 08/01/2030 2,074,540 - ------------------------------------------------------------------------------------------------------------------------- 60,000 NYC GO 5.000 03/01/2033 61,614 - ------------------------------------------------------------------------------------------------------------------------- 38,000,000 NYC GO 5.000 06/01/2033 39,282,120 - ------------------------------------------------------------------------------------------------------------------------- 12,455,000 NYC GO 5.000 12/01/2033 12,857,047 - ------------------------------------------------------------------------------------------------------------------------- 46,550,000 NYC GO 5.000 11/01/2034 48,040,066 - ------------------------------------------------------------------------------------------------------------------------- 30,000,000 NYC GO 5.000 03/01/2035 30,989,700 - ------------------------------------------------------------------------------------------------------------------------- 5,400,000 NYC GO 5.000 08/01/2035 5,584,734 - ------------------------------------------------------------------------------------------------------------------------- 60,000 NYC GO 5.100 11/01/2019 62,890
31 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 5,285,000 NYC GO 5.100% 08/15/2027 $ 5,525,098 - ------------------------------------------------------------------------------------------------------------------------- 3,710,000 NYC GO 5.250 10/15/2021 3,962,540 - ------------------------------------------------------------------------------------------------------------------------- 265,000 NYC GO 5.250 08/15/2023 278,017 - ------------------------------------------------------------------------------------------------------------------------- 535,000 NYC GO 5.250 08/01/2024 557,438 - ------------------------------------------------------------------------------------------------------------------------- 33,485,000 NYC GO 5.250 06/01/2027 35,280,466 - ------------------------------------------------------------------------------------------------------------------------- 4,460,000 NYC GO 5.250 06/01/2028 4,722,203 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC GO 5.250 09/15/2033 1,057,330 - ------------------------------------------------------------------------------------------------------------------------- 20,105,000 NYC GO 5.375 12/01/2026 21,521,196 - ------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 5.375 03/01/2027 21,370 - ------------------------------------------------------------------------------------------------------------------------- 515,000 NYC GO 5.375 08/01/2027 540,961 - ------------------------------------------------------------------------------------------------------------------------- 1,115,000 NYC GO 5.375 03/15/2028 1,180,562 - ------------------------------------------------------------------------------------------------------------------------- 55,790,000 NYC GO 5.375 06/01/2032 59,073,242 - ------------------------------------------------------------------------------------------------------------------------- 11,500,000 NYC GO 5.500 08/01/2020 12,504,985 - ------------------------------------------------------------------------------------------------------------------------- 11,860,000 NYC GO 5.500 08/01/2021 12,880,434 - ------------------------------------------------------------------------------------------------------------------------- 1,255,000 NYC GO 5.500 06/01/2028 1,342,210 - ------------------------------------------------------------------------------------------------------------------------- 6,910,000 NYC GO 5.500 12/01/2031 7,475,860 - ------------------------------------------------------------------------------------------------------------------------- 6,745,000 NYC GO 5.500 11/15/2037 7,033,753 - ------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.750 02/01/2020 5,084 - ------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYC GO 5.750 03/01/2020 1,649,370 - ------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.950 08/01/2014 5,323 - ------------------------------------------------------------------------------------------------------------------------- 12,880,000 NYC GO 6.000 01/15/2021 14,392,627 - ------------------------------------------------------------------------------------------------------------------------- 40,000 NYC GO 6.150 1 10/01/2012 30,674 - ------------------------------------------------------------------------------------------------------------------------ 200,000 NYC GO 6.340 1 05/15/2012 155,860 - ------------------------------------------------------------------------------------------------------------------------- 335,000 NYC GO 6.350 05/15/2014 358,296 - ------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 7.000 02/01/2010 20,060 - ------------------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.250 08/15/2024 15,046 - ------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.750 08/15/2028 5,026 - ------------------------------------------------------------------------------------------------------------------------- 100,000 NYC GO DIAMONDS 0.000 6 08/01/2025 93,564 - ------------------------------------------------------------------------------------------------------------------------- 837,000 NYC GO RIBS 8.770 3 08/12/2010 840,942 - ------------------------------------------------------------------------------------------------------------------------- 837,000 NYC GO RIBS 8.770 3 09/01/2011 841,001 - ------------------------------------------------------------------------------------------------------------------------- 1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,068,931 - ------------------------------------------------------------------------------------------------------------------------- 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,147,657 - ------------------------------------------------------------------------------------------------------------------------- 290,442 NYC HDC (Bay Towers) 6.500 08/15/2017 305,548 - ------------------------------------------------------------------------------------------------------------------------- 368,432 NYC HDC (Bridgeview III) 6.500 12/15/2017 387,590 - ------------------------------------------------------------------------------------------------------------------------- 1,035,203 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,089,044 - ------------------------------------------------------------------------------------------------------------------------- 147,660 NYC HDC (Candia House) 6.500 06/15/2018 155,321 - ------------------------------------------------------------------------------------------------------------------------- 244,597 NYC HDC (Contello III) 7.000 12/15/2018 257,368 - ------------------------------------------------------------------------------------------------------------------------- 873,380 NYC HDC (Court Plaza) 6.500 08/15/2017 918,804 - ------------------------------------------------------------------------------------------------------------------------- 2,867,439 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,016,574 - ------------------------------------------------------------------------------------------------------------------------- 66,565 NYC HDC (Essex Terrace) 6.500 07/15/2018 70,018 - ------------------------------------------------------------------------------------------------------------------------- 395,556 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 416,069
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 909,837 NYC HDC (Janel Towers) 6.500% 09/15/2017 $ 957,148 - ------------------------------------------------------------------------------------------------------------------------- 318,525 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 335,092 - ------------------------------------------------------------------------------------------------------------------------- 1,412,114 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,484,640 - ------------------------------------------------------------------------------------------------------------------------- 9,690,000 NYC HDC (Multifamily Hsg.) 4.650 11/01/2025 9,974,886 - ------------------------------------------------------------------------------------------------------------------------- 6,470,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 6,515,161 - ------------------------------------------------------------------------------------------------------------------------- 8,500,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 8,914,460 - ------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,096,000 - ------------------------------------------------------------------------------------------------------------------------- 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,879,377 - ------------------------------------------------------------------------------------------------------------------------- 330,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 341,349 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,017,590 - ------------------------------------------------------------------------------------------------------------------------- 11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2033 11,381,260 - ------------------------------------------------------------------------------------------------------------------------- 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,194,156 - ------------------------------------------------------------------------------------------------------------------------- 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,356,755 - ------------------------------------------------------------------------------------------------------------------------- 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,427,234 - ------------------------------------------------------------------------------------------------------------------------- 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 15,667,582 - ------------------------------------------------------------------------------------------------------------------------- 3,380,000 NYC HDC (Multifamily) 4.850 11/01/2025 3,388,957 - ------------------------------------------------------------------------------------------------------------------------- 2,685,000 NYC HDC (Multifamily) 4 5.000 11/01/2037 2,710,803 - ------------------------------------------------------------------------------------------------------------------------- 3,185,000 NYC HDC (Multifamily) 4 5.050 11/01/2039 3,220,481 - ------------------------------------------------------------------------------------------------------------------------- 15,000,000 NYC HDC (Progress of Peoples Devel.) 4 4.950 05/15/2036 15,125,100 - ------------------------------------------------------------------------------------------------------------------------- 530,835 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 558,438 - ------------------------------------------------------------------------------------------------------------------------- 197,469 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 207,787 - ------------------------------------------------------------------------------------------------------------------------- 718,247 NYC HDC (Seaview Towers) 6.500 01/15/2018 755,517 - ------------------------------------------------------------------------------------------------------------------------- 297,179 NYC HDC (St. Martin Tower) 6.500 11/15/2018 312,635 - ------------------------------------------------------------------------------------------------------------------------- 1,375,408 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,446,778 - ------------------------------------------------------------------------------------------------------------------------- 1,367,085 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,437,298 - ------------------------------------------------------------------------------------------------------------------------- 185,706 NYC HDC (Town House West) 6.500 01/15/2018 195,225 - ------------------------------------------------------------------------------------------------------------------------- 205,171 NYC HDC (Westview Apartments) 6.500 10/15/2017 215,840 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,041,170 - ------------------------------------------------------------------------------------------------------------------------- 5,875,000 NYC Health & Hospital Corp. RITES 2 6.951 3 02/15/2020 6,942,605 - ------------------------------------------------------------------------------------------------------------------------- 1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,146,034 - ------------------------------------------------------------------------------------------------------------------------- 330,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 329,195 - ------------------------------------------------------------------------------------------------------------------------- 1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,334,456 - ------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,339,576 - ------------------------------------------------------------------------------------------------------------------------- 29,825,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 30,042,723 - ------------------------------------------------------------------------------------------------------------------------- 20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 21,113,639 - ------------------------------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,063,649 - ------------------------------------------------------------------------------------------------------------------------- 1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,499,851 - ------------------------------------------------------------------------------------------------------------------------- 305,000 NYC IDA (Allied Metal) 6.375 12/01/2014 310,578 - ------------------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 967,260 - ------------------------------------------------------------------------------------------------------------------------- 3,325,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 3,264,651 - ------------------------------------------------------------------------------------------------------------------------- 2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,895,933
33 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 29,935,000 NYC IDA (American Airlines) 5.400% 07/01/2020 $ 21,569,664 - ------------------------------------------------------------------------------------------------------------------------- 38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 31,455,485 - ------------------------------------------------------------------------------------------------------------------------- 331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 354,183,228 - ------------------------------------------------------------------------------------------------------------------------- 485,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 486,455 - ------------------------------------------------------------------------------------------------------------------------- 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,710,136 - ------------------------------------------------------------------------------------------------------------------------- 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,212,281 - ------------------------------------------------------------------------------------------------------------------------- 535,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 556,170 - ------------------------------------------------------------------------------------------------------------------------- 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,791,812 - ------------------------------------------------------------------------------------------------------------------------- 155,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 152,621 - ------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,426,815 - ------------------------------------------------------------------------------------------------------------------------- 10,705,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,537,039 - ------------------------------------------------------------------------------------------------------------------------- 5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,893,360 - ------------------------------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,105,038 - ------------------------------------------------------------------------------------------------------------------------- 4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,477,336 - ------------------------------------------------------------------------------------------------------------------------- 31,815,000 NYC IDA (British Airways) 5.250 12/01/2032 27,917,981 - ------------------------------------------------------------------------------------------------------------------------- 21,470,000 NYC IDA (British Airways) 7.625 12/01/2032 23,208,855 - ------------------------------------------------------------------------------------------------------------------------- 85,175,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 85,486,741 - ------------------------------------------------------------------------------------------------------------------------- 143,510,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 144,495,914 - ------------------------------------------------------------------------------------------------------------------------- 21,050,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 22,437,406 - ------------------------------------------------------------------------------------------------------------------------- 16,000,000 NYC IDA (Calhoun School) 6.625 12/01/2034 16,960,800 - ------------------------------------------------------------------------------------------------------------------------- 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,238,554 - ------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,562,850 - ------------------------------------------------------------------------------------------------------------------------- 9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,722,784 - ------------------------------------------------------------------------------------------------------------------------- 2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,612,515 - ------------------------------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,028,412 - ------------------------------------------------------------------------------------------------------------------------- 2,040,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,056,055 - ------------------------------------------------------------------------------------------------------------------------- 1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,506,807 - ------------------------------------------------------------------------------------------------------------------------- 3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 3,181,702 - ------------------------------------------------------------------------------------------------------------------------- 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 4,054,739 - ------------------------------------------------------------------------------------------------------------------------- 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,590,451 - ------------------------------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,854,606 - ------------------------------------------------------------------------------------------------------------------------- 1,110,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,123,220 - ------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 1,491,855 - ------------------------------------------------------------------------------------------------------------------------- 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 4,797,534 - ------------------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (Dioni) 6.000 11/01/2007 383,587 - ------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,715,380 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,107,050 - ------------------------------------------------------------------------------------------------------------------------- 5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,627,380 - ------------------------------------------------------------------------------------------------------------------------- 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,882,425 - ------------------------------------------------------------------------------------------------------------------------- 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,457,678 - ------------------------------------------------------------------------------------------------------------------------- 2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,414,037
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 14,350,000 NYC IDA (General Motors Corp.) 5.125% 12/30/2023 $ 9,457,081 - ------------------------------------------------------------------------------------------------------------------------- 1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,898,727 - ------------------------------------------------------------------------------------------------------------------------- 1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,798,794 - ------------------------------------------------------------------------------------------------------------------------- 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,234,987 - ------------------------------------------------------------------------------------------------------------------------- 335,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 338,293 - ------------------------------------------------------------------------------------------------------------------------- 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,283,305 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 1,001,630 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,051,650 - ------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,134,940 - ------------------------------------------------------------------------------------------------------------------------- 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,645,879 - ------------------------------------------------------------------------------------------------------------------------- 830,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 892,200 - ------------------------------------------------------------------------------------------------------------------------- 1,030,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,110,834 - ------------------------------------------------------------------------------------------------------------------------- 1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,747,544 - ------------------------------------------------------------------------------------------------------------------------- 1,150,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,154,600 - ------------------------------------------------------------------------------------------------------------------------- 4,500,000 NYC IDA (Liberty-7 World Trade Center) 2 6.750 03/01/2015 4,728,105 - ------------------------------------------------------------------------------------------------------------------------- 16,600,000 NYC IDA (Liberty-IAC/Interactive Corp.) 5.000 09/01/2035 16,451,762 - ------------------------------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,160,097 - ------------------------------------------------------------------------------------------------------------------------- 390,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 382,649 - ------------------------------------------------------------------------------------------------------------------------- 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,921,652 - ------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,086,680 - ------------------------------------------------------------------------------------------------------------------------- 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 24,657,610 - ------------------------------------------------------------------------------------------------------------------------- 680,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 702,590 - ------------------------------------------------------------------------------------------------------------------------- 3,960,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 4,155,545 - ------------------------------------------------------------------------------------------------------------------------- 19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 18,043,035 - ------------------------------------------------------------------------------------------------------------------------- 1,690,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,715,130 - ------------------------------------------------------------------------------------------------------------------------- 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,801,831 - ------------------------------------------------------------------------------------------------------------------------- 3,400,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 3,336,794 - ------------------------------------------------------------------------------------------------------------------------- 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,282,712 - ------------------------------------------------------------------------------------------------------------------------- 25,000 NYC IDA (New York University) 5.000 07/01/2041 25,634 - ------------------------------------------------------------------------------------------------------------------------- 3,945,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,000,388 - ------------------------------------------------------------------------------------------------------------------------- 475,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 477,570 - ------------------------------------------------------------------------------------------------------------------------- 290,000 NYC IDA (Paradise Products) 7.125 11/01/2007 294,385 - ------------------------------------------------------------------------------------------------------------------------- 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,693,291 - ------------------------------------------------------------------------------------------------------------------------- 470,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 479,560 - ------------------------------------------------------------------------------------------------------------------------- 170,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 174,248 - ------------------------------------------------------------------------------------------------------------------------- 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,938,836 - ------------------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 988,184 - ------------------------------------------------------------------------------------------------------------------------- 6,360,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 6,343,909 - ------------------------------------------------------------------------------------------------------------------------- 34,050,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 34,046,595 - ------------------------------------------------------------------------------------------------------------------------- 2,455,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,482,373
35 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 2,240,000 NYC IDA (Precision Gear) 6.375% 11/01/2024 $ 2,269,994 - ------------------------------------------------------------------------------------------------------------------------- 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,935,575 - ------------------------------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 1,000,271 - ------------------------------------------------------------------------------------------------------------------------- 4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,381,219 - ------------------------------------------------------------------------------------------------------------------------- 6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,836,244 - ------------------------------------------------------------------------------------------------------------------------- 2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,301,219 - ------------------------------------------------------------------------------------------------------------------------- 2,615,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,504,856 - ------------------------------------------------------------------------------------------------------------------------- 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 8,035,036 - ------------------------------------------------------------------------------------------------------------------------- 1,030,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,035,006 - ------------------------------------------------------------------------------------------------------------------------- 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 4,058,284 - ------------------------------------------------------------------------------------------------------------------------- 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,431,334 - ------------------------------------------------------------------------------------------------------------------------- 3,420,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,522,463 - ------------------------------------------------------------------------------------------------------------------------- 1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,642,973 - ------------------------------------------------------------------------------------------------------------------------- 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,145,732 - ------------------------------------------------------------------------------------------------------------------------- 345,000 NYC IDA (Special Needs Facilities Pooled Program) 7.125 08/01/2006 348,177 - ------------------------------------------------------------------------------------------------------------------------- 7,010,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 7,530,773 - ------------------------------------------------------------------------------------------------------------------------- 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,333,411 - ------------------------------------------------------------------------------------------------------------------------- 1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,587,975 - ------------------------------------------------------------------------------------------------------------------------- 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,183 - ------------------------------------------------------------------------------------------------------------------------- 4,530,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,613,035 - ------------------------------------------------------------------------------------------------------------------------- 1,490,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,536,145 - ------------------------------------------------------------------------------------------------------------------------- 585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 592,798 - ------------------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,301,877 - ------------------------------------------------------------------------------------------------------------------------- 523,350 NYC IDA (Summit School) 8.250 12/01/2024 534,168 - ------------------------------------------------------------------------------------------------------------------------- 955,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 917,545 - ------------------------------------------------------------------------------------------------------------------------- 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,395,035 - ------------------------------------------------------------------------------------------------------------------------- 5,245,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2020 5,622,220 - ------------------------------------------------------------------------------------------------------------------------- 7,750,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2021 8,300,948 - ------------------------------------------------------------------------------------------------------------------------- 11,390,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2024 12,171,468 - ------------------------------------------------------------------------------------------------------------------------- 4,050,000 NYC IDA (Terminal One Group Assoc.) 6.000 01/01/2015 4,055,792 - ------------------------------------------------------------------------------------------------------------------------- 26,105,000 NYC IDA (Terminal One Group Assoc.) 6.000 01/01/2019 26,142,330 - ------------------------------------------------------------------------------------------------------------------------- 210,000 NYC IDA (Terminal One Group Assoc.) 6.100 01/01/2009 210,315 - ------------------------------------------------------------------------------------------------------------------------- 11,265,000 NYC IDA (Terminal One Group Assoc.) 6.125 01/01/2024 11,282,010 - ------------------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 404,920 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,054,570 - ------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,593,400 - ------------------------------------------------------------------------------------------------------------------------- 375,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 401,051 - ------------------------------------------------------------------------------------------------------------------------- 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 4,045,304 - ------------------------------------------------------------------------------------------------------------------------- 300,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 307,131 - ------------------------------------------------------------------------------------------------------------------------- 1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,138,100 - ------------------------------------------------------------------------------------------------------------------------- 4,325,000 NYC IDA (Touro College) 6.350 06/01/2029 4,461,238
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 4,485,000 NYC IDA (Ulano) 6.900% 11/01/2019 $ 4,444,904 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,031,370 - --------------------------------------------------------------------------------------------------------------------------- 950,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 970,853 - --------------------------------------------------------------------------------------------------------------------------- 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 10,181,521 - --------------------------------------------------------------------------------------------------------------------------- 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,852,576 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYC IDA (Utleys) 6.625 11/01/2006 39,866 - --------------------------------------------------------------------------------------------------------------------------- 1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,316,670 - --------------------------------------------------------------------------------------------------------------------------- 365,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 373,771 - --------------------------------------------------------------------------------------------------------------------------- 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,134,272 - --------------------------------------------------------------------------------------------------------------------------- 20,800,000 NYC IDA (Visy Paper) 7.800 01/01/2016 21,299,408 - --------------------------------------------------------------------------------------------------------------------------- 70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 72,825,795 - --------------------------------------------------------------------------------------------------------------------------- 1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 1,886,286 - --------------------------------------------------------------------------------------------------------------------------- 505,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 522,271 - --------------------------------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,646,605 - --------------------------------------------------------------------------------------------------------------------------- 5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 6,073,980 - --------------------------------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,912,586 - --------------------------------------------------------------------------------------------------------------------------- 3,370,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 3,469,415 - --------------------------------------------------------------------------------------------------------------------------- 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,402,026 - --------------------------------------------------------------------------------------------------------------------------- 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,543,501 - --------------------------------------------------------------------------------------------------------------------------- 9,000,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 9,414,630 - --------------------------------------------------------------------------------------------------------------------------- 65,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 67,144 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 51,649 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2031 5,231,950 - --------------------------------------------------------------------------------------------------------------------------- 39,985,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 41,392,872 - --------------------------------------------------------------------------------------------------------------------------- 11,565,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 12,013,144 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 3,116,220 - --------------------------------------------------------------------------------------------------------------------------- 200,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 206,976 - --------------------------------------------------------------------------------------------------------------------------- 850,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 884,757 - --------------------------------------------------------------------------------------------------------------------------- 820,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 852,341 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 31,298 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 31,560 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 25,911 - --------------------------------------------------------------------------------------------------------------------------- 20,545,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 21,435,009 - --------------------------------------------------------------------------------------------------------------------------- 650,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 685,464 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 5.400 1 06/15/2019 275,971 - --------------------------------------------------------------------------------------------------------------------------- 335,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 360,138 - --------------------------------------------------------------------------------------------------------------------------- 12,750,000 NYC Municipal Water Finance Authority DRIVERS 2 8.519 3 06/15/2013 14,739,510 - --------------------------------------------------------------------------------------------------------------------------- 2,930,000 NYC Municipal Water Finance Authority RITES 2 6.846 3 06/15/2032 3,259,098 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC Municipal Water Finance Authority RITES 2 6.915 3 06/15/2029 2,800,350 - --------------------------------------------------------------------------------------------------------------------------- 7,850,000 NYC Municipal Water Finance Authority RITES 2 6.915 3 06/15/2034 8,785,563 - --------------------------------------------------------------------------------------------------------------------------- 14,425,000 NYC Municipal Water Finance Authority RITES 2 6.939 3 06/15/2026 16,356,219
37 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 2,805,000 NYC Municipal Water Finance Authority RITES 2 6.962% 3 06/15/2027 $ 3,194,839 - ---------------------------------------------------------------------------------------------------------------------------- 11,210,000 NYC Municipal Water Finance Authority RITES 2 7.346 3 06/15/2032 12,875,133 - ---------------------------------------------------------------------------------------------------------------------------- 3,555,000 NYC Municipal Water Finance Authority RITES 2 7.415 3 06/15/2021 4,047,865 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES 2 7.415 3 06/15/2030 5,626,800 - ---------------------------------------------------------------------------------------------------------------------------- 18,240,000 NYC Municipal Water Finance Authority RITES 2 7.451 3 06/15/2030 20,526,566 - ---------------------------------------------------------------------------------------------------------------------------- 4,030,000 NYC Municipal Water Finance Authority RITES 2 7.462 3 06/15/2030 4,535,201 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC Municipal Water Finance Authority RITES 2 7.462 3 06/15/2030 5,626,800 - ---------------------------------------------------------------------------------------------------------------------------- 17,300,000 NYC Municipal Water Finance Authority RITES 2 8.915 3 06/15/2033 22,492,768 - ---------------------------------------------------------------------------------------------------------------------------- 11,860,000 NYC Municipal Water Finance Authority RITES 2 8.980 3 06/15/2034 13,530,125 - ---------------------------------------------------------------------------------------------------------------------------- 4,500,000 NYC Municipal Water Finance Authority RITES 2 8.980 3 06/15/2038 5,104,800 - ---------------------------------------------------------------------------------------------------------------------------- 6,875,000 NYC Municipal Water Finance Authority ROLs 2 8.968 3 06/15/2031 8,150,725 - ---------------------------------------------------------------------------------------------------------------------------- 16,675,000 NYC Municipal Water Finance Authority ROLs 2 8.968 3 06/15/2036 19,360,009 - ---------------------------------------------------------------------------------------------------------------------------- 10,025,000 NYC Municipal Water Finance Authority ROLs 2 8.968 3 06/15/2037 11,680,529 - ---------------------------------------------------------------------------------------------------------------------------- 7,875,000 NYC Municipal Water Finance Authority ROLs 2 8.968 3 06/15/2039 9,014,828 - ---------------------------------------------------------------------------------------------------------------------------- 4,935,000 NYC Municipal Water Finance Authority ROLs 2 8.968 3 06/15/2039 5,733,977 - ---------------------------------------------------------------------------------------------------------------------------- 4,500,000 NYC Municipal Water Finance Authority ROLs 2 8.988 3 06/15/2039 5,213,430 - ---------------------------------------------------------------------------------------------------------------------------- 2,150,000 NYC Transitional Finance Authority RITES 2 6.951 3 08/15/2027 2,468,329 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 54,209 - ---------------------------------------------------------------------------------------------------------------------------- 18,233,061 NYS Certificate of Lease 2 5.875 01/02/2023 18,850,980 - ---------------------------------------------------------------------------------------------------------------------------- 1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,874,142 - ---------------------------------------------------------------------------------------------------------------------------- 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 373,559 - ---------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,595,820 - ---------------------------------------------------------------------------------------------------------------------------- 195,000 NYS DA (Bishop Henry B. Hucles Nursing Home) 6.000 07/01/2024 201,057 - ---------------------------------------------------------------------------------------------------------------------------- 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,904,100 - ---------------------------------------------------------------------------------------------------------------------------- 8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,993,819 - ---------------------------------------------------------------------------------------------------------------------------- 2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 3,030,264 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 NYS DA (City University) 5.000 07/01/2023 5,225 - ---------------------------------------------------------------------------------------------------------------------------- 1,895,000 NYS DA (City University) 5.250 07/01/2031 2,062,158 - ---------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,713,700 - ---------------------------------------------------------------------------------------------------------------------------- 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,330,413 - ---------------------------------------------------------------------------------------------------------------------------- 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 545,522 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,435 - ---------------------------------------------------------------------------------------------------------------------------- 6,480,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,780,866 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,033,690 - ---------------------------------------------------------------------------------------------------------------------------- 3,970,000 NYS DA (Hospital Special Surgery) 5.000 08/15/2033 4,145,712 - ---------------------------------------------------------------------------------------------------------------------------- 140,915,000 NYS DA (Insured Hospital) 5.530 1 08/15/2036 27,639,068 - ---------------------------------------------------------------------------------------------------------------------------- 38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 40,068,069 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,054,330 - ---------------------------------------------------------------------------------------------------------------------------- 10,300,000 NYS DA (Kaleida Health) 5.050 02/15/2025 10,776,375 - ---------------------------------------------------------------------------------------------------------------------------- 3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,585,482
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,410,000 NYS DA (L.I. University) 5.250% 09/01/2028 $ 1,475,593 - ---------------------------------------------------------------------------------------------------------------------------- 235,000 NYS DA (L.I. University) 5.250 09/01/2028 247,556 - ---------------------------------------------------------------------------------------------------------------------------- 1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,705,904 - ---------------------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 20,241 - ---------------------------------------------------------------------------------------------------------------------------- 1,700,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.375 07/01/2020 1,717,170 - ---------------------------------------------------------------------------------------------------------------------------- 9,415,000 NYS DA (Lutheran Social Services of Upstate NY) RITES 2 6.238 3 02/01/2038 10,369,775 - ---------------------------------------------------------------------------------------------------------------------------- 3,115,000 NYS DA (Menorah Home & Hospital) RITES 2 7.328 3 08/01/2038 3,698,377 - ---------------------------------------------------------------------------------------------------------------------------- 5,825,000 NYS DA (Menorah Home) RITES 2 7.515 3 08/01/2038 6,748,263 - ---------------------------------------------------------------------------------------------------------------------------- 3,660,000 NYS DA (Mental Health) 5.000 02/15/2033 3,776,900 - ---------------------------------------------------------------------------------------------------------------------------- 2,750,000 NYS DA (Mental Health) 5.000 02/15/2035 2,869,625 - ---------------------------------------------------------------------------------------------------------------------------- 14,400,000 NYS DA (Mental Health) 5.000 02/15/2035 14,960,592 - ---------------------------------------------------------------------------------------------------------------------------- 4,625,000 NYS DA (Mental Health) RITES 2 6.962 3 02/15/2023 5,488,118 - ---------------------------------------------------------------------------------------------------------------------------- 3,770,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,926,267 - ---------------------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc,) 6.875 07/01/2025 7,699,938 - ---------------------------------------------------------------------------------------------------------------------------- 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.375 07/01/2029 4,511,678 - ---------------------------------------------------------------------------------------------------------------------------- 2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2,727,529 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 5,228,200 - ---------------------------------------------------------------------------------------------------------------------------- 8,600,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 8,959,824 - ---------------------------------------------------------------------------------------------------------------------------- 2,375,000 NYS DA (Montefiore Medical) RITES 2 8.915 3 08/01/2038 3,010,788 - ---------------------------------------------------------------------------------------------------------------------------- 6,400,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 5.500 07/01/2026 6,482,624 - ---------------------------------------------------------------------------------------------------------------------------- 6,800,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.000 07/01/2014 7,207,320 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.500 07/01/2017 3,228,570 - ---------------------------------------------------------------------------------------------------------------------------- 27,420,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.500 07/01/2025 29,205,590 - ---------------------------------------------------------------------------------------------------------------------------- 8,820,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.625 07/01/2019 9,523,130 - ---------------------------------------------------------------------------------------------------------------------------- 15,000,000 NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group) 6.750 07/01/2020 16,270,800 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 5,064,550 - ---------------------------------------------------------------------------------------------------------------------------- 2,850,000 NYS DA (Municipal Health Facilities) RITES 2 6.962 3 01/15/2023 3,414,756 - ---------------------------------------------------------------------------------------------------------------------------- 4,665,000 NYS DA (North Shore Long Island Jewish Group) 5.500 05/01/2033 4,925,074 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,047,450 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,245,640 - ---------------------------------------------------------------------------------------------------------------------------- 6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 6,291,264 - ---------------------------------------------------------------------------------------------------------------------------- 7,600,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,751,164 - ---------------------------------------------------------------------------------------------------------------------------- 4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,466,130 - ---------------------------------------------------------------------------------------------------------------------------- 390,000 NYS DA (NY & Presbyterian Hospital) 5.000 08/01/2032 403,291
39 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ NEW YORK Continued $ 6,950,000 NYS DA (NY Hospital Medical Center) 5.600% 02/15/2039 $ 7,472,779 - ------------------------------------------------------------------------------------------------------------------------------ 1,727,525 NYS DA (Our Lady of Mercy Medical Center) Computer Lease 2 6.200 08/15/2006 1,721,634 - ------------------------------------------------------------------------------------------------------------------------------ 6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 6,155,760 - ------------------------------------------------------------------------------------------------------------------------------ 2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,798,658 - ------------------------------------------------------------------------------------------------------------------------------ 3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 3,272,019 - ------------------------------------------------------------------------------------------------------------------------------ 580,000 NYS DA (Sarah Neuman Home) 5.450 08/01/2027 608,362 - ------------------------------------------------------------------------------------------------------------------------------ 50,000 NYS DA (School Districts Financing Program), - ------------------------------------------------------------------------------------------------------------------------------ 25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 28,042 - ------------------------------------------------------------------------------------------------------------------------------ 20,400,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 21,673,164 - ------------------------------------------------------------------------------------------------------------------------------ 1,000,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 1,016,060 - ------------------------------------------------------------------------------------------------------------------------------ 2,470,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,568,973 - ------------------------------------------------------------------------------------------------------------------------------ 905,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 963,373 - ------------------------------------------------------------------------------------------------------------------------------ 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,815,923 - ------------------------------------------------------------------------------------------------------------------------------ 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,084,404 - ------------------------------------------------------------------------------------------------------------------------------ 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,718,211 - ------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS DA (St. Lukes Roosevelt Hospital) 4.800 08/15/2025 5,121,750 - ------------------------------------------------------------------------------------------------------------------------------ 101,800,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 104,236,074 - ------------------------------------------------------------------------------------------------------------------------------ 1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,547,953 - ------------------------------------------------------------------------------------------------------------------------------ 3,885,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,061,146 - ------------------------------------------------------------------------------------------------------------------------------ 230,000 NYS DA (St. Vincent's Hospital & Medical Center) 7.400 08/01/2030 231,419 - ------------------------------------------------------------------------------------------------------------------------------ 3,200,000 NYS DA (Various School Districts) 5.000 04/01/2035 3,348,160 - ------------------------------------------------------------------------------------------------------------------------------ 1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,791,154 - ------------------------------------------------------------------------------------------------------------------------------ 7,030,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,446,738 - ------------------------------------------------------------------------------------------------------------------------------ 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,675,525 - ------------------------------------------------------------------------------------------------------------------------------ 26,070,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 27,040,065 - ------------------------------------------------------------------------------------------------------------------------------ 3,310,000 NYS DA P-Floats 2 8.980 3 02/01/2028 3,914,340 - ------------------------------------------------------------------------------------------------------------------------------ 1,565,000 NYS DA RITES 2 8.920 3 12/01/2025 1,838,499 - ------------------------------------------------------------------------------------------------------------------------------ 4,415,000 NYS DA RITES 2 8.920 3 12/01/2035 5,014,645 - ------------------------------------------------------------------------------------------------------------------------------ 5,000,000 NYS DA RITES 2 11.900 3 02/01/2012 7,452,000 - ------------------------------------------------------------------------------------------------------------------------------ 100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 104,636 - ------------------------------------------------------------------------------------------------------------------------------ 4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.400 07/15/2021 4,444,549 - ------------------------------------------------------------------------------------------------------------------------------ 448,000 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 450,012 - ------------------------------------------------------------------------------------------------------------------------------ 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 8,125,200 - ------------------------------------------------------------------------------------------------------------------------------ 2,365,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,541,476 - ------------------------------------------------------------------------------------------------------------------------------ 20,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 20,070 - ------------------------------------------------------------------------------------------------------------------------------ 7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.156 3 04/01/2020 8,079,540 - ------------------------------------------------------------------------------------------------------------------------------ 16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 10.375 3 07/01/2026 17,445,890 - ------------------------------------------------------------------------------------------------------------------------------ 210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 224,288
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 60,000 NYS ERDA (Corning Natural Gas) 8.250% 12/01/2018 $ 61,308 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,071,150 - --------------------------------------------------------------------------------------------------------------------------- 23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,820,410 - --------------------------------------------------------------------------------------------------------------------------- 315,000 NYS ERDA (LILCO) 5.300 10/01/2024 326,151 - --------------------------------------------------------------------------------------------------------------------------- 3,485,000 NYS ERDA (NIMO) RITES 2 7.562 3 11/01/2025 4,248,773 - --------------------------------------------------------------------------------------------------------------------------- 3,625,000 NYS ERDA (RG&E) Residual Certificates 2 12.280 3 09/01/2033 4,672,625 - --------------------------------------------------------------------------------------------------------------------------- 3,030,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,032,454 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Friendship) 5.100 08/15/2041 1,016,370 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYS HFA (General Hsg.) 6.600 11/01/2008 15,483 - --------------------------------------------------------------------------------------------------------------------------- 200,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 238,782 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,016 - --------------------------------------------------------------------------------------------------------------------------- 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 760,839 - --------------------------------------------------------------------------------------------------------------------------- 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,377,895 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,731,943 - --------------------------------------------------------------------------------------------------------------------------- 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,116,331 - --------------------------------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,930,556 - --------------------------------------------------------------------------------------------------------------------------- 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,140,466 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,368,300 - --------------------------------------------------------------------------------------------------------------------------- 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,123,721 - --------------------------------------------------------------------------------------------------------------------------- 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,264,572 - --------------------------------------------------------------------------------------------------------------------------- 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,443,032 - --------------------------------------------------------------------------------------------------------------------------- 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,279,804 - --------------------------------------------------------------------------------------------------------------------------- 1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,807,798 - --------------------------------------------------------------------------------------------------------------------------- 1,170,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,214,600 - --------------------------------------------------------------------------------------------------------------------------- 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,311,200 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,037,790 - --------------------------------------------------------------------------------------------------------------------------- 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,760,616 - --------------------------------------------------------------------------------------------------------------------------- 2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,208,616 - --------------------------------------------------------------------------------------------------------------------------- 95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 95,115 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,332,185 - --------------------------------------------------------------------------------------------------------------------------- 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,850,165 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 40,058 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,702 - --------------------------------------------------------------------------------------------------------------------------- 735,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 761,467 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,295,524 - --------------------------------------------------------------------------------------------------------------------------- 1,005,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 1,014,055 - --------------------------------------------------------------------------------------------------------------------------- 2,735,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 2,738,829 - --------------------------------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,857,600 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 15,042 - --------------------------------------------------------------------------------------------------------------------------- 5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,517,288 - --------------------------------------------------------------------------------------------------------------------------- 315,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 318,689
41 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 2,805,000 NYS HFA (NH&HC) RITES 2 7.561% 3 11/01/2016 $ 2,889,992 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 5,039 - ---------------------------------------------------------------------------------------------------------------------------- 480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 487,853 - ---------------------------------------------------------------------------------------------------------------------------- 525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 533,589 - ---------------------------------------------------------------------------------------------------------------------------- 565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 574,243 - ---------------------------------------------------------------------------------------------------------------------------- 605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 614,898 - ---------------------------------------------------------------------------------------------------------------------------- 655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 665,716 - ---------------------------------------------------------------------------------------------------------------------------- 780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 792,761 - ---------------------------------------------------------------------------------------------------------------------------- 835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 848,661 - ---------------------------------------------------------------------------------------------------------------------------- 900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 914,724 - ---------------------------------------------------------------------------------------------------------------------------- 990,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,006,196 - ---------------------------------------------------------------------------------------------------------------------------- 1,060,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,077,342 - ---------------------------------------------------------------------------------------------------------------------------- 460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 467,526 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,117,950 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,113 - ---------------------------------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,888,792 - ---------------------------------------------------------------------------------------------------------------------------- 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,796,664 - ---------------------------------------------------------------------------------------------------------------------------- 255,000 NYS HFA (Service Contract) 6.500 03/15/2025 260,383 - ---------------------------------------------------------------------------------------------------------------------------- 345,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 345,400 - ---------------------------------------------------------------------------------------------------------------------------- 1,540,000 NYS HFA (Tiffany Gardens) 4.900 08/15/2025 1,567,720 - ---------------------------------------------------------------------------------------------------------------------------- 3,210,000 NYS HFA (Tiffany Gardens) 5.125 08/15/2037 3,259,787 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Watergate II) 4.750 02/15/2034 989,990 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Watergate II) 4.900 02/15/2045 951,430 - ---------------------------------------------------------------------------------------------------------------------------- 320,000 NYS LGSC (SCSB) 2 7.250 12/15/2011 330,746 - ---------------------------------------------------------------------------------------------------------------------------- 810,000 NYS LGSC (SCSB) 2 7.375 12/15/2016 841,371 - ---------------------------------------------------------------------------------------------------------------------------- 980,000 NYS LGSC (SCSB) 2 7.750 12/15/2021 1,040,025 - ---------------------------------------------------------------------------------------------------------------------------- 1,045,000 NYS Medcare (Central Suffolk Hospital) 6.125 11/01/2016 1,007,746 - ---------------------------------------------------------------------------------------------------------------------------- 1,200,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 1,206,156 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,002,330 - ---------------------------------------------------------------------------------------------------------------------------- 1,080,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 1,099,408 - ---------------------------------------------------------------------------------------------------------------------------- 990,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 1,031,976 - ---------------------------------------------------------------------------------------------------------------------------- 230,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 236,711 - ---------------------------------------------------------------------------------------------------------------------------- 1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,706,974 - ---------------------------------------------------------------------------------------------------------------------------- 350,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 355,873 - ---------------------------------------------------------------------------------------------------------------------------- 7,140,000 NYS Thruway Authority RITES 2 6.951 3 01/01/2025 7,823,441 - ---------------------------------------------------------------------------------------------------------------------------- 20,000,000 NYS Thruway Authority, Series G 4.750 01/01/2030 20,453,000 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 NYS UDC (Correctional Facilities) 6.310 1 01/01/2013 3,595 - ---------------------------------------------------------------------------------------------------------------------------- 15,000,000 NYS UDC (State Personal Income Tax) 5.000 03/15/2035 15,634,050 - ---------------------------------------------------------------------------------------------------------------------------- 5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,475,506 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 4.625 09/15/2030 483,520 - ---------------------------------------------------------------------------------------------------------------------------- 830,000 Oneida County IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 841,545
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 450,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300% 03/15/2019 $ 467,303 - --------------------------------------------------------------------------------------------------------------------------- 740,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 763,835 - --------------------------------------------------------------------------------------------------------------------------- 1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,222,332 - --------------------------------------------------------------------------------------------------------------------------- 1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,096,403 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,115,600 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,125,000 - --------------------------------------------------------------------------------------------------------------------------- 295,000 Onondaga County IDA (Central New York Charter School for Math & Science) 5 8.500 01/01/2032 112,377 - --------------------------------------------------------------------------------------------------------------------------- 510,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 519,180 - --------------------------------------------------------------------------------------------------------------------------- 770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 795,857 - --------------------------------------------------------------------------------------------------------------------------- 1,390,000 Onondaga County IDA (Community General Hospital) 5.500 11/01/2018 1,402,302 - --------------------------------------------------------------------------------------------------------------------------- 7,280,000 Onondaga County IDA (Community General Hospital) 6.625 01/01/2018 7,332,780 - --------------------------------------------------------------------------------------------------------------------------- 4,710,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 5,035,131 - --------------------------------------------------------------------------------------------------------------------------- 11,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 12,032,680 - --------------------------------------------------------------------------------------------------------------------------- 67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 70,454,496 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 775,815 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Onondaga County IDA Sewage Waste Facilities (Anheuser-Busch Companies) 6.250 12/01/2034 537,695 - --------------------------------------------------------------------------------------------------------------------------- 59,474,598 Onondaga County Res Rec 0.000 6 05/01/2022 31,310,402 - --------------------------------------------------------------------------------------------------------------------------- 41,580,000 Onondaga County Res Rec 5.000 05/01/2015 39,883,952 - --------------------------------------------------------------------------------------------------------------------------- 430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 460,754 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,678,800 - --------------------------------------------------------------------------------------------------------------------------- 2,310,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,451,857 - --------------------------------------------------------------------------------------------------------------------------- 2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,218,347 - --------------------------------------------------------------------------------------------------------------------------- 2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,628,070 - --------------------------------------------------------------------------------------------------------------------------- 5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 5,223,799 - --------------------------------------------------------------------------------------------------------------------------- 2,685,000 Orange County IDA (Kingston Manufacturing) 2 8.000 11/01/2017 1,306,440 - --------------------------------------------------------------------------------------------------------------------------- 340,000 Orange County IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 341,873 - --------------------------------------------------------------------------------------------------------------------------- 1,715,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,820,953 - --------------------------------------------------------------------------------------------------------------------------- 6,330,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,682,898 - --------------------------------------------------------------------------------------------------------------------------- 2,235,000 Orange County IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,359,601 - --------------------------------------------------------------------------------------------------------------------------- 7,650,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2032 5,807,804 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2033 1,897,275 - --------------------------------------------------------------------------------------------------------------------------- 2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,910,024 - --------------------------------------------------------------------------------------------------------------------------- 3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,423,228
43 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 6,680,000 Otsego County IDA (Hartwick College) 5.900% 07/01/2022 $ 6,365,506 - ---------------------------------------------------------------------------------------------------------------------------- 2,970,000 Otsego County IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,148,853 - ---------------------------------------------------------------------------------------------------------------------------- 10,890,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 10,645,955 - ---------------------------------------------------------------------------------------------------------------------------- 537,716 Peekskill IDA (Karta) 9.000 07/01/2010 546,029 - ---------------------------------------------------------------------------------------------------------------------------- 1,515,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 1,520,772 - ---------------------------------------------------------------------------------------------------------------------------- 1,770,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,776,744 - ---------------------------------------------------------------------------------------------------------------------------- 53,290,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 53,493,035 - ---------------------------------------------------------------------------------------------------------------------------- 2,795,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 2,764,143 - ---------------------------------------------------------------------------------------------------------------------------- 6,385,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 6,388,193 - ---------------------------------------------------------------------------------------------------------------------------- 42,140,000 Port Authority NY/NJ (KIAC) 4 6.750 10/01/2019 42,172,869 - ---------------------------------------------------------------------------------------------------------------------------- 6,400,000 Port Authority NY/NJ (KIAC) 4 7.000 10/01/2007 6,397,248 - ---------------------------------------------------------------------------------------------------------------------------- 20,000,000 Port Authority NY/NJ RITES 2 8.810 3 09/15/2013 23,200,000 - ---------------------------------------------------------------------------------------------------------------------------- 50,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 53,682,376 - ---------------------------------------------------------------------------------------------------------------------------- 35,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 35,630 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Port Authority NY/NJ, 120th Series 5.750 10/15/2026 1,045,220 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 30,542 - ---------------------------------------------------------------------------------------------------------------------------- 45,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 45,956 - ---------------------------------------------------------------------------------------------------------------------------- 9,500,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,659,885 - ---------------------------------------------------------------------------------------------------------------------------- 120,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 125,108 - ---------------------------------------------------------------------------------------------------------------------------- 210,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 218,585 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Port Authority NY/NJ, 127th Series 5.200 12/15/2027 26,302 - ---------------------------------------------------------------------------------------------------------------------------- 7,015,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 7,361,962 - ---------------------------------------------------------------------------------------------------------------------------- 10,000,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2033 10,407,800 - ---------------------------------------------------------------------------------------------------------------------------- 35,100,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2038 36,447,489 - ---------------------------------------------------------------------------------------------------------------------------- 6,000,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 6,278,400 - ---------------------------------------------------------------------------------------------------------------------------- 19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 20,521,085 - ---------------------------------------------------------------------------------------------------------------------------- 22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 24,742,823 - ---------------------------------------------------------------------------------------------------------------------------- 10,000,000 Port Authority NY/NJ, 140th Series 5.000 12/01/2034 10,489,100 - ---------------------------------------------------------------------------------------------------------------------------- 13,745,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2021 14,415,619 - ---------------------------------------------------------------------------------------------------------------------------- 16,455,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2025 17,139,199 - ---------------------------------------------------------------------------------------------------------------------------- 18,040,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2027 18,718,304 - ---------------------------------------------------------------------------------------------------------------------------- 2,755,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 2,951,845 - ---------------------------------------------------------------------------------------------------------------------------- 1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,055,391 - ---------------------------------------------------------------------------------------------------------------------------- 1,500,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2036 1,575,585 - ---------------------------------------------------------------------------------------------------------------------------- 2,125,000 Rensselaer County Tobacco Asset Securitization Corp. RITES 2,4 10.124 3 06/01/2035 2,241,408 - ---------------------------------------------------------------------------------------------------------------------------- 2,430,000 Rensselaer County Tobacco Asset Securitization Corp. RITES 2,4 10.124 3 06/01/2043 2,596,285 - ---------------------------------------------------------------------------------------------------------------------------- 5,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 5,132 - ---------------------------------------------------------------------------------------------------------------------------- 19,505,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 19,687,567
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,580,000 Riverhead IDA (Michael Reilly Design) 8.875% 08/01/2021 $ 1,534,907 - --------------------------------------------------------------------------------------------------------------------------- 15,550,000 Rochester Hsg. Authority (Crossroads Apartments) 7.700 01/01/2017 15,955,700 - --------------------------------------------------------------------------------------------------------------------------- 6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,865,301 - --------------------------------------------------------------------------------------------------------------------------- 131,000,000 Rockland County Tobacco Asset Securitization Corp. 5.880 1 08/15/2045 13,210,040 - --------------------------------------------------------------------------------------------------------------------------- 53,000,000 Rockland County Tobacco Asset Securitization Corp. 6.630 1 08/15/2050 2,937,260 - --------------------------------------------------------------------------------------------------------------------------- 441,000,000 Rockland County Tobacco Asset Securitization Corp. 7.620 1 08/15/2060 7,280,910 - --------------------------------------------------------------------------------------------------------------------------- 3,075,000 Rockland County Tobacco Asset Securitization Corp. RITES 2,4 9.719 3 08/15/2035 3,247,784 - --------------------------------------------------------------------------------------------------------------------------- 3,360,000 Rockland County Tobacco Asset Securitization Corp. RITES 2,4 9.719 3 08/15/2043 3,595,872 - --------------------------------------------------------------------------------------------------------------------------- 1,070,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,073,563 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Saratoga County IDA (Saratoga Hospital) 5.125 12/01/2033 3,126,690 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Schenectady Bond Anticipation Notes 5.250 05/26/2006 1,996,240 - --------------------------------------------------------------------------------------------------------------------------- 1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,780,204 - --------------------------------------------------------------------------------------------------------------------------- 3,335,000 Schenectady Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,531,098 - --------------------------------------------------------------------------------------------------------------------------- 242,000 Schroon Lake Fire District 2 7.250 03/01/2009 242,721 - --------------------------------------------------------------------------------------------------------------------------- 175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 177,508 - --------------------------------------------------------------------------------------------------------------------------- 8,600,000 SONYMA RITES 2 8.720 3 10/01/2034 8,850,776 - --------------------------------------------------------------------------------------------------------------------------- 2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,543,186 - --------------------------------------------------------------------------------------------------------------------------- 22,180,000 SONYMA, Series 29 5.450 10/01/2031 22,838,524 - --------------------------------------------------------------------------------------------------------------------------- 6,485,000 SONYMA, Series 65 5.850 10/01/2028 6,708,797 - --------------------------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 66 5.700 10/01/2027 20,698 - --------------------------------------------------------------------------------------------------------------------------- 18,750,000 SONYMA, Series 67 5.800 10/01/2028 18,885,375 - --------------------------------------------------------------------------------------------------------------------------- 3,495,000 SONYMA, Series 69 5.400 10/01/2019 3,591,043 - --------------------------------------------------------------------------------------------------------------------------- 4,395,000 SONYMA, Series 69 5.500 10/01/2028 4,495,382 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 SONYMA, Series 69 RITES 2 6.615 3 10/01/2028 3,398,395 - --------------------------------------------------------------------------------------------------------------------------- 12,910,000 SONYMA, Series 71 5.400 04/01/2029 13,237,269 - --------------------------------------------------------------------------------------------------------------------------- 35,000 SONYMA, Series 71 5.400 04/01/2029 35,887 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 SONYMA, Series 71 RITES 2 6.415 3 04/01/2029 10,507,100 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 SONYMA, Series 73 RITES 2 8.093 3 10/01/2028 5,986,420 - --------------------------------------------------------------------------------------------------------------------------- 1,725,000 SONYMA, Series 73-A 5.300 10/01/2028 1,763,312 - --------------------------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 77 5.150 04/01/2029 101,640 - --------------------------------------------------------------------------------------------------------------------------- 10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,514,235 - --------------------------------------------------------------------------------------------------------------------------- 465,000 SONYMA, Series 82 5.650 04/01/2030 470,761 - --------------------------------------------------------------------------------------------------------------------------- 5,945,000 SONYMA, Series 97 5.500 04/01/2031 6,137,083 - --------------------------------------------------------------------------------------------------------------------------- 2,480,000 SONYMA, Series 106 5.100 04/01/2023 2,546,687 - --------------------------------------------------------------------------------------------------------------------------- 300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 306,939 - --------------------------------------------------------------------------------------------------------------------------- 1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,349,414 - --------------------------------------------------------------------------------------------------------------------------- 2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,472,171 - --------------------------------------------------------------------------------------------------------------------------- 2,805,000 St. Lawrence County IDA (Hepburn Medical Center) 5.375 12/01/2019 2,943,062 - --------------------------------------------------------------------------------------------------------------------------- 3,595,000 St. Lawrence County IDA (Hepburn Medical Center) 5.500 12/01/2024 3,786,685 - --------------------------------------------------------------------------------------------------------------------------- 1,295,000 Suffolk County IDA (ACLD) 6.000 12/01/2019 1,321,858
45 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 560,000 Suffolk County IDA (ALIA-ACDS) 7.125% 06/01/2017 $ 604,173 - ---------------------------------------------------------------------------------------------------------------------------- 345,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 351,010 - ---------------------------------------------------------------------------------------------------------------------------- 1,310,000 Suffolk County IDA (ALIA-ACLD) 6.500 03/01/2018 1,353,636 - ---------------------------------------------------------------------------------------------------------------------------- 745,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 809,331 - ---------------------------------------------------------------------------------------------------------------------------- 305,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 327,594 - ---------------------------------------------------------------------------------------------------------------------------- 510,000 Suffolk County IDA (ALIA-ADD) 7.125 06/01/2017 550,229 - ---------------------------------------------------------------------------------------------------------------------------- 440,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 477,994 - ---------------------------------------------------------------------------------------------------------------------------- 1,370,000 Suffolk County IDA (ALIA-DDI) 6.375 06/01/2014 1,432,541 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Suffolk County IDA (ALIA-DDI) 7.500 09/01/2015 108,635 - ---------------------------------------------------------------------------------------------------------------------------- 765,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 799,922 - ---------------------------------------------------------------------------------------------------------------------------- 1,750,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 1,890,011 - ---------------------------------------------------------------------------------------------------------------------------- 4,285,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 4,623,001 - ---------------------------------------------------------------------------------------------------------------------------- 615,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 625,713 - ---------------------------------------------------------------------------------------------------------------------------- 645,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 692,782 - ---------------------------------------------------------------------------------------------------------------------------- 1,175,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,267,684 - ---------------------------------------------------------------------------------------------------------------------------- 1,945,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 2,053,550 - ---------------------------------------------------------------------------------------------------------------------------- 265,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 287,883 - ---------------------------------------------------------------------------------------------------------------------------- 360,000 Suffolk County IDA (ALIA-L.I. Head Injury Association) 6.375 06/01/2014 367,236 - ---------------------------------------------------------------------------------------------------------------------------- 715,000 Suffolk County IDA (ALIA-L.I. Head Injury Association) 6.950 12/01/2014 767,967 - ---------------------------------------------------------------------------------------------------------------------------- 275,000 Suffolk County IDA (ALIA-L.I. Head Injury Association) 7.500 09/01/2015 298,746 - ---------------------------------------------------------------------------------------------------------------------------- 600,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 610,452 - ---------------------------------------------------------------------------------------------------------------------------- 1,685,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,809,825 - ---------------------------------------------------------------------------------------------------------------------------- 1,435,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,548,193 - ---------------------------------------------------------------------------------------------------------------------------- 745,000 Suffolk County IDA (ALIA-NYS ARC) 7.500 09/01/2015 809,331 - ---------------------------------------------------------------------------------------------------------------------------- 435,000 Suffolk County IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 476,547 - ---------------------------------------------------------------------------------------------------------------------------- 595,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 646,378 - ---------------------------------------------------------------------------------------------------------------------------- 710,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 771,309 - ---------------------------------------------------------------------------------------------------------------------------- 255,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 259,442 - ---------------------------------------------------------------------------------------------------------------------------- 1,120,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,202,970 - ---------------------------------------------------------------------------------------------------------------------------- 840,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 903,966 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 543,175 - ---------------------------------------------------------------------------------------------------------------------------- 400,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 429,632 - ---------------------------------------------------------------------------------------------------------------------------- 900,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 970,992 - ---------------------------------------------------------------------------------------------------------------------------- 590,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 640,947 - ---------------------------------------------------------------------------------------------------------------------------- 7,293,119 Suffolk County IDA (Camelot Village) 2,5 7.900 11/01/2031 61,992 - ---------------------------------------------------------------------------------------------------------------------------- 720,000 Suffolk County IDA (Catholic Charities) 6.000 10/01/2020 725,904 - ---------------------------------------------------------------------------------------------------------------------------- 235,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 246,510 - ---------------------------------------------------------------------------------------------------------------------------- 2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,758,563 - ---------------------------------------------------------------------------------------------------------------------------- 245,000 Suffolk County IDA (DDI) 6.000 12/01/2019 250,081
46 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 670,000 Suffolk County IDA (DDI) 6.250% 03/01/2009 $ 671,320 - ------------------------------------------------------------------------------------------------------------------------- 5,025,000 Suffolk County IDA (DDI) 7.250 03/01/2024 5,086,506 - ------------------------------------------------------------------------------------------------------------------------- 9,070,000 Suffolk County IDA (DDI) 8.750 03/01/2023 9,208,227 - ------------------------------------------------------------------------------------------------------------------------- 650,000 Suffolk County IDA (Developmental Disabilities Institute) 6.000 10/01/2020 655,330 - ------------------------------------------------------------------------------------------------------------------------- 670,000 Suffolk County IDA (Developmental Disabilities Institute) 6.000 10/01/2020 675,494 - ------------------------------------------------------------------------------------------------------------------------- 2,540,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,544,953 - ------------------------------------------------------------------------------------------------------------------------- 3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,294,238 - ------------------------------------------------------------------------------------------------------------------------- 1,835,000 Suffolk County IDA (Family Residences) 6.000 12/01/2019 1,873,058 - ------------------------------------------------------------------------------------------------------------------------- 1,345,000 Suffolk County IDA (Family Services League) 5.000 11/01/2027 1,396,984 - ------------------------------------------------------------------------------------------------------------------------- 830,000 Suffolk County IDA (Family Services League) 5.000 11/01/2034 857,183 - ------------------------------------------------------------------------------------------------------------------------- 195,000 Suffolk County IDA (Federation of Organizations) 7.625 04/01/2010 203,087 - ------------------------------------------------------------------------------------------------------------------------- 2,195,000 Suffolk County IDA (Federation of Organizations) 8.125 04/01/2030 2,309,557 - ------------------------------------------------------------------------------------------------------------------------- 2,600,000 Suffolk County IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,750,930 - ------------------------------------------------------------------------------------------------------------------------- 3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 4,026,212 - ------------------------------------------------------------------------------------------------------------------------- 285,000 Suffolk County IDA (Independent Group Home Living) 6.000 12/01/2019 290,911 - ------------------------------------------------------------------------------------------------------------------------- 1,460,000 Suffolk County IDA (Independent Group Home Living) 6.000 10/01/2020 1,471,972 - ------------------------------------------------------------------------------------------------------------------------- 6,700,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 7,271,242 - ------------------------------------------------------------------------------------------------------------------------- 10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,834,400 - ------------------------------------------------------------------------------------------------------------------------- 13,760,000 Suffolk County IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 14,308,474 - ------------------------------------------------------------------------------------------------------------------------- 4,065,000 Suffolk County IDA (L.I. Network Community Services) 7.550 02/01/2034 4,244,185 - ------------------------------------------------------------------------------------------------------------------------- 1,020,000 Suffolk County IDA (Lifes WORC) 6.000 10/01/2020 1,028,364 - ------------------------------------------------------------------------------------------------------------------------- 8,000,000 Suffolk County IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 8,035,280 - ------------------------------------------------------------------------------------------------------------------------- 3,225,000 Suffolk County IDA (New Interdisciplinary School) 6.750 12/01/2019 3,306,109 - ------------------------------------------------------------------------------------------------------------------------- 3,500,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,335,045 - ------------------------------------------------------------------------------------------------------------------------- 18,825,000 Suffolk County IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 17,602,128 - ------------------------------------------------------------------------------------------------------------------------- 680,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 680,381 - ------------------------------------------------------------------------------------------------------------------------- 1,000,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,127,600 - ------------------------------------------------------------------------------------------------------------------------- 2,850,000 Suffolk County IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,198,299 - ------------------------------------------------------------------------------------------------------------------------- 4,800,000 Suffolk County IDA (Pederson-Krager Center) 7.200 02/01/2035 4,910,784 - ------------------------------------------------------------------------------------------------------------------------- 225,000 Suffolk County IDA (Pederson-Krager Center) 7.625 04/01/2010 240,028 - ------------------------------------------------------------------------------------------------------------------------- 2,545,000 Suffolk County IDA (Pederson-Krager Center) 8.125 04/01/2030 2,718,569 - ------------------------------------------------------------------------------------------------------------------------- 1,400,000 Suffolk County IDA (Rimland Facilities) 2 4.875 7 12/01/2009 1,389,668 - ------------------------------------------------------------------------------------------------------------------------- 550,000 Suffolk County IDA (Suffolk Hotels) 6.000 10/01/2020 554,510 - ------------------------------------------------------------------------------------------------------------------------- 2,245,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 2,291,561
47 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 5,635,000 Suffolk County IDA (United Cerebral Palsy Assoc.) 7.875% 09/01/2041 $ 5,875,615 - ---------------------------------------------------------------------------------------------------------------------------- 1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,725,511 - ---------------------------------------------------------------------------------------------------------------------------- 1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,388,651 - ---------------------------------------------------------------------------------------------------------------------------- 825,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 862,983 - ---------------------------------------------------------------------------------------------------------------------------- 4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,201,205 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Suffolk County Water Authority 5.125 06/01/2026 52,664 - ---------------------------------------------------------------------------------------------------------------------------- 4,700,000 Sullivan County IDA (Center for Discovery) 6.950 02/01/2035 4,721,244 - ---------------------------------------------------------------------------------------------------------------------------- 2,515,000 Sullivan County IDA (Center for Discovery) 7.250 02/01/2012 2,657,123 - ---------------------------------------------------------------------------------------------------------------------------- 9,965,000 Sullivan County IDA (Center for Discovery) 7.750 02/01/2027 10,530,613 - ---------------------------------------------------------------------------------------------------------------------------- 8,655,000 Sullivan County IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,891,108 - ---------------------------------------------------------------------------------------------------------------------------- 275,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 271,697 - ---------------------------------------------------------------------------------------------------------------------------- 6,995,000 Syracuse Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,972,826 - ---------------------------------------------------------------------------------------------------------------------------- 6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 6,973,802 - ---------------------------------------------------------------------------------------------------------------------------- 315,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 318,597 - ---------------------------------------------------------------------------------------------------------------------------- 2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,326,789 - ---------------------------------------------------------------------------------------------------------------------------- 145,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 149,163 - ---------------------------------------------------------------------------------------------------------------------------- 2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,306,747 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Syracuse IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 759,090 - ---------------------------------------------------------------------------------------------------------------------------- 17,795,000 Syracuse IDA (James Square) 7.200 1 08/01/2025 4,778,313 - ---------------------------------------------------------------------------------------------------------------------------- 725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 780,716 - ---------------------------------------------------------------------------------------------------------------------------- 2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,199,015 - ---------------------------------------------------------------------------------------------------------------------------- 75,000 Taconic Hills Central School District at Craryville 5.000 06/15/2026 78,168 - ---------------------------------------------------------------------------------------------------------------------------- 7,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 8,238,525 - ---------------------------------------------------------------------------------------------------------------------------- 13,825,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 15,084,181 - ---------------------------------------------------------------------------------------------------------------------------- 13,555,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2022 14,735,369 - ---------------------------------------------------------------------------------------------------------------------------- 3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 3,927,338 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2007 62,033 - ---------------------------------------------------------------------------------------------------------------------------- 60,000 Tompkins Health Care Corp. (Reconstruction Home) 10.800 02/01/2028 66,308 - ---------------------------------------------------------------------------------------------------------------------------- 555,000 Tonawanda Senior Citizen Hsg. Corp. 6.500 12/01/2010 563,985 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2032 25,724 - ---------------------------------------------------------------------------------------------------------------------------- 8,265,000 Triborough Bridge & Tunnel Authority RITES 2 6.915 3 01/01/2027 9,398,297 - ---------------------------------------------------------------------------------------------------------------------------- 4,190,000 Triborough Bridge & Tunnel Authority RITES 2 6.915 3 01/01/2032 4,755,650 - ---------------------------------------------------------------------------------------------------------------------------- 105,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 107,573 - ---------------------------------------------------------------------------------------------------------------------------- 16,160,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 16,651,587 - ---------------------------------------------------------------------------------------------------------------------------- 840,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 882,260 - ---------------------------------------------------------------------------------------------------------------------------- 68,740,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 72,106,885 - ---------------------------------------------------------------------------------------------------------------------------- 130,450,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 137,362,546
48 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 995,000 UCP/HCA of Chemung County 6.600% 08/01/2022 $ 1,042,342 - ---------------------------------------------------------------------------------------------------------------------------- 1,805,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,821,498 - ---------------------------------------------------------------------------------------------------------------------------- 4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,161,880 - ---------------------------------------------------------------------------------------------------------------------------- 1,465,000 Ulster County IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,515,894 - ---------------------------------------------------------------------------------------------------------------------------- 2,815,000 Ulster County Tobacco Asset Securitization Corp. 6.000 06/01/2040 2,952,851 - ---------------------------------------------------------------------------------------------------------------------------- 2,175,000 Ulster County Tobacco Asset Securitization Corp. 2 6.250 06/01/2025 2,325,619 - ---------------------------------------------------------------------------------------------------------------------------- 3,005,000 Ulster County Tobacco Asset Securitization Corp. 6.450 6 06/01/2040 2,417,282 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 2,062,620 - ---------------------------------------------------------------------------------------------------------------------------- 25,000 Upper Mohawk Valley Regional Water Finance Authority 5.125 10/01/2026 25,916 - ---------------------------------------------------------------------------------------------------------------------------- 500,000 Utica GO 6.100 01/15/2013 539,425 - ---------------------------------------------------------------------------------------------------------------------------- 3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,736,624 - ---------------------------------------------------------------------------------------------------------------------------- 340,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 5.875 06/01/2018 325,825 - ---------------------------------------------------------------------------------------------------------------------------- 10,800,000 Watervliet Hsg. Authority (Colonie Senior Service Center) 6.125 06/01/2038 10,028,664 - ---------------------------------------------------------------------------------------------------------------------------- 2,710,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,714,526 - ---------------------------------------------------------------------------------------------------------------------------- 300,000 Westchester County Healthcare Corp., Series A 5.875 11/01/2025 302,922 - ---------------------------------------------------------------------------------------------------------------------------- 7,165,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,125,163 - ---------------------------------------------------------------------------------------------------------------------------- 3,135,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,117,569 - ---------------------------------------------------------------------------------------------------------------------------- 6,310,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,274,916 - ---------------------------------------------------------------------------------------------------------------------------- 3,580,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,560,238 - ---------------------------------------------------------------------------------------------------------------------------- 8,440,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,393,411 - ---------------------------------------------------------------------------------------------------------------------------- 8,085,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,040,047 - ---------------------------------------------------------------------------------------------------------------------------- 6,270,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,235,139 - ---------------------------------------------------------------------------------------------------------------------------- 6,835,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,796,997 - ---------------------------------------------------------------------------------------------------------------------------- 1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,941,471 - ---------------------------------------------------------------------------------------------------------------------------- 90,000 Westchester County IDA (Children's Village) 5.375 03/15/2019 91,420 - ---------------------------------------------------------------------------------------------------------------------------- 4,450,000 Westchester County IDA (Children's Village) 6.000 06/01/2022 4,561,962 - ---------------------------------------------------------------------------------------------------------------------------- 1,215,000 Westchester County IDA (Clearview School) 7.250 01/01/2035 1,242,617 - ---------------------------------------------------------------------------------------------------------------------------- 1,300,000 Westchester County IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,353,196 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 Westchester County IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,150,980 - ---------------------------------------------------------------------------------------------------------------------------- 1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,597,861 - ---------------------------------------------------------------------------------------------------------------------------- 3,315,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,340,492 - ---------------------------------------------------------------------------------------------------------------------------- 800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 819,456 - ---------------------------------------------------------------------------------------------------------------------------- 1,275,000 Westchester County IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,367,629 - ---------------------------------------------------------------------------------------------------------------------------- 3,035,000 Westchester County IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,221,622 - ---------------------------------------------------------------------------------------------------------------------------- 1,610,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,655,096
49 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,000,000 Westchester County IDA (Schnurmacher Center) 6.500% 11/01/2013 $ 1,065,590 - ---------------------------------------------------------------------------------------------------------------------------- 1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,813,438 - ---------------------------------------------------------------------------------------------------------------------------- 130,000 Westchester County IDA (Westchester Airport Assoc.) 5.950 08/01/2024 130,237 - ---------------------------------------------------------------------------------------------------------------------------- 2,000,000 Westchester County IDA (Westhab Community Revitalization) 4.850 06/01/2032 1,943,900 - ---------------------------------------------------------------------------------------------------------------------------- 2,590,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,702,639 - ---------------------------------------------------------------------------------------------------------------------------- 76,375,000 Westchester County Tobacco Asset Securitization Corp. 0.000 6 07/15/2039 79,297,871 - ---------------------------------------------------------------------------------------------------------------------------- 21,325,000 Westchester County Tobacco Asset Securitization Corp. RITES 2 6.130 3 06/01/2038 19,885,136 - ---------------------------------------------------------------------------------------------------------------------------- 6,325,000 Westchester County Tobacco Asset Securitization Corp. RITES 2 6.130 3 06/01/2045 5,848,854 - ---------------------------------------------------------------------------------------------------------------------------- 13,340,000 Westchester County Tobacco Asset Securitization Corp. RITES 2 7.430 3 06/01/2045 11,833,647 - ---------------------------------------------------------------------------------------------------------------------------- 1,400,000 Yates County IDA (Keuka College) 8.750 08/01/2015 1,544,494 - ---------------------------------------------------------------------------------------------------------------------------- 3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 4,100,630 - ---------------------------------------------------------------------------------------------------------------------------- 6,000,000 Yonkers GO 5.000 08/01/2030 6,293,700 - ---------------------------------------------------------------------------------------------------------------------------- 4,500,000 Yonkers GO 5.000 08/01/2035 4,696,605 - ---------------------------------------------------------------------------------------------------------------------------- 4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,765,160 - ---------------------------------------------------------------------------------------------------------------------------- 4,445,000 Yonkers IDA (Monastery Manor Associates) 5.250 04/01/2037 4,646,447 - ---------------------------------------------------------------------------------------------------------------------------- 1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,591,018 - ---------------------------------------------------------------------------------------------------------------------------- 2,515,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,619,423 - ---------------------------------------------------------------------------------------------------------------------------- 2,500,000 Yonkers IDA (St. Joseph's Hospital) 5.900 03/01/2008 2,442,075 - ---------------------------------------------------------------------------------------------------------------------------- 2,810,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,845,996 - ---------------------------------------------------------------------------------------------------------------------------- 3,225,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,325,427 - ---------------------------------------------------------------------------------------------------------------------------- 800,000 Yonkers Parking Authority 6.000 06/15/2018 842,632 - ---------------------------------------------------------------------------------------------------------------------------- 1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,260,648 -------------- 6,617,525,780 - ---------------------------------------------------------------------------------------------------------------------------- OTHER STATES--0.1% 5,000,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 4,760,700 - ---------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--12.3% 2,995,000 Guam EDA (Harmon Village Apartments) 2,5 9.375 11/01/2018 -- - ---------------------------------------------------------------------------------------------------------------------------- 2,435,000 Guam EDA (Royal Socio Apartments) 5 9.500 11/01/2018 1,210,365 - ---------------------------------------------------------------------------------------------------------------------------- 3,000,000 Guam Government Waterworks Authority & Wastewater System 5.875 07/01/2035 3,160,680 - ---------------------------------------------------------------------------------------------------------------------------- 290,000 Guam Power Authority, Series A 5.250 10/01/2023 285,534 - ---------------------------------------------------------------------------------------------------------------------------- 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 19,238,200 - ---------------------------------------------------------------------------------------------------------------------------- 18,980,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 21,256,271 - ---------------------------------------------------------------------------------------------------------------------------- 1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,056,800 - ---------------------------------------------------------------------------------------------------------------------------- 7,855,000 Northern Mariana Islands, Series A 6.250 03/15/2028 8,220,493 - ---------------------------------------------------------------------------------------------------------------------------- 10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,801,300
50 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 17,000,000 Puerto Rico Children's Trust Fund (TASC) 6.380% 1 05/15/2050 $ 1,067,260 - ---------------------------------------------------------------------------------------------------------------------------- 10,500,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 10,664,010 - ---------------------------------------------------------------------------------------------------------------------------- 11,400,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 11,517,990 - ---------------------------------------------------------------------------------------------------------------------------- 17,675,000 Puerto Rico Commonwealth GO 5.000 07/01/2033 17,718,834 - ---------------------------------------------------------------------------------------------------------------------------- 35,455,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 35,552,501 - ---------------------------------------------------------------------------------------------------------------------------- 5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,659,817 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2019 5,306,050 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2021 5,285,450 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 5,243,050 - ---------------------------------------------------------------------------------------------------------------------------- 50,000 Puerto Rico Electric Power Authority 5.250 07/01/2029 53,375 - ---------------------------------------------------------------------------------------------------------------------------- 70,000 Puerto Rico Electric Power Authority, Series II 5.125 07/01/2026 74,264 - ---------------------------------------------------------------------------------------------------------------------------- 30,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 31,102 - ---------------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico HBFA 6.250 04/01/2029 762,203 - ---------------------------------------------------------------------------------------------------------------------------- 85,000 Puerto Rico HFC 5.100 12/01/2018 86,737 - ---------------------------------------------------------------------------------------------------------------------------- 1,925,000 Puerto Rico HFC 5.500 12/01/2023 2,013,300 - ---------------------------------------------------------------------------------------------------------------------------- 65,000 Puerto Rico HFC 7.500 10/01/2015 65,104 - ---------------------------------------------------------------------------------------------------------------------------- 1,960,000 Puerto Rico HFC 7.500 04/01/2022 1,993,790 - ---------------------------------------------------------------------------------------------------------------------------- 7,365,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 7,452,275 - ---------------------------------------------------------------------------------------------------------------------------- 6,595,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 6,611,356 - ---------------------------------------------------------------------------------------------------------------------------- 63,585,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 63,624,423 - ---------------------------------------------------------------------------------------------------------------------------- 165,000 Puerto Rico Highway & Transportation Authority, Series J 5.000 07/01/2034 165,454 - ---------------------------------------------------------------------------------------------------------------------------- 16,750,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2039 16,870,433 - ---------------------------------------------------------------------------------------------------------------------------- 100,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2043 100,926 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2023 5,152,550 - ---------------------------------------------------------------------------------------------------------------------------- 10,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2025 10,250,900 - ---------------------------------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2026 8,169,920 - ---------------------------------------------------------------------------------------------------------------------------- 20,840,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 20,902,520 - ---------------------------------------------------------------------------------------------------------------------------- 8,615,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2040 8,621,461 - ---------------------------------------------------------------------------------------------------------------------------- 59,870,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2045 59,914,903 - ---------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 5,006,750 - ---------------------------------------------------------------------------------------------------------------------------- 145,000,000 Puerto Rico Infrastructure 5.000 07/01/2041 145,108,750 - ---------------------------------------------------------------------------------------------------------------------------- 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,109,084
51 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ U.S. POSSESSIONS Continued $ 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375% 12/01/2021 $ 1,643,497 - ------------------------------------------------------------------------------------------------------------------------------ 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,819,805 - ------------------------------------------------------------------------------------------------------------------------------ 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,494,157 - ------------------------------------------------------------------------------------------------------------------------------ 42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 46,285,536 - ------------------------------------------------------------------------------------------------------------------------------ 3,160,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,957,855 - ------------------------------------------------------------------------------------------------------------------------------ 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 883,821 - ------------------------------------------------------------------------------------------------------------------------------ 8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,750,898 - ------------------------------------------------------------------------------------------------------------------------------ 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 12,352,145 - ------------------------------------------------------------------------------------------------------------------------------ 615,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 616,255 - ------------------------------------------------------------------------------------------------------------------------------ 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,451,323 - ------------------------------------------------------------------------------------------------------------------------------ 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,253,938 - ------------------------------------------------------------------------------------------------------------------------------ 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 5,851,860 - ------------------------------------------------------------------------------------------------------------------------------ 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 518,170 - ------------------------------------------------------------------------------------------------------------------------------ 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2031 8,210,240 - ------------------------------------------------------------------------------------------------------------------------------ 5,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 5,273,250 - ------------------------------------------------------------------------------------------------------------------------------ 1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 755,490 - ------------------------------------------------------------------------------------------------------------------------------ 12,470,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 9,661,631 - ------------------------------------------------------------------------------------------------------------------------------ 52,715,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 52,830,973 - ------------------------------------------------------------------------------------------------------------------------------ 57,935,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 59,696,803 - ------------------------------------------------------------------------------------------------------------------------------ 120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 123,950 - ------------------------------------------------------------------------------------------------------------------------------ 47,020,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 49,191,384 - ------------------------------------------------------------------------------------------------------------------------------ 9,230,000 University of V.I. , Series A 5.375 06/01/2034 9,728,143 - ------------------------------------------------------------------------------------------------------------------------------ 2,040,000 University of V.I. , Series A 6.250 12/01/2029 2,216,909 - ------------------------------------------------------------------------------------------------------------------------------ 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,418,413 - ------------------------------------------------------------------------------------------------------------------------------ 25,000 V.I. Hsg. Finance Authority, Series A 6.450 03/01/2016 25,315 - ------------------------------------------------------------------------------------------------------------------------------ 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 19,178,640 - ------------------------------------------------------------------------------------------------------------------------------ 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2033 570,081 - ------------------------------------------------------------------------------------------------------------------------------ 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 31,469,467 - ------------------------------------------------------------------------------------------------------------------------------ 8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,806,320 - ------------------------------------------------------------------------------------------------------------------------------ 11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 12,692,862 - ------------------------------------------------------------------------------------------------------------------------------ 1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 1,067,490 - ------------------------------------------------------------------------------------------------------------------------------ 750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 800,055 - ------------------------------------------------------------------------------------------------------------------------------ 1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,043,510 - ------------------------------------------------------------------------------------------------------------------------------ 16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,842,848 - ------------------------------------------------------------------------------------------------------------------------------ 7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,838,100 - ------------------------------------------------------------------------------------------------------------------------------ 50,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 52,204
52 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE AMOUNT COUPON MATURITY SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 3,830,000 V.I. Public Finance Authority, Series E 6.000% 10/01/2022 $ 4,031,611 - ----------------------------------------------------------------------------------------------------------------------------- 1,575,000 V.I. Water & Power Authority 5.300 07/01/2018 1,609,178 - ----------------------------------------------------------------------------------------------------------------------------- 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,558,305 - ----------------------------------------------------------------------------------------------------------------------------- 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,561,425 -------------- 938,520,042 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $7,271,151,641)--99.3% 7,560,806,522 - ----------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES--0.7 54,450,655 -------------- NET ASSETS--100.0% $7,615,257,177 ==============
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Zero coupon bond reflects effective yield on the date of purchase. 2. Illiquid security. The aggregate value of illiquid securities as of December 31, 2005 was $692,317,262, which represents 9.09% 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 December 31, 2005. See Note 1 of Notes to Financial Statements. 5. Issue is in default. Non-income producing. See Note 1 of Notes to Financial Statements. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. Represents the current interest rate for a variable or increasing rate security. 53 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PORTFOLIO ABBREVIATIONS December 31, 2005 - -------------------------------------------------------------------------------- TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ACDS Association for Children with Down LILCO Long Island Lighting Corporation Syndrome LRRHCF Loretto Rest Residential Health Care ACLD Adults and Children with Learning and Facility Developmental Disabilities LVH Little Village House ADD Aid to the Developmentally Disabled MCH Maryhaven Center of Hope ALIA Alliance of Long Island Agencies MMC Mercy Medical Center ARC Association of Retarded Citizens MSH/NYU Mount Sinai Hospital/New York ASMF Amsterdam Sludge Management University Facility MTA Metropolitan Transportation Authority CCSSVD Central Council of the Society of St. NH&HC Nursing Home and Health Care Vincent dePaul NIMO Niagara Mohawk Power Corporation CFGA Child and Family Guidance Association NY/NJ New York/New Jersey CHSLI Catholic Health Services of Long Island NYC New York City CNGCS Central Nassau Guidance and NYS New York State Counseling Services NYU New York University COP Certificates of Participation OBPWC Ocean Bay Park Water Corporation CSMR Community Services for the Mentally P-Floats Puttable Floats Retarded PSCH Professional Services for the DA Dormitory Authority Handicapped, Inc. DDI Developmental Disabilities Institute Res Rec Resource Recovery Facility DIAMONDS Direct Investment of Accrued RG&E Rochester Gas and Electric Municipals RIBS Residual Interest Bonds DRIVERS Derivative Inverse Tax Exempt Receipts RITES Residual Interest Tax Exempt Security EDA Economic Development Authority ROLs Residual Option Longs EFC Environmental Facilities Corp. SCCC Sullivan County Community College ERDA Energy Research and Development SCHRC St. Charles Hospital and Rehabilitation Authority Center FREE Family Residences and Essential SCSB Schuyler Community Services Board Enterprises SCSMC St. Catherine of Sienna Medical Center GJSR Gurwin Jewish Senior Residences SFH St. Francis Hospital GO General Obligation SLCD School for Language and GSHMC Good Samaritan Hospital Medical Communication Development Center SMCFS St. Mary's Children and Family Services HBFA Housing Bank and Finance Agency SONYMA State of New York Mortgage Agency HDC Housing Development Corp. SSMH Soldiers and Sailors Memorial Hospital HFA Housing Finance Agency/Authority SUNY State University of New York HFC Housing Finance Corp. SV Sienna Village HH Harmony Heights, Inc. TASC Tobacco Settlement Asset-Backed HHS Harmony Heights School Bonds HJDOI Hospital for Joint Diseases Orthopedic TFABs Tobacco Flexible Amortization Bonds Institute UBF University of Buffalo Foundation IDA Industrial Development Agency UCP/HCA United Cerebral Palsy and Handicapped IGHL Independent Group Home for Living Children's Association ITEMECF Industrial, Tourist, Educational, Medical UCPAGS United Cerebral Palsy Association of and Environmental Community Greater Suffolk Facilities UDC Urban Development Corp. JCC Jewish Community Center V.I. United States Virgin Islands JDAM Julia Dyckman Andrus Memorial WORCA Working Organization for Retarded JFK John Fitzgerald Kennedy Children and Adults L.I. Long Island WWH Wyandach/Wheatley Heights LGSC Local Government Services Corporation YMCA Young Men's Christian Association
54 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- INDUSTRY CONCENTRATIONS December 31, 2005 - -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: INDUSTRY VALUE PERCENT - -------------------------------------------------------------------------------- Tobacco Settlement Payments $ 906,731,896 12.0% Hospital/Health Care 784,414,153 10.4 Highways/Railways 684,189,478 9.0 Electric Utilities 662,511,487 8.8 Airlines 592,358,127 7.8 General Obligation 590,558,090 7.8 Adult Living Facilities 375,967,488 5.0 Marine/Aviation Facilities 370,697,809 4.9 Multifamily Housing 327,859,300 4.3 Water Utilities 318,877,360 4.2 Higher Education 287,658,452 3.8 Not-for-Profit Organization 283,727,953 3.8 Paper, Containers & Packaging 200,852,315 2.7 Municipal Leases 193,269,061 2.6 Special Tax 165,749,550 2.2 Single Family Housing 125,520,125 1.7 Education 121,312,950 1.6 Sales Tax Revenue 108,956,181 1.4 Manufacturing, Non-Durable Goods 107,064,444 1.4 Resource Recovery 98,931,481 1.3 Manufacturing, Durable Goods 79,531,865 1.1 Pollution Control 54,933,091 0.7 Special Assessment 40,120,695 0.5 Parking Fee Revenue 28,229,879 0.4 Gas Utilities 25,586,738 0.3 Hotels, Restaurants & Leisure 17,652,458 0.2 Sewer Utilities 7,544,096 0.1 ------------------------------ Total $7,560,806,522 100.0% ------------------------------ 55 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF RATINGS December 31, 2005 / Unaudited - -------------------------------------------------------------------------------- DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: RATINGS PERCENT - -------------------------------------------------------------------------------- AAA 10.9% AA 17.4 A 15.4 BBB 31.8 BB 3.9 B 5.4 CCC 1.7 Not Rated 13.5 ------ Total 100.0% ====== Bonds rated by any nationally recognized statistical rating organization are included in the equivalent Standard & Poor's rating category. As a general matter, unrated bonds may be backed by mortgage liens or equipment liens on the underlying property, and also may be guaranteed. Bonds which are backed by a letter of credit or by other financial institutions or agencies may be assigned an investment-grade rating by the Manager, which reflects the quality of the guarantor, institution or agency. Unrated bonds may also be assigned a rating when the issuer has rated bonds outstanding with comparable credit characteristics, or when, in the opinion of the Manager, the bond itself possesses credit characteristics which allow for rating. The unrated bonds in the portfolio are predominantly smaller issuers which have not applied for a bond rating. Only those unrated bonds which subsequent to purchase have not been designated investment grade by the Manager are included in the "Not Rated" category. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 56 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES December 31, 2005 - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------ ASSETS - ------------------------------------------------------------------------------------------------------------ Investments, at value (cost $7,271,151,641)--see accompanying statement of investments $ 7,560,806,522 - ------------------------------------------------------------------------------------------------------------ Cash 1,779,953 - ------------------------------------------------------------------------------------------------------------ Receivables and other assets: Interest 119,864,582 Investments sold 66,787,904 Shares of beneficial interest sold 23,534,174 Other 77,974 ---------------- Total assets 7,772,851,109 - ------------------------------------------------------------------------------------------------------------ LIABILITIES - ------------------------------------------------------------------------------------------------------------ Payables and other liabilities: Investments purchased (including $103,502,549 purchased on a when-issued basis or forward commitment) 119,923,069 Payable on borrowings (See Note 6) 24,600,000 Shares of beneficial interest redeemed 7,872,153 Distribution and service plan fees 3,168,494 Trustees' compensation 944,069 Shareholder communications 275,141 Transfer and shareholder servicing agent fees 246,323 Interest expense 151,353 Other 413,330 --------------- Total liabilities 157,593,932 - ------------------------------------------------------------------------------------------------------------ NET ASSETS $ 7,615,257,177 ================ - ------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS - ------------------------------------------------------------------------------------------------------------ Paid-in capital $ 7,486,547,258 - ------------------------------------------------------------------------------------------------------------ Accumulated net investment income 173,851 - ------------------------------------------------------------------------------------------------------------ Accumulated net realized loss on investments (161,118,813) - ------------------------------------------------------------------------------------------------------------ Net unrealized appreciation on investments 289,654,881 ---------------- NET ASSETS $ 7,615,257,177 ================
57 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES Continued - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - ----------------------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $5,937,282,906 and 324,816,583 shares of beneficial interest outstanding) $18.28 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $19.19 - ----------------------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $954,703,091 and 52,274,775 shares of beneficial interest outstanding) $18.26 - ----------------------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $711,816,377 and 38,993,411 shares of beneficial interest outstanding) $18.25 - ----------------------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $11,454,803 and 626,793 shares of beneficial interest outstanding) $18.28
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 58 | ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS For the Year Ended December 31, 2005 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INVESTMENT INCOME - -------------------------------------------------------------------------------- Interest $ 428,538,241 - -------------------------------------------------------------------------------- Other income 3,717 -------------- Total investment income 428,541,958 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- Management fees 32,070,175 - -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 7,869,652 Class B 10,057,295 Class C 5,986,043 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 1,731,428 Class B 513,607 Class C 270,263 Class Y 3,205 - -------------------------------------------------------------------------------- Shareholder communications: Class A 334,459 Class B 92,137 Class C 48,342 - -------------------------------------------------------------------------------- Accounting service fees 2,084,636 - -------------------------------------------------------------------------------- Interest expense 2,084,615 - -------------------------------------------------------------------------------- Trustees' compensation 216,313 - -------------------------------------------------------------------------------- Custodian fees and expenses 216,257 - -------------------------------------------------------------------------------- Administration service fees 1,500 - -------------------------------------------------------------------------------- Other 1,085,669 -------------- Total expenses 64,665,596 Less reduction to custodian expenses (27,807) -------------- Net expenses 64,637,789 - -------------------------------------------------------------------------------- NET INVESTMENT INCOME 363,904,169 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN - -------------------------------------------------------------------------------- Net realized gain on investments 46,938,624 - -------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 144,752,085 - -------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 555,594,878 ============== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 59 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2005 2004 - -------------------------------------------------------------------------------------------------- OPERATIONS - -------------------------------------------------------------------------------------------------- Net investment income $ 363,904,169 $ 350,857,637 - -------------------------------------------------------------------------------------------------- Net realized gain (loss) 46,938,624 (38,366,025) - -------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 144,752,085 94,781,929 ----------------------------------- Net increase in net assets resulting from operations 555,594,878 407,273,541 - -------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - -------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (291,978,951) (272,651,228) Class B (47,112,396) (60,767,414) Class C (27,548,812) (24,573,155) Class Y (536,002) (542,368) - -------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - -------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 1,095,376,031 431,796,391 Class B (148,156,262) (164,466,975) Class C 198,527,019 51,246,009 Class Y 3,090,108 (1,008,130) - -------------------------------------------------------------------------------------------------- NET ASSETS - -------------------------------------------------------------------------------------------------- Total increase 1,337,255,613 366,306,671 - -------------------------------------------------------------------------------------------------- Beginning of period 6,278,001,564 5,911,694,893 ----------------------------------- End of period (including accumulated net investment income of $173,851 and $5,510,090, respectively) $ 7,615,257,177 $ 6,278,001,564 ===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 60 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS
CLASS A YEAR ENDED DECEMBER 31, 2005 2004 2003 2002 2001 - --------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 17.76 $17.62 $17.38 $17.52 $17.67 - --------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .99 1 1.07 1 1.11 1.08 1.06 Net realized and unrealized gain (loss) .53 .16 .23 (.15) (.17) -------------------------------------------------------- Total from investment operations 1.52 1.23 1.34 .93 .89 - --------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (1.00) (1.09) (1.10) (1.07) (1.04) - --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 18.28 $17.76 $17.62 $17.38 $17.52 ======================================================== - --------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 8.76% 7.25% 8.12% 5.46% 5.14% - --------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 5,937 $4,699 $4,228 $4,299 $4,073 - --------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $ 5,327 $4,387 $4,100 $4,292 $3,893 - --------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 5.44% 6.09% 6.49% 6.18% 5.97% Total expenses 0.73% 0.72% 0.71% 0.72% 0.72% Expenses after payments and waivers and reduction to custodian expenses 0.73% 0.72% 0.71% 0.71% 0.70% - --------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 29% 14% 18% 29% 11%
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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 61 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS B YEAR ENDED DECEMBER 31, 2005 2004 2003 2002 2001 - --------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $17.75 $17.60 $17.36 $17.51 $17.66 - --------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .83 1 .91 1 .96 .93 .91 Net realized and unrealized gain (loss) .52 .18 .23 (.16) (.17) ---------------------------------------------------------- Total from investment operations 1.35 1.09 1.19 .77 .74 - --------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.84) (.94) (.95) (.92) (.89) - --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $18.26 $17.75 $17.60 $17.36 $17.51 ========================================================== - --------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 7.77% 6.40% 7.19% 4.50% 4.25% - --------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 955 $1,073 $1,231 $1,342 $1,157 - --------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $1,006 $1,130 $1,259 $1,275 $ 997 - --------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 4.60% 5.23% 5.62% 5.32% 5.10% Total expenses 1.60% 1.59% 1.58% 1.58% 1.58% Expenses after payments and waivers and reduction to custodian expenses 1.60% 1.59% 1.58% 1.57% 1.56% - --------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 29% 14% 18% 29% 11%
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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 62 | ROCHESTER FUND MUNICIPALS
CLASS C YEAR ENDED DECEMBER 31, 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $17.74 $17.59 $17.36 $17.50 $17.66 - ------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .82 1 .91 1 .96 .93 .91 Net realized and unrealized gain (loss) .53 .18 .22 (.15) (.18) --------------------------------------------------------------- Total from investment operations 1.35 1.09 1.18 .78 .73 - ------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.84) (.94) (.95) (.92) (.89) - ------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $18.25 $17.74 $17.59 $17.36 $17.50 =============================================================== - ------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 7.78% 6.40% 7.14% 4.57% 4.19% - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $ 712 $ 498 $ 443 $ 471 $ 429 - ------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $ 600 $ 459 $ 436 $ 460 $ 356 - ------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 4.56% 5.22% 5.62% 5.32% 5.09% Total expenses 1.59% 1.59% 1.58% 1.58% 1.57% Expenses after payments and waivers and reduction to custodian expenses 1.59% 1.59% 1.58% 1.57% 1.55% - ------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 29% 14% 18% 29% 11%
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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 63 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS Y YEAR ENDED DECEMBER 31, 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 17.76 $17.61 $17.38 $17.52 $17.67 - ------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income 1.01 1 1.10 1 1.14 1.10 1.08 Net realized and unrealized gain (loss) .54 .17 .21 (.15) (.17) ------------------------------------------------------------------- Total from investment operations 1.55 1.27 1.35 .95 .91 - ------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (1.03) (1.12) (1.12) (1.09) (1.06) - ------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 18.28 $17.76 $17.61 $17.38 $17.52 =================================================================== - ------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 8.93% 7.50% 8.16% 5.57% 5.25% - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $ 11 $ 8 $ 9 $ 12 $ 12 - ------------------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $ 10 $ 8 $ 11 $ 12 $ 12 - ------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 5.59% 6.27% 6.79% 6.30% 6.08% Total expenses 0.58% 0.55% 0.61% 0.62% 0.62% Expenses after payments and waivers and reduction to custodian expenses 0.58% 0.55% 0.61% 0.61% 0.60% - ------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 29% 14% 18% 29% 11%
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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 64 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Rochester Fund Municipals (the Fund) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing "bid" and "asked" prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. 65 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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 (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and 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 December 31, 2005, the Fund had purchased $103,502,549 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 not invest more than 20% of its total assets in inverse floaters. Inverse floaters amount to $670,103,741 as of December 31, 2005, which represents 8.62% of the Fund's total assets. - -------------------------------------------------------------------------------- SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of December 31, 2005, 66 | ROCHESTER FUND MUNICIPALS securities with an aggregate market value of $3,380,506, representing 0.04% of the Fund's net assets, were in default. There are certain risks arising from geographic concentration in any state. Certain revenue or tax related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. - -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. - -------------------------------------------------------------------------------- FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES ------------------------------------------------------------------------------------------ $1,946,336 $-- $152,265,159 $280,801,229
1. As of December 31, 2005, the Fund had $152,265,159 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of December 31, 2005, details of the capital loss carryforwards were as follows: EXPIRING ------------------------ 2007 $ 4,715,388 2008 48,591,026 2011 68,625,845 2012 30,332,900 ------------ Total $152,265,159 ============ 2. During the fiscal year ended December 31, 2005, the Fund utilized $46,836,026 of capital loss carryforward to offset capital gains realized in that fiscal year. 3. During the fiscal year ended December 31, 2004, the Fund did not utilize any capital loss carryforward. 67 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. Accordingly, the following amounts have been reclassified for December 31, 2005. Net assets of the Fund were unaffected by the reclassifications. REDUCTION TO INCREASE TO PAID-IN ACCUMULATED NET CAPITAL INVESTMENT INCOME 4 ----------------------------------------------------- $2,064,247 $2,064,247 4. $2,064,247 was distributed in connection with Fund share redemptions. The tax character of distributions paid during the years ended December 31, 2005 and December 31, 2004 was as follows: YEAR ENDED YEAR ENDED DECEMBER 31, 2005 DECEMBER 31, 2004 ------------------------------------------------------------------ Distributions paid from: Exempt-interest dividends $367,176,161 $358,534,165 The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $7,280,005,293 --------------- Gross unrealized appreciation $ 360,424,850 Gross unrealized depreciation (79,623,621) --------------- Net unrealized appreciation $ 280,801,229 =============== - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the year ended December 31, 2005, the Fund's projected benefit obligations were decreased by $16,507 and payments of $15,897 were made to retired trustees, resulting in an accumulated liability of $797,673 as of December 31, 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 68 | ROCHESTER FUND MUNICIPALS 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 year ended December 31, 2005, payments of $54,000 were made to retired trustees. As of December 31, 2005, the Fund had recognized an accumulated liability of $64,125. 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 to the extent they are not offset by cash balances maintained by the Fund. 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. - -------------------------------------------------------------------------------- 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 69 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
YEAR ENDED DECEMBER 31, 2005 YEAR ENDED DECEMBER 31, 2004 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------ CLASS A Sold 81,186,227 $ 1,474,103,085 46,521,892 $ 815,106,857 Dividends and/or distributions reinvested 9,259,591 167,949,635 8,491,183 148,621,535 Redeemed (30,153,301) (546,676,689) (30,527,851) (531,932,001) ------------------------------------------------------------------------- Net increase 60,292,517 $ 1,095,376,031 24,485,224 $ 431,796,391 ========================================================================= - ------------------------------------------------------------------------------------------------------ CLASS B Sold 5,442,524 $ 98,607,100 5,986,622 $ 104,928,366 Dividends and/or distributions reinvested 1,539,288 27,866,258 1,972,158 34,491,896 Redeemed (15,183,742) (274,629,620) (17,438,391) (303,887,237) ------------------------------------------------------------------------- Net decrease (8,201,930) $ (148,156,262) (9,479,611) $(164,466,975) ========================================================================= - ------------------------------------------------------------------------------------------------------ CLASS C Sold 13,663,235 $ 247,879,967 6,761,505 $ 118,507,396 Dividends and/or distributions reinvested 976,736 17,694,309 805,567 14,083,421 Redeemed (3,702,752) (67,047,257) (4,677,791) (81,344,808) ------------------------------------------------------------------------- Net increase 10,937,219 $ 198,527,019 2,889,281 $ 51,246,009 ========================================================================= - ------------------------------------------------------------------------------------------------------ CLASS Y Sold 192,164 $ 3,496,989 -- $ -- Dividends and/or distributions reinvested 1,476 26,918 -- -- Redeemed (23,944) (433,799) (58,749) (1,008,130) ------------------------------------------------------------------------- Net increase (decrease) 169,696 $ 3,090,108 (58,749) $ (1,008,130) =========================================================================
- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended December 31, 2005, were as follows: PURCHASES SALES - ----------------------------------------------------------------------------- Investment securities $2,705,306,252 1,809,291,555 70 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 0.54% of the first $100 million of average daily net assets, 0.52% on the next $150 million, 0.47% on the next $1.75 billion, 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 SERVICE FEES. 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 year ended December 31, 2005, the Fund paid $2,084,636 to the Manager for accounting and pricing services. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended December 31, 2005, the Fund paid $2,489,051 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 periodically 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 periodically 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. - -------------------------------------------------------------------------------- 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% on Class B and Class C shares. The Distributor also receives a service fee of up to 0.25% under each plan. If either the Class B or Class C plan is terminated by the 71 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the plan at December 31, 2005 for Class B and Class C shares were $36,609,338 and $13,884,446, 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 RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ---------------------------------------------------------------------------------------------------------- December 31, 2005 $3,371,458 $58,123 $1,445,156 $131,436 - ----------------------------------------------------------------------------------------------------------
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 December 31, 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. - -------------------------------------------------------------------------------- 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 72 | ROCHESTER FUND MUNICIPALS $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 (4.2703% as of December 31, 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 year ended December 31, 2005, the average daily loan balance was $62,025,479 at an average daily interest rate of 3.292%. The Fund had borrowings outstanding of $24,600,000 at December 31, 2005 at an interest rate of 4.2703%. The Fund had gross borrowings and gross loan repayments of $1,315,100,000 and $1,395,400,000, respectively, during the year ended December 31, 2005. The maximum amount of borrowings outstanding at any month-end during the year ended December 31, 2005 was $182,600,000. The Fund paid $478,887 in fees and $2,093,010 in interest during the year ended December 31, 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 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. 73 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 7. LITIGATION Continued 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. 74 | ROCHESTER FUND MUNICIPALS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- THE BOARD OF TRUSTEES AND SHAREHOLDERS OF ROCHESTER FUND MUNICIPALS: We have audited the accompanying statement of assets and liabilities of Rochester Fund Municipals, including the statement of investments, as of December 31, 2005, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2005, by correspondence with the custodian and brokers, or other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochester Fund Municipals as of December 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles. KPMG LLP Denver, Colorado February 14, 2006 75 | ROCHESTER FUND MUNICIPALS FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- In early 2006, if applicable, shareholders of record received information regarding all taxable dividends and distributions paid to them by the Fund during calendar year 2005. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. 100% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 100% of the dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (90.4%), Puerto Rico (7.8%), Guam (0.2%), Virgin Islands (1.6%). During 2005, 30.8% of this tax-exempt income was derived from "private activity bonds". These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 76 | 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 the 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 http://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. 77 | 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 investment advisory agreement (the "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 Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager's services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services by the Manager and its affiliates, (v) the extent to which economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager. NATURE AND EXTENT OF SERVICES. The Board considered information on the nature and extent of the services provided to the Fund and information regarding the Manager's key personnel that provide such services. The Manager's duties include providing the Fund with 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; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund's investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing, and supervising the activities of, all administrative and clerical personnel that are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund's operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund's shares. The Manager also provides the Fund with office space, facilities and equipment. 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 took 78 | ROCHESTER FUND MUNICIPALS account of the facts 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 has received regarding the experience and professional qualifications of the Manager's personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services 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 is the team leader for the Fund and has had over 28 years of experience managing municipal bond/tax exempt/fixed income investments. Messrs. Loughran and Cottier have each had over 11 years of experience managing municipal bond/tax exempt/fixed income investments. The Board members also considered their experiences with the Manager and its officers and other personnel through their service as directors or trustees of the Fund and other funds advised by the Manager. The Board considered 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. In light of the foregoing, the Board concluded that the Fund benefits from the services provided under the Agreement as a result of the Manager's experience, reputation, personnel, operations, and resources. INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the Manager provided information on the investment performance of the Fund and the Manager at each Board meeting, including comparative performance information. The Board also 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 noted 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 reviewed 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 asset levels and distribution features. The Board noted that the Fund's contractual and actual management fees and its total expenses are all lower than its peer group average. The Board also evaluated to what extent the fees charged and the services provided to the Fund are comparable to the fees and services for other clients or accounts advised by the Manager. 79 | ROCHESTER FUND MUNICIPALS BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited/Continued - -------------------------------------------------------------------------------- ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may realize economies of scale in managing and supporting the Fund, to what extent those economies of scale benefit the Fund shareholders and the current level of Fund assets in relation to the Fund's breakpoint schedule for its management fees. The Board considered that the Fund has recently experienced moderate asset growth and that, based on current asset levels, the Fund is not yet approaching its last management fee breakpoint. BENEFITS TO THE MANAGER. The Board considered information regarding the Manager's costs in serving as the Fund's investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager's profitability from its relationship with the Fund. 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 to considering the profits realized by the Manager, the Board considered information 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 for services provided. 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 are reasonable in relation to the services provided. Accordingly, the Board elected to continue the 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. 80 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; THE FUND, LENGTH OF SERVICE, AGE NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm) (since 1982); General Partner Chairman of the Board of Trivest Venture Fund (private venture capital fund); President of Investment Counseling of Trustees (since 2001); Federated Investors, Inc. (1973-1982); Trustee of the following open-end investment Trustee (since 1995) companies: Cash Assets Trust (1984), PIMCO Advisors VIT, Tax Free Trust of Arizona (since Age: 72 1984) and four funds for the Hawaiian Tax Free Trust. Oversees 10 portfolios in the OppenheimerFunds complex. JOHN CANNON, Director of Neuberger Berman Income Managers Trust, Neuberger & Berman Income Funds and Trustee (since 1992) Neuberger Berman Trust, (open-end investment companies) (1995-present); Director of Age: 75 Neuberger Berman Equity Funds (open-end investment company) (since November 2000); Trustee, Neuberger Berman Mutual Funds (open-end investment company) (since October 1994); Mr. Cannon held the following positions at CDC Investment Advisors (registered investment adviser): Chairman and Treasurer (December 1993-February 1996), Independent Consultant and Chief Investment Officer (1996-June 2000) and Consultant and Director (December 1993-February 1999). Oversees 3 portfolios in the OppenheimerFunds complex. PAUL Y. CLINTON, Principal of Clinton Management Associates (financial and venture capital consulting firm) Trustee (since 1995) (since 1996); Trustee of PIMCO Advisors VIT (open-end investment company); Trustee of Age: 74 Capital Cash Management Trust (money market fund) (1979-December 2004); Trustee of Narragansett Insured Tax-Free Income Fund (tax-exempt bond fund) (1996-December 2004); Trustee of Prime Cash Fund (1996-December 2004); and Director of OCC Cash Reserves, Inc. (open-end investment company) (1989-December 2002). Oversees 10 portfolios in the OppenheimerFunds complex. DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment Trustee (since 2005) management company) (since January 2004); President of The Community Reinvestment Act Age: 66 Qualified Investment Fund (investment management company) (since January 2004); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1995-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1995-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1995-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1995-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the
81 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- DAVID K. DOWNES, Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Continued Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 10 portfolios in the OppenheimerFunds complex. ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 48 portfolios in the Trustee (since 1998) OppenheimerFunds complex. Age: 72 LACY B. HERRMANN, Founder and Chairman Emeritus of Aquila Management Corporation (open-end investment Trustee (since 1995) company) (since December 2004); Chairman and Chief Executive Officer of Aquila Management Age: 76 Corporation (since August 1984); Chairman of the Board and President of Aquila Management Corporation (August 1984-December 1984); Vice President, Director and Secretary of Aquila Distributors, Inc. (distributor of Aquila Management Corporation); Treasurer of Aquila Distributors, Inc.; President and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT"); President and Director of STCM Management Company, Inc. (sponsor and adviser to CCMT); Chairman, President and Director of InCap Management Corporation (nature of business); Sub-Advisor and Administrator of Prime Cash Fund & Short Term Asset Reserves (nature of business); Director of OCC Cash Reserves, Inc. (open-end investment company) (until June 2003); Trustee of OCC Accumulation Trust (open-end investment company); Chairman of the Board of Trustees and President of Hawaiian Tax-Free Trust (open-end investment company) (February 1985-December 2003); Trustee Emeritus of Brown University (since June 1983). Oversees 10 portfolios in the OppenheimerFunds complex. BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of Trustee (since 2001) Special Value Opportunities Fund, LLC (registered investment company) (since September Age: 62 2004); Member, Zurich Financial Investment Advisory Board (affiliate of the Manager's parent company) (since October 2004); Board of Governing Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004); Trustee of Research Foundation of AIMR (2000-2002) (investment research, non-profit); Governor, Jerome Levy Economics Institute of Bard College (August 1990-September 2001) (economics research); Director of Ray & Berendtson, Inc. (May 2000-April 2002) (executive search firm); President and Chief Executive Officer of the Delaware Group of Mutual Funds (1992-1995); Chairman, President and Chief Executive Officer of Equitable Capital Management Corporation (1985-1992); Executive Vice President and Chief Investment Officer at The Equitable Life Assurance Society of the U.S. (1979-1992); Vice President and Co-manager at Smith Barney, Harris Upham and Company (1970-1979); Engineer, Sperry Gyroscope Company (1966-1970); former governor of the Association for Investment Management and Research; former chairman of the Institute of Chartered Financial Analysts; Chartered Financial Analyst. Oversees 48 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, AND OFFICER NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
82 | ROCHESTER FUND MUNICIPALS JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President (since President and September 2000) of the Manager; President and director or trustee of other Oppenheimer Principal Executive Officer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's (since 2001) and Trustee parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company (since 2005) subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Age: 56 Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 87 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------------------------------ OTHER OFFICERS THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. COTTIER, OF THE FUND FIELDING, LOUGHRAN AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NY 14625, FOR MR. ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY AND WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. SCOTT COTTIER, Vice President of the Manager (since 2002); portfolio manager and trader at Victory Capital Vice President (since 2005) Management (1999-2002). An officer of 8 portfolios in the OppenheimerFunds complex. and Portfolio Manager (since 2002) Age: 34 RONALD H. FIELDING, Senior Vice President of the Manager since January 1996; Chairman of the Rochester Division Vice President and of the Manager since January 1996. An officer of 10 portfolios in the OppenheimerFunds Portfolio Manager complex. (since 1996) Age: 56 DANIEL G. LOUGHRAN, Vice President of the Manager (since April 2001). An officer of 8 portfolios in the Vice President (since 2005) OppenheimerFunds complex. and Portfolio Manager (since 2001) Age: 42
83 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- TROY WILLIS, Associate Portfolio Manager of the Manager since 2003; corporate attorney for Southern Vice President (since 2005) Resource Group (1999-2003). An officer of 8 portfolios in the OppenheimerFunds complex. and Portfolio Manager (since 2003) Age: 33 MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Vice Vice President and President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation Chief Compliance Officer and Shareholder Services, Inc. (since June 1983). Former Vice President and Director of (since 2004) Internal Audit of the Manager (1997-February 2004). An officer of 87 portfolios in the Age: 55 OppenheimerFunds complex. BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the Treasurer and following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Principal Financial Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer and Accounting Officer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March (since 1999) 2000), OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since Age: 46 May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999),Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 87 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Secretary (since 2001) Manager; General Counsel and Director of the Distributor (since December 2001); General Age: 57 Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 87 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST, BY CALLING 1.800.525.7048. 84 | ROCHESTER FUND MUNICIPALS ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Trustees of the registrant has determined that David Downes, a member of the Board's Audit Committee, is an audit committee financial expert and that Mr. Downes is "independent" for purposes of this Item 3. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $54,000 in fiscal 2005 and $50,000 in fiscal 2004. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $156,805 in fiscal 2005 and $39,500 in fiscal 2004 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services: internal control reviews. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $5,000 in fiscal 2005 and $6,000 in fiscal 2004 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services include: Computations of capital gain tax liability, preparation of tax returns, preparation of Form 5500 and tax consultations on pass through of foreign withholding taxes and mortgage dollar roll transactions. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2005 and $714 in fiscal 2004. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees include the cost to the principal accountant of attending audit committee meetings. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $161,805 in fiscal 2005 and $46,214 in fiscal 2004 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. 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 FUND'S AUDIT COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's 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 December 31, 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 have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. 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: February 14, 2006 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: February 14, 2006 By: /s/ Brian W. Wixted ------------------- Brian W. Wixted Principal Financial Officer Date: February 14, 2006 EX-99.CODE ETH 2 ra365_18663ethics.txt RA365_18663ETHICS EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A. 1 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and - ---------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules. 2 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; - ---------- 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /s/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /s/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /s/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /s/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /s/ ROBERT G. ZACK - ------------------ Robert G. Zack, Senior Vice President and General Counsel Exhibit A Positions Covered by this Code of Ethics for Senior Officers EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 3 ra365_18663ex302.txt RA365_18663EX302 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-CSR of Rochester Fund Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 14, 2006 /s/ John V. Murphy - ------------------ John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Rochester Fund Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 14, 2006 /s/ Brian W. Wixted - ------------------- Brian W. Wixted Principal Financial Officer EX-99.906 4 ra365_18663ex906.txt RA365_18663EX906 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Rochester Fund Municipals (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2005 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Rochester Fund Municipals Rochester Fund Municipals /s/ John V. Murphy /s/ Brian W. Wixted - ------------------ ------------------- John V. Murphy Brian W. Wixted Date: February 14, 2006 Date: February 14, 2006 -----END PRIVACY-ENHANCED MESSAGE-----