-----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, B+Xlpoq2AlQxku6ZfxsdJlcRyDgq6JPlKz24Sw0Z4R30ba9IdnrOFFqNNjF7ODNK Kn5Gp3ajGuo1Qucs24PLWA== 0000935069-08-000373.txt : 20080222 0000935069-08-000373.hdr.sgml : 20080222 20080222171246 ACCESSION NUMBER: 0000935069-08-000373 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080222 DATE AS OF CHANGE: 20080222 EFFECTIVENESS DATE: 20080222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 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: 08637313 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 ra0365_44482ncsr.txt RA0365_44482NCSR 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: 12/31/2007 ITEM 1. REPORTS TO STOCKHOLDERS. [GRAPHIC] -------------- ROCHESTER FUND -------------- MUNICIPALS -------------- DECEMBER 31, 2007 - -------------------------------------------------------------------------------- Management Rochester Fund Commentaries Municipals and Annual Report - -------------------------------------------------------------------------------- MANAGEMENT COMMENTARIES Market Recap and Outlook Listing of Top Holdings ANNUAL REPORT [GRAPHIC] Fund Performance Discussion Listing of Investments Financial Statements "AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL DON'T PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO COMPOUND OVER TIME HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS." -- RONALD H. FIELDING, Chief Strategist, Senior Vice President and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER [LOGO] OPPENHEIMERFUNDS(R) The Right Way to Invest TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN CATEGORIES - -------------------------------------------------------------------------------- Tobacco Master Settlement Agreement 10.0% - -------------------------------------------------------------------------------- Hospital/Health Care 9.3 - -------------------------------------------------------------------------------- Tax Increment Financing (TIF) 7.5 - -------------------------------------------------------------------------------- Airlines 6.6 - -------------------------------------------------------------------------------- Highways/Commuter Facilities 5.9 - -------------------------------------------------------------------------------- Electric Utilities 5.9 - -------------------------------------------------------------------------------- Special Tax 5.2 - -------------------------------------------------------------------------------- General Obligation 5.1 - -------------------------------------------------------------------------------- Marine/Aviation Facilities 4.6 - -------------------------------------------------------------------------------- Multifamily Housing 4.4 Portfolio holdings are subject to change. Percentages are as of December 31, 2007, and are based on the total market value of investments. CREDIT ALLOCATION - -------------------------------------------------------------------------------- AAA 15.3% - -------------------------------------------------------------------------------- AA 21.8 - -------------------------------------------------------------------------------- A 16.3 - -------------------------------------------------------------------------------- BBB 30.6 - -------------------------------------------------------------------------------- BB or lower 16.0 Allocations are subject to change. Percentages are as of December 31, 2007, 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 in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 18.9% of the Fund's market value, are deemed comparable in the Manager's judgment to the rated securities in each category. Market value, the total value of the Fund's securities, does not include cash. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities. - -------------------------------------------------------------------------------- 16 | 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, 2007, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that Rochester Fund Municipals distributed high levels of tax-free income to its shareholders during this reporting period, providing higher yields than many fixed-income alternatives on an after-tax basis. As of December 31, 2007, the Fund's Class A shares provided a distribution yield of 4.90% at net asset value. Lipper Inc.--an independent mutual fund rating service--reported an average distribution yield of 3.78% among the 101 funds in its New York Municipal Debt Funds category as of the same date. 1 Rochester Fund Municipals distributed dividends of 86.4 cents per Class A share, including a small amount of ordinary income this reporting period. The interest-rate environment early in this reporting period was not conducive to attractive risk/reward trade-offs on higher-yielding bonds, and dividends in many municipal bond funds came under pressure. This Fund's monthly dividend distribution was reduced to 7.15 cents per Class A share, beginning with the February payment, but then increased to 7.20 cents per Class A share with the October payment. Distributions for other share classes were adjusted accordingly. In this reporting period, bonds backed by proceeds from the tobacco Master Settlement Agreement (MSA) comprised the largest category in the Fund's portfolio. These so-called tobacco bonds are backed by state and/or U.S. territory proceeds from a national litigation settlement with tobacco manufacturers. The Fund benefited during the first half of this reporting period as credit fundamentals remained strong, credit spreads continued to tighten, and two large pre-refundings (by the tobacco authorities in California and New Jersey) elevated bond prices. The sector experienced pricing pressure in the latter half of the reporting period. The causes, we believe, included a general widening of credit spreads, to which tobacco bonds are normally sensitive, and an increase in the national supply of MSA bonds, a technical factor. In other words, the price declines occurred for non-fundamental reasons and not because anything changed regarding the MSA or the sector. We continue to believe that this sector will provide long-term benefits to our yield-focused investors and, as such, took advantage of market conditions this reporting period to add to buy high-yielding MSA-backed securities. 1. Lipper Inc. Lipper calculations do not include sales charges which, if included, would reduce results. 17 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- Additionally, we believe the risks of industry litigation have been largely overstated. In the history of MSA-backed tobacco bonds, interest payments and scheduled payments of principal on the bonds we hold have never been interrupted--and many bonds have repaid principal earlier than their scheduled final maturity. Some recent courtroom decisions are worth noting. In July 2007, a federal judge in the Southern District of New York ruled that a smoker's claim for punitive damages cannot be awarded because New York State, which had sued the tobacco industry in 1997, ultimately agreed to participate in the MSA. In August 2007, the Illinois Supreme Court ruled that no further consideration be given to a case challenging Philip Morris USA's marketing of "light" cigarettes. The same month, the U.S. Court of Appeals for the First Circuit ruled that a lower court had erred in dismissing a class-action suit, brought by Maine residents, that challenged the use of the terms "light" and "low tar" when selling and marketing materials used by Philip Morris and others. At the end of this reporting period, tobacco bonds accounted for 10% of the Fund. The size of this position reflects our belief that these bonds can continue to help the Fund deliver high levels of tax-free income. Airline facility bonds represented 6.6% of the Fund's market value as of December 31, 2007, and bonds backed by American Airlines comprised most of these holdings. The Fund established a large position in the bonds used to finance the airline's new $1.3 billion, 26-gate terminal at John F. Kennedy International Airport. Despite heightened fuel costs, the carrier has reported improvements in passenger traffic, revenues per seat mile and debt reduction in recent quarters. In October, American announced its sixth consecutive quarter of profitability. Overall, we continue to believe that this sector can provide significant, long-term benefit to the Fund, especially if the improving world economy creates the expected gains in passenger travel and pricing flexibility. The Fund remained invested in the securities in the single-family and multifamily housing sectors this reporting period. The overall credit quality of these investments was largely unaffected by the developments in the sub-prime mortgage market this reporting period. Investors should note that the Fund's single-family housing bonds are high-grade securities that have been issued by state agencies. Additionally, the Fund does not invest in the securities created from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs) and thus has no direct exposure to these credits. As of December 31, 2007, the overall credit quality of the Fund was A and 84% of the portfolio was investment grade. Most of the remaining securities are secured with 18 | ROCHESTER FUND MUNICIPALS mortgages on real property; these holdings often have sinking fund provisions, which serve to reduce the principal on an outstanding loan annually. Many bond insurers faced renewed scrutiny from the credit ratings organizations this reporting period, based on their exposure to sub-prime mortgages. A small percentage of the Fund's assets (slightly more than 1% of assets) were insured by ACA Financial Guaranty Corporation; in December, after S&P sharply downgraded the insurer, these assets were re-evaluated by our in-house credit research team and each holding was assigned an internal rating. Investors should note that the underlying borrowers for all ACA-insured bonds held by the Fund have consistently made their interest and principal payments without any apparent support from the insurer. The Fund continues to hold high-yielding bolds that financed energy co-generation facilities owned and operated by the Calpine Corporation. The company filed for bankruptcy protection late in 2005 but always remained current with its scheduled principal and interest payments. In this reporting period, Calpine announced plans to emerge from bankruptcy and affirmed the lease on its facilities. We believe that the company's recent announcements represent a clear indication that any lingering concerns about debt service on the two bonds this Fund holds--Port Authority of NY/NJ (KIAC) and Suffolk County IDA (Nissequogue Co-generation Partners)--are unwarranted. The Fund continued to invest in municipal inverse-floating-rate securities this reporting period. These are tax-exempt securities whose interest payments move inversely to changes in short-term interest rates. They generally provide higher tax-free yields than regular fixed-rated bonds of comparable maturity and credit quality, often with greater price volatility. On November 5, the U.S. Supreme Court heard DEPARTMENT OF REVENUE OF KENTUCKY V. DAVIS, which addresses the question of whether Kentucky can tax the income that state residents earn on out-of-state municipal securities if the income that residents earn from in-state municipal securities is exempt from taxation. The Court's decision, which is expected by June 2008, could have implications for New York and many other states. Significantly, the exemption from federal income taxes, which provides investors with the greatest benefit, is not in question. We cannot confidently predict what the Court will decide. However, we will continue to serve our shareholders by focusing on how best to create tax-free yield advantages in any current and future market scenario. We remain committed to helping fixed-income investors achieve their financial goals for 19 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- tax-free income and will continue to offer a full complement of municipal bond funds to serve our shareholders' diverse needs. 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. Shareholders should note that market conditions during this reporting period did not affect the Fund's overall investment strategies or cause it to pay any capital gain distributions. In closing, we believe that the Fund's structure and composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles. 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, 2007. In the case of Class A, Class B and Class C shares, performance is measured over a ten-fiscal-year period. In the case of Class Y shares, performance is measured from inception of the Classes 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 the performance of 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 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. 20 | ROCHESTER FUND MUNICIPALS 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. 21 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class A) Lehman Brothers Municipal Bond Index Consumer Price Index Lipper New York Municipal Debt Funds Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals (Class A) Municipal Bond Index Consumer Price Index Municipal Debt Funds Index 12/31/1997 $ 9,525 $ 10,000 $ 10,000 $ 10,000 03/31/1998 $ 9,673 $ 10,115 $ 10,056 $ 10,099 06/30/1998 $ 9,831 $ 10,269 $ 10,105 $ 10,245 09/30/1998 $ 10,126 $ 10,584 $ 10,143 $ 10,564 12/31/1998 $ 10,146 $ 10,648 $ 10,161 $ 10,579 03/31/1999 $ 10,234 $ 10,742 $ 10,229 $ 10,636 06/30/1999 $ 10,057 $ 10,553 $ 10,304 $ 10,394 09/30/1999 $ 9,830 $ 10,511 $ 10,409 $ 10,230 12/31/1999 $ 9,587 $ 10,429 $ 10,434 $ 10,055 03/31/2000 $ 9,926 $ 10,734 $ 10,614 $ 10,366 06/30/2000 $ 10,045 $ 10,896 $ 10,688 $ 10,502 09/30/2000 $ 10,312 $ 11,160 $ 10,769 $ 10,749 12/31/2000 $ 10,731 $ 11,648 $ 10,787 $ 11,277 03/31/2001 $ 10,967 $ 11,906 $ 10,924 $ 11,498 06/30/2001 $ 11,105 $ 11,983 $ 11,035 $ 11,581 09/30/2001 $ 11,362 $ 12,320 $ 11,054 $ 11,839 12/31/2001 $ 11,282 $ 12,245 $ 10,955 $ 11,727 03/31/2002 $ 11,397 $ 12,360 $ 11,085 $ 11,859 06/30/2002 $ 11,674 $ 12,812 $ 11,153 $ 12,239 09/30/2002 $ 11,995 $ 13,421 $ 11,221 $ 12,836 12/31/2002 $ 11,898 $ 13,421 $ 11,215 $ 12,785 03/31/2003 $ 11,695 $ 13,582 $ 11,420 $ 12,876 06/30/2003 $ 12,232 $ 13,932 $ 11,389 $ 13,210 09/30/2003 $ 12,396 $ 13,943 $ 11,482 $ 13,214 12/31/2003 $ 12,864 $ 14,134 $ 11,426 $ 13,419 03/31/2004 $ 13,183 $ 14,378 $ 11,618 $ 13,587 06/30/2004 $ 12,845 $ 14,038 $ 11,761 $ 13,259 09/30/2004 $ 13,431 $ 14,585 $ 11,773 $ 13,744 12/31/2004 $ 13,797 $ 14,767 $ 11,798 $ 13,898 03/31/2005 $ 14,026 $ 14,762 $ 11,984 $ 13,886 06/30/2005 $ 14,722 $ 15,194 $ 12,058 $ 14,298 09/30/2005 $ 14,805 $ 15,175 $ 12,325 $ 14,275 12/31/2005 $ 15,006 $ 15,286 $ 12,201 $ 14,358 03/31/2006 $ 15,273 $ 15,324 $ 12,387 $ 14,413 06/30/2006 $ 15,312 $ 15,329 $ 12,579 $ 14,400 09/30/2006 $ 15,970 $ 15,851 $ 12,579 $ 14,897 12/31/2006 $ 16,255 $ 16,026 $ 12,511 $ 15,057 03/31/2007 $ 16,422 $ 16,156 $ 12,731 $ 15,157 06/30/2007 $ 16,320 $ 16,048 $ 12,917 $ 15,053 09/30/2007 $ 16,148 $ 16,341 $ 12,926 $ 15,213 12/31/2007 $ 15,998 $ 16,565 $ 13,021 $ 15,322
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 12/31/07 1-Year -6.26% 5-Year 5.07% 10-Year 4.81% 22 | ROCHESTER FUND MUNICIPALS CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class B) Lehman Brothers Municipal Bond Index Consumer Price Index Lipper New York Municipal Debt Funds Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals (Class B) Municipal Bond Index Consumer Price Index Municipal Debt Funds Index 12/31/1997 $ 10,000 $ 10,000 $ 10,000 $ 10,000 03/31/1998 $ 10,133 $ 10,115 $ 10,056 $ 10,099 06/30/1998 $ 10,278 $ 10,269 $ 10,105 $ 10,245 09/30/1998 $ 10,563 $ 10,584 $ 10,143 $ 10,564 12/31/1998 $ 10,561 $ 10,648 $ 10,161 $ 10,579 03/31/1999 $ 10,630 $ 10,742 $ 10,229 $ 10,636 06/30/1999 $ 10,429 $ 10,553 $ 10,304 $ 10,394 09/30/1999 $ 10,172 $ 10,511 $ 10,409 $ 10,230 12/31/1999 $ 9,898 $ 10,429 $ 10,434 $ 10,055 03/31/2000 $ 10,226 $ 10,734 $ 10,614 $ 10,366 06/30/2000 $ 10,327 $ 10,896 $ 10,688 $ 10,502 09/30/2000 $ 10,578 $ 11,160 $ 10,769 $ 10,749 12/31/2000 $ 10,985 $ 11,648 $ 10,787 $ 11,277 03/31/2001 $ 11,203 $ 11,906 $ 10,924 $ 11,498 06/30/2001 $ 11,319 $ 11,983 $ 11,035 $ 11,581 09/30/2001 $ 11,558 $ 12,320 $ 11,054 $ 11,839 12/31/2001 $ 11,452 $ 12,245 $ 10,955 $ 11,727 03/31/2002 $ 11,544 $ 12,360 $ 11,085 $ 11,859 06/30/2002 $ 11,800 $ 12,812 $ 11,153 $ 12,239 09/30/2002 $ 12,091 $ 13,421 $ 11,221 $ 12,836 12/31/2002 $ 11,967 $ 13,421 $ 11,215 $ 12,785 03/31/2003 $ 11,744 $ 13,582 $ 11,420 $ 12,876 06/30/2003 $ 12,257 $ 13,932 $ 11,389 $ 13,210 09/30/2003 $ 12,395 $ 13,943 $ 11,482 $ 13,214 12/31/2003 $ 12,837 $ 14,134 $ 11,426 $ 13,419 03/31/2004 $ 13,155 $ 14,378 $ 11,618 $ 13,587 06/30/2004 $ 12,818 $ 14,038 $ 11,761 $ 13,259 09/30/2004 $ 13,402 $ 14,585 $ 11,773 $ 13,744 12/31/2004 $ 13,768 $ 14,767 $ 11,798 $ 13,898 03/31/2005 $ 13,996 $ 14,762 $ 11,984 $ 13,886 06/30/2005 $ 14,691 $ 15,194 $ 12,058 $ 14,298 09/30/2005 $ 14,774 $ 15,175 $ 12,325 $ 14,275 12/31/2005 $ 14,974 $ 15,286 $ 12,201 $ 14,358 03/31/2006 $ 15,240 $ 15,324 $ 12,387 $ 14,413 06/30/2006 $ 15,279 $ 15,329 $ 12,579 $ 14,400 09/30/2006 $ 15,936 $ 15,851 $ 12,579 $ 14,897 12/31/2006 $ 16,221 $ 16,026 $ 12,511 $ 15,057 03/31/2007 $ 16,387 $ 16,156 $ 12,731 $ 15,157 06/30/2007 $ 16,285 $ 16,048 $ 12,917 $ 15,053 09/30/2007 $ 16,114 $ 16,341 $ 12,926 $ 15,213 12/31/2007 $ 15,963 $ 16,565 $ 13,021 $ 15,322
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 12/31/07 1-Year -7.10% 5-Year 4.87% 10-Year 4.79% 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 26 FOR FURTHER INFORMATION. 23 | ROCHESTER FUND MUNICIPALS FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class C) Lehman Brothers Municipal Bond Index Consumer Price Index Lipper New York Municipal Debt Funds Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals (Class C) Municipal Bond Index Consumer Price Index Municipal Debt Funds Index 12/31/1997 $ 10,000 $ 10,000 $ 10,000 $ 10,000 03/31/1998 $ 10,128 $ 10,115 $ 10,056 $ 10,099 06/30/1998 $ 10,278 $ 10,269 $ 10,105 $ 10,245 09/30/1998 $ 10,558 $ 10,584 $ 10,143 $ 10,564 12/31/1998 $ 10,556 $ 10,648 $ 10,161 $ 10,579 03/31/1999 $ 10,632 $ 10,742 $ 10,229 $ 10,636 06/30/1999 $ 10,420 $ 10,553 $ 10,304 $ 10,394 09/30/1999 $ 10,168 $ 10,511 $ 10,409 $ 10,230 12/31/1999 $ 9,890 $ 10,429 $ 10,434 $ 10,055 03/31/2000 $ 10,217 $ 10,734 $ 10,614 $ 10,366 06/30/2000 $ 10,325 $ 10,896 $ 10,688 $ 10,502 09/30/2000 $ 10,570 $ 11,160 $ 10,769 $ 10,749 12/31/2000 $ 10,984 $ 11,648 $ 10,787 $ 11,277 03/31/2001 $ 11,195 $ 11,906 $ 10,924 $ 11,498 06/30/2001 $ 11,312 $ 11,983 $ 11,035 $ 11,581 09/30/2001 $ 11,550 $ 12,320 $ 11,054 $ 11,839 12/31/2001 $ 11,444 $ 12,245 $ 10,955 $ 11,727 03/31/2002 $ 11,536 $ 12,360 $ 11,085 $ 11,859 06/30/2002 $ 11,792 $ 12,812 $ 11,153 $ 12,239 09/30/2002 $ 12,091 $ 13,421 $ 11,221 $ 12,836 12/31/2002 $ 11,966 $ 13,421 $ 11,215 $ 12,785 03/31/2003 $ 11,737 $ 13,582 $ 11,420 $ 12,876 06/30/2003 $ 12,250 $ 13,932 $ 11,389 $ 13,210 09/30/2003 $ 12,388 $ 13,943 $ 11,482 $ 13,214 12/31/2003 $ 12,821 $ 14,134 $ 11,426 $ 13,419 03/31/2004 $ 13,118 $ 14,378 $ 11,618 $ 13,587 06/30/2004 $ 12,754 $ 14,038 $ 11,761 $ 13,259 09/30/2004 $ 13,307 $ 14,585 $ 11,773 $ 13,744 12/31/2004 $ 13,642 $ 14,767 $ 11,798 $ 13,898 03/31/2005 $ 13,838 $ 14,762 $ 11,984 $ 13,886 06/30/2005 $ 14,495 $ 15,194 $ 12,058 $ 14,298 09/30/2005 $ 14,545 $ 15,175 $ 12,325 $ 14,275 12/31/2005 $ 14,703 $ 15,286 $ 12,201 $ 14,358 03/31/2006 $ 14,940 $ 15,324 $ 12,387 $ 14,413 06/30/2006 $ 14,946 $ 15,329 $ 12,579 $ 14,400 09/30/2006 $ 15,547 $ 15,851 $ 12,579 $ 14,897 12/31/2006 $ 15,791 $ 16,026 $ 12,511 $ 15,057 03/31/2007 $ 15,919 $ 16,156 $ 12,731 $ 15,157 06/30/2007 $ 15,794 $ 16,048 $ 12,917 $ 15,053 09/30/2007 $ 15,586 $ 16,341 $ 12,926 $ 15,213 12/31/2007 $ 15,414 $ 16,565 $ 13,021 $ 15,322
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 12/31/07 1-Year -3.32% 5-Year 5.19% 10-Year 4.42% 24 | ROCHESTER FUND MUNICIPALS CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Rochester Fund Municipals (Class Y) Lehman Brothers Municipal Bond Index Consumer Price Index Lipper New York Municipal Debt Funds Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lehman Brothers Lipper New York Municipals (Class Y) Municipal Bond Index Consumer Price Index Municipal Debt Funds Index 04/28/2000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 06/30/2000 $ 10,197 $ 10,212 $ 10,064 $ 10,210 09/30/2000 $ 10,470 $ 10,459 $ 10,140 $ 10,450 12/31/2000 $ 10,897 $ 10,916 $ 10,158 $ 10,964 03/31/2001 $ 11,139 $ 11,158 $ 10,286 $ 11,179 06/30/2001 $ 11,283 $ 11,231 $ 10,391 $ 11,260 09/30/2001 $ 11,547 $ 11,546 $ 10,409 $ 11,510 12/31/2001 $ 11,469 $ 11,475 $ 10,315 $ 11,402 03/31/2002 $ 11,589 $ 11,584 $ 10,438 $ 11,529 06/30/2002 $ 11,877 $ 12,007 $ 10,502 $ 11,899 09/30/2002 $ 12,197 $ 12,578 $ 10,566 $ 12,480 12/31/2002 $ 12,108 $ 12,578 $ 10,560 $ 12,431 03/31/2003 $ 11,904 $ 12,729 $ 10,753 $ 12,519 06/30/2003 $ 12,454 $ 13,057 $ 10,724 $ 12,844 09/30/2003 $ 12,624 $ 13,067 $ 10,811 $ 12,847 12/31/2003 $ 13,096 $ 13,246 $ 10,759 $ 13,046 03/31/2004 $ 13,433 $ 13,475 $ 10,940 $ 13,210 06/30/2004 $ 13,095 $ 13,156 $ 11,074 $ 12,891 09/30/2004 $ 13,698 $ 13,668 $ 11,086 $ 13,362 12/31/2004 $ 14,078 $ 13,839 $ 11,109 $ 13,512 03/31/2005 $ 14,318 $ 13,834 $ 11,284 $ 13,501 06/30/2005 $ 15,036 $ 14,240 $ 11,354 $ 13,901 09/30/2005 $ 15,127 $ 14,222 $ 11,605 $ 13,878 12/31/2005 $ 15,336 $ 14,326 $ 11,489 $ 13,959 03/31/2006 $ 15,613 $ 14,361 $ 11,664 $ 14,013 06/30/2006 $ 15,656 $ 14,366 $ 11,845 $ 14,000 09/30/2006 $ 16,326 $ 14,855 $ 11,845 $ 14,483 12/31/2006 $ 16,632 $ 15,019 $ 11,781 $ 14,639 03/31/2007 $ 16,799 $ 15,141 $ 11,988 $ 14,736 06/30/2007 $ 16,710 $ 15,040 $ 12,163 $ 14,636 09/30/2007 $ 16,532 $ 15,315 $ 12,171 $ 14,791 12/31/2007 $ 16,393 $ 15,524 $ 12,261 $ 14,897
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 12/31/07 1-Year -1.44% 5-Year 6.25% Since Inception (4/28/00) 6.65% 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 26 FOR FURTHER INFORMATION. 25 | 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 10-year 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. 26 | 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 applicable); 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, 2007. ACTUAL EXPENSES. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section 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 first section 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 second section of the table provides 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 for each class before expenses, which is not the 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 27 | ROCHESTER FUND MUNICIPALS FUND EXPENSES Continued - -------------------------------------------------------------------------------- the Statement of Additional Information). Therefore, the "hypothetical" section of the table is 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 ACTUAL JULY 1, 2007 DECEMBER 31, 2007 DECEMBER 31, 2007 - -------------------------------------------------------------------------------- Class A $1,000.00 $ 980.30 $ 6.91 - -------------------------------------------------------------------------------- Class B 1,000.00 975.80 11.42 - -------------------------------------------------------------------------------- Class C 1,000.00 976.00 11.32 - -------------------------------------------------------------------------------- Class Y 1,000.00 981.00 6.16 HYPOTHETICAL (5% return before expenses) - -------------------------------------------------------------------------------- Class A 1,000.00 1,018.25 7.04 - -------------------------------------------------------------------------------- Class B 1,000.00 1,013.71 11.64 - -------------------------------------------------------------------------------- Class C 1,000.00 1,013.81 11.54 - -------------------------------------------------------------------------------- Class Y 1,000.00 1,019.00 6.28 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, excluding indirect expenses from affiliated fund, based on the 6-month period ended December 31, 2007 are as follows: CLASS EXPENSE RATIOS - ----------------------------- Class A 1.38% - ----------------------------- Class B 2.28 - ----------------------------- Class C 2.26 - ----------------------------- Class Y 1.23 The expense ratios reflect reduction to custodian expenses. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable. - -------------------------------------------------------------------------------- 28 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS December 31, 2007 - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES--119.8% - --------------------------------------------------------------------------------------------------------------------------- NEW YORK--96.5% $ 1,420,000 Albany County, NY Airport Authority 5.000% 12/15/2035 $ 1,417,842 - --------------------------------------------------------------------------------------------------------------------------- 1,035,000 Albany County, NY IDA (Albany College of Pharmacy) 5.375 12/01/2024 1,035,538 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 Albany County, NY IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,701,360 - --------------------------------------------------------------------------------------------------------------------------- 605,000 Albany County, NY IDA (Wildwood Programs) 4.900 07/01/2021 563,896 - --------------------------------------------------------------------------------------------------------------------------- 1,085,000 Albany, NY Hsg. Authority (Lark Drive) 5.500 12/01/2028 1,091,673 - --------------------------------------------------------------------------------------------------------------------------- 2,700,000 Albany, NY IDA (Albany Law School) 5.000 07/01/2031 2,521,449 - --------------------------------------------------------------------------------------------------------------------------- 310,000 Albany, NY IDA (Albany Law School) 5.000 07/01/2037 283,089 - --------------------------------------------------------------------------------------------------------------------------- 1,420,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2019 1,427,938 - --------------------------------------------------------------------------------------------------------------------------- 2,460,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2029 2,399,140 - --------------------------------------------------------------------------------------------------------------------------- 340,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 342,730 - --------------------------------------------------------------------------------------------------------------------------- 845,000 Albany, NY IDA (Albany Rehabilitation) 8.375 06/01/2023 857,903 - --------------------------------------------------------------------------------------------------------------------------- 3,125,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2027 2,852,281 - --------------------------------------------------------------------------------------------------------------------------- 1,350,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2032 1,201,379 - --------------------------------------------------------------------------------------------------------------------------- 900,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2037 789,390 - --------------------------------------------------------------------------------------------------------------------------- 7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 6,938,172 - --------------------------------------------------------------------------------------------------------------------------- 3,730,000 Albany, NY IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,891,509 - --------------------------------------------------------------------------------------------------------------------------- 2,335,000 Albany, NY IDA (Hampton Plaza) 6.250 03/15/2018 2,337,195 - --------------------------------------------------------------------------------------------------------------------------- 900,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2025 744,354 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 Albany, NY IDA (Sage Colleges) 5.250 04/01/2019 1,300,381 - --------------------------------------------------------------------------------------------------------------------------- 1,760,000 Albany, NY IDA (Sage Colleges) 5.300 04/01/2029 1,734,480 - --------------------------------------------------------------------------------------------------------------------------- 1,120,000 Albany, NY Parking Authority 5.625 07/15/2020 1,169,403 - --------------------------------------------------------------------------------------------------------------------------- 895,000 Albany, NY Parking Authority 5.625 07/15/2025 926,799 - --------------------------------------------------------------------------------------------------------------------------- 1,770,000 Albany, NY Parking Authority 2 7.052 3 11/01/2017 1,089,010 - --------------------------------------------------------------------------------------------------------------------------- 5,700,000 Allegany County, NY IDA (Houghton College) 5.250 01/15/2024 5,739,216 - --------------------------------------------------------------------------------------------------------------------------- 925,000 Amherst, NY IDA (Asbury Pointe) 5.800 02/01/2015 887,279 - --------------------------------------------------------------------------------------------------------------------------- 10,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2023 9,404 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2029 2,754,990 - --------------------------------------------------------------------------------------------------------------------------- 5,300,000 Amherst, NY IDA (Beechwood Health Care Center) 5.200 01/01/2040 4,441,718 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 26,412 - --------------------------------------------------------------------------------------------------------------------------- 250,000 Babylon, NY IDA (WWH Ambulance) 7.375 09/15/2008 250,395 - --------------------------------------------------------------------------------------------------------------------------- 810,000 Bethlehem, NY Water System 5.250 03/01/2018 850,622 - --------------------------------------------------------------------------------------------------------------------------- 855,000 Bethlehem, NY Water System 5.375 03/01/2019 899,554 - --------------------------------------------------------------------------------------------------------------------------- 905,000 Bethlehem, NY Water System 5.375 03/01/2020 949,544 - --------------------------------------------------------------------------------------------------------------------------- 955,000 Bethlehem, NY Water System 5.500 03/01/2021 1,004,822 - --------------------------------------------------------------------------------------------------------------------------- 505,000 Bethlehem, NY Water System 5.500 03/01/2022 530,154 - --------------------------------------------------------------------------------------------------------------------------- 1,065,000 Blauvelt, NY Volunteer Fire Company 6.250 10/15/2017 1,067,907 - --------------------------------------------------------------------------------------------------------------------------- 2,425,000 Brookhaven, NY (Stony Brook Foundation) 6.500 11/01/2020 2,517,320 - --------------------------------------------------------------------------------------------------------------------------- 2,735,000 Brookhaven, NY IDA (Enecon Corp.) 6.300 01/01/2033 2,612,308
29 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 65,000 Broome County, NY IDA (University Plaza) 5.000% 08/01/2025 $ 58,880 - --------------------------------------------------------------------------------------------------------------------------- 3,030,000 Broome County, NY IDA (University Plaza) 5.000 08/01/2036 2,586,953 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2030 885,470 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2036 1,084,063 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2030 2,693,160 - --------------------------------------------------------------------------------------------------------------------------- 4,450,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2036 3,919,204 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 2,838,060 - --------------------------------------------------------------------------------------------------------------------------- 915,000 Canton, NY Human Services Initiatives 5.700 09/01/2024 948,297 - --------------------------------------------------------------------------------------------------------------------------- 1,155,000 Canton, NY Human Services Initiatives 5.750 09/01/2032 1,181,761 - --------------------------------------------------------------------------------------------------------------------------- 4,295,000 Cattaraugus County, NY IDA (Olean General Hospital) 5.250 08/01/2023 4,375,188 - --------------------------------------------------------------------------------------------------------------------------- 1,465,000 Cattaraugus County, NY IDA (St. Bonaventure University) 5.450 09/15/2019 1,483,723 - --------------------------------------------------------------------------------------------------------------------------- 11,875,000 Cayuga County, NY COP (Auburn Memorial Hospital) 6.000 01/01/2021 11,889,963 - --------------------------------------------------------------------------------------------------------------------------- 230,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 231,527 - --------------------------------------------------------------------------------------------------------------------------- 3,395,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,441,851 - --------------------------------------------------------------------------------------------------------------------------- 1,900,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,940,185 - --------------------------------------------------------------------------------------------------------------------------- 95,000 Chautauqua, NY Utility District 5.000 06/01/2023 98,328 - --------------------------------------------------------------------------------------------------------------------------- 105,000 Chautauqua, NY Utility District 5.000 06/01/2025 107,862 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 3,215,713 - --------------------------------------------------------------------------------------------------------------------------- 1,915,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 1,894,797 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 976,820 - --------------------------------------------------------------------------------------------------------------------------- 1,455,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,421,273 - --------------------------------------------------------------------------------------------------------------------------- 1,200,000 Chemung County, NY IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,208,508 - --------------------------------------------------------------------------------------------------------------------------- 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,516,667 - --------------------------------------------------------------------------------------------------------------------------- 4,745,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 4,634,252 - --------------------------------------------------------------------------------------------------------------------------- 4,800,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 4,758,624 - --------------------------------------------------------------------------------------------------------------------------- 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,843,813 - --------------------------------------------------------------------------------------------------------------------------- 1,150,000 Clifton Springs, NY Hospital & Clinic 7.650 01/01/2012 1,162,754 - --------------------------------------------------------------------------------------------------------------------------- 2,545,000 Clifton Springs, NY Hospital & Clinic 8.000 01/01/2020 2,548,156 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Cohoes, NY GO 6.200 03/15/2012 35,424 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes, NY GO 6.200 03/15/2013 25,297 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes, NY GO 6.250 03/15/2014 25,299 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes, NY GO 6.250 03/15/2015 25,288 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Cohoes, NY GO 6.250 03/15/2016 25,267 - --------------------------------------------------------------------------------------------------------------------------- 1,585,000 Columbia County, NY IDA (Berkshire Farms) 7.500 12/15/2014 1,589,169 - --------------------------------------------------------------------------------------------------------------------------- 3,300,000 Corinth, NY IDA (International Paper Company) 5.750 02/01/2022 3,319,272
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 40,000 Corinth, NY IDA (International Paper Company) 5.850% 12/01/2020 $ 40,260 - --------------------------------------------------------------------------------------------------------------------------- 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,370,000 - --------------------------------------------------------------------------------------------------------------------------- 155,000 Dutchess County, NY IDA (Astor Learning Center Civic Facility) 5.150 11/01/2024 158,892 - --------------------------------------------------------------------------------------------------------------------------- 2,310,000 Dutchess County, NY IDA (Elant Fishkill) 5.250 01/01/2037 2,013,512 - --------------------------------------------------------------------------------------------------------------------------- 280,000 Dutchess County, NY IDA (IBM Corp.) 5.450 12/01/2029 290,660 - --------------------------------------------------------------------------------------------------------------------------- 900,000 Dutchess County, NY IDA (St. Francis Hospital) 7.500 03/01/2029 955,683 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Dutchess County, NY Water & Wastewater Authority 5.400 3 06/01/2027 396,620 - --------------------------------------------------------------------------------------------------------------------------- 3,240,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,342,708 - --------------------------------------------------------------------------------------------------------------------------- 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,461,869 - --------------------------------------------------------------------------------------------------------------------------- 1,400,000 East Rochester, NY Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,456,868 - --------------------------------------------------------------------------------------------------------------------------- 2,520,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,585,243 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 East Rochester, NY Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,011,820 - --------------------------------------------------------------------------------------------------------------------------- 16,210,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.000 02/15/2047 15,940,914 - --------------------------------------------------------------------------------------------------------------------------- 4,095,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,155,197 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village) 5.500 08/01/2033 1,550,230 - --------------------------------------------------------------------------------------------------------------------------- 3,325,000 Elmira, NY Hsg. Authority (Eastgate Apartments) 6.250 06/01/2044 3,145,384 - --------------------------------------------------------------------------------------------------------------------------- 25,290,000 Erie County Tobacco Asset Securitization Corp. 1 5.000 06/01/2038 23,803,959 - --------------------------------------------------------------------------------------------------------------------------- 72,380,000 Erie County Tobacco Asset Securitization Corp. 1 5.000 06/01/2045 67,145,841 - --------------------------------------------------------------------------------------------------------------------------- 2,380,000 Erie County, NY IDA (Air Cargo) 8.500 10/01/2015 2,398,635 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.750 06/01/2025 4,124,680 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.875 06/01/2035 7,164,920 - --------------------------------------------------------------------------------------------------------------------------- 1,960,000 Erie County, NY IDA (DePaul Properties) 5.750 09/01/2028 1,685,639 - --------------------------------------------------------------------------------------------------------------------------- 2,605,000 Erie County, NY IDA (DePaul Properties) 6.500 09/01/2018 2,525,964 - --------------------------------------------------------------------------------------------------------------------------- 1,800,000 Erie County, NY IDA (Global Concepts Charter School) 6.250 10/01/2037 1,744,326 - --------------------------------------------------------------------------------------------------------------------------- 35,000,000 Erie County, NY IDA (Great Lakes) 2,4 7.500 12/01/2025 875,000 - --------------------------------------------------------------------------------------------------------------------------- 11,310,000 Erie County, NY IDA (Medaille College) 7.625 04/01/2035 12,391,915 - --------------------------------------------------------------------------------------------------------------------------- 3,515,000 Erie County, NY IDA (Medaille College) 8.250 11/01/2026 3,822,879 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 6,531,980 - --------------------------------------------------------------------------------------------------------------------------- 8,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 7,424,175 - --------------------------------------------------------------------------------------------------------------------------- 9,600,000 Erie County, NY IDA (The Episcopal Church Home) 6.000 02/01/2028 9,321,600 - --------------------------------------------------------------------------------------------------------------------------- 2,630,000 Erie County, NY Sewer District 5.000 12/01/2030 2,729,966 - --------------------------------------------------------------------------------------------------------------------------- 1,360,000 Erie County, NY Sewer District 5.000 12/01/2035 1,406,186 - --------------------------------------------------------------------------------------------------------------------------- 36,360,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2038 34,223,486 - --------------------------------------------------------------------------------------------------------------------------- 5,715,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2045 5,301,691 - --------------------------------------------------------------------------------------------------------------------------- 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140 3 06/01/2047 6,187,290 - --------------------------------------------------------------------------------------------------------------------------- 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488 3 06/01/2050 6,458,256 - --------------------------------------------------------------------------------------------------------------------------- 150,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.751 3 06/01/2055 4,068,000
31 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650% 3 06/01/2060 $ 18,984,960 - --------------------------------------------------------------------------------------------------------------------------- 2,300,000 Essex County, NY IDA (International Paper Company) 6.450 11/15/2023 2,357,109 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Essex County, NY IDA (Moses Ludington Nursing Home) 6.200 02/01/2030 37,435 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 Essex County, NY IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,369,250 - --------------------------------------------------------------------------------------------------------------------------- 60,000 Essex County, NY IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 60,046 - --------------------------------------------------------------------------------------------------------------------------- 975,000 Essex County, NY IDA (North Country Community College Foundation) 5.000 06/01/2020 957,723 - --------------------------------------------------------------------------------------------------------------------------- 320,000 Essex County, NY IDA (North Country Community College Foundation) 5.000 06/01/2020 314,330 - --------------------------------------------------------------------------------------------------------------------------- 1,235,000 Essex County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 1,199,556 - --------------------------------------------------------------------------------------------------------------------------- 410,000 Essex County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 398,233 - --------------------------------------------------------------------------------------------------------------------------- 1,100,000 Essex County, NY IDA (North Country Community College Foundation) 5.300 06/01/2035 1,041,469 - --------------------------------------------------------------------------------------------------------------------------- 5,550,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.200 12/01/2023 5,302,692 - --------------------------------------------------------------------------------------------------------------------------- 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.200 03/01/2028 4,106,956 - --------------------------------------------------------------------------------------------------------------------------- 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.500 08/15/2022 1,828,836 - --------------------------------------------------------------------------------------------------------------------------- 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.500 10/01/2026 1,570,465 - --------------------------------------------------------------------------------------------------------------------------- 5,680,000 Franklin County, NY IDA (Adirondack Medical Center) 5.500 12/01/2029 5,749,410 - --------------------------------------------------------------------------------------------------------------------------- 900,000 Franklin County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 874,170 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Genesee County, NY IDA (United Memorial Medical Center) 5.000 12/01/2027 888,350 - --------------------------------------------------------------------------------------------------------------------------- 70,000 Glen Cove, NY IDA (SLCD) 6.875 07/01/2008 69,951 - --------------------------------------------------------------------------------------------------------------------------- 3,775,000 Glen Cove, NY IDA (SLCD) 7.375 07/01/2023 3,826,831 - --------------------------------------------------------------------------------------------------------------------------- 1,270,000 Green Island, NY Power Authority 5.125 12/15/2024 1,270,330 - --------------------------------------------------------------------------------------------------------------------------- 2,660,000 Green Island, NY Power Authority 6.000 12/15/2020 2,793,904 - --------------------------------------------------------------------------------------------------------------------------- 1,695,000 Green Island, NY Power Authority 6.000 12/15/2025 1,759,512 - --------------------------------------------------------------------------------------------------------------------------- 840,000 Hempstead Village, NY GO 5.000 07/01/2020 843,469 - --------------------------------------------------------------------------------------------------------------------------- 1,025,000 Hempstead Village, NY GO 5.000 07/01/2021 1,023,504 - --------------------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead Village, NY GO 5.000 07/01/2022 1,260,310 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Hempstead, NY IDA (Adelphi University) 5.500 06/01/2032 2,548,875 - --------------------------------------------------------------------------------------------------------------------------- 235,000 Hempstead, NY IDA (Dentaco Corp.) 7.250 11/01/2012 243,023 - --------------------------------------------------------------------------------------------------------------------------- 1,270,000 Hempstead, NY IDA (Dentaco Corp.) 8.250 11/01/2025 1,338,174 - --------------------------------------------------------------------------------------------------------------------------- 2,260,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 2,366,356
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 18,825,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.750% 11/01/2024 $ 19,835,714 - --------------------------------------------------------------------------------------------------------------------------- 660,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 656,218 - --------------------------------------------------------------------------------------------------------------------------- 9,375,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 9,152,438 - --------------------------------------------------------------------------------------------------------------------------- 8,710,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 9,221,103 - --------------------------------------------------------------------------------------------------------------------------- 2,475,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,916,169 - --------------------------------------------------------------------------------------------------------------------------- 4,720,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,561,340 - --------------------------------------------------------------------------------------------------------------------------- 12,395,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 14,604,409 - --------------------------------------------------------------------------------------------------------------------------- 25,260,000 Hempstead, NY IDA (Lynbrook Facilities) 6.500 11/01/2042 24,847,757 - --------------------------------------------------------------------------------------------------------------------------- 6,355,000 Hempstead, NY IDA (South Shore Y JCC) 6.750 11/01/2024 5,839,610 - --------------------------------------------------------------------------------------------------------------------------- 2,220,000 Herkimer County, NY IDA (Burrows Paper) 8.000 01/01/2009 2,224,618 - --------------------------------------------------------------------------------------------------------------------------- 3,225,000 Herkimer County, NY IDA (Folts Adult Home) 5.500 03/20/2040 3,459,038 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation) 6.250 08/01/2034 1,027,130 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation) 6.400 11/01/2020 1,332,558 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation) 6.500 11/01/2030 2,046,680 - --------------------------------------------------------------------------------------------------------------------------- 195,000 Herkimer, NY Hsg. Authority 7.150 03/01/2011 195,505 - --------------------------------------------------------------------------------------------------------------------------- 107,340,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 109,813,114 - --------------------------------------------------------------------------------------------------------------------------- 702,480,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 712,413,067 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 Hudson, NY IDA (Hudson Fabrics) 6.750 11/01/2024 1,194,346 - --------------------------------------------------------------------------------------------------------------------------- 145,000 Huntington, NY Hsg. Authority (GJSR) 5.875 05/01/2019 143,923 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2029 975,260 - --------------------------------------------------------------------------------------------------------------------------- 8,500,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2039 8,141,130 - --------------------------------------------------------------------------------------------------------------------------- 770,000 Islip, NY IDA (Leeway School) 9.000 08/01/2021 771,887 - --------------------------------------------------------------------------------------------------------------------------- 17,380,000 Islip, NY IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 17,569,442 - --------------------------------------------------------------------------------------------------------------------------- 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 8,952,751 - --------------------------------------------------------------------------------------------------------------------------- 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 1,038,870 - --------------------------------------------------------------------------------------------------------------------------- 1,100,000 Islip, NY Res Rec, Series E 5.750 07/01/2020 1,194,699 - --------------------------------------------------------------------------------------------------------------------------- 1,315,000 Islip, NY Res Rec, Series E 5 5.750 07/01/2021 1,425,881 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Islip, NY Res Rec, Series E 5 5.750 07/01/2023 1,078,430 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Kenmore, NY Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,058,350 - --------------------------------------------------------------------------------------------------------------------------- 11,645,000 L.I., NY Power Authority, Series A 1 5.250 09/01/2028 12,517,518 - --------------------------------------------------------------------------------------------------------------------------- 275,000 L.I., NY Power Authority, Series A 5.000 09/01/2027 284,609 - --------------------------------------------------------------------------------------------------------------------------- 60,000 L.I., NY Power Authority, Series A 5.125 09/01/2029 62,646 - --------------------------------------------------------------------------------------------------------------------------- 24,130,000 L.I., NY Power Authority, Series A 5.125 09/01/2029 24,596,192 - --------------------------------------------------------------------------------------------------------------------------- 1,350,000 L.I., NY Power Authority, Series B 5.000 12/01/2035 1,398,249 - --------------------------------------------------------------------------------------------------------------------------- 74,880,000 L.I., NY Power Authority, Series C 5.000 09/01/2035 76,915,238 - --------------------------------------------------------------------------------------------------------------------------- 14,735,000 Liberty, NY Devel. Corp. (Goldman Sachs Headquarters) 5.500 10/01/2037 16,296,173 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville, NY GO 7.200 09/15/2012 115,368 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Lowville, NY GO 7.200 09/15/2013 118,100
33 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 100,000 Lowville, NY GO 7.200% 09/15/2014 $ 120,642 - --------------------------------------------------------------------------------------------------------------------------- 3,830,000 Lyons, NY Community Health Initiatives Corp. 5.550 09/01/2024 3,992,928 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Madison County, NY IDA (Morrisville State College Foundation) 5 5.000 06/01/2028 768,870 - --------------------------------------------------------------------------------------------------------------------------- 1,100,000 Madison County, NY IDA (Morrisville State College Foundation) 5 5.000 06/01/2032 1,123,826 - --------------------------------------------------------------------------------------------------------------------------- 1,290,000 Madison County, NY IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,317,219 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 Madison County, NY IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,525,465 - --------------------------------------------------------------------------------------------------------------------------- 2,605,000 Middletown, NY Hsg. Authority (Summitfield & Moore Heights) 4.800 07/01/2039 2,400,950 - --------------------------------------------------------------------------------------------------------------------------- 650,000 Middletown, NY IDA (Flanagan Design & Display) 7.500 11/01/2018 663,676 - --------------------------------------------------------------------------------------------------------------------------- 3,955,000 Middletown, NY IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,935,581 - --------------------------------------------------------------------------------------------------------------------------- 165,000 Middletown, NY IDA (YMCA) 6.250 11/01/2009 164,655 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 Middletown, NY IDA (YMCA) 7.000 11/01/2019 1,236,552 - --------------------------------------------------------------------------------------------------------------------------- 150,000 Monroe County, NY COP 8.050 01/01/2011 151,110 - --------------------------------------------------------------------------------------------------------------------------- 570,000 Monroe County, NY IDA (Canal Ponds) 7.000 06/15/2013 577,205 - --------------------------------------------------------------------------------------------------------------------------- 50,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.750 05/01/2023 46,589 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.875 05/01/2033 918,360 - --------------------------------------------------------------------------------------------------------------------------- 796,066 Monroe County, NY IDA (Cottrone Devel.) 9.500 12/01/2010 800,930 - --------------------------------------------------------------------------------------------------------------------------- 720,000 Monroe County, NY IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 723,038 - --------------------------------------------------------------------------------------------------------------------------- 4,225,000 Monroe County, NY IDA (DePaul Community Facilities) 5.875 02/01/2028 3,701,818 - --------------------------------------------------------------------------------------------------------------------------- 5,195,000 Monroe County, NY IDA (DePaul Community Facilities) 5.950 08/01/2028 4,664,279 - --------------------------------------------------------------------------------------------------------------------------- 725,000 Monroe County, NY IDA (DePaul Community Facilities) 6.450 02/01/2014 726,827 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 Monroe County, NY IDA (DePaul Community Facilities) 6.500 02/01/2024 1,287,506 - --------------------------------------------------------------------------------------------------------------------------- 4,485,000 Monroe County, NY IDA (DePaul Properties) 6.150 09/01/2021 4,139,565 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County, NY IDA (Highland Hospital of Rochester) 5.000 08/01/2022 1,003,400 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 Monroe County, NY IDA (Highland Hospital of Rochester) 5.000 08/01/2025 1,234,838 - --------------------------------------------------------------------------------------------------------------------------- 375,000 Monroe County, NY IDA (Melles Griot) 9.500 12/01/2009 379,579 - --------------------------------------------------------------------------------------------------------------------------- 2,525,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,365,420 - --------------------------------------------------------------------------------------------------------------------------- 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,821,796 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Monroe County, NY IDA (Southview Towers) 6.125 02/01/2020 1,045,110 - --------------------------------------------------------------------------------------------------------------------------- 1,465,000 Monroe County, NY IDA (St. John Fisher College) 5.200 06/01/2019 1,499,618 - --------------------------------------------------------------------------------------------------------------------------- 2,190,000 Monroe County, NY IDA (St. John Fisher College) 5.250 06/01/2026 2,204,257 - --------------------------------------------------------------------------------------------------------------------------- 3,075,000 Monroe County, NY IDA (St. John Fisher College) 5.375 06/01/2024 3,114,514 - --------------------------------------------------------------------------------------------------------------------------- 2,175,000 Monroe County, NY IDA (Summit at Brighton) 5.375 07/01/2032 1,902,299
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 3,660,000 Monroe County, NY IDA (Summit at Brighton) 5.500% 07/01/2027 $ 3,339,640 - --------------------------------------------------------------------------------------------------------------------------- 855,000 Monroe County, NY IDA (Volunteers of America) 5.700 08/01/2018 844,603 - --------------------------------------------------------------------------------------------------------------------------- 2,765,000 Monroe County, NY IDA (Volunteers of America) 5.750 08/01/2028 2,632,363 - --------------------------------------------------------------------------------------------------------------------------- 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701 3 06/01/2061 11,167,000 - --------------------------------------------------------------------------------------------------------------------------- 580,000 Monroe, NY Newpower Corp 5.625 01/01/2026 584,501 - --------------------------------------------------------------------------------------------------------------------------- 2,265,000 Monroe, NY Newpower Corp. 5.500 01/01/2034 2,211,455 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Mount Vernon, NY IDA (Kings Court) 5.200 12/01/2033 486,450 - --------------------------------------------------------------------------------------------------------------------------- 3,275,000 Mount Vernon, NY IDA (Macedonia Towers) 5.200 12/01/2033 3,186,248 - --------------------------------------------------------------------------------------------------------------------------- 2,295,000 Mount Vernon, NY IDA (Meadowview) 6.150 06/01/2019 2,319,075 - --------------------------------------------------------------------------------------------------------------------------- 2,600,000 Mount Vernon, NY IDA (Meadowview) 6.200 06/01/2029 2,611,310 - --------------------------------------------------------------------------------------------------------------------------- 8,880,000 MTA Service Contract, Series A 1 5.125 01/01/2024 9,339,274 - --------------------------------------------------------------------------------------------------------------------------- 8,400,000 MTA, Series A 1 4.500 11/15/2034 8,181,012 - --------------------------------------------------------------------------------------------------------------------------- 56,800,000 MTA, Series A 1 5.000 11/15/2025 58,962,944 - --------------------------------------------------------------------------------------------------------------------------- 7,640,000 MTA, Series A 1 5.000 11/15/2028 7,897,544 - --------------------------------------------------------------------------------------------------------------------------- 71,560,000 MTA, Series A 1 5.000 11/15/2030 73,626,295 - --------------------------------------------------------------------------------------------------------------------------- 8,500,000 MTA, Series A 1 5.000 11/15/2032 8,739,828 - --------------------------------------------------------------------------------------------------------------------------- 30,000,000 MTA, Series F 1 5.000 11/15/2031 30,699,750 - --------------------------------------------------------------------------------------------------------------------------- 802,824 Municipal Assistance Corp. for Troy, NY 5.733 3 07/15/2021 447,727 - --------------------------------------------------------------------------------------------------------------------------- 1,218,573 Municipal Assistance Corp. for Troy, NY 5.741 3 01/15/2022 658,724 - --------------------------------------------------------------------------------------------------------------------------- 5,120,000 Nassau County, NY (CSMR) 5.950 11/01/2022 5,108,838 - --------------------------------------------------------------------------------------------------------------------------- 790,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 788,278 - --------------------------------------------------------------------------------------------------------------------------- 855,000 Nassau County, NY IDA (ALIA-ACDS) 7.500 06/01/2015 896,852 - --------------------------------------------------------------------------------------------------------------------------- 2,975,000 Nassau County, NY IDA (ALIA-ACLD) 6.250 09/01/2022 2,941,055 - --------------------------------------------------------------------------------------------------------------------------- 210,000 Nassau County, NY IDA (ALIA-ACLD) 7.125 06/01/2017 218,807 - --------------------------------------------------------------------------------------------------------------------------- 320,000 Nassau County, NY IDA (ALIA-ACLD) 7.500 06/01/2015 335,664 - --------------------------------------------------------------------------------------------------------------------------- 5,065,000 Nassau County, NY IDA (ALIA-CSMR) 7.000 11/01/2016 5,264,460 - --------------------------------------------------------------------------------------------------------------------------- 3,115,000 Nassau County, NY IDA (ALIA-CSMR) 7.125 06/01/2017 3,245,643 - --------------------------------------------------------------------------------------------------------------------------- 1,600,000 Nassau County, NY IDA (ALIA-CSMR) 7.500 06/01/2015 1,678,320 - --------------------------------------------------------------------------------------------------------------------------- 245,000 Nassau County, NY IDA (ALIA-FREE) 7.125 06/01/2012 255,297 - --------------------------------------------------------------------------------------------------------------------------- 1,970,000 Nassau County, NY IDA (ALIA-FREE) 7.500 06/01/2015 2,066,432 - --------------------------------------------------------------------------------------------------------------------------- 4,030,000 Nassau County, NY IDA (ALIA-FREE) 8.150 06/01/2030 4,236,215 - --------------------------------------------------------------------------------------------------------------------------- 6,340,000 Nassau County, NY IDA (ALIA-FREE) 8.250 06/01/2032 6,733,968 - --------------------------------------------------------------------------------------------------------------------------- 835,000 Nassau County, NY IDA (ALIA-HH) 7.125 06/01/2017 868,016 - --------------------------------------------------------------------------------------------------------------------------- 640,000 Nassau County, NY IDA (ALIA-HHS) 7.125 06/01/2017 665,306 - --------------------------------------------------------------------------------------------------------------------------- 200,000 Nassau County, NY IDA (ALIA-LVH) 7.500 06/01/2015 209,790 - --------------------------------------------------------------------------------------------------------------------------- 9,000,000 Nassau County, NY IDA (Amsterdam at Harborside) 6 6.700 01/01/2043 9,019,440 - --------------------------------------------------------------------------------------------------------------------------- 480,000 Nassau County, NY IDA (CNGCS) 7.500 06/01/2030 503,496 - --------------------------------------------------------------------------------------------------------------------------- 2,245,000 Nassau County, NY IDA (CNGCS) 8.150 06/01/2030 2,365,040 - --------------------------------------------------------------------------------------------------------------------------- 645,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.) 5.950 11/01/2022 643,594 - --------------------------------------------------------------------------------------------------------------------------- 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center) 6.500 11/01/2037 1,655,817
35 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 115,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center) 5.250% 06/01/2027 $ 115,532 - --------------------------------------------------------------------------------------------------------------------------- 690,000 Nassau County, NY IDA (Life's WORC) 5.950 11/01/2022 688,496 - --------------------------------------------------------------------------------------------------------------------------- 3,750,000 Nassau County, NY IDA (Little Village School) 7.500 12/01/2031 3,949,463 - --------------------------------------------------------------------------------------------------------------------------- 3,535,000 Nassau County, NY IDA (New York Water Service Corp.) 5.000 12/01/2035 3,539,419 - --------------------------------------------------------------------------------------------------------------------------- 2,290,000 Nassau County, NY IDA (North Shore CFGA) 6.750 05/01/2024 2,238,841 - --------------------------------------------------------------------------------------------------------------------------- 1,310,000 Nassau County, NY IDA (PLUS Group Home) 6.150 11/01/2022 1,307,053 - --------------------------------------------------------------------------------------------------------------------------- 2,050,000 Nassau County, NY IDA (United Cerebral Palsy) 6.250 11/01/2014 2,033,026 - --------------------------------------------------------------------------------------------------------------------------- 645,000 Nassau County, NY IDA (United Veteran's Beacon House) 6.500 11/01/2037 643,375 - --------------------------------------------------------------------------------------------------------------------------- 23,550,000 Nassau County, NY IDA (Westbury Senior Living) 7.900 11/01/2031 26,516,358 - --------------------------------------------------------------------------------------------------------------------------- 750,000 Nassau County, NY IDA, Series A-A 6.000 07/02/2021 719,828 - --------------------------------------------------------------------------------------------------------------------------- 7,725,000 Nassau County, NY IDA, Series A-B 6.000 07/01/2021 7,414,223 - --------------------------------------------------------------------------------------------------------------------------- 710,000 Nassau County, NY IDA, Series A-C 6.000 07/01/2021 681,437 - --------------------------------------------------------------------------------------------------------------------------- 800,000 Nassau County, NY IDA, Series A-D 6.000 07/01/2021 767,816 - --------------------------------------------------------------------------------------------------------------------------- 1,675,000 Nassau County, NY Interim Finance Authority 5.125 11/15/2021 1,677,295 - --------------------------------------------------------------------------------------------------------------------------- 40,000,000 Nassau County, NY Tobacco Settlement Corp. 1 5.125 06/01/2046 37,853,800 - --------------------------------------------------------------------------------------------------------------------------- 9,000,000 Nassau County, NY Tobacco Settlement Corp. 0.000 7 06/01/2026 8,231,580 - --------------------------------------------------------------------------------------------------------------------------- 82,570,000 Nassau County, NY Tobacco Settlement Corp. 5.125 06/01/2046 78,139,294 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820 3 06/01/2046 1,523,800 - --------------------------------------------------------------------------------------------------------------------------- 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221 3 06/01/2046 7,552,838 - --------------------------------------------------------------------------------------------------------------------------- 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537 3 06/01/2060 24,554,853 - --------------------------------------------------------------------------------------------------------------------------- 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351 3 06/01/2060 741,600 - --------------------------------------------------------------------------------------------------------------------------- 56,035,000 Nassau County, NY Tobacco Settlement Corp. (TASC) 6 5.000 06/01/2035 52,883,031 - --------------------------------------------------------------------------------------------------------------------------- 7,155,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 7,270,339 - --------------------------------------------------------------------------------------------------------------------------- 3,340,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 3,393,841 - --------------------------------------------------------------------------------------------------------------------------- 4,290,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,147,528 - --------------------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 4,851,973 - --------------------------------------------------------------------------------------------------------------------------- 4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 4,851,973 - --------------------------------------------------------------------------------------------------------------------------- 13,010,000 New Rochelle, NY IDA (College of New Rochelle) 5.250 07/01/2027 13,100,810 - --------------------------------------------------------------------------------------------------------------------------- 5,955,000 New Rochelle, NY IDA (College of New Rochelle) 5.500 07/01/2019 6,120,668 - --------------------------------------------------------------------------------------------------------------------------- 3,670,000 New Rochelle, NY IDA (Soundview Apartments) 5.375 04/01/2036 3,695,947 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2038 481,430 - --------------------------------------------------------------------------------------------------------------------------- 2,810,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2048 2,631,425 - --------------------------------------------------------------------------------------------------------------------------- 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,318,480 - --------------------------------------------------------------------------------------------------------------------------- 3,635,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.250 06/01/2018 3,422,934 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 Niagara County, NY IDA (Niagara University) 5.350 11/01/2023 1,530,315 - --------------------------------------------------------------------------------------------------------------------------- 5,400,000 Niagara County, NY IDA (Niagara University) 5 5.400 11/01/2031 5,442,930 - --------------------------------------------------------------------------------------------------------------------------- 2,550,000 Niagara County, NY IDA (Solid Waste Disposal) 5.550 11/15/2024 2,580,702 - --------------------------------------------------------------------------------------------------------------------------- 6,800,000 Niagara County, NY IDA (Solid Waste Disposal) 5 5.625 11/15/2024 6,879,696
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 20,000 Niagara County, NY Tobacco Asset Securitization Corp. 5.750% 05/15/2022 $ 20,363 - --------------------------------------------------------------------------------------------------------------------------- 1,395,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2034 1,435,985 - --------------------------------------------------------------------------------------------------------------------------- 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,460,370 - --------------------------------------------------------------------------------------------------------------------------- 295,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport) 5.000 04/01/2028 295,100 - --------------------------------------------------------------------------------------------------------------------------- 1,235,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport) 5.625 04/01/2029 1,267,777 - --------------------------------------------------------------------------------------------------------------------------- 715,000 North Babylon, NY Volunteer Fire Company 5.750 08/01/2022 731,895 - --------------------------------------------------------------------------------------------------------------------------- 3,295,000 North Tonawanda, NY HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,765,229 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Nunda, NY GO 8.000 05/01/2010 27,204 - --------------------------------------------------------------------------------------------------------------------------- 600,000 NY Capital District Youth Center 6.000 02/01/2017 606,906 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NY Carnegie Redevel. Corp. 2 7.000 09/01/2021 489,410 - --------------------------------------------------------------------------------------------------------------------------- 39,120,000 NY Convention Center Devel. Corp. (Hotel Unit Fee) 5.000 11/15/2044 40,076,875 - --------------------------------------------------------------------------------------------------------------------------- 19,225,000 NY Counties Tobacco Trust I 1 6.625 06/01/2042 19,948,721 - --------------------------------------------------------------------------------------------------------------------------- 315,000 NY Counties Tobacco Trust I 6.500 06/01/2035 326,337 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NY Counties Tobacco Trust I 6.625 06/01/2042 5,188 - --------------------------------------------------------------------------------------------------------------------------- 11,865,000 NY Counties Tobacco Trust I (TASC) 1 6.250 06/01/2028 11,057,609 - --------------------------------------------------------------------------------------------------------------------------- 5,920,000 NY Counties Tobacco Trust I (TASC) 1 6.500 06/01/2035 6,133,031 - --------------------------------------------------------------------------------------------------------------------------- 1,185,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 06/01/2028 1,226,890 - --------------------------------------------------------------------------------------------------------------------------- 29,800,000 NY Counties Tobacco Trust II (TASC) 1 5.625 06/01/2035 30,076,395 - --------------------------------------------------------------------------------------------------------------------------- 53,850,000 NY Counties Tobacco Trust II (TASC) 1 5.750 06/01/2043 54,505,355 - --------------------------------------------------------------------------------------------------------------------------- 245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 251,407 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 6,588,680 - --------------------------------------------------------------------------------------------------------------------------- 131,335,000 NY Counties Tobacco Trust IV 5.920 3 06/01/2050 7,109,164 - --------------------------------------------------------------------------------------------------------------------------- 304,690,000 NY Counties Tobacco Trust IV 6.395 3 06/01/2055 10,149,224 - --------------------------------------------------------------------------------------------------------------------------- 608,700,000 NY Counties Tobacco Trust IV 6.816 3 06/01/2060 11,285,298 - --------------------------------------------------------------------------------------------------------------------------- 45,020,000 NY Counties Tobacco Trust IV (TASC) 1 5.000 06/01/2042 42,116,435 - --------------------------------------------------------------------------------------------------------------------------- 31,850,000 NY Counties Tobacco Trust IV (TASC) 1 5.000 06/01/2045 29,522,880 - --------------------------------------------------------------------------------------------------------------------------- 82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 7 06/01/2041 76,211,025 - --------------------------------------------------------------------------------------------------------------------------- 7,405,000 NY Counties Tobacco Trust IV (TASC) 6 5.000 06/01/2042 6,927,378 - --------------------------------------------------------------------------------------------------------------------------- 82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 11,324,775 - --------------------------------------------------------------------------------------------------------------------------- 345,760,000 NY Counties Tobacco Trust V 6.152 3 06/01/2038 45,699,099 - --------------------------------------------------------------------------------------------------------------------------- 627,860,000 NY Counties Tobacco Trust V 6.204 3 06/01/2050 33,986,062 - --------------------------------------------------------------------------------------------------------------------------- 643,195,000 NY Counties Tobacco Trust V 6.850 3 06/01/2055 21,424,825 - --------------------------------------------------------------------------------------------------------------------------- 3,845,000,000 NY Counties Tobacco Trust V 7.846 3 06/01/2060 68,517,900 - --------------------------------------------------------------------------------------------------------------------------- 228,000,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) 1 5.250 10/01/2035 241,273,020 - --------------------------------------------------------------------------------------------------------------------------- 435,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) 5.250 10/01/2035 460,321 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NY Liberty Devel. Corp. (National Sports Museum) 6.125 02/15/2019 2,487,050 - --------------------------------------------------------------------------------------------------------------------------- 15,895,000 NY MTA Service Contract, Series A 5.125 01/01/2024 16,716,930
37 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 162,430,000 NY MTA Service Contract, Series A 5.125% 01/01/2029 $ 167,324,016 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 NY MTA Service Contract, Series A 5.750 07/01/2031 21,556,400 - --------------------------------------------------------------------------------------------------------------------------- 33,290,000 NY MTA Service Contract, Series B 5.250 01/01/2031 34,167,524 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NY MTA, Series A 5.000 11/15/2032 20,509 - --------------------------------------------------------------------------------------------------------------------------- 64,655,000 NY MTA, Series A 5.000 11/15/2035 66,163,401 - --------------------------------------------------------------------------------------------------------------------------- 42,295,000 NY MTA, Series A 5.125 11/15/2031 43,205,611 - --------------------------------------------------------------------------------------------------------------------------- 31,665,000 NY MTA, Series B 5 4.750 11/15/2031 31,551,323 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NY MTA, Series B 5.000 01/01/2031 25,572 - --------------------------------------------------------------------------------------------------------------------------- 54,900,000 NY MTA, Series B 5.000 11/15/2031 56,242,854 - --------------------------------------------------------------------------------------------------------------------------- 34,845,000 NY MTA, Series E 5.250 11/15/2031 36,129,387 - --------------------------------------------------------------------------------------------------------------------------- 132,990,000 NY MTA, Series F 5.000 11/15/2035 135,802,739 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NY New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,070,900 - --------------------------------------------------------------------------------------------------------------------------- 4,540,000 NY Newark-Wayne Community Hospital 5.875 01/15/2033 4,547,854 - --------------------------------------------------------------------------------------------------------------------------- 2,020,000 NY Newark-Wayne Community Hospital 7.600 09/01/2015 2,021,616 - --------------------------------------------------------------------------------------------------------------------------- 17,120,000 NY Seneca Nation Indians Capital Improvements 5.000 12/01/2023 15,290,386 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 NY Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 8,033,325 - --------------------------------------------------------------------------------------------------------------------------- 13,825,000 NY Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 14,794,271 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NY Triborough Bridge & Tunnel Authority 5.000 01/01/2032 25,540 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2026 2,002,220 - --------------------------------------------------------------------------------------------------------------------------- 46,000,000 NYC GO 1 5.000 06/01/2030 46,926,210 - --------------------------------------------------------------------------------------------------------------------------- 10,920,000 NYC GO 1 5.000 08/01/2030 11,143,969 - --------------------------------------------------------------------------------------------------------------------------- 27,400,000 NYC GO 1 5.000 06/01/2033 27,900,050 - --------------------------------------------------------------------------------------------------------------------------- 5,400,000 NYC GO 1 5.000 08/01/2035 5,496,957 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYC GO 0.000 7 03/15/2029 23,595 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 5.000 06/01/2020 15,704 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.000 03/15/2021 5,086 - --------------------------------------------------------------------------------------------------------------------------- 950,000 NYC GO 5.000 03/01/2023 982,585 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC GO 5.000 03/01/2024 1,031,210 - --------------------------------------------------------------------------------------------------------------------------- 400,000 NYC GO 5.000 06/01/2024 412,860 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYC GO 5.000 03/01/2025 25,529 - --------------------------------------------------------------------------------------------------------------------------- 500,000 NYC GO 5.000 08/01/2025 515,570 - --------------------------------------------------------------------------------------------------------------------------- 3,205,000 NYC GO 5.000 11/01/2025 3,291,535 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC GO 5.000 04/01/2026 3,079,560 - --------------------------------------------------------------------------------------------------------------------------- 1,445,000 NYC GO 5.000 04/01/2026 1,487,714 - --------------------------------------------------------------------------------------------------------------------------- 6,965,000 NYC GO 5.000 06/01/2026 7,174,507 - --------------------------------------------------------------------------------------------------------------------------- 705,000 NYC GO 5.000 08/01/2026 726,552 - --------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC GO 5.000 08/01/2027 3,699,828 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYC GO 5.000 08/01/2028 2,564,225 - --------------------------------------------------------------------------------------------------------------------------- 35,000 NYC GO 5.000 08/15/2028 35,805 - --------------------------------------------------------------------------------------------------------------------------- 75,000 NYC GO 5.000 08/15/2028 76,226 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 5.000 09/15/2028 20,381
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 360,000 NYC GO 5.000% 03/15/2029 $ 363,632 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 5.000 03/15/2029 15,243 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.000 03/15/2029 5,172 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.000 03/15/2029 5,172 - --------------------------------------------------------------------------------------------------------------------------- 350,000 NYC GO 5.000 10/15/2029 356,041 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC GO 5.000 03/01/2030 3,058,620 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 NYC GO 5.000 04/01/2030 20,394,400 - --------------------------------------------------------------------------------------------------------------------------- 570,000 NYC GO 5.000 06/01/2030 581,474 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYC GO 5.000 08/01/2030 2,043,260 - --------------------------------------------------------------------------------------------------------------------------- 2,905,000 NYC GO 5.000 06/01/2031 2,969,142 - --------------------------------------------------------------------------------------------------------------------------- 60,000 NYC GO 5.000 03/01/2033 60,800 - --------------------------------------------------------------------------------------------------------------------------- 75,000 NYC GO 5.000 06/01/2033 76,369 - --------------------------------------------------------------------------------------------------------------------------- 115,000 NYC GO 5.000 10/15/2033 116,694 - --------------------------------------------------------------------------------------------------------------------------- 12,455,000 NYC GO 5.000 12/01/2033 12,669,351 - --------------------------------------------------------------------------------------------------------------------------- 30,150,000 NYC GO 5.000 11/01/2034 30,648,681 - --------------------------------------------------------------------------------------------------------------------------- 12,765,000 NYC GO 5.000 03/01/2035 12,983,282 - --------------------------------------------------------------------------------------------------------------------------- 34,405,000 NYC GO 5.000 04/01/2035 34,998,830 - --------------------------------------------------------------------------------------------------------------------------- 4,605,000 NYC GO 5.000 08/01/2036 4,693,324 - --------------------------------------------------------------------------------------------------------------------------- 60,000 NYC GO 5.100 11/01/2019 62,456 - --------------------------------------------------------------------------------------------------------------------------- 5,285,000 NYC GO 5.100 08/15/2027 5,438,688 - --------------------------------------------------------------------------------------------------------------------------- 6,000,000 NYC GO 5.125 12/01/2028 6,241,080 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5 5.250 08/01/2021 5,058 - --------------------------------------------------------------------------------------------------------------------------- 2,735,000 NYC GO 5.250 10/15/2021 2,868,851 - --------------------------------------------------------------------------------------------------------------------------- 265,000 NYC GO 5.250 08/15/2023 269,900 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC GO 5 5.250 08/01/2024 536,249 - --------------------------------------------------------------------------------------------------------------------------- 25,530,000 NYC GO 5.250 06/01/2027 26,262,456 - --------------------------------------------------------------------------------------------------------------------------- 1,690,000 NYC GO 5 5.250 06/01/2028 1,746,902 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC GO 5.250 09/15/2033 1,031,460 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.375 12/01/2026 5,276 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.375 03/01/2027 5,504 - --------------------------------------------------------------------------------------------------------------------------- 515,000 NYC GO 5 5.375 08/01/2027 524,744 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYC GO 5.375 11/15/2027 50,595 - --------------------------------------------------------------------------------------------------------------------------- 37,945,000 NYC GO 5.375 06/01/2032 39,138,750 - --------------------------------------------------------------------------------------------------------------------------- 11,500,000 NYC GO 5.500 08/01/2020 12,450,820 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYC GO 5.500 08/01/2022 50,570 - --------------------------------------------------------------------------------------------------------------------------- 850,000 NYC GO 5 5.500 06/01/2028 884,536 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.500 12/01/2031 5,312 - --------------------------------------------------------------------------------------------------------------------------- 3,705,000 NYC GO 5 5.500 11/15/2037 3,747,200 - --------------------------------------------------------------------------------------------------------------------------- 275,000 NYC GO 5.750 08/01/2012 278,314 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 5.750 08/01/2013 20,241 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 5.950 08/01/2014 5,128
39 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 12,880,000 NYC GO 6.000% 01/15/2021 $ 14,149,582 - --------------------------------------------------------------------------------------------------------------------------- 40,000 NYC GO 6.154 3 10/01/2012 33,859 - --------------------------------------------------------------------------------------------------------------------------- 200,000 NYC GO 6.343 3 05/15/2012 171,480 - --------------------------------------------------------------------------------------------------------------------------- 335,000 NYC GO 6.350 05/15/2014 342,186 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYC GO 7.000 02/01/2010 20,062 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYC GO 7.250 08/15/2024 15,043 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYC GO 7.750 08/15/2028 5,024 - --------------------------------------------------------------------------------------------------------------------------- 837,000 NYC GO RIBS 8.120 8 08/12/2010 840,892 - --------------------------------------------------------------------------------------------------------------------------- 837,000 NYC GO RIBS 8.120 8 09/01/2011 840,892 - --------------------------------------------------------------------------------------------------------------------------- 1,005,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,008,015 - --------------------------------------------------------------------------------------------------------------------------- 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,064,245 - --------------------------------------------------------------------------------------------------------------------------- 315,112 NYC HDC (Bay Towers) 6.500 08/15/2017 315,676 - --------------------------------------------------------------------------------------------------------------------------- 48,826 NYC HDC (Beekman) 6.500 10/15/2017 49,433 - --------------------------------------------------------------------------------------------------------------------------- 326,919 NYC HDC (Bridgeview III) 6.500 12/15/2017 344,030 - --------------------------------------------------------------------------------------------------------------------------- 930,906 NYC HDC (Cadman Towers) 6.500 11/15/2018 979,564 - --------------------------------------------------------------------------------------------------------------------------- 2,578,176 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,582,636 - --------------------------------------------------------------------------------------------------------------------------- 59,956 NYC HDC (Essex Terrace) 6.500 07/15/2018 60,055 - --------------------------------------------------------------------------------------------------------------------------- 350,995 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 369,320 - --------------------------------------------------------------------------------------------------------------------------- 282,917 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 283,423 - --------------------------------------------------------------------------------------------------------------------------- 3,450,000 NYC HDC (Linden Boulevard Apartments) 4.750 01/15/2039 3,155,163 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYC HDC (Multifamily Hsg.) 4.700 11/01/2040 4,654,750 - --------------------------------------------------------------------------------------------------------------------------- 3,365,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 3,341,647 - --------------------------------------------------------------------------------------------------------------------------- 1,595,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2022 1,613,231 - --------------------------------------------------------------------------------------------------------------------------- 60,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2023 60,238 - --------------------------------------------------------------------------------------------------------------------------- 3,185,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 3,079,577 - --------------------------------------------------------------------------------------------------------------------------- 2,435,000 NYC HDC (Multifamily Hsg.) 5.100 11/01/2027 2,424,310 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.) 5.125 11/01/2032 2,966,550 - --------------------------------------------------------------------------------------------------------------------------- 4,250,000 NYC HDC (Multifamily Hsg.) 5.150 11/01/2037 4,167,168 - --------------------------------------------------------------------------------------------------------------------------- 6,750,000 NYC HDC (Multifamily Hsg.) 5.200 11/01/2040 6,608,993 - --------------------------------------------------------------------------------------------------------------------------- 6,330,000 NYC HDC (Multifamily Hsg.) 6 5.250 11/01/2027 6,341,584 - --------------------------------------------------------------------------------------------------------------------------- 8,500,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 8,764,690 - --------------------------------------------------------------------------------------------------------------------------- 7,205,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2045 7,025,307 - --------------------------------------------------------------------------------------------------------------------------- 5,140,000 NYC HDC (Multifamily Hsg.) 6 5.350 11/01/2037 5,122,113 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYC HDC (Multifamily Hsg.) 5.400 11/01/2033 15,055 - --------------------------------------------------------------------------------------------------------------------------- 3,735,000 NYC HDC (Multifamily Hsg.) 6 5.450 11/01/2040 3,734,701 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 3,023,310 - --------------------------------------------------------------------------------------------------------------------------- 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,737,927 - --------------------------------------------------------------------------------------------------------------------------- 31,900,000 NYC HDC (Multifamily Hsg.), Series B 5.350 05/01/2049 32,163,494 - --------------------------------------------------------------------------------------------------------------------------- 11,250,000 NYC HDC (Multifamily Hsg.), Series C 5.050 11/01/2036 11,279,475 - --------------------------------------------------------------------------------------------------------------------------- 8,365,000 NYC HDC (Multifamily Hsg.), Series C 5.125 05/01/2040 8,141,571 - --------------------------------------------------------------------------------------------------------------------------- 385,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 389,847
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200% 11/01/2033 $ 990,800 - --------------------------------------------------------------------------------------------------------------------------- 11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2033 11,193,820 - --------------------------------------------------------------------------------------------------------------------------- 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,144,419 - --------------------------------------------------------------------------------------------------------------------------- 3,515,000 NYC HDC (Multifamily Hsg.), Series G-1 4.750 11/01/2027 3,368,741 - --------------------------------------------------------------------------------------------------------------------------- 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1 4.875 11/01/2039 12,506,238 - --------------------------------------------------------------------------------------------------------------------------- 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,325,578 - --------------------------------------------------------------------------------------------------------------------------- 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,311,634 - --------------------------------------------------------------------------------------------------------------------------- 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 15,286,036 - --------------------------------------------------------------------------------------------------------------------------- 8,600,000 NYC HDC (Ocean Gate Devel.) 5.150 11/01/2040 8,412,778 - --------------------------------------------------------------------------------------------------------------------------- 15,000,000 NYC HDC (Progress of Peoples Devel.) 5 4.950 05/15/2036 14,349,600 - --------------------------------------------------------------------------------------------------------------------------- 5,185,000 NYC HDC (Seaview Towers) 4.750 07/15/2039 4,731,727 - --------------------------------------------------------------------------------------------------------------------------- 267,238 NYC HDC (St. Martin Tower) 6.500 11/15/2018 281,223 - --------------------------------------------------------------------------------------------------------------------------- 1,222,375 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,285,450 - --------------------------------------------------------------------------------------------------------------------------- 181,017 NYC HDC (Westview Apartments) 2 6.500 10/15/2017 181,017 - --------------------------------------------------------------------------------------------------------------------------- 2,750,000 NYC HDC, Series C 5.000 11/01/2026 2,718,403 - --------------------------------------------------------------------------------------------------------------------------- 23,500,000 NYC Health & Hospital Corp. 1 5.000 02/15/2020 24,134,735 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,014,500 - --------------------------------------------------------------------------------------------------------------------------- 1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,084,033 - --------------------------------------------------------------------------------------------------------------------------- 3,535,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,408,694 - --------------------------------------------------------------------------------------------------------------------------- 38,080,000 NYC IDA (AIRIS JFK I/JFK International Airport) 5.500 07/01/2028 35,851,178 - --------------------------------------------------------------------------------------------------------------------------- 22,745,000 NYC IDA (AIRIS JFK I/JFK International Airport) 6.000 07/01/2027 22,822,333 - --------------------------------------------------------------------------------------------------------------------------- 280,000 NYC IDA (Allied Metal) 6.375 12/01/2014 278,177 - --------------------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 942,453 - --------------------------------------------------------------------------------------------------------------------------- 3,165,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 2,950,128 - --------------------------------------------------------------------------------------------------------------------------- 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,583,039 - --------------------------------------------------------------------------------------------------------------------------- 32,175,000 NYC IDA (American Airlines) 5 5.400 07/01/2020 28,409,882 - --------------------------------------------------------------------------------------------------------------------------- 41,305,000 NYC IDA (American Airlines) 6.900 08/01/2024 41,336,805 - --------------------------------------------------------------------------------------------------------------------------- 1,300,000 NYC IDA (American Airlines) 7.125 08/01/2011 1,312,025 - --------------------------------------------------------------------------------------------------------------------------- 41,100,000 NYC IDA (American Airlines) 7.750 08/01/2031 44,928,465 - --------------------------------------------------------------------------------------------------------------------------- 29,410,000 NYC IDA (American Airlines) 8.000 08/01/2028 32,516,284 - --------------------------------------------------------------------------------------------------------------------------- 338,060,000 NYC IDA (American Airlines) 8.500 08/01/2028 367,471,220 - --------------------------------------------------------------------------------------------------------------------------- 3,530,000 NYC IDA (American National Red Cross) 5 5.000 02/01/2036 3,656,833 - --------------------------------------------------------------------------------------------------------------------------- 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,632,566 - --------------------------------------------------------------------------------------------------------------------------- 1,160,000 NYC IDA (Atlantic Veal & Lamb) 5 8.375 12/01/2016 1,188,223 - --------------------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 384,347 - --------------------------------------------------------------------------------------------------------------------------- 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,727,445 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,478,130 - --------------------------------------------------------------------------------------------------------------------------- 10,240,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,055,578 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,503,630 - --------------------------------------------------------------------------------------------------------------------------- 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,055,265 - --------------------------------------------------------------------------------------------------------------------------- 4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,262,411
41 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 50,610,000 NYC IDA (British Airways) 5.250% 12/01/2032 $ 42,281,112 - --------------------------------------------------------------------------------------------------------------------------- 34,165,000 NYC IDA (British Airways) 7.625 12/01/2032 35,926,547 - --------------------------------------------------------------------------------------------------------------------------- 85,920,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 82,075,080 - --------------------------------------------------------------------------------------------------------------------------- 144,605,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 139,857,618 - --------------------------------------------------------------------------------------------------------------------------- 21,140,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 6.200 10/01/2022 21,464,710 - --------------------------------------------------------------------------------------------------------------------------- 4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,409,948 - --------------------------------------------------------------------------------------------------------------------------- 16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 17,113,128 - --------------------------------------------------------------------------------------------------------------------------- 2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,991,230 - --------------------------------------------------------------------------------------------------------------------------- 12,495,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 11,197,769 - --------------------------------------------------------------------------------------------------------------------------- 3,425,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 3,069,417 - --------------------------------------------------------------------------------------------------------------------------- 29,135,000 NYC IDA (Chapin School) 5.000 11/01/2038 25,626,272 - --------------------------------------------------------------------------------------------------------------------------- 2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,470,860 - --------------------------------------------------------------------------------------------------------------------------- 2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,558,231 - --------------------------------------------------------------------------------------------------------------------------- 2,975,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,037,773 - --------------------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 1,261,676 - --------------------------------------------------------------------------------------------------------------------------- 1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,436,837 - --------------------------------------------------------------------------------------------------------------------------- 3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 3,009,230 - --------------------------------------------------------------------------------------------------------------------------- 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,945,386 - --------------------------------------------------------------------------------------------------------------------------- 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,554,289 - --------------------------------------------------------------------------------------------------------------------------- 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,807,329 - --------------------------------------------------------------------------------------------------------------------------- 960,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 961,354 - --------------------------------------------------------------------------------------------------------------------------- 600,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 601,806 - --------------------------------------------------------------------------------------------------------------------------- 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 4,924,076 - --------------------------------------------------------------------------------------------------------------------------- 1,745,000 NYC IDA (Cool Wind Ventilation) 5.450 11/01/2017 1,702,649 - --------------------------------------------------------------------------------------------------------------------------- 1,570,000 NYC IDA (Cool Wind Ventilation) 5.450 11/01/2017 1,531,896 - --------------------------------------------------------------------------------------------------------------------------- 5,685,000 NYC IDA (Cool Wind Ventilation) 6.075 11/01/2027 5,483,637 - --------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,615,048 - --------------------------------------------------------------------------------------------------------------------------- 975,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,056,998 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,374,160 - --------------------------------------------------------------------------------------------------------------------------- 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,601,309 - --------------------------------------------------------------------------------------------------------------------------- 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125 12/01/2017 3,367,314 - --------------------------------------------------------------------------------------------------------------------------- 13,780,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 12,925,640 - --------------------------------------------------------------------------------------------------------------------------- 2,265,000 NYC IDA (Gateway School of New York) 6.500 11/01/2019 2,373,222 - --------------------------------------------------------------------------------------------------------------------------- 14,350,000 NYC IDA (General Motors Corp.) 5 5.125 12/30/2023 12,149,428 - --------------------------------------------------------------------------------------------------------------------------- 1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,802,188 - --------------------------------------------------------------------------------------------------------------------------- 1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,707,336 - --------------------------------------------------------------------------------------------------------------------------- 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,184,875 - --------------------------------------------------------------------------------------------------------------------------- 4,470,000 NYC IDA (Gourmet Boutique) 5 5.750 05/01/2021 4,180,433 - --------------------------------------------------------------------------------------------------------------------------- 7,290,000 NYC IDA (Guttmacher Institute) 5.750 12/01/2036 6,596,575 - --------------------------------------------------------------------------------------------------------------------------- 180,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 179,768 - --------------------------------------------------------------------------------------------------------------------------- 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,222,569
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 900,000 NYC IDA (Independent Living Assoc.) 6.200% 07/01/2020 $ 866,349 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,034,080 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,070,800 - --------------------------------------------------------------------------------------------------------------------------- 6,800,000 NYC IDA (JetBlue Airways Corp.) 5.000 05/15/2020 5,806,792 - --------------------------------------------------------------------------------------------------------------------------- 10,870,000 NYC IDA (JetBlue Airways Corp.) 5.125 05/15/2030 8,733,067 - --------------------------------------------------------------------------------------------------------------------------- 9,000,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 9,576,270 - --------------------------------------------------------------------------------------------------------------------------- 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,632,991 - --------------------------------------------------------------------------------------------------------------------------- 730,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 776,567 - --------------------------------------------------------------------------------------------------------------------------- 990,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,050,667 - --------------------------------------------------------------------------------------------------------------------------- 690,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 691,656 - --------------------------------------------------------------------------------------------------------------------------- 6,175,000 NYC IDA (Liberty-7 World Trade Center) 6.250 03/01/2015 6,350,123 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 NYC IDA (Liberty-7 World Trade Center) 6.750 03/01/2015 7,309,820 - --------------------------------------------------------------------------------------------------------------------------- 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.) 5 5.000 09/01/2035 41,200,250 - --------------------------------------------------------------------------------------------------------------------------- 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,108,097 - --------------------------------------------------------------------------------------------------------------------------- 205,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 201,363 - --------------------------------------------------------------------------------------------------------------------------- 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,785,110 - --------------------------------------------------------------------------------------------------------------------------- 2,035,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 1,972,709 - --------------------------------------------------------------------------------------------------------------------------- 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 22,266,990 - --------------------------------------------------------------------------------------------------------------------------- 3,745,000 NYC IDA (Manhattan Community Access Corp.) 6.000 12/01/2036 3,414,017 - --------------------------------------------------------------------------------------------------------------------------- 680,000 NYC IDA (Marymount School of New York) 5.125 09/01/2021 644,096 - --------------------------------------------------------------------------------------------------------------------------- 4,010,000 NYC IDA (Marymount School of New York) 5.250 09/01/2031 3,560,479 - --------------------------------------------------------------------------------------------------------------------------- 18,965,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 16,882,643 - --------------------------------------------------------------------------------------------------------------------------- 1,195,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,198,418 - --------------------------------------------------------------------------------------------------------------------------- 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,831,817 - --------------------------------------------------------------------------------------------------------------------------- 8,405,000 NYC IDA (Metro Biofuels) 6.000 11/01/2028 8,405,000 - --------------------------------------------------------------------------------------------------------------------------- 3,100,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 2,985,579 - --------------------------------------------------------------------------------------------------------------------------- 2,275,000 NYC IDA (Morrisons Pastry) 5 6.500 11/01/2019 2,220,218 - --------------------------------------------------------------------------------------------------------------------------- 275,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 276,400 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYC IDA (NYU) 5.000 07/01/2041 25,397 - --------------------------------------------------------------------------------------------------------------------------- 4,475,000 NYC IDA (Paradise Products) 5 8.250 11/01/2022 4,561,949 - --------------------------------------------------------------------------------------------------------------------------- 60,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 60,451 - --------------------------------------------------------------------------------------------------------------------------- 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,859,645 - --------------------------------------------------------------------------------------------------------------------------- 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 965,906 - --------------------------------------------------------------------------------------------------------------------------- 10,065,000 NYC IDA (Polytechnic University) 5.250 11/01/2027 9,114,361 - --------------------------------------------------------------------------------------------------------------------------- 24,125,000 NYC IDA (Polytechnic University) 5.250 11/01/2037 20,748,224 - --------------------------------------------------------------------------------------------------------------------------- 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,180,035 - --------------------------------------------------------------------------------------------------------------------------- 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,858,869 - --------------------------------------------------------------------------------------------------------------------------- 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 967,581 - --------------------------------------------------------------------------------------------------------------------------- 4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,199,466
43 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 46,445,000 NYC IDA (Queens Baseball Stadium) 5.000% 01/01/2046 $ 47,440,781 - --------------------------------------------------------------------------------------------------------------------------- 6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,529,972 - --------------------------------------------------------------------------------------------------------------------------- 2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,208,667 - --------------------------------------------------------------------------------------------------------------------------- 2,150,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,023,215 - --------------------------------------------------------------------------------------------------------------------------- 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,999,281 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (Roundabout Theatre) 5.000 10/01/2023 922,400 - --------------------------------------------------------------------------------------------------------------------------- 545,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 541,844 - --------------------------------------------------------------------------------------------------------------------------- 4,085,000 NYC IDA (Sahadi Fine Foods) 5 6.750 11/01/2019 3,891,289 - --------------------------------------------------------------------------------------------------------------------------- 875,000 NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group) 5.000 07/01/2026 786,590 - --------------------------------------------------------------------------------------------------------------------------- 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,195,909 - --------------------------------------------------------------------------------------------------------------------------- 3,275,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,278,734 - --------------------------------------------------------------------------------------------------------------------------- 1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,495,829 - --------------------------------------------------------------------------------------------------------------------------- 995,000 NYC IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 942,295 - --------------------------------------------------------------------------------------------------------------------------- 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,510,938 - --------------------------------------------------------------------------------------------------------------------------- 6,630,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 6,875,708 - --------------------------------------------------------------------------------------------------------------------------- 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,211,469 - --------------------------------------------------------------------------------------------------------------------------- 1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,518,520 - --------------------------------------------------------------------------------------------------------------------------- 5,760,000 NYC IDA (Stallion) 5.500 11/01/2036 5,159,578 - --------------------------------------------------------------------------------------------------------------------------- 955,000 NYC IDA (Stallion) 6.000 11/01/2027 939,491 - --------------------------------------------------------------------------------------------------------------------------- 10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 10,021 - --------------------------------------------------------------------------------------------------------------------------- 4,450,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,459,479 - --------------------------------------------------------------------------------------------------------------------------- 1,470,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,479,276 - --------------------------------------------------------------------------------------------------------------------------- 545,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 545,169 - --------------------------------------------------------------------------------------------------------------------------- 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,278,073 - --------------------------------------------------------------------------------------------------------------------------- 6,808,500 NYC IDA (Studio School) 7.000 11/01/2038 6,286,424 - --------------------------------------------------------------------------------------------------------------------------- 765,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 724,157 - --------------------------------------------------------------------------------------------------------------------------- 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,292,338 - --------------------------------------------------------------------------------------------------------------------------- 7,245,000 NYC IDA (Terminal One Group Assoc.) 5 5.500 01/01/2020 7,544,436 - --------------------------------------------------------------------------------------------------------------------------- 7,750,000 NYC IDA (Terminal One Group Assoc.) 5 5.500 01/01/2021 8,028,768 - --------------------------------------------------------------------------------------------------------------------------- 11,390,000 NYC IDA (Terminal One Group Assoc.) 5 5.500 01/01/2024 11,663,702 - --------------------------------------------------------------------------------------------------------------------------- 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 384,796 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 981,650 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,350,900 - --------------------------------------------------------------------------------------------------------------------------- 270,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 278,753 - --------------------------------------------------------------------------------------------------------------------------- 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,905,391 - --------------------------------------------------------------------------------------------------------------------------- 8,955,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 8,246,301 - --------------------------------------------------------------------------------------------------------------------------- 45,000 NYC IDA (Touro College) 6.350 06/01/2029 47,768 - --------------------------------------------------------------------------------------------------------------------------- 4,260,000 NYC IDA (Ulano) 6.900 11/01/2019 3,997,073 - --------------------------------------------------------------------------------------------------------------------------- 32,040,000 NYC IDA (Unicef) 5.300 11/01/2038 29,021,832 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,011,690
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 505,000 NYC IDA (Urban Health Plan) 6.250% 09/15/2009 $ 508,737 - --------------------------------------------------------------------------------------------------------------------------- 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 10,055,500 - --------------------------------------------------------------------------------------------------------------------------- 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,697,184 - --------------------------------------------------------------------------------------------------------------------------- 1,295,000 NYC IDA (Utleys) 7.375 11/01/2023 1,220,758 - --------------------------------------------------------------------------------------------------------------------------- 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,054,543 - --------------------------------------------------------------------------------------------------------------------------- 2,800,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 2,635,080 - --------------------------------------------------------------------------------------------------------------------------- 1,330,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 1,187,903 - --------------------------------------------------------------------------------------------------------------------------- 3,235,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 2,889,373 - --------------------------------------------------------------------------------------------------------------------------- 900,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2031 792,135 - --------------------------------------------------------------------------------------------------------------------------- 1,800,000 NYC IDA (Vaughn College Aeronautics) 5.250 12/01/2036 1,619,028 - --------------------------------------------------------------------------------------------------------------------------- 17,800,000 NYC IDA (Visy Paper) 5 7.800 01/01/2016 17,840,584 - --------------------------------------------------------------------------------------------------------------------------- 70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 70,669,200 - --------------------------------------------------------------------------------------------------------------------------- 1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 1,524,256 - --------------------------------------------------------------------------------------------------------------------------- 360,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 371,135 - --------------------------------------------------------------------------------------------------------------------------- 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,653,183 - --------------------------------------------------------------------------------------------------------------------------- 5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 5,889,913 - --------------------------------------------------------------------------------------------------------------------------- 2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,880,396 - --------------------------------------------------------------------------------------------------------------------------- 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,603,403 - --------------------------------------------------------------------------------------------------------------------------- 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,530,202 - --------------------------------------------------------------------------------------------------------------------------- 1,660,000 NYC IDA (World Casing Corp.) 5 6.700 11/01/2019 1,661,245 - --------------------------------------------------------------------------------------------------------------------------- 93,105,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 95,035,067 - --------------------------------------------------------------------------------------------------------------------------- 24,270,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 22,409,705 - --------------------------------------------------------------------------------------------------------------------------- 9,500,000 NYC IDA (YMCA of Greater New York) 5.000 08/01/2036 9,522,610 - --------------------------------------------------------------------------------------------------------------------------- 57,700,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2026 59,713,442 - --------------------------------------------------------------------------------------------------------------------------- 11,220,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2027 11,392,676 - --------------------------------------------------------------------------------------------------------------------------- 27,500,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2031 28,512,000 - --------------------------------------------------------------------------------------------------------------------------- 11,720,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2032 12,028,353 - --------------------------------------------------------------------------------------------------------------------------- 31,400,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2034 32,017,324 - --------------------------------------------------------------------------------------------------------------------------- 47,440,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2034 48,690,518 - --------------------------------------------------------------------------------------------------------------------------- 40,100,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2037 41,421,295 - --------------------------------------------------------------------------------------------------------------------------- 22,000,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2038 22,681,065 - --------------------------------------------------------------------------------------------------------------------------- 18,000,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2038 18,452,520 - --------------------------------------------------------------------------------------------------------------------------- 18,000,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2039 18,580,500 - --------------------------------------------------------------------------------------------------------------------------- 31,500,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2039 32,398,223 - --------------------------------------------------------------------------------------------------------------------------- 19,740,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2039 20,347,400 - --------------------------------------------------------------------------------------------------------------------------- 29,000,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2039 29,897,768 - --------------------------------------------------------------------------------------------------------------------------- 44,840,000 NYC Municipal Water Finance Authority 1 5.125 06/15/2032 46,622,838 - --------------------------------------------------------------------------------------------------------------------------- 65,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 66,330 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 10,326,700 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 51,634 - --------------------------------------------------------------------------------------------------------------------------- 1,740,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 1,785,866
45 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 200,000 NYC Municipal Water Finance Authority 5.000% 06/15/2035 $ 205,126 - --------------------------------------------------------------------------------------------------------------------------- 10,055,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 10,367,308 - --------------------------------------------------------------------------------------------------------------------------- 675,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 694,244 - --------------------------------------------------------------------------------------------------------------------------- 4,600,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 4,748,350 - --------------------------------------------------------------------------------------------------------------------------- 820,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 852,857 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 31,193 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 25,982 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 31,178 - --------------------------------------------------------------------------------------------------------------------------- 145,000 NYC Municipal Water Finance Authority 5 5.125 06/15/2034 148,914 - --------------------------------------------------------------------------------------------------------------------------- 650,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 679,120 - --------------------------------------------------------------------------------------------------------------------------- 530,000 NYC Municipal Water Finance Authority 5.400 3 06/15/2019 303,605 - --------------------------------------------------------------------------------------------------------------------------- 115,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 113,344 - --------------------------------------------------------------------------------------------------------------------------- 13,240,000 NYS DA 1 5.000 02/01/2028 13,649,381 - --------------------------------------------------------------------------------------------------------------------------- 1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,815,195 - --------------------------------------------------------------------------------------------------------------------------- 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 365,078 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,562,925 - --------------------------------------------------------------------------------------------------------------------------- 14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,620,490 - --------------------------------------------------------------------------------------------------------------------------- 4,475,000 NYS DA (Cabrini Westchester) 5.100 02/15/2026 4,755,806 - --------------------------------------------------------------------------------------------------------------------------- 8,425,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 8,863,858 - --------------------------------------------------------------------------------------------------------------------------- 2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,967,428 - --------------------------------------------------------------------------------------------------------------------------- 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group) 5.000 07/01/2027 2,202,008 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS DA (City University) 5.000 07/01/2023 5,085 - --------------------------------------------------------------------------------------------------------------------------- 3,180,000 NYS DA (Concord Nursing Home) 5.500 02/15/2030 3,334,580 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,261,875 - --------------------------------------------------------------------------------------------------------------------------- 5,005,000 NYS DA (Dept. of Health) 5.000 07/01/2031 5,171,216 - --------------------------------------------------------------------------------------------------------------------------- 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 535,778 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,031 - --------------------------------------------------------------------------------------------------------------------------- 6,790,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,833,592 - --------------------------------------------------------------------------------------------------------------------------- 940,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 950,490 - --------------------------------------------------------------------------------------------------------------------------- 4,050,000 NYS DA (Health Quest Systems) 5.125 07/01/2037 4,151,048 - --------------------------------------------------------------------------------------------------------------------------- 1,575,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 1,656,176 - --------------------------------------------------------------------------------------------------------------------------- 2,700,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 2,839,158 - --------------------------------------------------------------------------------------------------------------------------- 3,970,000 NYS DA (Hospital for Special Surgery) 5 5.000 08/15/2033 4,078,659 - --------------------------------------------------------------------------------------------------------------------------- 141,115,000 NYS DA (Insured Hospital) 5 5.529 3 08/15/2036 29,992,582 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,026,560 - --------------------------------------------------------------------------------------------------------------------------- 1,815,000 NYS DA (L.I. Jewish Medical Center) 5.000 11/01/2026 1,818,739 - --------------------------------------------------------------------------------------------------------------------------- 3,255,000 NYS DA (L.I. University) 5.125 09/01/2023 3,342,234 - --------------------------------------------------------------------------------------------------------------------------- 1,335,000 NYS DA (L.I. University) 5.250 09/01/2028 1,339,753 - --------------------------------------------------------------------------------------------------------------------------- 235,000 NYS DA (L.I. University) 5.250 09/01/2028 236,238
46 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,585,000 NYS DA (L.I. University) 5.500% 09/01/2020 $ 1,644,929 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 30,053 - --------------------------------------------------------------------------------------------------------------------------- 1,710,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.375 07/01/2020 1,717,456 - --------------------------------------------------------------------------------------------------------------------------- 405,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 396,661 - --------------------------------------------------------------------------------------------------------------------------- 9,500,000 NYS DA (Maimonides Medical Center) 1 5.500 08/01/2038 9,845,468 - --------------------------------------------------------------------------------------------------------------------------- 20,000 NYS DA (Maimonides Medical Center) 5.750 08/01/2035 20,034 - --------------------------------------------------------------------------------------------------------------------------- 6,615,000 NYS DA (Manhattan College) 5.000 07/01/2041 6,315,407 - --------------------------------------------------------------------------------------------------------------------------- 3,260,000 NYS DA (Manhattan College) 5.300 07/01/2037 3,291,003 - --------------------------------------------------------------------------------------------------------------------------- 18,230,000 NYS DA (Memorial Sloan-Kettering) 5.000 07/01/2035 18,796,406 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Menorah Campus) 6.100 02/01/2037 1,021,800 - --------------------------------------------------------------------------------------------------------------------------- 23,300,000 NYS DA (Menorah Home & Hospital) 1 5.150 08/01/2038 23,847,084 - --------------------------------------------------------------------------------------------------------------------------- 12,460,000 NYS DA (Menorah) 1 5.100 08/01/2028 12,806,949 - --------------------------------------------------------------------------------------------------------------------------- 18,500,000 NYS DA (Mental Health Services Facilities) 1 5.000 02/15/2023 18,838,088 - --------------------------------------------------------------------------------------------------------------------------- 17,100,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2030 17,589,060 - --------------------------------------------------------------------------------------------------------------------------- 3,660,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2033 3,740,081 - --------------------------------------------------------------------------------------------------------------------------- 35,765,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2035 36,634,447 - --------------------------------------------------------------------------------------------------------------------------- 25,650,000 NYS DA (Mental Health Services Facilities) 1 5.000 02/15/2037 26,147,676 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYS DA (Mental Health) 5.250 08/15/2031 15,547 - --------------------------------------------------------------------------------------------------------------------------- 320,000 NYS DA (Mental Health) 5.750 02/15/2011 327,034 - --------------------------------------------------------------------------------------------------------------------------- 3,800,000 NYS DA (Millard Fillmore Hospital) 5 5.375 02/01/2032 3,880,902 - --------------------------------------------------------------------------------------------------------------------------- 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.375 07/01/2029 4,200,653 - --------------------------------------------------------------------------------------------------------------------------- 2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2,557,356 - --------------------------------------------------------------------------------------------------------------------------- 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2025 7,158,890 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 NYS DA (Montefiore Medical Center) 1 5.750 08/01/2029 21,736,200 - --------------------------------------------------------------------------------------------------------------------------- 1,750,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 1,797,688 - --------------------------------------------------------------------------------------------------------------------------- 10,150,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 5.500 07/01/2026 10,206,333 - --------------------------------------------------------------------------------------------------------------------------- 6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 7,101,920 - --------------------------------------------------------------------------------------------------------------------------- 25,240,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 26,303,361 - --------------------------------------------------------------------------------------------------------------------------- 2,335,000 NYS DA (Mt. Sinai Hospital) 6.625 07/01/2019 2,452,474 - --------------------------------------------------------------------------------------------------------------------------- 10,450,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 10,482,395 - --------------------------------------------------------------------------------------------------------------------------- 2,280,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 2,395,208 - --------------------------------------------------------------------------------------------------------------------------- 5,745,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 6,043,855 - --------------------------------------------------------------------------------------------------------------------------- 11,400,000 NYS DA (Municipal Health Facilities) 1,2 5.000 01/15/2023 11,665,107 - --------------------------------------------------------------------------------------------------------------------------- 905,000 NYS DA (New York & Presbyterian Hospital) 5.000 08/01/2032 914,874 - --------------------------------------------------------------------------------------------------------------------------- 16,000,000 NYS DA (New York Hospital Medical Center of Queens) 4.650 08/15/2027 16,111,680 - --------------------------------------------------------------------------------------------------------------------------- 26,300,000 NYS DA (New York Hospital Medical Center of Queens) 4.750 02/15/2037 26,385,738 - --------------------------------------------------------------------------------------------------------------------------- 6,950,000 NYS DA (New York Hospital Medical Center) 5.600 02/15/2039 7,222,371 - --------------------------------------------------------------------------------------------------------------------------- 2,265,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2033 2,189,349
47 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 62,010,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center Obligated Group) 1,2 4.121% 9 05/01/2033 $ 55,986,349 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 1 4.319 9 05/01/2018 9,753,841 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2020 2,052,380 - --------------------------------------------------------------------------------------------------------------------------- 5,800,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2026 5,812,470 - --------------------------------------------------------------------------------------------------------------------------- 3,455,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2027 3,450,509 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2032 7,354,575 - --------------------------------------------------------------------------------------------------------------------------- 25,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2037 24,286,500 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS DA (Norwegian Christian Home & Health Center) 5.200 08/01/2036 1,035,210 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,167,120 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2026 7,515,450 - --------------------------------------------------------------------------------------------------------------------------- 24,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2034 23,814,872 - --------------------------------------------------------------------------------------------------------------------------- 6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 6,251,956 - --------------------------------------------------------------------------------------------------------------------------- 7,600,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,689,148 - --------------------------------------------------------------------------------------------------------------------------- 18,825,000 NYS DA (Nursing Homes) 1 5.300 02/01/2038 19,182,958 - --------------------------------------------------------------------------------------------------------------------------- 40,320,000 NYS DA (NYU Hospital) 5.000 07/01/2036 36,106,157 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS DA (NYU Hospitals Center) 5.000 07/01/2020 4,811,100 - --------------------------------------------------------------------------------------------------------------------------- 11,100,000 NYS DA (NYU Hospitals Center) 5.000 07/01/2026 10,338,762 - --------------------------------------------------------------------------------------------------------------------------- 20,580,000 NYS DA (NYU Hospitals Center) 5.000 07/01/2026 19,213,694 - --------------------------------------------------------------------------------------------------------------------------- 3,600,000 NYS DA (NYU Hospitals Center) 5.250 07/01/2024 3,467,340 - --------------------------------------------------------------------------------------------------------------------------- 505,000 NYS DA (NYU) 5.000 07/01/2041 513,009 - --------------------------------------------------------------------------------------------------------------------------- 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2026 2,990,842 - --------------------------------------------------------------------------------------------------------------------------- 5,150,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2031 5,221,997 - --------------------------------------------------------------------------------------------------------------------------- 6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 5,060,529 - --------------------------------------------------------------------------------------------------------------------------- 2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,354,778 - --------------------------------------------------------------------------------------------------------------------------- 3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 2,848,652 - --------------------------------------------------------------------------------------------------------------------------- 6,260,000 NYS DA (Rochester General Hospital) 5.000 12/01/2025 6,215,804 - --------------------------------------------------------------------------------------------------------------------------- 17,660,000 NYS DA (Rochester General Hospital) 5.000 12/01/2035 16,941,238 - --------------------------------------------------------------------------------------------------------------------------- 675,000 NYS DA (Sarah Neuman Nursing Home) 5.450 08/01/2027 689,425 - --------------------------------------------------------------------------------------------------------------------------- 50,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2022 55,010 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 27,311 - --------------------------------------------------------------------------------------------------------------------------- 20,520,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 20,950,510 - --------------------------------------------------------------------------------------------------------------------------- 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 1,036,429 - --------------------------------------------------------------------------------------------------------------------------- 415,000 NYS DA (Special Act School Districts) 5 6.000 07/01/2019 415,913
48 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 2,470,000 NYS DA (St. Barnabas Hospital) 5 5.450% 08/01/2035 $ 2,495,416 - --------------------------------------------------------------------------------------------------------------------------- 1,005,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 1,026,085 - --------------------------------------------------------------------------------------------------------------------------- 1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,778,770 - --------------------------------------------------------------------------------------------------------------------------- 2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,018,173 - --------------------------------------------------------------------------------------------------------------------------- 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,634,902 - --------------------------------------------------------------------------------------------------------------------------- 101,800,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 103,184,480 - --------------------------------------------------------------------------------------------------------------------------- 1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,507,438 - --------------------------------------------------------------------------------------------------------------------------- 3,910,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,010,878 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 NYS DA (University of Rochester) 5.000 07/01/2039 20,633,200 - --------------------------------------------------------------------------------------------------------------------------- 13,045,000 NYS DA (University of Rochester) 5.000 07/01/2039 13,458,005 - --------------------------------------------------------------------------------------------------------------------------- 2,095,000 NYS DA (Vassar Brothers) 5 5.375 07/01/2025 2,139,603 - --------------------------------------------------------------------------------------------------------------------------- 11,695,000 NYS DA (Vassar College) 5.000 07/01/2046 12,074,503 - --------------------------------------------------------------------------------------------------------------------------- 7,055,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,441,543 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,618,050 - --------------------------------------------------------------------------------------------------------------------------- 26,090,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,515,006 - --------------------------------------------------------------------------------------------------------------------------- 715,000 NYS DA, Series B 6.650 08/15/2030 773,201 - --------------------------------------------------------------------------------------------------------------------------- 100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 103,127 - --------------------------------------------------------------------------------------------------------------------------- 4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.400 07/15/2021 4,304,746 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,909,425 - --------------------------------------------------------------------------------------------------------------------------- 2,365,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,443,636 - --------------------------------------------------------------------------------------------------------------------------- 45,000 NYS EFC (United Waterworks) 5.150 03/01/2034 45,241 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 7.129 8 04/01/2020 7,357,980 - --------------------------------------------------------------------------------------------------------------------------- 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 8.043 8 07/01/2026 17,330,975 - --------------------------------------------------------------------------------------------------------------------------- 235,000 NYS ERDA (Central Hudson Gas & Electric Co.) 5.450 08/01/2027 243,545 - --------------------------------------------------------------------------------------------------------------------------- 160,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 160,634 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,038,750 - --------------------------------------------------------------------------------------------------------------------------- 23,125,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,620,800 - --------------------------------------------------------------------------------------------------------------------------- 350,000 NYS ERDA (LILCO) 5.300 10/01/2024 357,070 - --------------------------------------------------------------------------------------------------------------------------- 100,000 NYS ERDA (LILCO) 5.300 08/01/2025 101,884 - --------------------------------------------------------------------------------------------------------------------------- 75,000 NYS ERDA (LILCO) 5.300 08/01/2025 77,264 - --------------------------------------------------------------------------------------------------------------------------- 13,940,000 NYS ERDA (Niagara Mohawk) 1 5.150 11/01/2025 14,377,577 - --------------------------------------------------------------------------------------------------------------------------- 14,500,000 NYS ERDA (Rochester Gas & Electric) 1 5.950 09/01/2033 14,961,535 - --------------------------------------------------------------------------------------------------------------------------- 3,095,000 NYS HFA (Affordable Hsg.) 5.100 11/01/2028 3,077,111 - --------------------------------------------------------------------------------------------------------------------------- 4,400,000 NYS HFA (Affordable Hsg.) 6 5.250 11/01/2027 4,418,128 - --------------------------------------------------------------------------------------------------------------------------- 2,365,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2038 2,310,085 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 NYS HFA (Affordable Hsg.) 6 5.300 11/01/2037 3,996,720 - --------------------------------------------------------------------------------------------------------------------------- 5,220,000 NYS HFA (Affordable Hsg.) 6 5.450 11/01/2045 5,186,435 - --------------------------------------------------------------------------------------------------------------------------- 2,700,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 2,701,350 - --------------------------------------------------------------------------------------------------------------------------- 995,000 NYS HFA (Crotona Estates Apartments) 4.950 08/15/2038 950,444 - --------------------------------------------------------------------------------------------------------------------------- 995,000 NYS HFA (Friendship) 5.100 08/15/2041 967,657 - --------------------------------------------------------------------------------------------------------------------------- 15,000 NYS HFA (General Hsg.) 6.600 11/01/2008 15,366
49 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,520,000 NYS HFA (Golden Age Apartments) 5.000% 02/15/2037 $ 1,464,626 - --------------------------------------------------------------------------------------------------------------------------- 5,960,000 NYS HFA (Highland Avenue Senior Apartments) 5.000 02/15/2039 5,901,115 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 NYS HFA (Horizons at Wawayanda) 5.350 06/01/2025 5,070,900 - --------------------------------------------------------------------------------------------------------------------------- 10,570,000 NYS HFA (Hospital & Nursing Home) 5.150 11/01/2016 10,627,924 - --------------------------------------------------------------------------------------------------------------------------- 1,645,000 NYS HFA (Kensico Terrace Apartments) 4.900 02/15/2038 1,551,613 - --------------------------------------------------------------------------------------------------------------------------- 950,000 NYS HFA (Kensico Terrace Apartments) 4.950 02/15/2038 907,744 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,093 - --------------------------------------------------------------------------------------------------------------------------- 3,980,000 NYS HFA (Multifamily Hsg.) 4.850 02/15/2038 3,714,574 - --------------------------------------------------------------------------------------------------------------------------- 3,400,000 NYS HFA (Multifamily Hsg.) 4.850 11/01/2040 3,145,544 - --------------------------------------------------------------------------------------------------------------------------- 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 747,809 - --------------------------------------------------------------------------------------------------------------------------- 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,351,604 - --------------------------------------------------------------------------------------------------------------------------- 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,688,236 - --------------------------------------------------------------------------------------------------------------------------- 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,096,889 - --------------------------------------------------------------------------------------------------------------------------- 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,870,811 - --------------------------------------------------------------------------------------------------------------------------- 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,088,466 - --------------------------------------------------------------------------------------------------------------------------- 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,281,850 - --------------------------------------------------------------------------------------------------------------------------- 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,085,230 - --------------------------------------------------------------------------------------------------------------------------- 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,241,536 - --------------------------------------------------------------------------------------------------------------------------- 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,415,969 - --------------------------------------------------------------------------------------------------------------------------- 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,251,309 - --------------------------------------------------------------------------------------------------------------------------- 1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,760,638 - --------------------------------------------------------------------------------------------------------------------------- 1,125,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,143,034 - --------------------------------------------------------------------------------------------------------------------------- 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,251,296 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,014,910 - --------------------------------------------------------------------------------------------------------------------------- 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,719,627 - --------------------------------------------------------------------------------------------------------------------------- 2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,153,962 - --------------------------------------------------------------------------------------------------------------------------- 1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,329,050 - --------------------------------------------------------------------------------------------------------------------------- 4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,744,180 - --------------------------------------------------------------------------------------------------------------------------- 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,227 - --------------------------------------------------------------------------------------------------------------------------- 710,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 724,449 - --------------------------------------------------------------------------------------------------------------------------- 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,268,454 - --------------------------------------------------------------------------------------------------------------------------- 2,735,000 NYS HFA (Multifamily Hsg.) 5 6.700 08/15/2025 2,738,227 - --------------------------------------------------------------------------------------------------------------------------- 5,480,000 NYS HFA (Multifamily Hsg.) 5 6.750 11/15/2036 5,571,406 - --------------------------------------------------------------------------------------------------------------------------- 480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 487,838 - --------------------------------------------------------------------------------------------------------------------------- 525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 533,573 - --------------------------------------------------------------------------------------------------------------------------- 565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 574,226 - --------------------------------------------------------------------------------------------------------------------------- 605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 614,880 - --------------------------------------------------------------------------------------------------------------------------- 655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 665,696 - --------------------------------------------------------------------------------------------------------------------------- 780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 792,737 - --------------------------------------------------------------------------------------------------------------------------- 835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 848,636 - --------------------------------------------------------------------------------------------------------------------------- 900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 914,697
50 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 990,000 NYS HFA (Nonprofit Hsg.) 8.400% 11/01/2017 $ 1,006,167 - --------------------------------------------------------------------------------------------------------------------------- 1,060,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,077,310 - --------------------------------------------------------------------------------------------------------------------------- 460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 467,512 - --------------------------------------------------------------------------------------------------------------------------- 1,490,000 NYS HFA (North Street) 5.050 08/15/2039 1,440,830 - --------------------------------------------------------------------------------------------------------------------------- 4,695,000 NYS HFA (Phillips Village) 7.750 08/15/2017 4,778,571 - --------------------------------------------------------------------------------------------------------------------------- 4,200,000 NYS HFA (Senior Devel. Hsg.) 5.400 11/15/2042 4,163,838 - --------------------------------------------------------------------------------------------------------------------------- 70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,102 - --------------------------------------------------------------------------------------------------------------------------- 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,677,336 - --------------------------------------------------------------------------------------------------------------------------- 5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,599,809 - --------------------------------------------------------------------------------------------------------------------------- 255,000 NYS HFA (Service Contract) 5 6.500 03/15/2025 255,337 - --------------------------------------------------------------------------------------------------------------------------- 160,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 160,166 - --------------------------------------------------------------------------------------------------------------------------- 1,540,000 NYS HFA (Tiffany Gardens) 4.900 08/15/2025 1,519,349 - --------------------------------------------------------------------------------------------------------------------------- 3,210,000 NYS HFA (Tiffany Gardens) 5.125 08/15/2037 3,146,057 - --------------------------------------------------------------------------------------------------------------------------- 230,000 NYS LGSC (SCSB) 2 7.250 12/15/2011 233,839 - --------------------------------------------------------------------------------------------------------------------------- 810,000 NYS LGSC (SCSB) 2 7.375 12/15/2016 819,258 - --------------------------------------------------------------------------------------------------------------------------- 980,000 NYS LGSC (SCSB) 2 7.750 12/15/2021 1,001,981 - --------------------------------------------------------------------------------------------------------------------------- 960,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 961,949 - --------------------------------------------------------------------------------------------------------------------------- 740,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 741,547 - --------------------------------------------------------------------------------------------------------------------------- 270,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 271,280 - --------------------------------------------------------------------------------------------------------------------------- 195,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 197,929 - --------------------------------------------------------------------------------------------------------------------------- 30,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 30,068 - --------------------------------------------------------------------------------------------------------------------------- 1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,673,407 - --------------------------------------------------------------------------------------------------------------------------- 350,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 357,805 - --------------------------------------------------------------------------------------------------------------------------- 5,875,000 NYS Medcare (St. Peter's Hospital) 5 5.375 11/01/2020 5,900,850 - --------------------------------------------------------------------------------------------------------------------------- 5,000 NYS UDC (Correctional Facilities) 6.309 3 01/01/2013 3,926 - --------------------------------------------------------------------------------------------------------------------------- 5,480,000 Oneida County, NY IDA (Bonide Products) 6.250 11/01/2018 5,286,885 - --------------------------------------------------------------------------------------------------------------------------- 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 633,356 - --------------------------------------------------------------------------------------------------------------------------- 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 412,988 - --------------------------------------------------------------------------------------------------------------------------- 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 706,238 - --------------------------------------------------------------------------------------------------------------------------- 1,190,000 Oneida County, NY IDA (Presbyterian Home) 5.250 03/01/2019 1,203,566 - --------------------------------------------------------------------------------------------------------------------------- 1,015,000 Oneida County, NY IDA (Presbyterian Home) 6.100 06/01/2020 1,065,983 - --------------------------------------------------------------------------------------------------------------------------- 3,990,000 Onondaga County, NY IDA (Air Cargo) 6.125 01/01/2032 4,042,149 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Onondaga County, NY IDA (Air Cargo) 7.250 01/01/2032 2,078,680 - --------------------------------------------------------------------------------------------------------------------------- 2,200,000 Onondaga County, NY IDA (Anheuser-Busch) 4.950 07/01/2036 2,060,454 - --------------------------------------------------------------------------------------------------------------------------- 435,000 Onondaga County, NY IDA (Coltec Industries) 7.250 06/01/2008 436,153 - --------------------------------------------------------------------------------------------------------------------------- 770,000 Onondaga County, NY IDA (Coltec Industries) 9.875 10/01/2010 779,163 - --------------------------------------------------------------------------------------------------------------------------- 1,235,000 Onondaga County, NY IDA (Community General Hospital) 5.500 11/01/2018 1,208,312
51 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 6,485,000 Onondaga County, NY IDA (Community General Hospital) 5 6.625% 01/01/2018 $ 6,510,227 - --------------------------------------------------------------------------------------------------------------------------- 4,710,000 Onondaga County, NY IDA (Le Moyne College) 5.625 12/01/2021 4,847,014 - --------------------------------------------------------------------------------------------------------------------------- 9,600,000 Onondaga County, NY IDA (Solvay Paperboard) 6.800 11/01/2014 9,828,864 - --------------------------------------------------------------------------------------------------------------------------- 67,200,000 Onondaga County, NY IDA (Solvay Paperboard) 7.000 11/01/2030 68,884,704 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies) 6.250 12/01/2034 514,160 - --------------------------------------------------------------------------------------------------------------------------- 49,164,598 Onondaga County, NY Res Rec 0.000 7 05/01/2022 29,759,331 - --------------------------------------------------------------------------------------------------------------------------- 41,580,000 Onondaga County, NY Res Rec 5.000 05/01/2015 39,280,210 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,576,975 - --------------------------------------------------------------------------------------------------------------------------- 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,381,265 - --------------------------------------------------------------------------------------------------------------------------- 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,140,578 - --------------------------------------------------------------------------------------------------------------------------- 2,705,000 Orange County, NY IDA (Glen Arden) 5.625 01/01/2018 2,662,423 - --------------------------------------------------------------------------------------------------------------------------- 5,590,000 Orange County, NY IDA (Glen Arden) 5.700 01/01/2028 5,220,613 - --------------------------------------------------------------------------------------------------------------------------- 2,685,000 Orange County, NY IDA (Kingston Manufacturing) 2,10,11 8.000 11/01/2017 375,900 - --------------------------------------------------------------------------------------------------------------------------- 250,000 Orange County, NY IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 250,800 - --------------------------------------------------------------------------------------------------------------------------- 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,756,160 - --------------------------------------------------------------------------------------------------------------------------- 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,410,075 - --------------------------------------------------------------------------------------------------------------------------- 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,263,273 - --------------------------------------------------------------------------------------------------------------------------- 7,435,000 Orange County, NY IDA (Tuxedo Place) 2 7.000 08/01/2032 5,332,605 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 Orange County, NY IDA (Tuxedo Place) 2 7.000 08/01/2033 1,790,450 - --------------------------------------------------------------------------------------------------------------------------- 2,755,000 Oswego County, NY IDA (Bishop's Common) 5.375 02/01/2049 2,827,870 - --------------------------------------------------------------------------------------------------------------------------- 3,260,000 Oswego County, NY IDA (Seneca Hill Manor) 5.650 08/01/2037 3,329,992 - --------------------------------------------------------------------------------------------------------------------------- 6,870,000 Otsego County, NY IDA (Hartwick College) 5.900 07/01/2022 6,933,341 - --------------------------------------------------------------------------------------------------------------------------- 1,350,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2013 1,401,327 - --------------------------------------------------------------------------------------------------------------------------- 1,435,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2014 1,486,646 - --------------------------------------------------------------------------------------------------------------------------- 1,520,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2015 1,566,086 - --------------------------------------------------------------------------------------------------------------------------- 1,610,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2016 1,652,987 - --------------------------------------------------------------------------------------------------------------------------- 3,030,000 Otsego County, NY IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,109,598 - --------------------------------------------------------------------------------------------------------------------------- 12,635,000 Peekskill, NY IDA (Drum Hill) 6.375 10/01/2028 11,503,915 - --------------------------------------------------------------------------------------------------------------------------- 2,055,000 Penfield-Crown Oak, NY Hsg. Devel. Corp. (Crown Oak Apartments) 4.875 12/01/2038 2,025,840 - --------------------------------------------------------------------------------------------------------------------------- 1,150,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,167,250 - --------------------------------------------------------------------------------------------------------------------------- 50,775,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 52,643,520 - --------------------------------------------------------------------------------------------------------------------------- 3,195,000 Port Authority NY/NJ (Delta Air Lines) 2 6.950 06/01/2008 3,201,390 - --------------------------------------------------------------------------------------------------------------------------- 15,640,000 Port Authority NY/NJ (JFK International Air Terminal) 5 5.750 12/01/2022 15,973,132 - --------------------------------------------------------------------------------------------------------------------------- 28,580,000 Port Authority NY/NJ (JFK International Air Terminal) 5 5.750 12/01/2025 28,619,155 - --------------------------------------------------------------------------------------------------------------------------- 2,625,000 Port Authority NY/NJ (JFK International Air Terminal) 5.900 12/01/2017 2,681,490
52 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 7,410,000 Port Authority NY/NJ (KIAC) 6.750% 10/01/2011 $ 7,429,340 - --------------------------------------------------------------------------------------------------------------------------- 46,775,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 46,890,067 - --------------------------------------------------------------------------------------------------------------------------- 425,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2018 431,133 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 35,198 - --------------------------------------------------------------------------------------------------------------------------- 520,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 521,768 - --------------------------------------------------------------------------------------------------------------------------- 745,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2019 756,101 - --------------------------------------------------------------------------------------------------------------------------- 9,810,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,812,845 - --------------------------------------------------------------------------------------------------------------------------- 245,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 248,374 - --------------------------------------------------------------------------------------------------------------------------- 240,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 242,518 - --------------------------------------------------------------------------------------------------------------------------- 1,145,000 Port Authority NY/NJ, 127th Series 5.125 06/15/2037 1,153,416 - --------------------------------------------------------------------------------------------------------------------------- 50,000 Port Authority NY/NJ, 127th Series 5.200 12/15/2027 51,098 - --------------------------------------------------------------------------------------------------------------------------- 7,070,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 7,189,695 - --------------------------------------------------------------------------------------------------------------------------- 495,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2026 511,954 - --------------------------------------------------------------------------------------------------------------------------- 80,000,000 Port Authority NY/NJ, 135th Series 1 5.000 03/15/2039 82,183,200 - --------------------------------------------------------------------------------------------------------------------------- 17,855,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 18,044,442 - --------------------------------------------------------------------------------------------------------------------------- 19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 19,941,425 - --------------------------------------------------------------------------------------------------------------------------- 22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 23,925,757 - --------------------------------------------------------------------------------------------------------------------------- 1,430,000 Port Authority NY/NJ, 137th Series 5.125 07/15/2030 1,454,196 - --------------------------------------------------------------------------------------------------------------------------- 26,000,000 Port Authority NY/NJ, 138th Series 4.750 12/01/2034 24,828,440 - --------------------------------------------------------------------------------------------------------------------------- 27,255,000 Port Authority NY/NJ, 141st Series 4.500 09/01/2029 25,292,367 - --------------------------------------------------------------------------------------------------------------------------- 47,910,000 Port Authority NY/NJ, 143rd Series 5.000 10/01/2030 48,292,801 - --------------------------------------------------------------------------------------------------------------------------- 27,535,000 Port Authority NY/NJ, 143rd Series 5.000 04/01/2036 27,566,115 - --------------------------------------------------------------------------------------------------------------------------- 14,350,000 Port Authority NY/NJ, 146th Series 5 4.500 12/01/2023 14,046,067 - --------------------------------------------------------------------------------------------------------------------------- 20,215,000 Port Authority NY/NJ, 146th Series 4.500 12/01/2034 18,649,146 - --------------------------------------------------------------------------------------------------------------------------- 26,110,000 Port Authority NY/NJ, 146th Series 4.750 12/01/2027 26,075,535 - --------------------------------------------------------------------------------------------------------------------------- 13,005,000 Port Authority NY/NJ, 147th Series 4.750 10/15/2028 12,685,207 - --------------------------------------------------------------------------------------------------------------------------- 19,705,000 Port Authority NY/NJ, 147th Series 5.000 10/15/2027 19,922,543 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Port Authority NY/NJ, 147th Series 5.000 10/15/2032 20,013,200 - --------------------------------------------------------------------------------------------------------------------------- 12,000,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 12,230,400 - --------------------------------------------------------------------------------------------------------------------------- 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.) 6.000 08/01/2032 2,843,739 - --------------------------------------------------------------------------------------------------------------------------- 1,990,000 Putnam County, NY IDA (Brewster Plastics) 8.500 12/01/2016 2,005,562 - --------------------------------------------------------------------------------------------------------------------------- 1,500,000 Rensselaer County, NY IDA (Franciscan Heights) 5.375 12/01/2036 1,536,450 - --------------------------------------------------------------------------------------------------------------------------- 27,455,000 Rensselaer County, NY IDA (Rensselaer Polytechnical Institute) 5.000 03/01/2036 28,109,527 - --------------------------------------------------------------------------------------------------------------------------- 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 1 5.625 06/01/2035 6,444,117 - --------------------------------------------------------------------------------------------------------------------------- 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 1 5.750 06/01/2043 7,388,719 - --------------------------------------------------------------------------------------------------------------------------- 18,415,000 Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 18,555,322 - --------------------------------------------------------------------------------------------------------------------------- 1,525,000 Riverhead, NY IDA (Michael Reilly Design) 8.875 08/01/2021 1,552,450
53 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 5,365,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.600% 12/20/2026 $ 5,053,079 - --------------------------------------------------------------------------------------------------------------------------- 7,565,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.700 12/20/2038 6,879,006 - --------------------------------------------------------------------------------------------------------------------------- 15,695,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.800 12/20/2048 14,090,657 - --------------------------------------------------------------------------------------------------------------------------- 6,790,000 Rochester, NY Museum & Science Center 6.125 12/01/2015 6,713,069 - --------------------------------------------------------------------------------------------------------------------------- 1,195,000 Rockland County, NY IDA (Crystal Run Village/ Rockland County Assoc. for the Learning Disabled Obligated Group) 4.900 07/01/2021 1,113,812 - --------------------------------------------------------------------------------------------------------------------------- 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp. 1 5.625 08/15/2035 9,313,929 - --------------------------------------------------------------------------------------------------------------------------- 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp. 1 5.750 08/15/2043 10,222,512 - --------------------------------------------------------------------------------------------------------------------------- 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875 3 08/15/2045 2,258,100 - --------------------------------------------------------------------------------------------------------------------------- 441,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.624 3 08/15/2060 8,048,250 - --------------------------------------------------------------------------------------------------------------------------- 20,000 Sanford Town, NY GO 5.250 04/15/2015 21,412 - --------------------------------------------------------------------------------------------------------------------------- 20,000 Sanford Town, NY GO 5.250 04/15/2016 21,444 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Sanford Town, NY GO 5.250 04/15/2017 26,643 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Sanford Town, NY GO 5.250 04/15/2018 26,488 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Sanford Town, NY GO 5.250 04/15/2019 26,363 - --------------------------------------------------------------------------------------------------------------------------- 25,000 Sanford Town, NY GO 5.250 04/15/2020 26,240 - --------------------------------------------------------------------------------------------------------------------------- 30,000 Sanford Town, NY GO 5.250 04/15/2021 31,340 - --------------------------------------------------------------------------------------------------------------------------- 30,000 Sanford Town, NY GO 5.250 04/15/2022 31,256 - --------------------------------------------------------------------------------------------------------------------------- 30,000 Sanford Town, NY GO 5.250 04/15/2023 31,130 - --------------------------------------------------------------------------------------------------------------------------- 30,000 Sanford Town, NY GO 5.250 04/15/2024 31,005 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Sanford Town, NY GO 5.250 04/15/2025 36,004 - --------------------------------------------------------------------------------------------------------------------------- 35,000 Sanford Town, NY GO 5.250 04/15/2026 35,835 - --------------------------------------------------------------------------------------------------------------------------- 40,000 Sanford Town, NY GO 5.250 04/15/2027 40,917 - --------------------------------------------------------------------------------------------------------------------------- 40,000 Sanford Town, NY GO 5.250 04/15/2028 40,780 - --------------------------------------------------------------------------------------------------------------------------- 40,000 Sanford Town, NY GO 5.250 04/15/2029 40,682 - --------------------------------------------------------------------------------------------------------------------------- 45,000 Sanford Town, NY GO 5.250 04/15/2030 45,645 - --------------------------------------------------------------------------------------------------------------------------- 45,000 Sanford Town, NY GO 5.250 04/15/2031 45,524 - --------------------------------------------------------------------------------------------------------------------------- 50,000 Sanford Town, NY GO 5.250 04/15/2032 50,562 - --------------------------------------------------------------------------------------------------------------------------- 50,000 Sanford Town, NY GO 5.250 04/15/2033 50,515 - --------------------------------------------------------------------------------------------------------------------------- 55,000 Sanford Town, NY GO 5.250 04/15/2034 55,544 - --------------------------------------------------------------------------------------------------------------------------- 60,000 Sanford Town, NY GO 5.250 04/15/2035 60,537 - --------------------------------------------------------------------------------------------------------------------------- 60,000 Sanford Town, NY GO 5.250 04/15/2036 60,497 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center) 5.125 12/01/2033 2,938,770 - --------------------------------------------------------------------------------------------------------------------------- 1,635,000 Schenectady, NY IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,717,976
54 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 3,335,000 Schenectady, NY IDA (Union College) 5.000% 07/01/2031 $ 3,425,612 - --------------------------------------------------------------------------------------------------------------------------- 3,405,000 Schenectady, NY Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,552,062 - --------------------------------------------------------------------------------------------------------------------------- 130,000 Schroon Lake, NY Fire District 2 7.250 03/01/2009 130,373 - --------------------------------------------------------------------------------------------------------------------------- 175,000 Scotia, NY Hsg. Authority (Holyrood House) 7.000 06/01/2009 176,145 - --------------------------------------------------------------------------------------------------------------------------- 2,650,000 Seneca County, NY IDA (New York Chiropractic College) 5.000 10/01/2027 2,536,898 - --------------------------------------------------------------------------------------------------------------------------- 2,480,000 SONYMA, Series 106 5.100 04/01/2023 2,498,352 - --------------------------------------------------------------------------------------------------------------------------- 22,920,000 SONYMA, Series 106 5.250 04/01/2034 22,922,292 - --------------------------------------------------------------------------------------------------------------------------- 32,440,000 SONYMA, Series 109 1 4.950 10/01/2034 30,980,200 - --------------------------------------------------------------------------------------------------------------------------- 5,500,000 SONYMA, Series 130 4.650 04/01/2027 5,183,585 - --------------------------------------------------------------------------------------------------------------------------- 14,865,000 SONYMA, Series 133 5.050 10/01/2026 14,854,892 - --------------------------------------------------------------------------------------------------------------------------- 23,500,000 SONYMA, Series 137 4.700 10/01/2031 21,854,765 - --------------------------------------------------------------------------------------------------------------------------- 23,290,000 SONYMA, Series 140 4.750 10/01/2037 21,860,926 - --------------------------------------------------------------------------------------------------------------------------- 2,145,000 SONYMA, Series 143 4.750 10/01/2022 2,112,439 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 SONYMA, Series 143 4.850 10/01/2027 1,934,440 - --------------------------------------------------------------------------------------------------------------------------- 2,375,000 SONYMA, Series 143 4.875 10/01/2030 2,283,254 - --------------------------------------------------------------------------------------------------------------------------- 11,745,000 SONYMA, Series 143 4.900 10/01/2037 11,103,371 - --------------------------------------------------------------------------------------------------------------------------- 2,700,000 SONYMA, Series 145 5.050 10/01/2029 2,673,405 - --------------------------------------------------------------------------------------------------------------------------- 5,045,000 SONYMA, Series 145 5.125 10/01/2037 4,907,272 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 SONYMA, Series 148 5.150 10/01/2027 5,018,600 - --------------------------------------------------------------------------------------------------------------------------- 6,370,000 SONYMA, Series 148 5.200 10/01/2032 6,347,514 - --------------------------------------------------------------------------------------------------------------------------- 2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,489,504 - --------------------------------------------------------------------------------------------------------------------------- 19,525,000 SONYMA, Series 29 5.450 10/01/2031 20,710,363 - --------------------------------------------------------------------------------------------------------------------------- 7,215,000 SONYMA, Series 35 4.800 10/01/2030 6,847,757 - --------------------------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series 67 5.700 10/01/2017 25,394 - --------------------------------------------------------------------------------------------------------------------------- 8,460,000 SONYMA, Series 67 5.800 10/01/2028 8,552,891 - --------------------------------------------------------------------------------------------------------------------------- 3,535,000 SONYMA, Series 69 5.400 10/01/2019 3,573,850 - --------------------------------------------------------------------------------------------------------------------------- 7,865,000 SONYMA, Series 69 5.500 10/01/2028 8,009,873 - --------------------------------------------------------------------------------------------------------------------------- 18,000,000 SONYMA, Series 71 1 5.400 04/01/2029 18,249,390 - --------------------------------------------------------------------------------------------------------------------------- 30,000 SONYMA, Series 71 5.400 04/01/2029 30,416 - --------------------------------------------------------------------------------------------------------------------------- 11,610,000 SONYMA, Series 71 5.400 04/01/2029 11,770,915 - --------------------------------------------------------------------------------------------------------------------------- 30,000 SONYMA, Series 73 5.250 10/01/2017 30,413 - --------------------------------------------------------------------------------------------------------------------------- 22,000,000 SONYMA, Series 73-A 1 5.300 10/01/2028 22,104,060 - --------------------------------------------------------------------------------------------------------------------------- 1,840,000 SONYMA, Series 73-A 5.300 10/01/2028 1,848,703 - --------------------------------------------------------------------------------------------------------------------------- 285,000 SONYMA, Series 77 5.150 04/01/2029 285,177 - --------------------------------------------------------------------------------------------------------------------------- 10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,348,179 - --------------------------------------------------------------------------------------------------------------------------- 465,000 SONYMA, Series 82 5.650 04/01/2030 486,357 - --------------------------------------------------------------------------------------------------------------------------- 5,145,000 SONYMA, Series 97 5.500 04/01/2031 5,187,858 - --------------------------------------------------------------------------------------------------------------------------- 7,125,000 St. Lawrence County, NY IDA (Clarkson University) 5.000 07/01/2031 7,339,605 - --------------------------------------------------------------------------------------------------------------------------- 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy) 7.250 12/01/2029 4,363,314
55 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,150,000 Suffolk County, NY IDA (ACLD) 6.000% 12/01/2019 $ 1,125,459 - --------------------------------------------------------------------------------------------------------------------------- 495,000 Suffolk County, NY IDA (ALIA-ACDS) 7.125 06/01/2017 514,572 - --------------------------------------------------------------------------------------------------------------------------- 2,225,000 Suffolk County, NY IDA (ALIA-ACLD) 5.950 10/01/2021 2,099,199 - --------------------------------------------------------------------------------------------------------------------------- 285,000 Suffolk County, NY IDA (ALIA-ACLD) 6.375 06/01/2014 286,687 - --------------------------------------------------------------------------------------------------------------------------- 1,070,000 Suffolk County, NY IDA (ALIA-ACLD) 6.500 03/01/2018 1,077,137 - --------------------------------------------------------------------------------------------------------------------------- 675,000 Suffolk County, NY IDA (ALIA-ACLD) 7.500 09/01/2015 704,160 - --------------------------------------------------------------------------------------------------------------------------- 235,000 Suffolk County, NY IDA (ALIA-ADD) 6.950 12/01/2014 244,438 - --------------------------------------------------------------------------------------------------------------------------- 450,000 Suffolk County, NY IDA (ALIA-ADD) 7.125 06/01/2017 467,793 - --------------------------------------------------------------------------------------------------------------------------- 345,000 Suffolk County, NY IDA (ALIA-ADD) 7.500 09/01/2015 359,904 - --------------------------------------------------------------------------------------------------------------------------- 845,000 Suffolk County, NY IDA (ALIA-Adelante) 6.500 11/01/2037 830,846 - --------------------------------------------------------------------------------------------------------------------------- 1,310,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 1,292,774 - --------------------------------------------------------------------------------------------------------------------------- 3,220,000 Suffolk County, NY IDA (ALIA-DDI) 5.950 10/01/2021 3,037,941 - --------------------------------------------------------------------------------------------------------------------------- 1,110,000 Suffolk County, NY IDA (ALIA-DDI) 6.375 06/01/2014 1,116,571 - --------------------------------------------------------------------------------------------------------------------------- 100,000 Suffolk County, NY IDA (ALIA-DDI) 7.500 09/01/2015 104,320 - --------------------------------------------------------------------------------------------------------------------------- 845,000 Suffolk County, NY IDA (ALIA-FREE) 5.950 10/01/2021 797,224 - --------------------------------------------------------------------------------------------------------------------------- 630,000 Suffolk County, NY IDA (ALIA-FREE) 6.375 06/01/2014 633,730 - --------------------------------------------------------------------------------------------------------------------------- 1,450,000 Suffolk County, NY IDA (ALIA-FREE) 6.950 12/01/2014 1,508,232 - --------------------------------------------------------------------------------------------------------------------------- 3,620,000 Suffolk County, NY IDA (ALIA-FREE) 7.125 06/01/2017 3,763,135 - --------------------------------------------------------------------------------------------------------------------------- 610,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 10/01/2021 575,511 - --------------------------------------------------------------------------------------------------------------------------- 775,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 11/01/2022 764,809 - --------------------------------------------------------------------------------------------------------------------------- 380,000 Suffolk County, NY IDA (ALIA-IGHL) 6.000 10/01/2031 351,253 - --------------------------------------------------------------------------------------------------------------------------- 505,000 Suffolk County, NY IDA (ALIA-IGHL) 6.375 06/01/2014 507,990 - --------------------------------------------------------------------------------------------------------------------------- 495,000 Suffolk County, NY IDA (ALIA-IGHL) 6.950 12/01/2014 514,879 - --------------------------------------------------------------------------------------------------------------------------- 1,040,000 Suffolk County, NY IDA (ALIA-IGHL) 7.125 06/01/2017 1,081,122 - --------------------------------------------------------------------------------------------------------------------------- 1,945,000 Suffolk County, NY IDA (ALIA-IGHL) 7.250 12/01/2033 1,993,003 - --------------------------------------------------------------------------------------------------------------------------- 215,000 Suffolk County, NY IDA (ALIA-IGHL) 7.500 09/01/2015 224,288 - --------------------------------------------------------------------------------------------------------------------------- 295,000 Suffolk County, NY IDA (ALIA- LIHIA) 6.375 06/01/2014 296,746 - --------------------------------------------------------------------------------------------------------------------------- 590,000 Suffolk County, NY IDA (ALIA- LIHIA) 6.950 12/01/2014 613,694 - --------------------------------------------------------------------------------------------------------------------------- 220,000 Suffolk County, NY IDA (ALIA- LIHIA) 7.500 09/01/2015 229,504 - --------------------------------------------------------------------------------------------------------------------------- 2,085,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 2,057,582 - --------------------------------------------------------------------------------------------------------------------------- 495,000 Suffolk County, NY IDA (ALIA-MCH) 6.375 06/01/2014 497,930 - --------------------------------------------------------------------------------------------------------------------------- 1,370,000 Suffolk County, NY IDA (ALIA-MCH) 6.950 12/01/2014 1,425,019 - --------------------------------------------------------------------------------------------------------------------------- 1,270,000 Suffolk County, NY IDA (ALIA-MCH) 7.125 06/01/2017 1,320,216 - --------------------------------------------------------------------------------------------------------------------------- 825,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 814,151 - --------------------------------------------------------------------------------------------------------------------------- 670,000 Suffolk County, NY IDA (ALIA-NYS ARC) 7.500 09/01/2015 698,944 - --------------------------------------------------------------------------------------------------------------------------- 360,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 379,688 - --------------------------------------------------------------------------------------------------------------------------- 540,000 Suffolk County, NY IDA (ALIA-SMCFS) 7.500 09/01/2015 563,328 - --------------------------------------------------------------------------------------------------------------------------- 640,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 667,648 - --------------------------------------------------------------------------------------------------------------------------- 2,005,000 Suffolk County, NY IDA (ALIA-UCPAGS) 5.950 10/01/2021 1,891,637 - --------------------------------------------------------------------------------------------------------------------------- 210,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.375 06/01/2014 211,243 - --------------------------------------------------------------------------------------------------------------------------- 860,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.950 12/01/2014 894,538
56 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 730,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.000% 06/01/2016 $ 757,017 - --------------------------------------------------------------------------------------------------------------------------- 445,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.500 09/01/2015 464,224 - --------------------------------------------------------------------------------------------------------------------------- 3,530,000 Suffolk County, NY IDA (ALIA-UVBH) 6.500 11/01/2037 3,470,873 - --------------------------------------------------------------------------------------------------------------------------- 800,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950 11/01/2022 789,480 - --------------------------------------------------------------------------------------------------------------------------- 305,000 Suffolk County, NY IDA (ALIA-WORCA) 6.950 12/01/2014 317,249 - --------------------------------------------------------------------------------------------------------------------------- 795,000 Suffolk County, NY IDA (ALIA-WORCA) 7.125 06/01/2017 826,434 - --------------------------------------------------------------------------------------------------------------------------- 530,000 Suffolk County, NY IDA (ALIA-WORCA) 7.500 09/01/2015 552,896 - --------------------------------------------------------------------------------------------------------------------------- 710,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 685,058 - --------------------------------------------------------------------------------------------------------------------------- 225,000 Suffolk County, NY IDA (DDI) 6.000 12/01/2019 220,199 - --------------------------------------------------------------------------------------------------------------------------- 615,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 593,395 - --------------------------------------------------------------------------------------------------------------------------- 635,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 612,692 - --------------------------------------------------------------------------------------------------------------------------- 360,000 Suffolk County, NY IDA (DDI) 6.250 03/01/2009 361,037 - --------------------------------------------------------------------------------------------------------------------------- 5,025,000 Suffolk County, NY IDA (DDI) 7.250 03/01/2024 5,210,573 - --------------------------------------------------------------------------------------------------------------------------- 8,790,000 Suffolk County, NY IDA (DDI) 8.750 03/01/2023 9,167,882 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 Suffolk County, NY IDA (Dowling College) 6 5.000 06/01/2036 4,229,050 - --------------------------------------------------------------------------------------------------------------------------- 3,135,000 Suffolk County, NY IDA (Dowling College) 6.700 12/01/2020 3,165,127 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.375 01/01/2027 2,699,670 - --------------------------------------------------------------------------------------------------------------------------- 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.500 01/01/2037 2,390,373 - --------------------------------------------------------------------------------------------------------------------------- 1,640,000 Suffolk County, NY IDA (Family Residences) 6.000 12/01/2019 1,605,002 - --------------------------------------------------------------------------------------------------------------------------- 1,345,000 Suffolk County, NY IDA (Family Services League) 5.000 11/01/2027 1,377,347 - --------------------------------------------------------------------------------------------------------------------------- 830,000 Suffolk County, NY IDA (Family Services League) 5.000 11/01/2034 843,728 - --------------------------------------------------------------------------------------------------------------------------- 125,000 Suffolk County, NY IDA (Federation of Organizations) 7.625 04/01/2010 126,780 - --------------------------------------------------------------------------------------------------------------------------- 2,195,000 Suffolk County, NY IDA (Federation of Organizations) 8.125 04/01/2030 2,235,915 - --------------------------------------------------------------------------------------------------------------------------- 2,600,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,707,328 - --------------------------------------------------------------------------------------------------------------------------- 3,860,000 Suffolk County, NY IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,906,899 - --------------------------------------------------------------------------------------------------------------------------- 255,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 12/01/2019 249,558 - --------------------------------------------------------------------------------------------------------------------------- 1,360,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 10/01/2020 1,312,223 - --------------------------------------------------------------------------------------------------------------------------- 3,275,000 Suffolk County, NY IDA (Innovative Realty I) 6.000 11/01/2037 3,127,003 - --------------------------------------------------------------------------------------------------------------------------- 7,200,000 Suffolk County, NY IDA (Jefferson's Ferry) 5.000 11/01/2028 6,628,104 - --------------------------------------------------------------------------------------------------------------------------- 14,170,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center) 5.250 06/01/2027 14,175,951 - --------------------------------------------------------------------------------------------------------------------------- 4,065,000 Suffolk County, NY IDA ( L.I. Network Community Services) 7.550 02/01/2034 4,006,789 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 7,592,480 - --------------------------------------------------------------------------------------------------------------------------- 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,765,428
57 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750% 11/01/2036 $ 601,097 - --------------------------------------------------------------------------------------------------------------------------- 2,925,000 Suffolk County, NY IDA (New Interdisciplinary School) 6.750 12/01/2019 2,882,529 - --------------------------------------------------------------------------------------------------------------------------- 450,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 4.875 01/01/2008 450,000 - --------------------------------------------------------------------------------------------------------------------------- 8,750,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 8,415,838 - --------------------------------------------------------------------------------------------------------------------------- 18,925,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 17,395,671 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Suffolk County, NY IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,069,630 - --------------------------------------------------------------------------------------------------------------------------- 2,850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,039,440 - --------------------------------------------------------------------------------------------------------------------------- 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.200 02/01/2035 4,865,568 - --------------------------------------------------------------------------------------------------------------------------- 145,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.625 04/01/2010 148,435 - --------------------------------------------------------------------------------------------------------------------------- 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center) 8.125 04/01/2030 2,671,181 - --------------------------------------------------------------------------------------------------------------------------- 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 886,876 - --------------------------------------------------------------------------------------------------------------------------- 150,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) 7.000 04/01/2010 152,691 - --------------------------------------------------------------------------------------------------------------------------- 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) 8.000 04/01/2030 2,671,397 - --------------------------------------------------------------------------------------------------------------------------- 535,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 516,205 - --------------------------------------------------------------------------------------------------------------------------- 2,025,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 1,981,787 - --------------------------------------------------------------------------------------------------------------------------- 3,325,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 3,336,737 - --------------------------------------------------------------------------------------------------------------------------- 1,620,000 Suffolk County, NY IDA (Windmill Village) 5.700 12/01/2026 1,676,441 - --------------------------------------------------------------------------------------------------------------------------- 1,305,000 Suffolk County, NY IDA (Windmill Village) 5.750 12/01/2031 1,347,138 - --------------------------------------------------------------------------------------------------------------------------- 995,000 Suffolk County, NY IDA (WORCA) 6.000 10/01/2020 960,046 - --------------------------------------------------------------------------------------------------------------------------- 50,000 Suffolk County, NY Water Authority 5.125 06/01/2026 52,316 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Sullivan County, NY Community College COP 2 5.750 08/15/2025 3,685,280 - --------------------------------------------------------------------------------------------------------------------------- 4,355,000 Sullivan County, NY IDA (Center for Discovery) 5.625 06/01/2013 4,238,068 - --------------------------------------------------------------------------------------------------------------------------- 14,115,000 Sullivan County, NY IDA (Center for Discovery) 5.875 07/01/2022 13,354,202 - --------------------------------------------------------------------------------------------------------------------------- 6,400,000 Sullivan County, NY IDA (Center for Discovery) 6.000 06/01/2019 6,178,944 - --------------------------------------------------------------------------------------------------------------------------- 13,840,000 Sullivan County, NY IDA (Center for Discovery) 6.000 07/01/2037 12,806,429 - --------------------------------------------------------------------------------------------------------------------------- 4,800,000 Sullivan County, NY IDA (Center for Discovery) 6.500 06/01/2025 4,733,232 - --------------------------------------------------------------------------------------------------------------------------- 4,650,000 Sullivan County, NY IDA (Center for Discovery) 6.950 02/01/2035 4,732,817 - --------------------------------------------------------------------------------------------------------------------------- 1,915,000 Sullivan County, NY IDA (Center for Discovery) 7.250 02/01/2012 1,947,153 - --------------------------------------------------------------------------------------------------------------------------- 9,965,000 Sullivan County, NY IDA (Center for Discovery) 7.750 02/01/2027 10,249,999 - --------------------------------------------------------------------------------------------------------------------------- 8,350,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 8,223,748 - --------------------------------------------------------------------------------------------------------------------------- 122,500 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 121,402
58 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 6,995,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500% 11/01/2031 $ 6,539,206 - --------------------------------------------------------------------------------------------------------------------------- 6,590,000 Syracuse, NY Hsg. Authority (LRRHCF) 5 5.800 08/01/2037 6,731,685 - --------------------------------------------------------------------------------------------------------------------------- 2,435,000 Syracuse, NY Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,227,757 - --------------------------------------------------------------------------------------------------------------------------- 2,195,000 Syracuse, NY IDA (Anoplate Corp.) 8.000 11/01/2022 2,249,173 - --------------------------------------------------------------------------------------------------------------------------- 168,000,000 Syracuse, NY IDA (Carousel Center) 5.000 01/01/2036 164,772,720 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 873,000 - --------------------------------------------------------------------------------------------------------------------------- 13,885,000 Syracuse, NY IDA (James Square) 7.197 3 08/01/2025 4,270,054 - --------------------------------------------------------------------------------------------------------------------------- 725,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2021 752,246 - --------------------------------------------------------------------------------------------------------------------------- 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2031 2,118,880 - --------------------------------------------------------------------------------------------------------------------------- 75,000 Taconic Hills, NY Central School District at Craryville 5.000 06/15/2026 77,534 - --------------------------------------------------------------------------------------------------------------------------- 3,750,000 Tompkins County, NY IDA (Ithacare Center) 6.200 02/01/2037 3,832,013 - --------------------------------------------------------------------------------------------------------------------------- 55,000 Tompkins, NY Health Care Corp. (Reconstruction Home) 10.800 02/01/2028 59,644 - --------------------------------------------------------------------------------------------------------------------------- 435,000 Tonawanda, NY Senior Citizen Hsg. Corp. 6.500 12/01/2010 438,680 - --------------------------------------------------------------------------------------------------------------------------- 16,760,000 Triborough Bridge & Tunnel Authority 1 5.000 01/01/2032 17,222,911 - --------------------------------------------------------------------------------------------------------------------------- 33,060,000 Triborough Bridge & Tunnel Authority, Series A 1 5.000 01/01/2027 33,859,556 - --------------------------------------------------------------------------------------------------------------------------- 115,500,000 TSASC, Inc. (TFABs) 1 5.000 06/01/2034 109,111,118 - --------------------------------------------------------------------------------------------------------------------------- 287,180,000 TSASC, Inc. (TFABs) 1 5.125 06/01/2042 273,942,949 - --------------------------------------------------------------------------------------------------------------------------- 2,400,000 TSASC, Inc. (TFABs) 5.000 06/01/2026 2,321,640 - --------------------------------------------------------------------------------------------------------------------------- 55,390,000 TSASC, Inc. (TFABs) 5.000 06/01/2034 52,325,825 - --------------------------------------------------------------------------------------------------------------------------- 48,945,000 TSASC, Inc. (TFABs) 5.125 06/01/2042 46,672,484 - --------------------------------------------------------------------------------------------------------------------------- 995,000 UCP/HCA of Chemung County, NY 6.600 08/01/2022 1,017,139 - --------------------------------------------------------------------------------------------------------------------------- 13,200,000 Ulster County, NY IDA (Benedictine Hospital) 6.500 11/01/2036 12,509,904 - --------------------------------------------------------------------------------------------------------------------------- 1,710,000 Ulster County, NY IDA (Brooklyn Bottling) 5 8.600 06/30/2022 1,721,115 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Ulster County, NY IDA (Kingston Hospital) 5.650 11/15/2024 4,096,040 - --------------------------------------------------------------------------------------------------------------------------- 1,465,000 Ulster County, NY IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,486,653 - --------------------------------------------------------------------------------------------------------------------------- 175,000 Ulster County, NY Res Rec 5.000 03/01/2019 180,975 - --------------------------------------------------------------------------------------------------------------------------- 185,000 Ulster County, NY Res Rec 5.000 03/01/2020 190,297 - --------------------------------------------------------------------------------------------------------------------------- 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp. 0.000 7 06/01/2040 2,699,993 - --------------------------------------------------------------------------------------------------------------------------- 2,935,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.000 06/01/2040 3,004,970 - --------------------------------------------------------------------------------------------------------------------------- 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp. 2 6.250 06/01/2025 2,270,939 - --------------------------------------------------------------------------------------------------------------------------- 500,000 Utica, NY GO 6.100 01/15/2013 534,360 - --------------------------------------------------------------------------------------------------------------------------- 3,550,000 Utica, NY IDA (Utica College Civic Facility) 6.850 12/01/2031 3,755,297 - --------------------------------------------------------------------------------------------------------------------------- 2,455,000 Wayne County, NY IDA (ARC) 8.375 03/01/2018 2,458,707 - --------------------------------------------------------------------------------------------------------------------------- 20,000 Westchester County, NY GO 5.375 12/15/2014 20,179 - --------------------------------------------------------------------------------------------------------------------------- 4,300,000 Westchester County, NY Healthcare Corp., Series A 5.875 11/01/2025 4,305,676 - --------------------------------------------------------------------------------------------------------------------------- 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,903,006 - --------------------------------------------------------------------------------------------------------------------------- 90,000 Westchester County, NY IDA (Children's Village) 5.375 03/15/2019 88,367 - --------------------------------------------------------------------------------------------------------------------------- 4,120,000 Westchester County, NY IDA (Children's Village) 5 6.000 06/01/2022 4,127,334
59 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- NEW YORK Continued $ 1,215,000 Westchester County, NY IDA (Clearview School) 7.250% 01/01/2035 $ 1,223,359 - --------------------------------------------------------------------------------------------------------------------------- 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,321,827 - --------------------------------------------------------------------------------------------------------------------------- 2,000,000 Westchester County, NY IDA (Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,088,760 - --------------------------------------------------------------------------------------------------------------------------- 1,560,000 Westchester County, NY IDA (JDAM) 6.750 04/01/2016 1,565,585 - --------------------------------------------------------------------------------------------------------------------------- 3,325,000 Westchester County, NY IDA (Lawrence Hospital) 5.000 01/01/2028 3,181,194 - --------------------------------------------------------------------------------------------------------------------------- 820,000 Westchester County, NY IDA (Lawrence Hospital) 5.125 01/01/2018 825,412 - --------------------------------------------------------------------------------------------------------------------------- 1,275,000 Westchester County, NY IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,343,123 - --------------------------------------------------------------------------------------------------------------------------- 3,035,000 Westchester County, NY IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,143,046 --------------------------------------------------------------------------------------------------------------------------- 1,545,000 Westchester County, NY IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,503,223 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2013 1,029,400 - --------------------------------------------------------------------------------------------------------------------------- 1,710,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2033 1,732,367 - --------------------------------------------------------------------------------------------------------------------------- 160,000 Westchester County, NY IDA (Westchester Airport Assoc.) 5.950 08/01/2024 160,726 - --------------------------------------------------------------------------------------------------------------------------- 130,000 Westchester County, NY IDA (Westchester Resco Company) 5.500 07/01/2009 130,907 - --------------------------------------------------------------------------------------------------------------------------- 2,590,000 Westchester County, NY IDA (Winward School) 5.250 10/01/2031 2,586,296 - --------------------------------------------------------------------------------------------------------------------------- 52,500,000 Westchester County, NY Tobacco Asset Securitization Corp. 1 5.125 06/01/2038 50,390,550 - --------------------------------------------------------------------------------------------------------------------------- 52,670,000 Westchester County, NY Tobacco Asset Securitization Corp. 1 5.125 06/01/2045 49,994,488 - --------------------------------------------------------------------------------------------------------------------------- 76,375,000 Westchester County, NY Tobacco Asset Securitization Corp. 0.000 7 07/15/2039 88,657,628 - --------------------------------------------------------------------------------------------------------------------------- 7,400,000 Westchester County, NY Tobacco Asset Securitization Corp. 5.125 06/01/2038 7,102,668 - --------------------------------------------------------------------------------------------------------------------------- 3,515,000 Yates County, NY IDA (SSMH) 5.650 02/01/2039 3,649,203 - --------------------------------------------------------------------------------------------------------------------------- 4,500,000 Yonkers, NY GO 5.000 08/01/2035 4,647,420 - --------------------------------------------------------------------------------------------------------------------------- 4,685,000 Yonkers, NY IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,687,998 - --------------------------------------------------------------------------------------------------------------------------- 4,445,000 Yonkers, NY IDA (Monastery Manor Associates) 5.250 04/01/2037 4,508,830 - --------------------------------------------------------------------------------------------------------------------------- 1,590,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,336,236 - --------------------------------------------------------------------------------------------------------------------------- 730,000 Yonkers, NY IDA (Sacred Heart Assoc.) 4.800 10/01/2026 717,021 - --------------------------------------------------------------------------------------------------------------------------- 2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.) 5 5.000 10/01/2037 2,322,501 - --------------------------------------------------------------------------------------------------------------------------- 2,515,000 Yonkers, NY IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,554,963 - --------------------------------------------------------------------------------------------------------------------------- 900,000 Yonkers, NY IDA (St. Joseph's Hospital) 5.900 03/01/2008 899,883 - --------------------------------------------------------------------------------------------------------------------------- 2,270,000 Yonkers, NY IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,277,650 - --------------------------------------------------------------------------------------------------------------------------- 3,055,000 Yonkers, NY IDA (Westchester School) 8.750 12/30/2023 3,087,963 - --------------------------------------------------------------------------------------------------------------------------- 800,000 Yonkers, NY Parking Authority 6.000 06/15/2018 821,632 - --------------------------------------------------------------------------------------------------------------------------- 1,215,000 Yonkers, NY Parking Authority 6.000 06/15/2024 1,231,560 --------------- 10,326,287,426
60 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--23.3% $ 2,995,000 Guam EDA (Harmon Village Apartments) 2,10,11 9.375% 11/01/2018 $ -- - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Guam Education Financing Foundation COP 5.000 10/01/2023 1,026,300 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Guam Government Waterworks Authority and Wastewater System 5.875 07/01/2035 3,086,010 - --------------------------------------------------------------------------------------------------------------------------- 300,000 Guam Hsg. Corp. (Single Family Mtg.) 5.750 09/01/2031 317,643 - --------------------------------------------------------------------------------------------------------------------------- 290,000 Guam Power Authority, Series A 5.250 10/01/2023 280,178 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 18,705,400 - --------------------------------------------------------------------------------------------------------------------------- 27,800,000 Northern Mariana Islands Ports Authority, Series A 5.000 06/01/2030 24,916,306 - --------------------------------------------------------------------------------------------------------------------------- 10,010,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 9,058,349 - --------------------------------------------------------------------------------------------------------------------------- 18,185,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 20,585,602 - --------------------------------------------------------------------------------------------------------------------------- 375,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 376,129 - --------------------------------------------------------------------------------------------------------------------------- 55,200,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 54,321,216 - --------------------------------------------------------------------------------------------------------------------------- 263,500,000 Puerto Rico Children's Trust Fund (TASC) 6.600 3 05/15/2050 14,484,595 - --------------------------------------------------------------------------------------------------------------------------- 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165 3 05/15/2055 25,233,150 - --------------------------------------------------------------------------------------------------------------------------- 10,400,000 Puerto Rico Commonwealth 5.000 07/01/2031 10,167,976 - --------------------------------------------------------------------------------------------------------------------------- 13,225,000 Puerto Rico Commonwealth GO 5.000 07/01/2022 13,329,478 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2023 5,024,400 - --------------------------------------------------------------------------------------------------------------------------- 20,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 20,318 - --------------------------------------------------------------------------------------------------------------------------- 14,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 13,836,760 - --------------------------------------------------------------------------------------------------------------------------- 17,010,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 16,734,948 - --------------------------------------------------------------------------------------------------------------------------- 22,550,000 Puerto Rico Commonwealth GO 5.000 07/01/2033 21,808,782 - --------------------------------------------------------------------------------------------------------------------------- 42,530,000 Puerto Rico Commonwealth GO 5.000 07/01/2035 41,081,854 - --------------------------------------------------------------------------------------------------------------------------- 5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,552,089 - --------------------------------------------------------------------------------------------------------------------------- 5,200,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 5,298,124 - --------------------------------------------------------------------------------------------------------------------------- 7,395,000 Puerto Rico Commonwealth GO 5.250 07/01/2026 7,488,547 - --------------------------------------------------------------------------------------------------------------------------- 2,920,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 2,942,893 - --------------------------------------------------------------------------------------------------------------------------- 14,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2031 14,591,640 - --------------------------------------------------------------------------------------------------------------------------- 10,230,000 Puerto Rico Commonwealth GO 5.250 07/01/2034 10,248,926 - --------------------------------------------------------------------------------------------------------------------------- 35,750,000 Puerto Rico Commonwealth GO 6 5.250 07/01/2037 35,763,228 - --------------------------------------------------------------------------------------------------------------------------- 13,350,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2027 13,325,303 - --------------------------------------------------------------------------------------------------------------------------- 23,155,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2032 22,881,076 - --------------------------------------------------------------------------------------------------------------------------- 51,350,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 50,225,949 - --------------------------------------------------------------------------------------------------------------------------- 60,000,000 Puerto Rico Electric Power Authority, Series UU 1 4.025 9 07/01/2029 54,586,500 - --------------------------------------------------------------------------------------------------------------------------- 106,500,000 Puerto Rico Electric Power Authority, Series UU 1 4.185 9 07/01/2025 95,977,480 - --------------------------------------------------------------------------------------------------------------------------- 209,100,000 Puerto Rico Electric Power Authority, Series UU 1 4.205 9 07/01/2031 188,440,292 - --------------------------------------------------------------------------------------------------------------------------- 65,000 Puerto Rico HFC 5.100 12/01/2018 65,392 - --------------------------------------------------------------------------------------------------------------------------- 1,890,000 Puerto Rico HFC 5.500 12/01/2023 1,926,685 - --------------------------------------------------------------------------------------------------------------------------- 9,515,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 9,388,926 - --------------------------------------------------------------------------------------------------------------------------- 270,000 Puerto Rico Highway & Transportation Authority 5.750 07/01/2020 284,737 - --------------------------------------------------------------------------------------------------------------------------- 8,740,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 8,488,638
61 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 28,565,000 Puerto Rico Highway & Transportation Authority, Series G 5.000% 07/01/2042 $ 27,322,994 - --------------------------------------------------------------------------------------------------------------------------- 10,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2025 10,009,300 - --------------------------------------------------------------------------------------------------------------------------- 14,725,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2026 14,698,642 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 7,955,680 - --------------------------------------------------------------------------------------------------------------------------- 4,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 3,928,440 - --------------------------------------------------------------------------------------------------------------------------- 21,700,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2032 21,146,650 - --------------------------------------------------------------------------------------------------------------------------- 7,125,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 6,864,439 - --------------------------------------------------------------------------------------------------------------------------- 64,815,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 61,666,287 - --------------------------------------------------------------------------------------------------------------------------- 125,620,000 Puerto Rico Highway & Transportation Authority, Series N 1 4.178 9 07/01/2041 110,909,429 - --------------------------------------------------------------------------------------------------------------------------- 54,940,000 Puerto Rico Highway & Transportation Authority, Series N 1 4.178 9 07/01/2045 48,506,320 - --------------------------------------------------------------------------------------------------------------------------- 20,000,000 Puerto Rico Highway & Transportation Authority, Series N 4.035 9 07/01/2045 17,602,600 - --------------------------------------------------------------------------------------------------------------------------- 3,650,000 Puerto Rico Infrastructure 5.000 07/01/2025 3,635,254 - --------------------------------------------------------------------------------------------------------------------------- 17,055,000 Puerto Rico Infrastructure 5.000 07/01/2031 16,674,503 - --------------------------------------------------------------------------------------------------------------------------- 6,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 5,780,580 - --------------------------------------------------------------------------------------------------------------------------- 17,590,000 Puerto Rico Infrastructure 5.000 07/01/2037 16,946,734 - --------------------------------------------------------------------------------------------------------------------------- 202,145,000 Puerto Rico Infrastructure 5.000 07/01/2041 193,295,092 - --------------------------------------------------------------------------------------------------------------------------- 161,025,000 Puerto Rico Infrastructure 5.000 07/01/2046 153,202,406 - --------------------------------------------------------------------------------------------------------------------------- 15,000,000 Puerto Rico Infrastructure 5.500 07/01/2027 16,572,000 - --------------------------------------------------------------------------------------------------------------------------- 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,089,396 - --------------------------------------------------------------------------------------------------------------------------- 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,588,403 - --------------------------------------------------------------------------------------------------------------------------- 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,615,105 - --------------------------------------------------------------------------------------------------------------------------- 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,236,063 - --------------------------------------------------------------------------------------------------------------------------- 42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 44,289,768 - --------------------------------------------------------------------------------------------------------------------------- 2,765,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,519,579 - --------------------------------------------------------------------------------------------------------------------------- 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 840,707 - --------------------------------------------------------------------------------------------------------------------------- 8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,501,463 - --------------------------------------------------------------------------------------------------------------------------- 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 11,724,974 - --------------------------------------------------------------------------------------------------------------------------- 325,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 324,698 - --------------------------------------------------------------------------------------------------------------------------- 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,411,021 - --------------------------------------------------------------------------------------------------------------------------- 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,149,935 - --------------------------------------------------------------------------------------------------------------------------- 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 6,151,810
62 | ROCHESTER FUND MUNICIPALS
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250% 09/01/2021 $ 503,190 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5 5.250 09/01/2031 7,700,560 - --------------------------------------------------------------------------------------------------------------------------- 5,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 5,085,750 - --------------------------------------------------------------------------------------------------------------------------- 3,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 3,040,110 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 943,050 - --------------------------------------------------------------------------------------------------------------------------- 10,440,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 9,959,760 - --------------------------------------------------------------------------------------------------------------------------- 1,940,000 Puerto Rico Public Buildings Authority 5.000 07/01/2026 1,924,965 - --------------------------------------------------------------------------------------------------------------------------- 57,855,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 55,770,484 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 Puerto Rico Public Buildings Authority 5.000 07/01/2037 7,225,725 - --------------------------------------------------------------------------------------------------------------------------- 52,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 52,355,680 - --------------------------------------------------------------------------------------------------------------------------- 90,400,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 90,474,128 - --------------------------------------------------------------------------------------------------------------------------- 120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 121,049 - --------------------------------------------------------------------------------------------------------------------------- 12,335,000 Puerto Rico Public Buildings Authority 6 6.250 07/01/2022 13,987,150 - --------------------------------------------------------------------------------------------------------------------------- 120,000,000 Puerto Rico Sales Tax Financing Corp., Series A 1 4.221 9 08/01/2057 110,041,200 - --------------------------------------------------------------------------------------------------------------------------- 389,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.052 3 08/01/2054 34,858,665 - --------------------------------------------------------------------------------------------------------------------------- 216,680,000 Puerto Rico Sales Tax Financing Corp., Series A 6 5.250 08/01/2057 222,166,338 - --------------------------------------------------------------------------------------------------------------------------- 13,200,000 Puerto Rico Sales Tax Financing Corp., Series A 5.340 3 08/01/2056 991,584 - --------------------------------------------------------------------------------------------------------------------------- 4,525,000 University of Puerto Rico 5.000 06/01/2026 4,489,841 - --------------------------------------------------------------------------------------------------------------------------- 10,010,000 University of Puerto Rico, Series P 5.000 06/01/2022 10,081,371 - --------------------------------------------------------------------------------------------------------------------------- 5,280,000 University of Puerto Rico, Series P 5.000 06/01/2030 5,185,488 - --------------------------------------------------------------------------------------------------------------------------- 24,375,000 University of Puerto Rico, Series Q 5.000 06/01/2030 23,938,688 - --------------------------------------------------------------------------------------------------------------------------- 65,780,000 University of Puerto Rico, Series Q 5.000 06/01/2036 63,409,947 - --------------------------------------------------------------------------------------------------------------------------- 9,230,000 University of V.I., Series A 5.375 06/01/2034 8,877,229 - --------------------------------------------------------------------------------------------------------------------------- 2,040,000 University of V.I., Series A 6.250 12/01/2029 2,046,528 - --------------------------------------------------------------------------------------------------------------------------- 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,300,963 - --------------------------------------------------------------------------------------------------------------------------- 25,000 V.I. HFA, 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 17,485,790 - --------------------------------------------------------------------------------------------------------------------------- 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5 5.000 10/01/2033 528,413 - --------------------------------------------------------------------------------------------------------------------------- 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,863,674 - --------------------------------------------------------------------------------------------------------------------------- 8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 8,134,240 - --------------------------------------------------------------------------------------------------------------------------- 11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 11,933,883 - --------------------------------------------------------------------------------------------------------------------------- 750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 757,575 - --------------------------------------------------------------------------------------------------------------------------- 1,000,000 V.I. Public Finance Authority, Series A 5 5.500 10/01/2018 1,011,970 - --------------------------------------------------------------------------------------------------------------------------- 16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,257,468 - --------------------------------------------------------------------------------------------------------------------------- 7,500,000 V.I. Public Finance Authority, Series A 5 5.625 10/01/2025 7,504,950 - --------------------------------------------------------------------------------------------------------------------------- 50,000 V.I. Public Finance Authority, Series A 5 5.625 10/01/2025 50,033 - --------------------------------------------------------------------------------------------------------------------------- 3,830,000 V.I. Public Finance Authority, Series E 5 6.000 10/01/2022 3,877,377 - --------------------------------------------------------------------------------------------------------------------------- 1,585,000 V.I. Water & Power Authority 5.300 07/01/2018 1,593,274
63 | ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT COUPON MATURITY VALUE - --------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS Continued $ 3,515,000 V.I. Water & Power Authority 5.300% 07/01/2021 $ 3,515,422 - --------------------------------------------------------------------------------------------------------------------------- 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,540,992 --------------- 2,495,591,910 - --------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $13,040,323,533)--119.8% 12,821,879,336 - --------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(19.8) (2,119,830,000) --------------- NET ASSETS--100.0% $10,702,049,336 ===============
INDUSTRY CLASSIFICATIONS ARE UNAUDITED. FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes. 2. Illiquid security. The aggregate value of illiquid securities as of December 31, 2007 was $89,127,908, which represents 0.83% of the Fund's net assets. See Note 5 of accompanying Notes. 3. Zero coupon bond reflects effective yield on the date of purchase. 4. Subject to a deferred-interest forebearance agreement. Rate shown is current rate. 5. All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes. 6. When-issued security or delayed delivery to be delivered and settled after December 31, 2007. See Note 1 of accompanying Notes. 7. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 8. Represents the current interest rate for a variable rate bond known as an "inverse floater." See Note 1 of accompanying Notes. 9. Represents the current interest rate for a variable or increasing rate security. 10. Issue is in default. See Note 1 of accompanying Notes. 11. Non-income producing security. 64 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- PORTFOLIO ABBREVIATIONS December 31, 2007 - -------------------------------------------------------------------------------- TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ACDS Assoc. for Children with Down Syndrome ACLD Adults and Children with Learning and Developmental Disabilities ADD Aid to the Developmentally Disabled ALIA Alliance of Long Island Agencies ARC Assoc. of Retarded Citizens CCRC Continuing Care Retirement Community CFGA Child and Family Guidance Assoc. CHSLI Catholic Health Services of Long Island CNGCS Central Nassau Guidance and Counseling Services COP Certificates of Participation CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DRIVERS Derivative Inverse Tax Exempt Receipts EDA Economic Devel. Authority EFC Environmental Facilities Corp. ERDA Energy Research and Devel. Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation GSHMC Good Samaritan Hospital Medical Center HDC Housing Devel. Corp. HFA Housing Finance Agency/Authority HFC Housing Finance Corp. HH Harmony Heights, Inc. HHS Harmony Heights School HJDOI Hospital for Joint Diseases Orthopedic Institute IDA Industrial Devel. Agency IGHL Independent Group Home for Living ITEMECF Industrial, Tourist, Educational, Medical And Environmental Community Facilities JCC Jewish Community Center JDAM Julia Dyckman Andrus Memorial JFK John Fitzgerald Kennedy L.I. Long Island LGSC Local Government Services Corp. LIHIA Long Island Head Injury Assoc. LILCO Long Island Lighting Corp. LIMC Long Island Medical Center LRRHCF Loretto Rest Residential Health Care Facility LVH Little Village House MCH Maryhaven Center of Hope MMC Mercy Medical Center MSH/NYU Mount Sinai Hospital/New York University MTA Metropolitan Transportation Authority NIMO Niagara Mohawk Power Corp. NSLIJHS North Shore Long Island Jewish Health System NSUHGC North Shore University Hospital at Glen Cove NY/NJ New York/New Jersey NYC New York City NYS New York State NYU New York University P-Floats Puttable Floats PSCH Professional Service Centers for the Handicapped, Inc. Res Rec Resource Recovery Facility RG&E Rochester Gas and Electric RIBS Residual Interest Bonds RITES Residual Interest Tax Exempt Security ROLs Residual Option Longs SCCC Sullivan County Community College SCHRC St. Charles Hospital and Rehabilitation Center SCSB Schuyler Community Services Board SCSMC St. Catherine of Sienna Medical Center SFH St. Francis Hospital SLCD School for Language and Communication Devel. SMCFS St. Mary's Children and Family Services SONYMA State of New York Mortgage Agency SSMH Soldiers and Sailors Memorial Hospital SUNY State University of New York SV Sienna Village TASC Tobacco Settlement Asset-Backed Bonds TFABs Tobacco Flexible Amortization Bonds UBF University of Buffalo Foundation UCP/HCA United Cerebral Palsy Assoc. and Handicapped Children's Assoc. UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk UDC Urban Devel. Corp. UVBH United Veteran's Beacon House V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults WWH Wyandach/Wheatley Heights YMCA Young Men's Christian Assoc. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 65 | ROCHESTER FUND MUNICIPALS STATEMENT OF ASSETS AND LIABILITIES December 31, 2007 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- ASSETS - -------------------------------------------------------------------------------------------------------------- Investments, at value (cost $13,040,323,533)--see accompanying statement of investments $ 12,821,879,336 - -------------------------------------------------------------------------------------------------------------- Cash 1,739,986 - -------------------------------------------------------------------------------------------------------------- Receivables and other assets: Interest 171,680,122 Investments sold 39,670,967 Shares of beneficial interest sold 26,444,823 Other 159,674 ----------------- Total assets 13,061,574,908 - -------------------------------------------------------------------------------------------------------------- LIABILITIES - -------------------------------------------------------------------------------------------------------------- Payables and other liabilities: Payable for short-term floating rate notes issued (See Note 1) 2,195,194,210 Investments purchased (including $80,712,439 purchased on a when-issued or delayed delivery basis) 92,509,391 Shares of beneficial interest redeemed 32,924,875 Payable on borrowings (See Note 6) 32,100,000 Distribution and service plan fees 4,333,875 Trustees' compensation 1,329,175 Transfer and shareholder servicing agent fees 423,349 Interest expense on borrowings 326,176 Shareholder communications 79,884 Dividends 4,339 Other 300,298 ----------------- Total liabilities 2,359,525,572 - -------------------------------------------------------------------------------------------------------------- NET ASSETS $ 10,702,049,336 ================= - -------------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - -------------------------------------------------------------------------------------------------------------- Paid-in capital $ 11,009,649,166 - -------------------------------------------------------------------------------------------------------------- Accumulated net investment income 8,995,761 - -------------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments (98,151,394) - -------------------------------------------------------------------------------------------------------------- Net unrealized depreciation on investments (218,444,197) ----------------- NET ASSETS $ 10,702,049,336 =================
66 | ROCHESTER FUND MUNICIPALS - ----------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - ----------------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $8,541,085,193 and 483,243,484 shares of beneficial interest outstanding) $ 17.67 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $ 18.55 - ----------------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $591,268,906 and 33,484,483 shares of beneficial interest outstanding) $ 17.66 - ----------------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,514,257,655 and 85,801,483 shares of beneficial interest outstanding) $ 17.65 - ----------------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $55,437,582 and 3,137,503 shares of beneficial interest outstanding) $ 17.67
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 67 | ROCHESTER FUND MUNICIPALS STATEMENT OF OPERATIONS For the Year Ended December 31, 2007 - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------- INVESTMENT INCOME - ----------------------------------------------------------------------------------------- Interest $ 675,511,180 - ----------------------------------------------------------------------------------------- Other income 3,773 -------------- Total investment income 675,514,953 - ----------------------------------------------------------------------------------------- EXPENSES - ----------------------------------------------------------------------------------------- Management fees 49,510,955 - ----------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 12,449,248 Class B 7,451,294 Class C 14,912,403 - ----------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 2,372,372 Class B 454,674 Class C 650,478 Class Y 10,300 - ----------------------------------------------------------------------------------------- Shareholder communications: Class A 190,229 Class B 39,319 Class C 36,568 Class Y 504 - ----------------------------------------------------------------------------------------- Interest expense and fees on short-term floating rate notes issued (See Note 1) 77,072,626 - ----------------------------------------------------------------------------------------- Interest expense on borrowings 4,864,064 - ----------------------------------------------------------------------------------------- Accounting service fees 3,266,519 - ----------------------------------------------------------------------------------------- Trustees' compensation 606,621 - ----------------------------------------------------------------------------------------- Custodian fees and expenses 217,544 - ----------------------------------------------------------------------------------------- Administration service fees 1,500 - ----------------------------------------------------------------------------------------- Other 978,009 -------------- Total expenses 175,085,227 Less reduction to custodian expenses (118,364) -------------- Net expenses 174,966,863 - ----------------------------------------------------------------------------------------- NET INVESTMENT INCOME 500,548,090 - ----------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ----------------------------------------------------------------------------------------- Net realized gain on investments 5,857,579 - ----------------------------------------------------------------------------------------- Net change in unrealized depreciation on investments (713,428,516) - ----------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(207,022,847) ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 68 | ROCHESTER FUND MUNICIPALS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2007 2006 - -------------------------------------------------------------------------------------------------------------------- OPERATIONS - -------------------------------------------------------------------------------------------------------------------- Net investment income $ 500,548,090 $ 424,202,280 - -------------------------------------------------------------------------------------------------------------------- Net realized gain 5,857,579 64,514,394 - -------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) (713,428,516) 200,124,365 ---------------------------------- Net increase (decrease) in net assets resulting from operations (207,022,847) 688,841,039 - -------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - -------------------------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (403,388,408) (345,323,410) Class B (28,650,176) (39,093,803) Class C (56,889,880) (39,656,968) Class Y (2,106,962) (818,853) ---------------------------------- (491,035,426) (424,893,034) - -------------------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - -------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 1,115,177,970 1,834,390,004 Class B (270,521,381) (75,346,776) Class C 356,020,349 514,608,540 Class Y 36,884,183 9,689,538 ---------------------------------- 1,237,561,121 2,283,341,306 - -------------------------------------------------------------------------------------------------------------------- NET ASSETS - -------------------------------------------------------------------------------------------------------------------- Total increase 539,502,848 2,547,289,311 - -------------------------------------------------------------------------------------------------------------------- Beginning of period 10,162,546,488 7,615,257,177 ---------------------------------- End of period (including accumulated net investment income (loss) of $8,995,761 and $(516,903), respectively) $10,702,049,336 $10,162,546,488 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 69 | ROCHESTER FUND MUNICIPALS STATEMENT OF CASH FLOWS - --------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 2007 - ------------------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES - ------------------------------------------------------------------------------------------ Net decrease in net assets from operations $ (207,022,847) - ------------------------------------------------------------------------------------------ Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: Purchase of investment securities (4,368,959,527) Proceeds from disposition of investment securities 3,454,538,933 Short-term investment securities, net (803,237,786) Premium amortization 21,102,974 Discount accretion (38,553,918) Net realized gain on investments (5,857,579) Net change in unrealized depreciation on investments 713,428,516 Increase in interest receivable (30,442,780) Increase in receivable for securities sold (33,069,073) Increase in other assets (46,012) Decrease in payable for securities purchased (60,029,059) Increase in payable for accrued expenses 599,590 ---------------- Net cash used in operating activities (1,357,548,568) - ------------------------------------------------------------------------------------------ CASH FLOWS FROM FINANCING ACTIVITIES - ------------------------------------------------------------------------------------------ Proceeds from bank borrowings 2,106,400,000 Payments on bank borrowings (2,296,600,000) Proceeds from short-term floating rate notes issued 755,999,210 Proceeds from shares sold 3,280,165,299 Payment on shares redeemed (2,339,478,340) Cash distributions paid (163,841,136) ---------------- Net cash provided by financing activities 1,342,645,033 - ------------------------------------------------------------------------------------------ Net decrease in cash (14,903,535) - ------------------------------------------------------------------------------------------ Cash, beginning balance 16,643,521 ---------------- Cash, ending balance $ 1,739,986 ================
Supplemental disclosure of cash flow information: Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $327,189,951. Cash paid for interest on bank borrowings--$4,882,267. Cash paid for interest on short-term floating rate notes issued--$77,072,626. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 70 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS - -----------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003 - ---------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 18.82 $ 18.28 $ 17.76 $ 17.62 $ 17.38 - ---------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .88 1 .93 1 .99 1 1.07 1 1.11 Net realized and unrealized gain (loss) (1.17) .55 .53 .16 .23 ------------------------------------------------------------------- Total from investment operations (.29) 1.48 1.52 1.23 1.34 - ---------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.86) (.94) (1.00) (1.09) (1.10) ------------------------------------------------------------------- Net asset value, end of period $ 17.67 $ 18.82 $ 18.28 $ 17.76 $ 17.62 =================================================================== - ---------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.59)% 8.33% 8.76% 7.25% 8.12% - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 8,541 $ 7,979 $ 5,937 $ 4,699 $ 4,228 - ---------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $ 8,598 $ 6,836 $ 5,327 $ 4,387 $ 4,100 - ---------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 4.78% 5.05% 5.44% 6.09% 6.49% Expenses excluding interest and fees on short-term floating rate notes issued 0.72% 0.72% 0.73% 0.72% 0.71% Interest and fees on short-term floating rate notes issued 4 0.71% 0.62% 0.46% 0.26% 0.26% ------------------------------------------------------------------- Total expenses 1.43% 5 1.34% 5 1.19% 5 0.98% 5 0.97% 5,6 - ---------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 17% 16% 10% 12%
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 less than one full year. 4. Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes. 5. Reduction to custodian expenses less than 0.005%. 6. Voluntary waiver of transfer agent fees less than 0.005%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 71 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS B YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003 - ---------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 18.80 $ 18.26 $ 17.75 $ 17.60 $ 17.36 - ---------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .72 1 .78 1 .83 1 .91 1 .96 Net realized and unrealized gain (loss) (1.16) .54 .52 .18 .23 ------------------------------------------------------------------- Total from investment operations (.44) 1.32 1.35 1.09 1.19 - ---------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.70) (.78) (.84) (.94) (.95) ------------------------------------------------------------------- Net asset value, end of period $ 17.66 $ 18.80 $ 18.26 $ 17.75 $ 17.60 =================================================================== - ---------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (2.41)% 7.39% 7.77% 6.40% 7.19% - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 591 $ 906 $ 955 $ 1,073 $ 1,231 - ---------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $ 745 $ 925 $ 1,006 $ 1,130 $ 1,259 - ---------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 3.88% 4.20% 4.60% 5.23% 5.62% Expenses excluding interest and fees on short-term floating rate notes issued 1.62% 1.60% 1.60% 1.59% 1.58% Interest and fees on short-term floating rate notes issued 4 0.71% 0.62% 0.46% 0.26% 0.26% ------------------------------------------------------------------- Total expenses 2.33% 5 2.22% 5 2.06% 5 1.85% 5 1.84% 5,6 - ---------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 17% 16% 10% 12%
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 less than one full year. 4. Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes. 5. Reduction to custodian expenses less than 0.005%. 6. Voluntary waiver of transfer agent fees less than 0.005%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 72 | ROCHESTER FUND MUNICIPALS
CLASS C YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003 - ---------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 18.79 $ 18.25 $ 17.74 $ 17.59 $ 17.36 - ---------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .71 1 .76 1 .82 1 .91 1 .96 Net realized and unrealized gain (loss) (1.15) .56 .53 .18 .22 ------------------------------------------------------------------- Total from investment operations (.44) 1.32 1.35 1.09 1.18 - ---------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.70) (.78) (.84) (.94) (.95) ------------------------------------------------------------------- Net asset value, end of period $ 17.65 $ 18.79 $ 18.25 $ 17.74 $ 17.59 =================================================================== - ---------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (2.39)% 7.40% 7.78% 6.40% 7.14% - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 1,514 $ 1,256 $ 712 $ 498 $ 443 - ---------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $ 1,492 $ 956 $ 600 $ 459 $ 436 - ---------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 3.90% 4.15% 4.56% 5.22% 5.62% Expenses excluding interest and fees on short-term floating rate notes issued 1.59% 1.58% 1.59% 1.59% 1.58% Interest and fees on short-term floating rate notes issued 4 0.71% 0.62% 0.46% 0.26% 0.26% ------------------------------------------------------------------- Total expenses 2.30% 5 2.20% 5 2.05% 5 1.85% 5 1.84% 5,6 - ---------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 17% 16% 10% 12%
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 less than one full year. 4. Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes. 5. Reduction to custodian expenses less than 0.005%. 6. Voluntary waiver of transfer agent fees less than 0.005%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 73 | ROCHESTER FUND MUNICIPALS FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------
CLASS Y YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 18.82 $ 18.28 $ 17.76 $ 17.61 $ 17.38 - ------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .891 .95 1 1.01 1 1.10 1 1.14 Net realized and unrealized gain (loss) (1.15) .55 .54 .17 .21 ---------------------------------------------------------------- Total from investment operations (.26) 1.50 1.55 1.27 1.35 - ------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.89) (.96) (1.03) (1.12) (1.12) ---------------------------------------------------------------- Net asset value, end of period $ 17.67 $ 18.82 $ 18.28 $ 17.76 $ 17.61 ================================================================ - ------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.44)% 8.45% 8.93% 7.50% 8.16% - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 56 $ 22 $ 11 $ 8 $ 9 - ------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $ 44 $ 16 $ 10 $ 8 $ 11 - ------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 4.91% 5.14% 5.59% 6.27% 6.79% Expenses excluding interest and fees on short-term floating rate notes issued 0.56% 0.60% 0.58% 0.55% 0.61% Interest and fees on short-term floating rate notes issued 4 0.71% 0.62% 0.46% 0.26% 0.26% ---------------------------------------------------------------- Total expenses 1.27% 5 1.22% 5 1.04% 5 0.81% 5 0.87% 5 - ------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 17% 16% 10% 12%
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 less than one full year. 4. Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes. 5. Reduction to custodian expenses less than 0.005%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 74 | 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 adviser 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 72 months 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 trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange 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 whose principal exchange is NASDAQ(R) are valued based on the closing price reported 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, as 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, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the "bid" and "asked" prices. Securities for which market quotations are not readily available are valued 75 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued at their fair value. 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. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company's net asset value per share. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. - -------------------------------------------------------------------------------- SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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 purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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, 2007, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows: WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------------------------- Purchased securities $80,712,439 - -------------------------------------------------------------------------------- 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 $816,241,926 as of December 31, 2007, which represents 6.25% of the Fund's total assets. 76 | ROCHESTER FUND MUNICIPALS Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the "municipal bond") to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the "sponsor") creates a trust (the "Trust") and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an "inverse floating rate security") to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund's repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust's liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of Operations. At December 31, 2007, municipal bond holdings with a value of $2,894,426,187 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $2,195,194,210 in short-term floating rate notes issued and outstanding at that date. At December 31, 2007, the Fund's residual exposure to these types of inverse floating rate securities were as follows:
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE - ------------------------------------------------------------------------------------------------------- $ 3,340,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 4.160% 6/1/38 $ 2,947,483 21,250,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 4.160 6/1/45 18,176,612 14,940,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 4.160 6/1/45 12,779,228 9,305,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 4.160 6/1/38 8,211,476 2,915,000 L.I., NY Power Authority RITES 8.073 9/1/28 3,787,518 57,000,000 Liberty, NY Devel. Corp. ROLs 10.700 10/1/35 70,273,020 20,000,000 Nassau County, NY Tobacco Settlement Corp. RITES 4.371 6/1/46 17,853,800 3,560,000 NY Counties Tobacco Trust I (TASC) RITES 7.214 6/1/28 3,937,609 9,615,000 NY Counties Tobacco Trust I RITES 7.044 6/1/42 10,338,721 2,960,000 NY Counties Tobacco Trust I RITES 7.049 6/1/35 3,173,031 5,000,000 NY Counties Tobacco Trust II RITES 5.945 6/1/43 5,182,550
77 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE - ------------------------------------------------------------------------------------------------------- $ 12,950,000 NY Counties Tobacco Trust II RITES 5.945% 6/1/43 $ 13,422,804 14,900,000 NY Counties Tobacco Trust II RITES 5.235 6/1/35 15,176,395 5,725,000 NY Counties Tobacco Trust IV RITES 4.155 6/1/45 4,888,406 8,700,000 NY Counties Tobacco Trust IV RITES 4.155 6/1/45 7,428,669 12,300,000 NY Counties Tobacco Trust IV RITES 4.155 6/1/42 10,713,423 10,210,000 NY Counties Tobacco Trust IV RITES 4.155 6/1/42 8,893,012 1,500,000 NY Counties Tobacco Trust IV RITES 4.155 6/1/45 1,280,805 2,100,000 NY MTA DRIVERS 6.760 5/15/13 1,881,012 2,125,000 NY MTA RITES 6.985 11/15/32 2,364,827 1,910,000 NY MTA RITES 6.985 11/15/28 2,167,544 14,200,000 NY MTA RITES 7.192 11/15/25 16,362,944 10,000,000 NY MTA RITES 7.192 11/15/30 11,155,000 5,000,000 NY MTA RITES 7.192 11/15/30 5,577,500 2,890,000 NY MTA RITES 6.985 11/15/30 3,223,795 7,500,000 NY MTA RITES 7.192 11/15/31 8,199,750 2,220,000 NY MTA Service Contract RITES 7.038 1/1/24 2,679,274 4,190,000 NY Triborough Bridge & Tunnel Authority RITES 7.192 1/1/32 4,652,911 8,265,000 NY Triborough Bridge & Tunnel Authority RITES 7.054 1/1/27 9,064,556 11,500,000 NYC GO ROLs 9.010 6/1/30 12,426,210 6,850,000 NYC GO ROLs 9.010 6/1/33 7,350,050 2,730,000 NYC GO ROLs 9.010 8/1/30 2,953,969 1,350,000 NYC GO ROLs 9.010 8/1/35 1,446,957 5,875,000 NYC Health & Hospital Corp. RITES 7.227 2/15/20 6,509,735 12,750,000 NYC Municipal Water Finance Authority DRIVERS 8.760 6/15/13 14,328,833 2,805,000 NYC Municipal Water Finance Authority RITES 6.998 6/15/27 2,977,676 11,210,000 NYC Municipal Water Finance Authority RITES 7.692 6/15/32 12,992,838 7,850,000 NYC Municipal Water Finance Authority RITES 7.192 6/15/34 8,467,324 2,930,000 NYC Municipal Water Finance Authority RITES 6.985 6/15/32 3,238,353 11,860,000 NYC Municipal Water Finance Authority RITES 6.104 6/15/34 13,110,518 4,500,000 NYC Municipal Water Finance Authority RITES 6.104 6/15/38 4,952,520 14,425,000 NYC Municipal Water Finance Authority RITES 7.285 6/15/26 16,438,442 6,875,000 NYC Municipal Water Finance Authority ROLs 9.148 6/15/31 7,887,000 10,025,000 NYC Municipal Water Finance Authority ROLs 9.148 6/15/37 11,346,295 7,875,000 NYC Municipal Water Finance Authority ROLs 9.148 6/15/39 8,773,223 4,935,000 NYC Municipal Water Finance Authority ROLs 9.148 6/15/39 5,542,400 4,500,000 NYC Municipal Water Finance Authority ROLs 9.168 6/15/39 5,080,500 9,415,000 NYS DA (Lutheran Social Services of Upstate New York) RITES 6.250 2/1/38 9,772,958 3,115,000 NYS DA (Menorah Home & Hospital) RITES 7.363 8/1/38 3,461,949 5,825,000 NYS DA (Menorah Home) RITES 7.551 8/1/38 6,372,084 4,625,000 NYS DA (Mental Health) RITES 6.998 2/15/23 4,963,088 2,375,000 NYS DA (Montefiore Medical) RITES 8.538 8/1/38 2,720,468 2,850,000 NYS DA (Municipal Health Facilities) RITES 6.998 1/15/23 3,115,107 3,310,000 NYS DA P-Floats 6.104 2/1/28 3,719,381 5,000,000 NYS DA RITES 8.594 2/1/12 6,736,200 6,890,000 NYS DA ROLs 3 9.785 5/1/33 866,349
78 | ROCHESTER FUND MUNICIPALS
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE - ------------------------------------------------------------------------------------------------------- $ 1,115,000 NYS DA ROLs 3 9.181% 5/1/18 $ 868,841 6,415,000 NYS DA ROLs 9.166 2/15/37 6,912,676 3,485,000 NYS ERDA (NIMO) RITES 7.598 11/1/25 3,922,577 3,625,000 NYS ERDA (RG&E) Residual Certificates 12.430 9/1/33 4,086,535 20,000,000 Port Authority NY/NJ RITES 6.204 9/15/13 22,183,200 31,560,000 Puerto Rico Electric Power Authority ROLs 3 9.573 7/1/31 377,773 15,000,000 Puerto Rico Electric Power Authority ROLs 3 4.108 7/1/29 9,586,500 51,025,000 Puerto Rico Highway & Transportation Authority ROLs 4.140 7/1/45 29,880,750 12,000,000 Puerto Rico Sales Tax Financing Corp. ROLs 3 11.590 8/1/57 2,041,200 2,125,000 Rensselaer County, NY Tobacco Asset Securitization Corp. RITES 5.623 6/1/35 2,184,118 2,430,000 Rensselaer County, NY Tobacco Asset Securitization Corp. RITES 5.947 6/1/43 2,518,719 3,075,000 Rockland County, NY Tobacco Asset Securitization Corp. RITES 5.622 8/15/35 3,163,929 3,360,000 Rockland County, NY Tobacco Asset Securitization Corp. RITES 5.948 8/15/43 3,487,512 8,110,000 SONYMA RITES 6.109 10/1/34 6,650,200 9,000,000 SONYMA, Series 71 RITES 6.367 4/1/29 9,249,390 5,500,000 SONYMA, Series 73 RITES 8.129 10/1/28 5,604,060 80,850,000 TSASC, Inc. (TFABs) RITES 4.350 6/1/42 71,652,504 7,960,000 TSASC, Inc. (TFABs) RITES 4.350 6/1/42 7,054,470 57,750,000 TSASC, Inc. (TFABs) RITES 4.155 6/1/34 51,361,118 33,750,000 TSASC, Inc. (TFABs) ROLs 3 6.551 6/1/42 30,615,975 15,335,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 4.612 6/1/45 13,303,879 21,325,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 4.376 6/1/38 19,611,323 6,325,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 4.376 6/1/45 5,680,609 675,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 4.376 6/1/38 620,757 4,250,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 4.376 6/1/38 3,908,470 ------------ $789,871,187 ============
1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbrevations table on page 65 of the Statement of Investments. 2. Represents the current interest rate for a variable rate bond known as an "inverse floater." 3. Security is subject to a shortfall and forbearance agreement. The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes 79 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund's potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund's investment in such inverse floating rate securities, if it deems it appropriate to do so. As of December 31, 2007, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at approximately $534,830,000. - -------------------------------------------------------------------------------- CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of December 31, 2007, securities with an aggregate market value of $375,900, representing less than 0.005% of the Fund's net assets, were in default. The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original coupon interest rates. As of December 31, 2007, securities with an aggregate market value of $875,000, representing 0.01% of the Fund's net assets, were subject to these deferred-interest forbearance agreements. Interest is owed to the Fund under these agreements in the amount of $2,625,000. - -------------------------------------------------------------------------------- CONCENTRATION RISK. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the 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 Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund's tax return filings remain open for the three preceding fiscal reporting period ends. The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able 80 | ROCHESTER FUND MUNICIPALS 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 DEPRECIATION 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 ------------------------------------------------------------------------ $8,226,078 $-- $81,836,111 $(234,759,477) 1. As of December 31, 2007, the Fund had $81,836,111 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, 2007, details of the capital loss carryforwards were as follows: EXPIRING --------------------------- 2011 $ 51,503,211 2012 30,332,900 ------------ Total $ 81,836,111 ============ 2. During the fiscal year ended December 31, 2007, the Fund utilized $6,170,077 of capital loss carryforward to offset capital gains realized in that fiscal year. 3. During the fiscal year ended December 31, 2006, the Fund utilized $64,258,971 of capital loss carryforward to offset capital gains realized in that fiscal year. 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, 2007. Net assets of the Fund were unaffected by the reclassifications. INCREASE TO ACCUMULATED NET INCREASE TO REALIZED LOSS PAID-IN CAPITAL ON INVESTMENTS -------------------------------------- $2,199,481 $2,199,481 The tax character of distributions paid during the years ended December 31, 2007 and December 31, 2006 was as follows: YEAR ENDED YEAR ENDED DECEMBER 31, 2007 DECEMBER 31, 2006 ---------------------------------------------------------------------- Distributions paid from: Ordinary income $ 5,660,530 $ 5,202,181 Exempt-interest dividends 485,374,895 419,690,853 -------------------------------- Total $491,035,425 $424,893,034 ================================ 81 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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, 2007 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 $10,952,083,813 ================ Gross unrealized appreciation $ 211,897,725 Gross unrealized depreciation (446,657,202) ---------------- Net unrealized depreciation $ (234,759,477) ================ - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. On November 19, 2007, the Fund's Board of Trustees voted to freeze participation in the retirement plan for the Board's independent trustees by not adding new participants to the plan after December 31, 2007. Active independent trustees who have accrued benefits under the plan prior to the freeze date will elect a distribution method with respect to their benefits. Benefits already accrued under the plan for Trustees who were participants prior to that freeze date are not affected. During the year ended December 31, 2007, the Fund's projected benefit obligations, payments to retired trustees and accumulated liability were as follows: Projected Benefit Obligations Increased $ 314,522 Payments Made to Retired Trustees 37,921 Accumulated Liability as of December 31, 2007 1,235,481 In January 1995, the then existing Board of Trustees of the Fund adopted an unfunded retirement plan for its independent trustees. The retirement plan, as amended and restated in October 1995, provides that no independent trustee of the Fund who is elected after September 1995 may be eligible to receive benefits there under. Upon retirement, eligible trustees receive annual payments based upon their years of service. In connection with the sale of certain assets of Rochester Capital Advisors, L.P. (the Fund's former investment adviser) to the Manager, all but one of the existing independent trustees retired effective January 4, 1996. During the year ended December 31, 2007 payments of $13,500 were made to retired trustees. As of December 31, 2007, the Fund had recognized an accumulated liability of $3,375. 82 | ROCHESTER FUND MUNICIPALS The Board of Trustees has adopted a compensation deferral 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 compensation deferral plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, 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 is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily. - -------------------------------------------------------------------------------- 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 positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- INDEMNIFICATIONS. The Fund's organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote. 83 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued OTHER. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations 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, 2007 YEAR ENDED DECEMBER 31, 2006 SHARES AMOUNT SHARES AMOUNT - ----------------------------------------------------------------------------------------- CLASS A Sold 135,832,004 $ 2,503,436,674 126,089,178 $2,331,720,588 Dividends and/or distributions reinvested 14,424,856 263,968,201 11,286,033 208,623,392 Redeemed (90,925,472) (1,652,226,905) (38,279,698) (705,953,976) -------------------------------------------------------------- Net increase 59,331,388 $ 1,115,177,970 99,095,513 $1,834,390,004 ============================================================== - ----------------------------------------------------------------------------------------- CLASS B Sold 3,621,510 $ 66,918,572 5,710,045 $ 105,315,335 Dividends and/or distributions reinvested 1,006,492 18,469,987 1,283,328 23,671,707 Redeemed (19,329,357) (355,909,940) (11,082,310) (204,333,818) -------------------------------------------------------------- Net decrease (14,701,355) $ (270,521,381) (4,088,937) $ (75,346,776) ============================================================== - ----------------------------------------------------------------------------------------- CLASS C Sold 35,085,634 $ 647,826,015 32,402,099 $ 598,672,944 Dividends and/or distributions reinvested 2,373,896 43,366,388 1,484,633 27,424,594 Redeemed (18,495,052) (335,172,054) (6,043,138) (111,488,998) -------------------------------------------------------------- Net increase 18,964,478 $ 356,020,349 27,843,594 $ 514,608,540 ============================================================== - ----------------------------------------------------------------------------------------- CLASS Y Sold 2,770,788 $ 50,878,442 636,021 $ 11,800,255 Dividends and/or distributions reinvested 76,362 1,385,375 12,282 227,931 Redeemed (859,044) (15,379,634) (125,699) (2,338,648) -------------------------------------------------------------- Net increase 1,988,106 $ 36,884,183 522,604 $ 9,689,538 ==============================================================
84 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- 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, 2007, were as follows: PURCHASES SALES - ---------------------------------------------------------- Investment securities $4,368,959,527 $3,454,538,933 - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table: FEE SCHEDULE FOR SEPT. 1, 2007 TO DEC. 31, 2007 ---------------------------------- Up to $100 million 0.54% Next $150 million 0.52 Next $1.75 billion 0.47 Next $3 billion 0.46 Next $3 billion 0.45 Next $6 billion 0.44 Over $14 billion 0.42 FEE SCHEDULE FOR JAN. 1, 2007 TO AUG. 31, 2007 ---------------------------------- Up to $100 million 0.54% Next $150 million 0.52 Next $1.75 billion 0.47 Next $3 billion 0.46 Next $3 billion 0.45 Over $8 billion 0.44 - -------------------------------------------------------------------------------- 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 SERVICE FEES. Accounting service 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, 2007, the Fund paid $3,266,564 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, 2007, the Fund paid $3,354,987 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 annually 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. 85 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan (the "Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund 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 service 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 periods. 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 (the "Plans") for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 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 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the Plans at December 31, 2007 for Class B and Class C shares were $34,371,698 and $28,198,097, 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 following table 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, 2007 $4,299,425 $803,952 $1,357,241 $611,520
86 | ROCHESTER FUND MUNICIPALS - -------------------------------------------------------------------------------- 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, 2007, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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 an applicable footnote on the Statement of Investments. - -------------------------------------------------------------------------------- 6. BORROWINGS The Fund can borrow money from banks in amounts up to one third 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. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund's share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund's yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations. The Fund entered into a Revolving Credit and Security Agreement (the "Agreement") with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $850 million, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (5.1906% as of December 31, 2007). The Fund pays additional fees of 0.30% annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of a 0.13% annual commitment fee for a liquidity backstop facility with respect to the $850 million facility size. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice. For the year ended December 31, 2007, the Fund had borrowings outstanding at an interest rate of 5.1906%. Details of the borrowings for the year ended December 31, 2007 are as follows: Average Daily Loan Balance $90,819,726 Average Daily Interest Rate 5.303% Fees Paid $ 548,239 Interest Paid $ 4,882,267 87 | ROCHESTER FUND MUNICIPALS NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 7. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of December 31, 2007, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 88 | 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, 2007, and the related statement of operations and cash flows 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, 2007, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochester Fund Municipals as of December 31, 2007, the results of its operations and its cash flows 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 12, 2008 89 | ROCHESTER FUND MUNICIPALS FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2008, if applicable, shareholders of record received information regarding all taxable dividends and distributions paid to them by the Fund during calendar year 2007 Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. None of the dividends paid by the Fund during the fiscal year ended December 31, 2007 are eligible for the corporate dividend-received deduction. 98.85% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 100% of the tax-exempt 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 (85.6%), Puerto Rico (13%), Guam (0.2%), Virgin Islands (1.2%). During 2007, 26.45% 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. 90 | 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. 91 | 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 about the nature and extent of the services provided to the Fund and information regarding the Manager's key personnel who 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 all administrative and clerical personnel who 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 account of the fact that the Manager has had over forty years of experience as an 92 | ROCHESTER FUND MUNICIPALS 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 Ron H. Fielding, Daniel G. Loughran, Scott Cottier, Troy Willis, Mark DeMitry, and Marcus Franz, the portfolio managers for the Fund, and the Manager's Rochester Municipal Bond investment team and analysts. The Board members also considered their experiences with the Manager and its officers and other personnel through their service on the Boards 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 its members have become knowledgeable about 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 and from 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 regular quarterly 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 retail front-end and no-load New York municipal debt funds advised by the Manager and by other investment advisers. The Board noted that the Fund's one-year, three-year, five-year, and ten-year performance were better than its peer group median. 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 Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. 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 actual management fees and total expenses are lower than its peer group median although its contractual management fees are equal to its peer group median. ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may realize economies of scale in managing and supporting the Fund, the extent to which those economies of scale benefit the Fund's shareholders and the current level of Fund assets in 93 | ROCHESTER FUND MUNICIPALS BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued - -------------------------------------------------------------------------------- relation to the Fund's breakpoint schedule for its management fees. The Board also noted the Fund's breakpoints, which are intended to share economies of scale that may exist as the Fund grows with its shareholders. Based on this evaluation, the Board requested and the Manager agreed to a revised breakpoint schedule. Effective September 1, 2007, the Fund pays the Manager at the following annual rates that decline as the Fund's assets grow: 0.54% of the first $100 million of average annual net assets, 0.52% of the next $150 million of average annual net assets, 0.47% of the next $1.75 billion of average annual net assets, 0.46% of the next $3.0 billion of average annual net assets, 0.45% of the next $3.0 billion of average annual net assets, 0.44% of the next $6.0 billion of average annual net assets and 0.42% of average annual net assets in excess of $14.0 billion. 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, and the revised management fee structure adopted by the Board and the Manager, are reasonable in relation to the services provided. Accordingly, the Board elected to continue the 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 Agreement, including the management fee, in light of all of the surrounding circumstances. 94 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; NUMBER FUND, LENGTH OF SERVICE, AGE 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 of Chairman of the Board of Trivest Venture Fund (private venture capital fund); President of Investment Counseling Trustees (since 2001), Federated Investors, Inc. (1973-1982); Trustee of the following open-end investment Trustee (since 1995) companies: Cash Assets Trust (1984), Premier VIT (formerly PIMCO Advisors VIT), Tax Free Trust Age: 74 of Arizona (since 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 Neuberger Age: 78 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. 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 Qualified Age: 68 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) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); 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 Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), 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 63 portfolios in the OppenheimerFunds complex.
95 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 63 portfolios in the OppenheimerFunds Trustee (since 1998) complex. Age: 74 LACY B. HERRMANN, Founder and Chairman Emeritus of Aquila Group of Funds (open-end investment company) (since Trustee (since 1995) December 2004); Chairman of Aquila Management Corporation and Aquila Investment Management LLC Age: 78 (since August 1984); Chief Executive Officer and President of Aquila Management Corporation (August 1984- December 1994); 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; Sub-Advisor and Administrator of Prime Cash Fund & Short Term Asset Reserves; Director of OCC Cash Reserves, Inc. (open-end investment company) (June 2003-December 2004); Trustee of Premier VIT (formerly PIMCO Advisors VIT) (investment company) (since 1994); Trustee of OCC Accumulation Trust (open-end investment company) (until December 2004); 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 2004); Age: 64 Member of Zurich Financial Services Investment Advisory Board (insurance) (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). Oversees 63 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW AND OFFICER 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. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of President and Principal the Manager (September 2000-March 2007); President and director or trustee of other Oppenheimer Executive Officer (since 2001) funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent and Trustee (since 2005) holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of Age: 58 the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); 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),
96 | ROCHESTER FUND MUNICIPALS JOHN V. MURPHY, HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); Continued President (since November 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); Chairman (since October 2007) and Member of the Investment Company Institute's Board of Governors (since October 2003). Oversees 102 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------------------------------ OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE THE FUND AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NY 14625, EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. RONALD H. FIELDING, Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Vice President and Senior Manager, an officer and a trader for the Fund and other Oppenheimer funds. Portfolio Manager (since 1996) Age: 58 DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April Vice President (since 2005) 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior and Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. (since 2001) Age: 44 SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Vice President (since 2005) Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for and Senior Portfolio Manager the Fund and other Oppenheimer funds. (since 2002) Age: 36 TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from Vice President (since 2005) May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). and Senior Portfolio Manager Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds. (since 2006) Age: 35 MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Vice President and Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Compliance Officer Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, (since 2004) Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Age: 57 Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the OppenheimerFunds complex. BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the Treasurer and Principal following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Financial & Accounting Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Officer (since 1999) Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), Age: 48 OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May
97 | ROCHESTER FUND MUNICIPALS TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- BRIAN W. WIXTED, 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Continued 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). An officer of 102 portfolios in the OppenheimerFunds complex. BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Manager Assistant Treasurer (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November (since 2004) 1998-July 2002). An officer of 102 portfolios in the OppenheimerFunds complex. Age: 37 BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Assistant Treasurer Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger (since 2005) Financial Group LLC (May 2001-March 2003). An officer of 102 portfolios in the OppenheimerFunds Age: 37 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 Counsel Age: 59 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). An officer of 102 portfolios in the OppenheimerFunds complex. LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President Assistant Secretary (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial (since 2004) Services, Inc. An officer of 102 portfolios in the OppenheimerFunds complex. Age: 40 PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); First Assistant Secretary Vice President (2000-September 2004), Director (2000-September 2004) and Vice President (since 2004) (1998-2000) of Merrill Lynch Investment Management. An officer of 102 portfolios in the Age: 44 OppenheimerFunds complex.
98 | ROCHESTER FUND MUNICIPALS KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October Assistant Secretary 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) (since 2001) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since Age: 42 October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102 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. 99 | 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, the Board's Audit Committee Chairman, 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 $53,000 in fiscal 2007 and $55,000 in fiscal 2006. (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 $256,236 in fiscal 2007 and $216,204 in fiscal 2006 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: 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 no such fees to the registrant 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. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed $1,342 in fiscal 2007 and no such fees in fiscal 2006 to the registrant. 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. (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 $257,578 in fiscal 2007 and $216,204 in fiscal 2006 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) No such services were rendered. 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 12/31/2007, 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: 02/07/2008 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: 02/07/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 02/07/2008 EX-99.906CERT 2 ra0365_44482cert906.txt RA0365_44482CERT906 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 12/31/2007 (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. Section. 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: 02/07/2008 Date: 02/07/2008 EX-99.CERT 3 ra0365_44482cert302.txt RA0365_44482CERT302 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: 02/07/2008 /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: 02/07/2008 /s/ Brian W. Wixted - --------------------------- Brian W. Wixted Principal Financial Officer EX-99.CODE ETH 4 ra0365_44482codeeth.txt RA0365_44482CODEETH 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 OFI's and 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 o accountability for adherence to this Code. - ---------- 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 OFI and the Funds 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. 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, and 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 Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund. 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, as revised August 30, 2006. 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: Chief Financial Officer Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting -----END PRIVACY-ENHANCED MESSAGE-----