N-Q 1 rq365_46591nq.txt RQ365_46591NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY 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: 03/31/2008 ---------- ITEM 1. SCHEDULE OF INVESTMENTS. Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- MUNICIPAL BONDS AND NOTES--124.0% New York--97.9% $ 1,420,000 Albany County, NY Airport Authority 5.000% 12/15/2035 $ 1,291,405 1,035,000 Albany County, NY IDA (Albany College of Pharmacy) 5.375 12/01/2024 986,728 1,700,000 Albany County, NY IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,604,783 605,000 Albany County, NY IDA (Wildwood Programs) 4.900 07/01/2021 539,358 1,085,000 Albany, NY Hsg. Authority (Lark Drive) 5.500 12/01/2028 1,053,622 2,700,000 Albany, NY IDA (Albany Law School) 5.000 07/01/2031 2,408,535 310,000 Albany, NY IDA (Albany Law School) 5.000 07/01/2037 269,576 1,420,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2019 1,401,299 2,460,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2029 2,297,050 340,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse) 7.500 05/01/2012 340,558 845,000 Albany, NY IDA (Albany Rehabilitation) 8.375 06/01/2023 845,718 3,125,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2027 2,677,063 1,350,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2032 1,113,359 900,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2037 727,281 7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 6,564,596 3,730,000 Albany, NY IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,798,259 2,180,000 Albany, NY IDA (Hampton Plaza) 6.250 03/15/2018 2,181,526 900,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2025 715,068 1,285,000 Albany, NY IDA (Sage Colleges) 5.250 04/01/2019 1,293,314 1,760,000 Albany, NY IDA (Sage Colleges) 5.300 04/01/2029 1,669,272 7,150,000 Albany, NY IDA (St. Peter's Hospital) (1) 5.250 11/15/2032 6,628,551 1,290,000 Albany, NY IDA (St. Peters Hospital) 5.250 11/15/2032 1,195,920 1,000,000 Albany, NY IDA (St. Peters Hospital) 5.500 11/15/2027 989,290 1,120,000 Albany, NY Parking Authority 5.625 07/15/2020 1,155,997 895,000 Albany, NY Parking Authority 5.625 07/15/2025 910,752 1,770,000 Albany, NY Parking Authority (2) 7.052 (3) 11/01/2017 1,100,887 5,700,000 Allegany County, NY IDA (Houghton College) 5.250 01/15/2024 5,715,903 925,000 Amherst, NY IDA (Asbury Pointe) 5.800 02/01/2015 869,861 10,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2023 9,132 3,000,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2029 2,656,860 5,300,000 Amherst, NY IDA (Beechwood Health Care Center) 5.200 01/01/2040 4,310,490 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.) 5.250 08/01/2031 25,137 250,000 Babylon, NY IDA (WWH Ambulance) 7.375 09/15/2008 250,505 810,000 Bethlehem, NY Water System 5.250 03/01/2018 845,753 855,000 Bethlehem, NY Water System 5.375 03/01/2019 891,731 905,000 Bethlehem, NY Water System 5.375 03/01/2020 938,657 955,000 Bethlehem, NY Water System 5.500 03/01/2021 990,182 505,000 Bethlehem, NY Water System 5.500 03/01/2022 521,635 1,065,000 Blauvelt, NY Volunteer Fire Company 6.250 10/15/2017 1,048,471 2,735,000 Brookhaven, NY IDA (Enecon Corp.) 6.300 01/01/2033 2,503,209 2,425,000 Brookhaven, NY IDA (Stony Brook Foundation) 6.500 11/01/2020 2,478,593 65,000 Broome County, NY IDA (University Plaza) 5.000 08/01/2025 54,914 3,030,000 Broome County, NY IDA (University Plaza) 5.000 08/01/2036 2,371,823 1,000,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2030 821,400 1,250,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2036 994,200 3,000,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2030 2,498,850 4,450,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2036 3,595,378
1 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) 5.750% 11/01/2030 $ 2,730,360 915,000 Canton, NY Human Services Initiatives 5.700 09/01/2024 935,880 1,155,000 Canton, NY Human Services Initiatives 5.750 09/01/2032 1,159,724 4,295,000 Cattaraugus County, NY IDA (Olean General Hospital) 5.250 08/01/2023 4,352,038 1,465,000 Cattaraugus County, NY IDA (St. Bonaventure University) 5.450 09/15/2019 1,467,930 11,875,000 Cayuga County, NY COP (Auburn Memorial Hospital) 6.000 01/01/2021 11,890,556 230,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 230,506 3,395,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,397,682 1,900,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,841,727 95,000 Chautauqua, NY Utility District 5.000 06/01/2023 98,671 105,000 Chautauqua, NY Utility District 5.000 06/01/2025 108,114 3,250,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 3,087,305 1,915,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 1,819,135 1,000,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 927,250 1,455,000 Chemung County, NY IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,349,149 1,155,000 Chemung County, NY IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,129,948 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,435,872 4,745,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 4,567,442 4,800,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 4,811,232 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,924,288 1,150,000 Clifton Springs, NY Hospital & Clinic 7.650 01/01/2012 1,162,558 2,545,000 Clifton Springs, NY Hospital & Clinic 8.000 01/01/2020 2,548,079 35,000 Cohoes, NY GO 6.200 03/15/2012 35,386 25,000 Cohoes, NY GO 6.200 03/15/2013 25,272 25,000 Cohoes, NY GO 6.250 03/15/2014 25,261 25,000 Cohoes, NY GO 6.250 03/15/2015 25,224 25,000 Cohoes, NY GO 6.250 03/15/2016 25,189 1,435,000 Columbia County, NY IDA (Berkshire Farms) 7.500 12/15/2014 1,435,201 3,300,000 Corinth, NY IDA (International Paper Company) 5.750 02/01/2022 3,091,770 40,000 Corinth, NY IDA (International Paper Company) 5.850 12/01/2020 38,492 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,183,930 155,000 Dutchess County, NY IDA (Astor Learning Center Civic Facility) 5.150 11/01/2024 157,713 2,310,000 Dutchess County, NY IDA (Elant Fishkill) 5.250 01/01/2037 1,919,287 280,000 Dutchess County, NY IDA (IBM Corp.) 5.450 12/01/2029 294,703 900,000 Dutchess County, NY IDA (St. Francis Hospital) 5.400 03/01/2029 952,344 1,000,000 Dutchess County, NY Water & Wastewater Authority 5.400 (3) 06/01/2027 354,800 3,240,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,333,636
2 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.) 6.125% 04/20/2043 $ 1,410,243 1,400,000 East Rochester, NY Hsg. Authority (Genesee Valley Nursing Home) 5.200 12/20/2024 1,438,682 2,465,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,486,248 2,000,000 East Rochester, NY Hsg. Authority (Linden Knoll) 5.350 02/01/2038 1,939,000 16,210,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.000 02/15/2047 15,189,418 4,095,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.950 08/01/2027 4,134,762 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village) 5.500 08/01/2033 1,477,742 3,325,000 Elmira, NY Hsg. Authority (Eastgate Apartments) 6.250 06/01/2044 2,944,853 2,380,000 Erie County, NY IDA (Air Cargo) 8.500 10/01/2015 2,385,831 4,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.750 06/01/2025 3,989,440 7,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.875 06/01/2035 6,880,860 1,960,000 Erie County, NY IDA (DePaul Properties) 5.750 09/01/2028 1,617,510 2,605,000 Erie County, NY IDA (DePaul Properties) 6.500 09/01/2018 2,457,297 1,800,000 Erie County, NY IDA (Global Concepts Charter School) 6.250 10/01/2037 1,658,646 11,310,000 Erie County, NY IDA (Medaille College) 7.625 04/01/2035 12,085,301 3,515,000 Erie County, NY IDA (Medaille College) 8.250 11/01/2026 3,762,561 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 9,282,834 9,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 8,294,753 9,600,000 Erie County, NY IDA (The Episcopal Church Home) 6.000 02/01/2028 9,022,464 2,630,000 Erie County, NY Sewer District 5.000 12/01/2030 2,629,816 1,360,000 Erie County, NY Sewer District 5.000 12/01/2035 1,349,827 25,290,000 Erie County, NY Tobacco Asset Securitization Corp. (4) 5.000 06/01/2038 22,487,236 72,380,000 Erie County, NY Tobacco Asset Securitization Corp. (4) 5.000 06/01/2045 63,190,273 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140 (3) 06/01/2050 5,554,805 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488 (3) 06/01/2047 5,360,520 150,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.751 (3) 06/01/2055 3,387,000 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650 (3) 06/01/2060 15,472,640 1,410,000 Essex County, NY IDA (International Paper Company) 4.600 03/01/2027 1,080,892 2,300,000 Essex County, NY IDA (International Paper Company) 6.450 11/15/2023 2,302,346 30,000 Essex County, NY IDA (Moses Ludington Nursing Home) 6.200 02/01/2030 31,735 5,000,000 Essex County, NY IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,308,450 975,000 Essex County, NY IDA (North Country Community College Foundation) 5.000 06/01/2020 928,356 320,000 Essex County, NY IDA (North Country Community College Foundation) 5.000 06/01/2020 304,691 1,235,000 Essex County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 1,136,496 410,000 Essex County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 377,298
3 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,100,000 Essex County, NY IDA (North Country Community College Foundation) 5.300% 06/01/2035 $ 973,896 8,300,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.200 12/01/2023 7,250,797 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.200 03/01/2028 3,693,236 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.500 08/15/2022 1,687,589 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company) 5.500 10/01/2026 1,412,970 5,680,000 Franklin County, NY IDA (Adirondack Medical Center) 5.500 12/01/2029 5,700,050 900,000 Franklin County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 828,216 1,000,000 Genesee County, NY IDA (United Memorial Medical Center) 5.000 12/01/2027 850,990 70,000 Glen Cove, NY IDA (SLCD) 6.875 07/01/2008 69,900 3,775,000 Glen Cove, NY IDA (SLCD) 7.375 07/01/2023 3,780,965 1,225,000 Green Island, NY Power Authority 5.125 12/15/2024 1,202,668 2,660,000 Green Island, NY Power Authority 6.000 12/15/2020 2,768,954 1,695,000 Green Island, NY Power Authority 6.000 12/15/2025 1,738,019 840,000 Hempstead Village, NY GO 5.000 07/01/2020 833,482 1,025,000 Hempstead Village, NY GO 5.000 07/01/2021 1,004,982 1,270,000 Hempstead Village, NY GO 5.000 07/01/2022 1,235,215 2,500,000 Hempstead, NY IDA (Adelphi University) 5.500 06/01/2032 2,531,300 235,000 Hempstead, NY IDA (Dentaco Corp.) 7.250 11/01/2012 239,016 1,270,000 Hempstead, NY IDA (Dentaco Corp.) 8.250 11/01/2025 1,313,371 2,260,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 2,370,311 18,825,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,832,138 660,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 655,928 9,375,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,897,813 8,710,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 9,187,134 2,475,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,944,161 4,720,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,614,723 12,395,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 14,744,596 25,260,000 Hempstead, NY IDA (Lynbrook Facilities) 6.500 11/01/2042 24,011,903 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center) 6.500 11/01/2038 3,481,310 6,355,000 Hempstead, NY IDA (South Shore YJCC) 6.750 11/01/2024 5,629,831 2,220,000 Herkimer County, NY IDA (Burrows Paper) 8.000 01/01/2009 2,226,260 3,225,000 Herkimer County, NY IDA (Folts Adult Home) 5.500 03/20/2040 3,285,179 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation) 6.250 08/01/2034 1,003,710 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation) 6.400 11/01/2020 1,312,203 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation) 6.500 11/01/2030 2,008,080 175,000 Herkimer, NY Hsg. Authority 7.150 03/01/2011 175,562 702,480,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 678,293,614 107,340,000 Hudson Yards, NY Infrastructure Corp. 5.000 02/15/2047 103,818,175
4 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,255,000 Hudson, NY IDA (Hudson Fabrics) 6.750% 11/01/2024 $ 1,150,546 145,000 Huntington, NY Hsg. Authority (GJSR) 5.875 05/01/2019 139,903 1,000,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2029 933,760 8,500,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2039 7,741,205 770,000 Islip, NY IDA (Leeway School) 9.000 08/01/2021 775,583 17,380,000 Islip, NY IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 17,524,602 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 8,507,653 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 987,221 1,100,000 Islip, NY Res Rec, Series E 5.750 07/01/2020 1,174,679 1,315,000 Islip, NY Res Rec, Series E (5) 5.750 07/01/2021 1,391,033 1,000,000 Islip, NY Res Rec, Series E (5) 5.750 07/01/2023 1,048,150 3,000,000 Kenmore, NY Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,035,220 24,130,000 L.I. , NY Power Authority, Series A 5.125 09/01/2029 24,162,576 60,000 L.I. , NY Power Authority, Series A 5.125 09/01/2029 60,035 64,880,000 L.I. , NY Power Authority, Series C 5.000 09/01/2035 63,642,738 100,000 Lowville, NY GO 7.200 09/15/2013 119,887 100,000 Lowville, NY GO 7.200 09/15/2014 122,130 3,830,000 Lyons, NY Community Health Initiatives Corp. 5.550 09/01/2024 3,931,801 5,300,000 Madison County, NY IDA (Commons II Student Hsg.) 5.000 06/01/2040 5,150,169 750,000 Madison County, NY IDA (Morrisville State College Foundation) (5) 5.000 06/01/2028 741,503 1,100,000 Madison County, NY IDA (Morrisville State College Foundation) (5) 5.000 06/01/2032 1,081,740 1,290,000 Madison County, NY IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,306,344 5,500,000 Madison County, NY IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,400,010 2,605,000 Middletown, NY Hsg. Authority (Summitfield & Moore Heights) 4.800 07/01/2039 2,278,151 650,000 Middletown, NY IDA (Flanagan Design & Display) 7.500 11/01/2018 655,265 3,730,000 Middletown, NY IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,640,294 165,000 Middletown, NY IDA (YMCA) 6.250 11/01/2009 163,619 1,255,000 Middletown, NY IDA (YMCA) 7.000 11/01/2019 1,199,629 150,000 Monroe County, NY COP 8.050 01/01/2011 150,368 570,000 Monroe County, NY IDA (Canal Ponds) 7.000 06/15/2013 573,768 50,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.750 05/01/2023 45,655 1,000,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.875 05/01/2033 898,920 738,014 Monroe County, NY IDA (Cottrone Devel.) 9.500 12/01/2010 748,021 720,000 Monroe County, NY IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 717,674 4,120,000 Monroe County, NY IDA (DePaul Community Facilities) 5.875 02/01/2028 3,465,744 5,195,000 Monroe County, NY IDA (DePaul Community Facilities) 5.950 08/01/2028 4,509,052 640,000 Monroe County, NY IDA (DePaul Community Facilities) 6.450 02/01/2014 648,237 1,285,000 Monroe County, NY IDA (DePaul Community Facilities) 6.500 02/01/2024 1,293,597 4,485,000 Monroe County, NY IDA (DePaul Properties) 6.150 09/01/2021 4,007,572
5 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,000,000 Monroe County, NY IDA (Highland Hospital of Rochester) 5.000% 08/01/2022 $ 969,090 1,250,000 Monroe County, NY IDA (Highland Hospital of Rochester) 5.000 08/01/2025 1,188,675 375,000 Monroe County, NY IDA (Melles Griot) 9.500 12/01/2009 376,485 2,525,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,381,201 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,619,987 1,000,000 Monroe County, NY IDA (Southview Towers) 6.125 02/01/2020 1,035,980 1,465,000 Monroe County, NY IDA (St. John Fisher College) 5.200 06/01/2019 1,490,095 2,190,000 Monroe County, NY IDA (St. John Fisher College) 5.250 06/01/2026 2,189,825 3,075,000 Monroe County, NY IDA (St. John Fisher College) 5.375 06/01/2024 3,095,633 2,175,000 Monroe County, NY IDA (Summit at Brighton) 5.375 07/01/2032 1,814,646 3,660,000 Monroe County, NY IDA (Summit at Brighton) 5.500 07/01/2027 3,200,926 855,000 Monroe County, NY IDA (Volunteers of America) 5.700 08/01/2018 798,527 2,765,000 Monroe County, NY IDA (Volunteers of America) 5.750 08/01/2028 2,387,992 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701 (3) 06/01/2061 9,061,000 580,000 Monroe, NY Newpower Corp 5.625 01/01/2026 544,939 2,265,000 Monroe, NY Newpower Corp. 5.500 01/01/2034 2,018,251 500,000 Mount Vernon, NY IDA (Kings Court) 5.200 12/01/2033 463,925 3,275,000 Mount Vernon, NY IDA (Macedonia Towers) 5.200 12/01/2033 3,038,709 2,295,000 Mount Vernon, NY IDA (Meadowview) 6.150 06/01/2019 2,284,695 2,600,000 Mount Vernon, NY IDA (Meadowview) 6.200 06/01/2029 2,515,058 8,880,000 MTA Service Contract, Series A (4) 5.125 01/01/2024 9,026,653 8,400,000 MTA, Series A (4) 4.500 11/15/2034 7,773,612 7,640,000 MTA, Series A (4) 5.000 11/15/2028 7,673,998 71,560,000 MTA, Series A (4) 5.000 11/15/2030 71,878,442 8,500,000 MTA, Series A (4) 5.000 11/15/2032 8,463,833 802,824 Municipal Assistance Corp. for Troy, NY 5.733 (3) 07/15/2021 410,596 1,218,573 Municipal Assistance Corp. for Troy, NY 5.741 (3) 01/15/2022 600,391 5,120,000 Nassau County, NY (CSMR) 5.950 11/01/2022 4,920,371 790,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 759,198 855,000 Nassau County, NY IDA (ALIA-ACDS) 7.500 06/01/2015 886,909 2,975,000 Nassau County, NY IDA (ALIA-ACLD) 6.250 09/01/2022 2,835,859 210,000 Nassau County, NY IDA (ALIA-ACLD) 7.125 06/01/2017 215,338 320,000 Nassau County, NY IDA (ALIA-ACLD) 7.500 06/01/2015 331,942 5,065,000 Nassau County, NY IDA (ALIA-CSMR) 7.000 11/01/2016 5,163,565 3,115,000 Nassau County, NY IDA (ALIA-CSMR) 7.125 06/01/2017 3,194,183 1,600,000 Nassau County, NY IDA (ALIA-CSMR) 7.500 06/01/2015 1,659,712 245,000 Nassau County, NY IDA (ALIA-FREE) 7.125 06/01/2012 251,235 1,970,000 Nassau County, NY IDA (ALIA-FREE) 7.500 06/01/2015 2,043,520 4,030,000 Nassau County, NY IDA (ALIA-FREE) 8.150 06/01/2030 4,187,452 6,340,000 Nassau County, NY IDA (ALIA-FREE) 8.250 06/01/2032 6,613,698 835,000 Nassau County, NY IDA (ALIA-HH) 7.125 06/01/2017 853,629 640,000 Nassau County, NY IDA (ALIA-HHS) 7.125 06/01/2017 654,278 200,000 Nassau County, NY IDA (ALIA-LVH) 7.500 06/01/2015 207,464 10,000,000 Nassau County, NY IDA (Amsterdam at Harborside) (1) 6.700 01/01/2043 9,854,100 480,000 Nassau County, NY IDA (CNGCS) 7.500 06/01/2030 497,914
6 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 2,245,000 Nassau County, NY IDA (CNGCS) 8.150% 06/01/2030 $ 2,337,337 645,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.) 5.950 11/01/2022 619,851 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center) 6.500 11/01/2037 1,557,777 115,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center) 5.250 06/01/2027 110,820 690,000 Nassau County, NY IDA (Life's WORCA) 5.950 11/01/2022 663,097 3,750,000 Nassau County, NY IDA (Little Village School) 7.500 12/01/2031 3,864,263 3,535,000 Nassau County, NY IDA (New York Water Service Corp.) 5.000 12/01/2035 3,256,760 2,290,000 Nassau County, NY IDA (North Shore CFGA) 6.750 05/01/2024 2,156,791 1,310,000 Nassau County, NY IDA (PLUS Group Home) 6.150 11/01/2022 1,259,434 2,050,000 Nassau County, NY IDA (United Cerebral Palsy) 6.250 11/01/2014 1,991,555 645,000 Nassau County, NY IDA (United Veteran's Beacon House) 6.500 11/01/2037 607,964 23,550,000 Nassau County, NY IDA (Westbury Senior Living) 7.900 11/01/2031 26,551,683 750,000 Nassau County, NY IDA, Series A-A 6.000 07/02/2021 695,588 7,725,000 Nassau County, NY IDA, Series A-B 6.000 07/01/2021 7,164,551 710,000 Nassau County, NY IDA, Series A-C 6.000 07/01/2021 658,490 800,000 Nassau County, NY IDA, Series A-D 6.000 07/01/2021 741,960 1,675,000 Nassau County, NY Interim Finance Authority 5.125 11/15/2021 1,676,776 40,000,000 Nassau County, NY Tobacco Settlement Corp. (4) 5.125 06/01/2046 35,616,600 9,000,000 Nassau County, NY Tobacco Settlement Corp. (5) 0.000 (6) 06/01/2026 7,968,240 82,590,000 Nassau County, NY Tobacco Settlement Corp. 5.125 06/01/2046 73,538,136 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820 (3) 06/01/2046 1,329,800 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221 (3) 06/01/2046 6,570,450 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537 (3) 06/01/2060 20,291,784 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351 (3) 06/01/2060 604,400 19,280,000 Nassau County, NY Tobacco Settlement Corp. (TASC) 5.000 06/01/2035 17,229,958 7,155,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 8,499,138 3,340,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 3,967,452 4,290,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,182,964 4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,672,032 4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,672,032 13,010,000 New Rochelle, NY IDA (College of New Rochelle) 5.250 07/01/2027 13,016,635 5,955,000 New Rochelle, NY IDA (College of New Rochelle) 5.500 07/01/2019 6,087,558 3,670,000 New Rochelle, NY IDA (Soundview Apartments) 5.375 04/01/2036 3,499,198 500,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2038 453,070 2,810,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2048 2,481,342 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,240,369 3,635,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.250 06/01/2018 3,336,203 1,500,000 Niagara County, NY IDA (Niagara University) 5.350 11/01/2023 1,516,185 5,400,000 Niagara County, NY IDA (Niagara University) (5) 5.400 11/01/2031 5,349,996 2,600,000 Niagara County, NY IDA (Solid Waste Disposal) 5.550 11/15/2024 2,581,878 6,800,000 Niagara County, NY IDA (Solid Waste Disposal) (5) 5.625 11/15/2024 6,743,288 20,000 Niagara County, NY Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,141
7 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,395,000 Niagara County, NY Tobacco Asset Securitization Corp. (5) 6.250% 05/15/2034 $ 1,419,343 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,386,844 295,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport) 5.000 04/01/2028 276,223 1,235,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport) 5.625 04/01/2029 1,240,570 715,000 North Babylon, NY Volunteer Fire Company 5.750 08/01/2022 729,772 3,295,000 North Tonawanda, NY HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,755,740 25,000 Nunda, NY GO 8.000 05/01/2010 27,397 560,000 NY Capital District Youth Center 6.000 02/01/2017 569,206 500,000 NY Carnegie Redevel. Corp. (2) 7.000 09/01/2021 473,470 315,000 NY Counties Tobacco Trust I 6.500 06/01/2035 322,815 5,000 NY Counties Tobacco Trust I 6.625 06/01/2042 5,135 11,865,000 NY Counties Tobacco Trust I (TASC) (4) 6.250 06/01/2028 12,149,013 5,920,000 NY Counties Tobacco Trust I (TASC) (4) 6.500 06/01/2035 6,066,905 19,225,000 NY Counties Tobacco Trust I (TASC) P-Floats (4) 6.625 06/01/2042 19,742,960 29,800,000 NY Counties Tobacco Trust II (TASC) (4) 5.625 06/01/2035 29,369,241 53,850,000 NY Counties Tobacco Trust II (TASC) (4) 5.750 06/01/2043 53,604,085 245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 247,354 7,000,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 6,224,120 131,335,000 NY Counties Tobacco Trust IV 5.920 (3) 06/01/2050 6,083,437 304,690,000 NY Counties Tobacco Trust IV 6.395 (3) 06/01/2055 8,555,695 608,700,000 NY Counties Tobacco Trust IV 6.816 (3) 06/01/2060 9,197,457 45,020,000 NY Counties Tobacco Trust IV (TASC) (4) 5.000 06/01/2042 39,687,831 31,850,000 NY Counties Tobacco Trust IV (TASC) (4) 5.000 06/01/2045 27,784,507 82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 (6) 06/01/2041 78,370,050 7,440,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2042 6,558,732 82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 (7) 06/01/2041 10,668,075 345,760,000 NY Counties Tobacco Trust V 6.152 (3) 06/01/2038 41,173,101 627,860,000 NY Counties Tobacco Trust V 6.204 (3) 06/01/2050 29,082,475 643,195,000 NY Counties Tobacco Trust V 6.850 (3) 06/01/2055 18,060,916 3,845,000,000 NY Counties Tobacco Trust V 7.846 (3) 06/01/2060 58,097,950 248,570,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) (4) 5.250 10/01/2035 251,841,313 29,735,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) (4) 5.500 10/01/2037 31,212,632 2,500,000 NY Liberty Devel. Corp. (National Sports Museum) (5) 6.125 02/15/2019 2,403,050 15,895,000 NY MTA Service Contract, Series A 5.125 01/01/2024 16,157,426 162,430,000 NY MTA Service Contract, Series A 5.125 01/01/2029 162,693,137 20,000,000 NY MTA Service Contract, Series A 5.750 07/01/2031 20,700,000 33,290,000 NY MTA Service Contract, Series B 5.250 01/01/2031 33,412,840 56,800,000 NY MTA, Series A 5.000 11/15/2025 56,796,592 20,000 NY MTA, Series A 5.000 11/15/2032 19,556 49,755,000 NY MTA, Series A 5.000 11/15/2035 49,091,766 28,000,000 NY MTA, Series A 5.000 11/15/2037 27,530,720
8 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 34,970,000 NY MTA, Series A 5.125% 11/15/2031 $ 35,060,572 35,800,000 NY MTA, Series A-1 (2) 10.000 (7) 11/01/2031 35,800,000 25,000 NY MTA, Series B 5.000 01/01/2031 24,697 24,000,000 NY MTA, Series B 5.000 11/15/2031 23,801,520 34,845,000 NY MTA, Series E 5.250 11/15/2031 34,609,448 111,510,000 NY MTA, Series F 5.000 11/15/2035 110,023,572 2,000,000 NY New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,020,060 4,450,000 NY Newark-Wayne Community Hospital 5.875 01/15/2033 4,458,633 2,020,000 NY Newark-Wayne Community Hospital 7.600 09/01/2015 2,021,394 17,120,000 NY Seneca Nation Indians Capital Improvements 5.000 12/01/2023 15,101,552 7,500,000 NY Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 7,855,875 13,825,000 NY Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 14,315,926 16,760,000 NY Triborough Bridge & Tunnel Authority (4) 5.000 01/01/2032 16,643,769 25,000 NY Triborough Bridge & Tunnel Authority 5.000 01/01/2032 25,024 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A (4) 5.000 01/01/2027 33,338,531 2,400,000 NY TSASC, Inc. (TFABs) (5) 5.000 06/01/2026 2,228,160 144,920,000 NY TSASC, Inc. (TFABs) 5.000 06/01/2034 129,755,571 48,945,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 43,992,255 2,000,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2026 2,000,340 20,000,000 NYC GO (4) 5.000 04/01/2030 19,949,400 46,000,000 NYC GO (4) 5.000 06/01/2030 45,867,060 10,920,000 NYC GO (4) 5.000 08/01/2030 10,884,182 27,400,000 NYC GO (4) 5.000 06/01/2033 27,243,135 12,455,000 NYC GO (4) 5.000 12/01/2033 12,382,981 30,150,000 NYC GO (4) 5.000 11/01/2034 29,899,220 12,765,000 NYC GO (4) 5.000 03/01/2035 12,652,600 19,405,000 NYC GO (4) 5.000 04/01/2035 19,234,784 5,400,000 NYC GO (4) 5.000 08/01/2035 5,351,994 25,530,000 NYC GO (4) 5.250 06/01/2027 25,832,649 37,945,000 NYC GO (4) 5.375 06/01/2032 38,414,755 25,000 NYC GO 0.000 (6) 03/15/2029 22,511 15,000 NYC GO 5.000 06/01/2020 15,516 5,000 NYC GO 5.000 03/15/2021 5,061 25,000 NYC GO 5.000 03/01/2025 25,172 3,000,000 NYC GO 5.000 04/01/2026 3,019,350 75,000 NYC GO 5.000 08/15/2028 74,494 20,000 NYC GO 5.000 09/15/2028 20,037 15,000 NYC GO 5.000 03/15/2029 15,028 5,000 NYC GO 5.000 03/15/2029 5,207 5,000 NYC GO 5.000 03/15/2029 5,207 60,000 NYC GO 5.000 03/01/2033 59,659 75,000 NYC GO 5.000 06/01/2033 74,570 60,000 NYC GO 5.100 11/01/2019 61,958 5,000 NYC GO (5) 5.250 08/01/2021 5,056 2,735,000 NYC GO 5.250 10/15/2021 2,826,677 265,000 NYC GO 5.250 08/15/2023 268,649 1,690,000 NYC GO (5) 5.250 06/01/2028 1,711,970 1,000,000 NYC GO 5.250 09/15/2033 1,009,880
9 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 5,000 NYC GO 5.375% 12/01/2026 $ 5,068 5,000 NYC GO 5.375 03/01/2027 5,562 515,000 NYC GO (5) 5.375 08/01/2027 519,053 11,500,000 NYC GO 5.500 08/01/2020 12,269,810 50,000 NYC GO 5.500 08/01/2022 50,580 850,000 NYC GO (5) 5.500 06/01/2028 868,632 5,000 NYC GO 5.500 12/01/2031 5,064 3,705,000 NYC GO (5) 5.500 11/15/2037 3,725,859 275,000 NYC GO 5.750 08/01/2012 279,098 10,000 NYC GO 5.750 08/01/2013 10,149 5,000 NYC GO 5.950 08/01/2014 5,106 12,880,000 NYC GO 6.000 01/15/2021 14,044,352 40,000 NYC GO 6.154 (3) 10/01/2012 34,400 335,000 NYC GO 6.350 05/15/2014 339,898 20,000 NYC GO 7.000 02/01/2010 20,298 15,000 NYC GO 7.250 08/15/2024 15,046 5,000 NYC GO 7.750 08/15/2028 5,078 837,000 NYC GO RIBS 7.970 (8) 08/12/2010 856,862 837,000 NYC GO RIBS 7.970 (8) 09/01/2011 856,862 965,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 965,859 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,056,541 309,698 NYC HDC (Bay Towers) 6.500 08/15/2017 310,218 47,956 NYC HDC (Beekman) 6.500 10/15/2017 48,677 321,297 NYC HDC (Bridgeview III) 6.500 12/15/2017 338,059 916,776 NYC HDC (Cadman Towers) 6.500 11/15/2018 964,385 2,539,043 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,542,877 59,053 NYC HDC (Essex Terrace) 6.500 07/15/2018 59,136 344,958 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 362,909 278,046 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 278,513 3,450,000 NYC HDC (Linden Boulevard Apartments) 4.750 01/15/2039 2,994,531 5,000,000 NYC HDC (Multifamily Hsg.) 4.700 11/01/2040 4,411,050 3,365,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 3,084,494 60,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2023 58,575 3,185,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 2,900,484 2,435,000 NYC HDC (Multifamily Hsg.) 5.100 11/01/2027 2,293,940 3,000,000 NYC HDC (Multifamily Hsg.) 5.125 11/01/2032 2,802,510 5,100,000 NYC HDC (Multifamily Hsg.) 5.150 11/01/2037 4,762,941 8,035,000 NYC HDC (Multifamily Hsg.) 5.200 11/01/2040 7,476,246 6,330,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2027 6,082,750 8,500,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 8,525,925 7,205,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2045 6,611,308 5,140,000 NYC HDC (Multifamily Hsg.) 5.350 11/01/2037 4,860,847 15,000 NYC HDC (Multifamily Hsg.) 5.400 11/01/2033 14,456 3,735,000 NYC HDC (Multifamily Hsg.) 5.450 11/01/2040 3,566,439 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2034 2,926,230 10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,514,812 31,900,000 NYC HDC (Multifamily Hsg.), Series B 5.350 05/01/2049 30,230,673 11,250,000 NYC HDC (Multifamily Hsg.), Series C 5.050 11/01/2036 10,616,850 8,365,000 NYC HDC (Multifamily Hsg.), Series C 5.125 05/01/2040 7,667,777 385,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 385,986
10 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200% 11/01/2033 $ 943,320 2,680,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2033 2,604,156 2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,048,823 3,515,000 NYC HDC (Multifamily Hsg.), Series G-1 4.750 11/01/2027 3,209,019 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1 4.875 11/01/2039 11,842,889 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,257,306 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,118,310 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 14,498,748 8,600,000 NYC HDC (Ocean Gate Devel.) 5.150 11/01/2040 7,896,778 29,500,000 NYC HDC (Progress of Peoples Devel.) (5) 4.950 05/15/2036 26,759,745 5,185,000 NYC HDC (Seaview Towers) 4.750 07/15/2039 4,496,328 263,182 NYC HDC (St. Martin Tower) 6.500 11/15/2018 276,867 1,202,581 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,264,382 2,750,000 NYC HDC, Series C 5.000 11/01/2026 2,628,065 23,500,000 NYC Health & Hospital Corp. 5.000 02/15/2020 23,781,060 1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,004,090 1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,037,700 3,480,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,253,800 38,080,000 NYC IDA (AIRIS JFK I/JFK International Airport) 5.500 07/01/2028 33,978,403 22,745,000 NYC IDA (AIRIS JFK I/JFK International Airport) 6.000 07/01/2027 22,235,285 280,000 NYC IDA (Allied Metal) 6.375 12/01/2014 272,476 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 909,055 3,165,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 2,870,718 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,233,219 32,580,000 NYC IDA (American Airlines) (5) 5.400 07/01/2020 24,662,408 41,550,000 NYC IDA (American Airlines) 6.900 08/01/2024 35,229,414 4,300,000 NYC IDA (American Airlines) 7.125 08/01/2011 4,262,762 290,000 NYC IDA (American Airlines) 7.500 08/01/2016 292,543 4,600,000 NYC IDA (American Airlines) 7.625 08/01/2025 4,688,090 41,100,000 NYC IDA (American Airlines) 7.750 08/01/2031 42,404,514 29,410,000 NYC IDA (American Airlines) 8.000 08/01/2028 30,920,204 338,060,000 NYC IDA (American Airlines) 8.500 08/01/2028 355,899,426 3,530,000 NYC IDA (American National Red Cross) (5) 5.000 02/01/2036 3,524,493 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,508,658 1,160,000 NYC IDA (Atlantic Veal & Lamb) (5) 8.375 12/01/2016 1,177,620 380,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 379,453 1,685,000 NYC IDA (Baco Enterprises) (5) 8.500 11/01/2021 1,696,475 1,500,000 NYC IDA (Bark Frameworks) (5) 6.750 11/01/2019 1,433,745 10,240,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 9,583,411 5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,305,905 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,025,312 4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,112,812 52,740,000 NYC IDA (British Airways) 5.250 12/01/2032 40,672,033 34,360,000 NYC IDA (British Airways) 7.625 12/01/2032 35,256,796 85,920,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.650 10/01/2028 78,345,293 144,605,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 132,181,984 21,140,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) (5) 6.200 10/01/2022 20,724,810
11 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 16,205,000 NYC IDA (Calhoun School) 6.625% 12/01/2034 $ 16,506,899 4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,233,164 2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,886,315 12,370,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 10,621,006 3,400,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 2,920,260 29,135,000 NYC IDA (Chapin School) 5.000 11/01/2038 23,395,405 2,505,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,558,131 2,975,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,018,465 1,275,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 1,295,285 1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,380,366 3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 2,907,049 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,831,185 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,509,701 1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,807,152 960,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 961,258 600,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 599,526 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 4,818,288 1,745,000 NYC IDA (Cool Wind Ventilation) 5.450 11/01/2017 1,665,847 1,570,000 NYC IDA (Cool Wind Ventilation) 5.450 11/01/2017 1,498,785 5,685,000 NYC IDA (Cool Wind Ventilation) 6.075 11/01/2027 5,295,236 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,623,940 975,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,019,207 5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,116,980 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,443,086 3,280,000 NYC IDA (Gabrielli Truck Sales) (5) 8.125 12/01/2017 3,329,397 13,780,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 11,987,911 2,265,000 NYC IDA (Gateway School of New York) 6.500 11/01/2019 2,337,503 14,935,000 NYC IDA (General Motors Corp.) (5) 5.125 12/30/2023 12,148,726 1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,736,581 1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,645,182 2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,150,488 4,170,000 NYC IDA (Gourmet Boutique) (5) 5.750 05/01/2021 3,769,221 7,290,000 NYC IDA (Guttmacher Institute) 5.750 12/01/2036 6,229,670 95,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 95,105 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,217,784 900,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 838,854 1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,023,250 3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,025,020 7,800,000 NYC IDA (JetBlue Airways Corp.) 5.000 05/15/2020 6,552,780 11,870,000 NYC IDA (JetBlue Airways Corp.) (5) 5.125 05/15/2030 9,029,865 9,000,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 9,311,490 1,605,000 NYC IDA (Julia Gray) (5) 7.500 11/01/2020 1,607,408 730,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 768,369 990,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,039,847 690,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 690,124 10,175,000 NYC IDA (Liberty-7 World Trade Center) 6.250 03/01/2015 10,292,013 12,000,000 NYC IDA (Liberty-7 World Trade Center) (1) 6.750 03/01/2015 12,363,480 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.) (5) 5.000 09/01/2035 38,813,775 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,065,444
12 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 205,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000% 11/01/2009 $ 200,539 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,692,086 2,035,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 1,939,477 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 21,044,770 3,745,000 NYC IDA (Manhattan Community Access Corp.) 6.000 12/01/2036 3,228,415 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) 6.375 11/01/2038 1,810,331 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) 6.375 11/01/2038 8,765,061 680,000 NYC IDA (Marymount School of New York) 5.125 09/01/2021 628,320 4,010,000 NYC IDA (Marymount School of New York) 5.250 09/01/2031 3,375,097 18,585,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 15,952,992 1,195,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,186,217 4,790,000 NYC IDA (Mesorah Publications) (5) 6.950 02/01/2021 4,715,755 8,405,000 NYC IDA (Metro Biofuels) 6.000 11/01/2028 8,090,653 3,000,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 2,806,920 2,275,000 NYC IDA (Morrisons Pastry) (5) 6.500 11/01/2019 2,153,174 275,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 275,250 25,000 NYC IDA (NYU) 5.000 07/01/2041 24,878 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,258,142 60,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 60,167 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,818,556 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 952,840 10,065,000 NYC IDA (Polytechnic University) 5.250 11/01/2027 8,787,651 24,125,000 NYC IDA (Polytechnic University) 5.250 11/01/2037 19,979,119 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,096,931 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,788,008 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 951,483 4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,102,624 41,445,000 NYC IDA (Queens Baseball Stadium) 5.000 01/01/2046 40,344,221 6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,184,328 2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,091,758 2,150,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 1,986,428 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,883,506 1,000,000 NYC IDA (Roundabout Theatre) 5.000 10/01/2023 894,880 545,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 538,700 4,085,000 NYC IDA (Sahadi Fine Foods) (5) 6.750 11/01/2019 3,776,460 875,000 NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group) 5.000 07/01/2026 756,403 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,022,154 3,275,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,170,921 1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,465,458 995,000 NYC IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 902,366 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) (5) 6.650 07/01/2023 4,526,426 6,630,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 6,803,772 5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,167,838 1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,465,246 5,760,000 NYC IDA (Stallion) 5.500 11/01/2036 4,866,566 955,000 NYC IDA (Stallion) 6.000 11/01/2027 907,174
13 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 10,000 NYC IDA (Staten Island University Hospital) 6.375% 07/01/2031 $ 9,641 4,450,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,290,334 1,470,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,428,281 500,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 490,055 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,261,944 6,808,500 NYC IDA (Studio School) 7.000 11/01/2038 5,970,782 765,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 712,957 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,221,088 7,245,000 NYC IDA (Terminal One Group Assoc.) (5) 5.500 01/01/2020 7,446,701 7,750,000 NYC IDA (Terminal One Group Assoc.) (5) 5.500 01/01/2021 7,910,968 11,390,000 NYC IDA (Terminal One Group Assoc.) (5) 5.500 01/01/2024 11,474,628 380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 383,120 1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 962,740 10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,093,600 270,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 274,984 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,825,126 8,955,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 7,762,284 4,260,000 NYC IDA (Ulano) 6.900 11/01/2019 3,881,286 32,040,000 NYC IDA (Unicef) 5.300 11/01/2038 27,284,303 1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,011,740 385,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 388,065 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,963,295 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,648,809 1,295,000 NYC IDA (Utleys) 7.375 11/01/2023 1,179,447 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,058,338 2,800,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 2,544,780 1,330,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 1,124,143 3,235,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 2,734,287 900,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2031 745,002 1,800,000 NYC IDA (Vaughn College Aeronautics) 5.250 12/01/2036 1,514,088 17,800,000 NYC IDA (Visy Paper) (5) 7.800 01/01/2016 17,835,066 70,500,000 NYC IDA (Visy Paper) (5) 7.950 01/01/2028 70,644,525 1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 1,463,770 360,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 366,642 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,629,733 5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 5,574,674 2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,726,232 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,610,865 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,507,533 1,660,000 NYC IDA (World Casing Corp.) (5) 6.700 11/01/2019 1,611,528 93,105,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 89,126,623 24,270,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 21,136,015 9,500,000 NYC IDA (YMCA of Greater New York) 5.000 08/01/2036 9,070,315 57,700,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2026 58,086,302 27,500,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2031 27,520,488 11,720,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2032 11,689,997 31,400,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2034 31,448,356 64,190,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2034 63,998,363 40,100,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2037 39,914,538
14 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 18,000,000 NYC Municipal Water Finance Authority (4) 5.000% 06/15/2038 $ 17,915,580 22,000,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2038 21,886,040 18,000,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 17,900,370 31,500,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 31,325,648 19,740,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 19,738,717 33,600,000 NYC Municipal Water Finance Authority (4) 5.000 06/15/2039 33,424,319 44,840,000 NYC Municipal Water Finance Authority (4) 5.125 06/15/2032 44,987,524 11,220,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 11,237,391 65,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 65,263 10,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 10,022,700 50,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 50,055 200,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 199,394 675,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 671,254 20,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 19,982,800 30,000 NYC Municipal Water Finance Authority 5.125 06/15/2032 30,046 25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 25,097 30,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 30,048 145,000 NYC Municipal Water Finance Authority (5) 5.125 06/15/2034 145,587 650,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 655,311 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 136,125 350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 355,919 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,527,675 14,360,000 NYS DA (Buena Vida Nursing Home) (4) 5.250 07/01/2028 14,455,566 8,425,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 8,476,393 2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 2,934,718 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group) 5.000 07/01/2027 2,150,685 5,000 NYS DA (City University) 5.000 07/01/2023 5,032 3,180,000 NYS DA (Concord Nursing Home) 5.500 02/15/2030 3,250,501 1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,253,300 525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 532,392 20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,023 6,790,000 NYS DA (Frances Schervier Home & Hospital Obligated Group) 5.500 07/01/2027 6,807,247 940,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 945,311 4,050,000 NYS DA (Health Quest Systems) 5.125 07/01/2037 4,054,091 1,575,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 1,603,744 2,700,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 2,749,275 3,970,000 NYS DA (Hospital for Special Surgery) (5) 5.000 08/15/2033 3,972,064 141,115,000 NYS DA (Insured Hospital) (5) 5.529 (3) 08/15/2036 26,590,299 1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,004,220 1,815,000 NYS DA (L.I. Jewish Medical Center) 5.000 11/01/2026 1,762,528 3,255,000 NYS DA (L.I. University) 5.125 09/01/2023 3,305,257 235,000 NYS DA (L.I. University) 5.250 09/01/2028 233,534 1,335,000 NYS DA (L.I. University) 5.250 09/01/2028 1,323,386 1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,631,219 1,710,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.375 07/01/2020 1,669,405 405,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 378,242
15 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 20,000,000 NYS DA (Maimonides Medical Center) (4) 5.750% 08/01/2029 $ 20,793,200 20,000 NYS DA (Maimonides Medical Center) 5.750 08/01/2035 20,027 3,865,000 NYS DA (Manhattan College) 5.000 07/01/2041 3,582,237 3,260,000 NYS DA (Manhattan College) 5.300 07/01/2037 3,221,499 18,230,000 NYS DA (Memorial Sloan-Kettering) (4) 5.000 07/01/2035 18,121,290 1,000,000 NYS DA (Menorah Campus) 6.100 02/01/2037 1,012,050 23,300,000 NYS DA (Menorah Home & Hospital) 5.150 08/01/2038 23,065,369 12,460,000 NYS DA (Menorah) 5.100 08/01/2028 12,478,067 18,500,000 NYS DA (Mental Health Services Facilities) (4) 5.000 02/15/2023 18,651,145 17,100,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2030 17,076,402 3,660,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2033 3,613,591 22,765,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2035 22,498,194 3,800,000 NYS DA (Millard Fillmore Hospital) (5) 5.375 02/01/2032 3,808,664 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.375 07/01/2029 4,132,054 2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2,534,927 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2025 7,069,779 13,240,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 13,189,556 1,750,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 1,722,700 9,500,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 9,580,845 10,150,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 5.500 07/01/2026 10,149,391 6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 7,093,284 25,240,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 26,074,434 2,335,000 NYS DA (Mt. Sinai Hospital) 6.625 07/01/2019 2,433,934 10,450,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 10,451,150 2,280,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 2,381,506 5,745,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 5,991,058 11,400,000 NYS DA (Municipal Health Facilities) (2,4) 5.000 01/15/2023 11,514,969 1,120,000 NYS DA (New York & Presbyterian Hospital) 5.000 08/01/2032 1,120,504 16,000,000 NYS DA (New York Hospital Medical Center of Queens) 4.650 08/15/2027 15,596,160 26,300,000 NYS DA (New York Hospital Medical Center of Queens) 4.750 02/15/2037 25,183,302 6,950,000 NYS DA (New York Hospital Medical Center) 5.600 02/15/2039 7,029,995 2,265,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2033 2,100,697 62,010,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center Obligated Group) (2,4) 3.000 (7) 05/01/2033 43,407,000 10,000,000 NYS DA (North Shore University Hospital L.I. Jewish Medical Center) (4) 2.900 (7) 05/01/2018 8,200,000 2,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2020 2,030,560 5,800,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2026 5,758,820 3,455,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2027 3,408,876 7,500,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2032 7,185,750 25,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center) 5.000 05/01/2037 23,750,750
16 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 990,000 NYS DA (Norwegian Christian Home & Health Center) 5.200% 08/01/2036 $ 988,466 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,126,420 24,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group) 5.000 11/01/2034 22,606,355 6,200,000 NYS DA (Nursing Home) 4.900 02/15/2041 5,993,354 7,450,000 NYS DA (Nursing Home) 4.950 02/15/2045 7,157,141 18,825,000 NYS DA (Nursing Homes) 5.300 02/01/2038 18,860,015 15,000 NYS DA (NYS Dept. of Mental Hygiene) 5.250 08/15/2031 15,027 40,320,000 NYS DA (NYU Hospital Center) 5.000 07/01/2036 34,257,485 2,000,000 NYS DA (NYU Hospital Center) 5.625 07/01/2037 1,874,000 5,000,000 NYS DA (NYU Hospitals Center) 5.000 07/01/2020 4,793,950 11,100,000 NYS DA (NYU Hospitals Center) 5.000 07/01/2026 10,089,789 20,580,000 NYS DA (NYU Hospitals Center) 5.000 07/01/2026 18,750,232 4,600,000 NYS DA (NYU Hospitals Center) 5.250 07/01/2024 4,386,790 505,000 NYS DA (NYU) 5.000 07/01/2041 502,526 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2026 2,955,391 5,150,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2031 5,160,455 13,550,000 NYS DA (Pace University) (2) 8.250 (7) 07/01/2029 13,550,000 6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 4,779,358 2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,237,220 3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 2,726,140 6,260,000 NYS DA (Rochester General Hospital) 5.000 12/01/2025 6,123,094 17,660,000 NYS DA (Rochester General Hospital) 5.000 12/01/2035 16,363,756 675,000 NYS DA (Sarah Neuman Nursing Home) 5.450 08/01/2027 682,304 50,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2022 53,911 25,000 NYS DA (School Districts Financing Program), Series B 6.000 10/01/2029 26,659 20,520,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 20,740,590 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 998,654 415,000 NYS DA (Special Act School Districts) (5) 6.000 07/01/2019 415,859 2,470,000 NYS DA (St. Barnabas Hospital) (5) 5.450 08/01/2035 2,471,556 1,005,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 1,015,804 2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,589,107 101,800,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 99,685,614 1,505,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,488,234 3,910,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 3,998,874 2,500,000 NYS DA (University of Rochester) 5.000 07/01/2039 2,451,375 2,095,000 NYS DA (Vassar Brothers) (5) 5.375 07/01/2025 2,139,351 11,695,000 NYS DA (Vassar College) (4) 5.000 07/01/2046 11,556,589 7,055,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,116,237 2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,546,200 26,090,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 26,498,830 715,000 NYS DA, Series B 6.650 08/15/2030 739,117 100,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.125 06/15/2031 100,838 4,095,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.400 07/15/2021 4,225,590 7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 7,833,750 2,365,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,400,049
17 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 50,000 NYS EFC (United Waterworks) 5.150% 03/01/2034 $ 47,266 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 8.601 (8) 04/01/2020 7,306,460 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 9.894 (8) 07/01/2026 16,806,767 235,000 NYS ERDA (Central Hudson Gas & Electric Co.) 5.450 08/01/2027 237,604 160,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 160,749 5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,058,300 23,125,000 NYS ERDA (LILCO) (5) 5.300 11/01/2023 23,359,950 350,000 NYS ERDA (LILCO) 5.300 10/01/2024 352,989 100,000 NYS ERDA (LILCO) 5.300 08/01/2025 100,693 75,000 NYS ERDA (LILCO) 5.300 08/01/2025 74,994 13,940,000 NYS ERDA (Niagara Mohawk) (4) 5.150 11/01/2025 14,029,704 14,500,000 NYS ERDA (Rochester Gas & Electric) (4) 5.950 09/01/2033 14,618,900 3,095,000 NYS HFA (Affordable Hsg.) 5.100 11/01/2028 2,917,997 4,400,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2027 4,305,004 2,365,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2038 2,189,162 8,185,000 NYS HFA (Affordable Hsg.) 5.300 11/01/2037 7,831,654 10,220,000 NYS HFA (Affordable Hsg.) 5.450 11/01/2045 9,863,731 2,700,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 2,700,324 1,735,000 NYS HFA (Crotona Estates Apartments) 4.950 08/15/2038 1,538,910 990,000 NYS HFA (Friendship) 5.100 08/15/2041 901,692 15,000 NYS HFA (General Hsg.) 6.600 11/01/2008 15,313 1,495,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 1,359,314 5,960,000 NYS HFA (Highland Avenue Senior Apartments) 5.000 02/15/2039 5,568,666 8,865,000 NYS HFA (Horizons at Wawayanda) 5.350 06/01/2025 8,849,486 7,640,000 NYS HFA (Hospital & Nursing Home) 5.150 11/01/2016 7,697,376 1,645,000 NYS HFA (Kensico Terrace Apartments) 4.900 02/15/2038 1,448,554 950,000 NYS HFA (Kensico Terrace Apartments) 4.950 02/15/2038 843,306 5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,104 3,980,000 NYS HFA (Multifamily Hsg.) 4.850 02/15/2038 3,478,480 6,580,000 NYS HFA (Multifamily Hsg.) 4.850 11/01/2040 5,773,226 745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 719,476 1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,340,268 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,610,274 1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,083,921 2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,767,250 2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,001,272 3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,168,490 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,048,565 1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,235,789 1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,409,307 1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,241,116 1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,725,225 1,125,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,127,655 3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,207,552 1,000,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2031 1,002,360 1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,666,788 2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,126,275 4,715,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,732,446 25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 25,122 695,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 696,828 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,261,614
18 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 2,735,000 NYS HFA (Multifamily Hsg.) (5) 6.700% 08/15/2025 $ 2,737,544 5,480,000 NYS HFA (Multifamily Hsg.) (5) 6.750 11/15/2036 5,571,078 480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 489,014 525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 534,860 565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 575,611 605,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 616,362 655,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 667,301 780,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 794,648 835,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 850,681 900,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 916,902 990,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,008,592 1,060,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,079,907 460,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 468,639 1,490,000 NYS HFA (North Street) 5.050 08/15/2039 1,357,196 4,535,000 NYS HFA (Phillips Village) 7.750 08/15/2017 4,627,877 4,200,000 NYS HFA (Senior Devel. Hsg.) 5.400 11/15/2042 3,956,022 70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,029 5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 5,659,304 5,520,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,577,518 35,000 NYS HFA (Service Contract) (5) 6.500 03/15/2025 35,057 80,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 80,085 1,540,000 NYS HFA (Tiffany Gardens) 4.900 08/15/2025 1,454,977 3,210,000 NYS HFA (Tiffany Gardens) 5.125 08/15/2037 2,943,827 230,000 NYS LGSC (SCSB) (2) 7.250 12/15/2011 230,699 810,000 NYS LGSC (SCSB) (2) 7.375 12/15/2016 813,078 980,000 NYS LGSC (SCSB) (2) 7.750 12/15/2021 981,245 960,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 962,150 740,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 741,702 270,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 271,555 195,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 198,069 30,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 30,083 1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,673,758 5,000 NYS UDC (Correctional Facilities) 6.309 (3) 01/01/2013 3,989 5,480,000 Oneida County, NY IDA (Bonide Products) 6.250 11/01/2018 5,135,308 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 620,234 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 428,252 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 738,528 1,190,000 Oneida County, NY IDA (Presbyterian Home) 5.250 03/01/2019 1,205,803 1,015,000 Oneida County, NY IDA (Presbyterian Home) 6.100 06/01/2020 1,056,798 3,990,000 Onondaga County, NY IDA (Air Cargo) 6.125 01/01/2032 3,904,095 2,000,000 Onondaga County, NY IDA (Air Cargo) 7.250 01/01/2032 2,035,720 2,200,000 Onondaga County, NY IDA (Anheuser-Busch) 4.950 07/01/2036 1,950,388 435,000 Onondaga County, NY IDA (Coltec Industries) 7.250 06/01/2008 435,987 770,000 Onondaga County, NY IDA (Coltec Industries) 9.875 10/01/2010 791,498 1,235,000 Onondaga County, NY IDA (Community General Hospital) 5.500 11/01/2018 1,175,461
19 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 6,485,000 Onondaga County, NY IDA (Community General Hospital) (5) 6.625% 01/01/2018 $ 6,490,058 1,185,000 Onondaga County, NY IDA (Free Library) 5.125 03/01/2030 1,149,284 1,115,000 Onondaga County, NY IDA (Free Library) 5.125 03/01/2037 1,062,495 4,710,000 Onondaga County, NY IDA (Le Moyne College) 5.625 12/01/2021 4,799,443 9,600,000 Onondaga County, NY IDA (Solvay Paperboard) 6.800 11/01/2014 9,700,992 67,200,000 Onondaga County, NY IDA (Solvay Paperboard) 7.000 11/01/2030 68,077,632 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies) 6.250 12/01/2034 504,345 49,164,598 Onondaga County, NY Res Rec 0.000 (6) 05/01/2022 30,266,218 41,580,000 Onondaga County, NY Res Rec 5.000 05/01/2015 38,504,743 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,569,400 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,374,825 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,134,789 2,705,000 Orange County, NY IDA (Glen Arden) 5.625 01/01/2018 2,589,307 5,590,000 Orange County, NY IDA (Glen Arden) 5.700 01/01/2028 4,929,206 250,000 Orange County, NY IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 250,868 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,741,342 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,367,094 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,248,097 7,435,000 Orange County, NY IDA (Tuxedo Place) (2) 7.000 08/01/2032 5,276,694 2,500,000 Orange County, NY IDA (Tuxedo Place) (2) 7.000 08/01/2033 1,771,350 2,755,000 Oswego County, NY IDA (Bishop's Common) 5.375 02/01/2049 2,768,913 3,260,000 Oswego County, NY IDA (Seneca Hill Manor) 5.650 08/01/2037 3,329,666 6,870,000 Otsego County, NY IDA (Hartwick College) 5.900 07/01/2022 6,774,988 1,350,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2013 1,409,130 1,435,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2014 1,488,927 1,520,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2015 1,561,906 1,610,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2016 1,643,955 3,030,000 Otsego County, NY IDA (Mary Imogene Bassett Hospital) 5.350 11/01/2020 3,089,115 12,635,000 Peekskill, NY IDA (Drum Hill) 6.375 10/01/2028 11,140,785 2,055,000 Penfield-Crown Oak, NY Hsg. Devel. Corp. (Crown Oak Apartments) 4.875 12/01/2038 1,941,009 1,150,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,160,005 50,775,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 52,349,025 3,195,000 Port Authority NY/NJ (Delta Air Lines) (2) 6.950 06/01/2008 3,191,070 15,765,000 Port Authority NY/NJ (JFK International Air Terminal) (5) 5.750 12/01/2022 15,897,899 28,805,000 Port Authority NY/NJ (JFK International Air Terminal) (5) 5.750 12/01/2025 28,810,473 2,625,000 Port Authority NY/NJ (JFK International Air Terminal) 5.900 12/01/2017 2,676,713 7,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 7,405,480
20 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 47,775,000 Port Authority NY/NJ (KIAC) 6.750% 10/01/2019 $ 47,924,058 35,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2026 34,017 520,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 498,779 9,810,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2036 9,162,442 245,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2028 236,371 240,000 Port Authority NY/NJ, 126th Series 5.125 11/15/2030 229,613 1,145,000 Port Authority NY/NJ, 127th Series 5.125 06/15/2037 1,084,430 50,000 Port Authority NY/NJ, 127th Series 5.200 12/15/2027 49,107 7,070,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 6,888,018 495,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2026 502,950 80,000,000 Port Authority NY/NJ, 135th Series (4) 5.000 03/15/2039 79,791,600 17,855,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 17,020,279 19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 19,267,615 22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 23,106,405 1,430,000 Port Authority NY/NJ, 137th Series 5.125 07/15/2030 1,382,867 26,000,000 Port Authority NY/NJ, 138th Series 4.750 12/01/2034 23,559,640 27,255,000 Port Authority NY/NJ, 141st Series 4.500 09/01/2029 23,942,155 47,910,000 Port Authority NY/NJ, 143rd Series (4) 5.000 04/01/2036 45,491,503 27,535,000 Port Authority NY/NJ, 143rd Series (4) 5.000 04/01/2036 25,803,468 12,840,000 Port Authority NY/NJ, 146th Series (4) 4.500 12/01/2034 11,250,536 26,100,000 Port Authority NY/NJ, 146th Series (4) 4.750 12/01/2027 24,388,362 10,000 Port Authority NY/NJ, 146th Series 4.500 12/01/2034 8,762 10,000 Port Authority NY/NJ, 146th Series 4.750 12/01/2027 9,344 13,005,000 Port Authority NY/NJ, 147th Series 4.750 10/15/2028 11,887,871 19,705,000 Port Authority NY/NJ, 147th Series 5.000 10/15/2027 18,737,485 20,000,000 Port Authority NY/NJ, 147th Series 5.000 10/15/2032 18,738,200 72,000,000 Port Authority NY/NJ, 151st Series (4) 5.750 03/15/2035 73,033,200 50,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 49,490,767 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.) 6.000 08/01/2032 2,804,425 1,990,000 Putnam County, NY IDA (Brewster Plastics) (5) 8.500 12/01/2016 1,991,652 1,500,000 Rensselaer County, NY IDA (Franciscan Heights) 5.375 12/01/2036 1,492,275 27,455,000 Rensselaer County, NY IDA (Rensselaer Polytechnical Institute) (5) 5.000 03/01/2036 26,927,315 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 5.625 06/01/2035 6,292,673 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 5.750 06/01/2043 7,266,566 18,415,000 Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 18,462,142 1,495,000 Riverhead, NY IDA (Michael Reilly Design) 8.875 08/01/2021 1,491,562 5,365,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.600 12/20/2026 4,881,184 7,565,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.700 12/20/2038 6,453,928 15,695,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.800 12/20/2048 13,358,485 6,790,000 Rochester, NY Museum & Science Center 6.125 12/01/2015 6,558,868
21 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,195,000 Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group) 4.900% 07/01/2021 $ 1,065,343 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp. (4) 5.625 08/15/2035 9,091,361 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp. (4) 5.750 08/15/2043 10,049,035 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875 (3) 08/15/2045 1,970,700 441,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.624 (3) 08/15/2060 6,553,260 20,000 Sanford Town, NY GO 5.250 04/15/2015 21,579 20,000 Sanford Town, NY GO 5.250 04/15/2016 21,570 25,000 Sanford Town, NY GO 5.250 04/15/2017 26,720 25,000 Sanford Town, NY GO 5.250 04/15/2018 26,497 25,000 Sanford Town, NY GO 5.250 04/15/2019 26,380 25,000 Sanford Town, NY GO 5.250 04/15/2020 26,265 30,000 Sanford Town, NY GO 5.250 04/15/2021 31,373 30,000 Sanford Town, NY GO 5.250 04/15/2022 31,236 30,000 Sanford Town, NY GO 5.250 04/15/2023 31,114 30,000 Sanford Town, NY GO 5.250 04/15/2024 30,931 35,000 Sanford Town, NY GO 5.250 04/15/2025 35,945 35,000 Sanford Town, NY GO 5.250 04/15/2026 35,805 40,000 Sanford Town, NY GO 5.250 04/15/2027 40,894 40,000 Sanford Town, NY GO 5.250 04/15/2028 40,800 40,000 Sanford Town, NY GO 5.250 04/15/2029 40,734 45,000 Sanford Town, NY GO 5.250 04/15/2030 45,736 45,000 Sanford Town, NY GO 5.250 04/15/2031 45,617 50,000 Sanford Town, NY GO 5.250 04/15/2032 50,656 50,000 Sanford Town, NY GO 5.250 04/15/2033 50,587 55,000 Sanford Town, NY GO 5.250 04/15/2034 55,624 60,000 Sanford Town, NY GO 5.250 04/15/2035 60,625 60,000 Sanford Town, NY GO 5.250 04/15/2036 60,586 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center) 5.125 12/01/2033 2,842,080 1,635,000 Schenectady, NY IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,701,790 3,335,000 Schenectady, NY IDA (Union College) 5.000 07/01/2031 3,343,671 3,405,000 Schenectady, NY Metroplex Devel. Authority, Series A 5.375 12/15/2021 3,499,319 68,000 Schroon Lake, NY Fire District (2) 7.250 03/01/2009 68,376 175,000 Scotia, NY Hsg. Authority (Holyrood House) 7.000 06/01/2009 175,418 2,650,000 Seneca County, NY IDA (New York Chiropractic College) 5.000 10/01/2027 2,476,505 2,480,000 SONYMA, Series 106 5.100 04/01/2023 2,439,700 22,885,000 SONYMA, Series 106 5.250 04/01/2034 21,586,047 32,440,000 SONYMA, Series 109 (4) 4.950 10/01/2034 29,175,401 5,500,000 SONYMA, Series 130 4.650 04/01/2027 4,935,205 5,920,000 SONYMA, Series 130 4.800 10/01/2037 5,223,098 14,865,000 SONYMA, Series 133 5.050 10/01/2026 14,379,212 23,500,000 SONYMA, Series 137 (5) 4.700 10/01/2031 20,777,055
22 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 23,290,000 SONYMA, Series 140 4.750% 10/01/2037 $ 20,569,961 2,000,000 SONYMA, Series 143 4.850 10/01/2027 1,835,380 2,375,000 SONYMA, Series 143 4.875 10/01/2030 2,156,263 11,745,000 SONYMA, Series 143 4.900 10/01/2037 10,425,919 2,700,000 SONYMA, Series 145 5.050 10/01/2029 2,541,402 5,045,000 SONYMA, Series 145 5.125 10/01/2037 4,626,315 5,000,000 SONYMA, Series 148 5.150 10/01/2027 4,783,650 6,370,000 SONYMA, Series 148 5.200 10/01/2032 6,081,566 820,000 SONYMA, Series 152 5.375 04/01/2023 825,945 2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,427,307 18,785,000 SONYMA, Series 29 5.450 10/01/2031 19,789,998 7,035,000 SONYMA, Series 35 4.800 10/01/2030 6,325,028 25,000 SONYMA, Series 67 5.700 10/01/2017 25,329 8,250,000 SONYMA, Series 67 5.800 10/01/2028 8,355,518 3,535,000 SONYMA, Series 69 5.400 10/01/2019 3,560,699 7,675,000 SONYMA, Series 69 5.500 10/01/2028 7,835,484 18,000,000 SONYMA, Series 71 (4) 5.400 04/01/2029 18,138,510 30,000 SONYMA, Series 71 5.400 04/01/2029 30,206 11,405,000 SONYMA, Series 71 5.400 04/01/2029 11,492,819 30,000 SONYMA, Series 73 5.250 10/01/2017 30,355 23,840,000 SONYMA, Series 73-A 5.300 10/01/2028 23,115,741 285,000 SONYMA, Series 77 5.150 04/01/2029 271,984 10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,246,530 440,000 SONYMA, Series 82 5.650 04/01/2030 460,042 4,775,000 SONYMA, Series 97 5.500 04/01/2031 4,713,689 7,125,000 St. Lawrence County, NY IDA (Clarkson University) 5.000 07/01/2031 7,028,029 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy) 7.250 12/01/2029 4,202,822 1,150,000 Suffolk County, NY IDA (ACLD) 6.000 12/01/2019 1,090,223 495,000 Suffolk County, NY IDA (ALIA-ACDS) 7.125 06/01/2017 506,043 2,200,000 Suffolk County, NY IDA (ALIA-ACLD) 5.950 10/01/2021 2,005,080 285,000 Suffolk County, NY IDA (ALIA-ACLD) 6.375 06/01/2014 281,623 820,000 Suffolk County, NY IDA (ALIA-ACLD) 6.500 03/01/2018 810,800 675,000 Suffolk County, NY IDA (ALIA-ACLD) 7.500 09/01/2015 696,195 235,000 Suffolk County, NY IDA (ALIA-ADD) 6.950 12/01/2014 240,266 450,000 Suffolk County, NY IDA (ALIA-ADD) 7.125 06/01/2017 460,040 345,000 Suffolk County, NY IDA (ALIA-ADD) 7.500 09/01/2015 355,833 845,000 Suffolk County, NY IDA (ALIA-Adelante) 6.500 11/01/2037 794,469 1,310,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 1,256,146 3,200,000 Suffolk County, NY IDA (ALIA-DDI) 5.950 10/01/2021 2,916,480 1,110,000 Suffolk County, NY IDA (ALIA-DDI) 6.375 06/01/2014 1,096,847 100,000 Suffolk County, NY IDA (ALIA-DDI) 7.500 09/01/2015 103,140 840,000 Suffolk County, NY IDA (ALIA-FREE) 5.950 10/01/2021 765,576 630,000 Suffolk County, NY IDA (ALIA-FREE) 6.375 06/01/2014 622,535 1,450,000 Suffolk County, NY IDA (ALIA-FREE) 6.950 12/01/2014 1,482,495 3,620,000 Suffolk County, NY IDA (ALIA-FREE) 7.125 06/01/2017 3,700,762 605,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 10/01/2021 551,397 775,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 11/01/2022 743,140 380,000 Suffolk County, NY IDA (ALIA-IGHL) 6.000 10/01/2031 333,370 505,000 Suffolk County, NY IDA (ALIA-IGHL) 6.375 06/01/2014 499,016 495,000 Suffolk County, NY IDA (ALIA-IGHL) 6.950 12/01/2014 506,093
23 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,040,000 Suffolk County, NY IDA (ALIA-IGHL) 7.125% 06/01/2017 $ 1,063,202 1,945,000 Suffolk County, NY IDA (ALIA-IGHL) 7.250 12/01/2033 1,987,187 215,000 Suffolk County, NY IDA (ALIA-IGHL) 7.500 09/01/2015 221,751 2,085,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 1,999,286 295,000 Suffolk County, NY IDA (ALIA-LIHIA) 6.375 06/01/2014 291,504 590,000 Suffolk County, NY IDA (ALIA-LIHIA) 6.950 12/01/2014 603,222 220,000 Suffolk County, NY IDA (ALIA-LIHIA) 7.500 09/01/2015 226,908 495,000 Suffolk County, NY IDA (ALIA-MCH) 6.375 06/01/2014 489,134 1,370,000 Suffolk County, NY IDA (ALIA-MCH) 6.950 12/01/2014 1,400,702 1,270,000 Suffolk County, NY IDA (ALIA-MCH) 7.125 06/01/2017 1,298,334 825,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 791,084 670,000 Suffolk County, NY IDA (ALIA-NYS ARC) 7.500 09/01/2015 691,038 360,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 373,846 540,000 Suffolk County, NY IDA (ALIA-SMCFS) 7.500 09/01/2015 556,956 640,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 660,096 2,000,000 Suffolk County, NY IDA (ALIA-UCPAGS) 5.950 10/01/2021 1,822,800 210,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.375 06/01/2014 207,512 860,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.950 12/01/2014 879,273 730,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.000 06/01/2016 743,315 445,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.500 09/01/2015 458,973 3,530,000 Suffolk County, NY IDA (ALIA-UVBH) 6.500 11/01/2037 3,318,906 800,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950 11/01/2022 767,112 305,000 Suffolk County, NY IDA (ALIA-WORCA) 6.950 12/01/2014 311,835 795,000 Suffolk County, NY IDA (ALIA-WORCA) 7.125 06/01/2017 812,736 530,000 Suffolk County, NY IDA (ALIA-WORCA) 7.500 09/01/2015 546,642 710,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 662,906 225,000 Suffolk County, NY IDA (DDI) 6.000 12/01/2019 213,305 615,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 574,207 635,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 588,899 185,000 Suffolk County, NY IDA (DDI) 6.250 03/01/2009 184,700 5,025,000 Suffolk County, NY IDA (DDI) 7.250 03/01/2024 5,120,525 8,520,000 Suffolk County, NY IDA (DDI) 8.750 03/01/2023 8,914,135 5,000,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2036 3,942,250 3,135,000 Suffolk County, NY IDA (Dowling College) 6.700 12/01/2020 3,149,735 3,000,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.375 01/01/2027 2,588,850 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.500 01/01/2037 2,274,315 1,640,000 Suffolk County, NY IDA (Family Residences) 6.000 12/01/2019 1,554,753 1,345,000 Suffolk County, NY IDA (Family Services League) 5.000 11/01/2027 1,350,178 830,000 Suffolk County, NY IDA (Family Services League) 5.000 11/01/2034 823,086 125,000 Suffolk County, NY IDA (Federation of Organizations) 7.625 04/01/2010 125,690 2,195,000 Suffolk County, NY IDA (Federation of Organizations) 8.125 04/01/2030 2,193,881 2,600,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,648,594 3,860,000 Suffolk County, NY IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,851,740 255,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 12/01/2019 241,745
24 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 1,225,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000% 10/01/2020 $ 1,143,746 3,275,000 Suffolk County, NY IDA (Innovative Realty I) 6.000 11/01/2037 2,985,359 7,200,000 Suffolk County, NY IDA (Jefferson's Ferry) 5.000 11/01/2028 6,378,336 30,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center) (5) 5.250 06/01/2027 29,190,144 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services) 7.550 02/01/2034 4,075,854 8,000,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 7,399,040 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,674,639 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 570,186 2,925,000 Suffolk County, NY IDA (New Interdisciplinary School) 6.750 12/01/2019 2,795,306 8,750,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 8,291,675 18,925,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 16,745,976 1,000,000 Suffolk County, NY IDA (Peconic Landing Retirement Home) 8.000 10/01/2020 1,064,610 2,850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,019,803 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.200 02/01/2035 4,823,280 100,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.625 04/01/2010 101,896 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center) 8.125 04/01/2030 2,664,030 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 854,949 105,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) 7.000 04/01/2010 105,919 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) 8.000 04/01/2030 2,627,827 535,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 499,513 2,025,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 1,919,741 3,325,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 3,179,232 1,620,000 Suffolk County, NY IDA (Windmill Village) 5.700 12/01/2026 1,639,877 1,305,000 Suffolk County, NY IDA (Windmill Village) 5.750 12/01/2031 1,317,084 995,000 Suffolk County, NY IDA (WORCA) 6.000 10/01/2020 929,002 50,000 Suffolk County, NY Water Authority 5.125 06/01/2026 50,585 4,000,000 Sullivan County, NY Community College COP (2) 5.750 08/15/2025 3,539,600 4,355,000 Sullivan County, NY IDA (Center for Discovery) 5.625 06/01/2013 4,171,742 14,115,000 Sullivan County, NY IDA (Center for Discovery) 5.875 07/01/2022 12,893,206 6,400,000 Sullivan County, NY IDA (Center for Discovery) 6.000 06/01/2019 5,997,184 13,840,000 Sullivan County, NY IDA (Center for Discovery) 6.000 07/01/2037 12,192,486 4,800,000 Sullivan County, NY IDA (Center for Discovery) 6.500 06/01/2025 4,554,240 4,590,000 Sullivan County, NY IDA (Center for Discovery) 6.950 02/01/2035 4,600,465 1,585,000 Sullivan County, NY IDA (Center for Discovery) 7.250 02/01/2012 1,603,751 9,965,000 Sullivan County, NY IDA (Center for Discovery) 7.750 02/01/2027 10,221,399
25 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 8,350,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility) 7.250% 06/01/2027 $ 7,897,263 75,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 74,473 6,995,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,515,213 6,590,000 Syracuse, NY Hsg. Authority (LRRHCF) (5) 5.800 08/01/2037 6,733,135 2,435,000 Syracuse, NY Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,217,944 2,195,000 Syracuse, NY IDA (Anoplate Corp.) (5) 8.000 11/01/2022 2,263,484 168,000,000 Syracuse, NY IDA (Carousel Center) 5.000 01/01/2036 152,340,720 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 848,210 12,985,000 Syracuse, NY IDA (James Square) 7.197 (3) 08/01/2025 4,108,064 725,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2021 749,926 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2031 2,112,689 75,000 Taconic Hills, NY Central School District at Craryville 5.000 06/15/2026 75,305 55,000 Tompkins, NY Health Care Corp. (Reconstruction Home) 10.800 02/01/2028 59,860 435,000 Tonawanda, NY Senior Citizen Hsg. Corp. 6.500 12/01/2010 436,992 104,800,000 TSASC, Inc. (TFABs) (4) 5.000 06/01/2034 93,834,776 287,180,000 TSASC, Inc. (TFABs) (4) 5.125 06/01/2042 258,337,262 995,000 UCP/HCA of Chemung County, NY 6.600 08/01/2022 1,017,348 13,200,000 Ulster County, NY IDA (Benedictine Hospital) 6.500 11/01/2036 12,197,592 1,710,000 Ulster County, NY IDA (Brooklyn Bottling) (5) 8.600 06/30/2022 1,713,967 4,000,000 Ulster County, NY IDA (Kingston Hospital) 5.650 11/15/2024 4,059,240 1,465,000 Ulster County, NY IDA (Mid-Hudson Family Health Services) 5.350 07/01/2023 1,481,598 175,000 Ulster County, NY Res Rec 5.000 03/01/2019 181,204 185,000 Ulster County, NY Res Rec 5.000 03/01/2020 190,574 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp. 0.000 (6) 06/01/2040 2,624,026 2,935,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.000 06/01/2040 2,963,734 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp. (2) 6.250 06/01/2025 2,239,532 3,550,000 Utica, NY IDA (Utica College Civic Facility) 6.850 12/01/2031 3,671,268 2,310,000 Wayne County, NY IDA (ARC) 8.375 03/01/2018 2,313,419 3,945,000 Weschester County, NY IDA (Field Home) 6.000 08/15/2017 3,845,468 3,335,000 Weschester County, NY IDA (Field Home) 6.500 08/15/2022 3,228,380 20,000 Westchester County, NY GO 5.375 12/15/2014 20,103 4,300,000 Westchester County, NY Healthcare Corp., Series A 5.875 11/01/2025 4,216,709 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,884,044 90,000 Westchester County, NY IDA (Children's Village) 5.375 03/15/2019 85,639 4,120,000 Westchester County, NY IDA (Children's Village) (5) 6.000 06/01/2022 3,984,287 1,215,000 Westchester County, NY IDA (Clearview School) 7.250 01/01/2035 1,168,453 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 1,300,325 1,560,000 Westchester County, NY IDA (JDAM) 6.750 04/01/2016 1,570,858 3,325,000 Westchester County, NY IDA (Lawrence Hospital) 5.000 01/01/2028 3,091,884
26 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- New York Continued $ 820,000 Westchester County, NY IDA (Lawrence Hospital) 5.125% 01/01/2018 $ 823,132 1,275,000 Westchester County, NY IDA (Living Independently for the Elderly) 5.375 08/20/2021 1,320,377 3,035,000 Westchester County, NY IDA (Living Independently for the Elderly) 5.400 08/20/2032 3,071,541 1,545,000 Westchester County, NY IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,430,129 1,000,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2013 1,032,920 1,710,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2033 1,673,355 160,000 Westchester County, NY IDA (Westchester Airport Assoc.) 5.950 08/01/2024 160,987 130,000 Westchester County, NY IDA (Westchester Resco Company) 5.500 07/01/2009 130,532 2,590,000 Westchester County, NY IDA (Winward School) 5.250 10/01/2031 2,508,493 25,540,000 Westchester County, NY Tobacco Asset Securitization Corp. (4) 5.125 06/01/2038 23,162,865 32,091,000 Westchester County, NY Tobacco Asset Securitization Corp. (4) 5.125 06/01/2045 28,608,062 76,375,000 Westchester County, NY Tobacco Asset Securitization Corp. 0.000 (6) 07/15/2039 89,618,425 34,360,000 Westchester County, NY Tobacco Asset Securitization Corp. 5.125 06/01/2038 31,161,428 20,580,000 Westchester County, NY Tobacco Asset Securitization Corp. 5.125 06/01/2045 18,341,102 3,430,000 Yates County, NY IDA (SSMH) 5.650 02/01/2039 3,472,532 4,500,000 Yonkers, NY GO 5.000 08/01/2035 4,502,430 4,685,000 Yonkers, NY IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,548,011 4,445,000 Yonkers, NY IDA (Monastery Manor Associates) 5.250 04/01/2037 4,341,476 1,590,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,282,319 730,000 Yonkers, NY IDA (Sacred Heart Assoc.) 4.800 10/01/2026 685,988 2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.) (5) 5.000 10/01/2037 2,193,824 2,515,000 Yonkers, NY IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,538,364 2,270,000 Yonkers, NY IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,273,201 3,055,000 Yonkers, NY IDA (Westchester School) 8.750 12/30/2023 3,074,124 800,000 Yonkers, NY Parking Authority 6.000 06/15/2018 804,888 1,215,000 Yonkers, NY Parking Authority 6.000 06/15/2024 1,165,100 ------------- 9,865,468,123 ------------- Other States--0.0% 415,000 York County, SC Pollution Control (Bowater) 7.400 01/01/2010 312,856 U.S. Possessions--26.1% 2,995,000 Guam EDA (Harmon Village Apartments) (2,9,10) 9.375 11/01/2018 -- 1,000,000 Guam Education Financing Foundation COP 5.000 10/01/2023 1,004,810 3,000,000 Guam Government Waterworks Authority and Wastewater System 5.875 07/01/2035 2,836,470 300,000 Guam Hsg. Corp. (Single Family Mtg.) 5.750 09/01/2031 301,833 290,000 Guam Power Authority, Series A 5.250 10/01/2023 264,292 20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 17,162,400 35,300,000 Northern Mariana Islands Commonwealth, Series A 5.000 06/01/2030 29,504,446 9,765,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 8,417,039
27 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- U.S. Possessions Continued $ 17,750,000 Northern Mariana Islands Ports Authority, Series A 6.600% 03/15/2028 $ 19,097,403 49,000,000 Puerto Rico Aqueduct & Sewer Authority (4) 5.125 07/01/2047 48,693,260 16,650,000 Puerto Rico Aqueduct & Sewer Authority 0.000 (6) 07/01/2024 13,993,826 375,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 378,364 28,500,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2038 29,131,560 92,875,000 Puerto Rico Aqueduct & Sewer Authority (1) 6.000 07/01/2044 94,933,110 55,200,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 53,433,048 263,500,000 Puerto Rico Children's Trust Fund (TASC) 6.600 (3) 05/15/2050 13,175,000 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165 (3) 05/15/2055 22,268,050 13,225,000 Puerto Rico Commonwealth GO 5.000 07/01/2022 12,986,157 5,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2023 4,859,300 20,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 20,028 14,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 13,317,500 17,510,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 16,398,465 10,400,000 Puerto Rico Commonwealth GO 5.000 07/01/2031 9,618,752 22,550,000 Puerto Rico Commonwealth GO 5.000 07/01/2033 20,674,066 42,530,000 Puerto Rico Commonwealth GO 5.000 07/01/2035 38,760,566 5,605,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 5,288,542 5,200,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 5,126,940 12,395,000 Puerto Rico Commonwealth GO 5.250 07/01/2026 12,081,530 2,920,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 2,815,814 14,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2031 13,916,085 10,230,000 Puerto Rico Commonwealth GO 5.250 07/01/2034 9,726,275 35,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2037 34,104,785 13,350,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2027 12,900,506 23,155,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2032 21,819,651 54,920,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 51,170,062 209,100,000 Puerto Rico Electric Power Authority, Series UU (4) 3.686 (7) 07/01/2031 146,370,067 60,000,000 Puerto Rico Electric Power Authority, Series UU (4) 3.688 (7) 07/01/2029 45,000,000 106,500,000 Puerto Rico Electric Power Authority, Series UU (4) 3.848 (7) 07/01/2025 74,550,034 5,000,000 Puerto Rico Electric Power Authority, Series VV (1) 5.250 07/01/2029 5,115,850 30,000,000 Puerto Rico Electric Power Authority, Series VV 5.250 07/01/2030 29,229,300 65,000 Puerto Rico HFC 5.100 12/01/2018 65,252 1,890,000 Puerto Rico HFC 5.500 12/01/2023 1,906,764 9,515,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 8,948,572 4,000,000 Puerto Rico Highway & Transportation Authority 5.500 07/01/2029 4,179,240 270,000 Puerto Rico Highway & Transportation Authority 5.750 07/01/2020 279,037 11,585,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 10,650,554 28,565,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 26,003,862 10,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2025 9,521,500 14,725,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2026 13,931,028 8,500,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 7,988,895 9,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 8,392,950
28 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ---------------- U.S. Possessions Continued $ 6,000,000 Puerto Rico Highway & Transportation Authority, Series L 5.250% 07/01/2023 $ 6,223,260 21,700,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2032 20,036,478 7,125,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 6,541,463 70,215,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 63,677,281 74,940,000 Puerto Rico Highway & Transportation Authority, Series N (4) 2.337 (7) 07/01/2045 52,458,000 125,620,000 Puerto Rico Highway & Transportation Authority, Series N (4) 3.698 (7) 07/01/2041 86,049,800 32,625,000 Puerto Rico Highway & Transportation Authority, Series N 5.250 07/01/2039 31,223,756 3,650,000 Puerto Rico Infrastructure 5.000 07/01/2025 3,475,348 19,055,000 Puerto Rico Infrastructure 5.000 07/01/2031 17,670,464 6,000,000 Puerto Rico Infrastructure (5) 5.000 07/01/2037 5,452,440 17,590,000 Puerto Rico Infrastructure 5.000 07/01/2037 16,149,379 202,145,000 Puerto Rico Infrastructure 5.000 07/01/2041 182,797,702 171,425,000 Puerto Rico Infrastructure 5.000 07/01/2046 155,463,618 15,000,000 Puerto Rico Infrastructure 5.500 07/01/2027 15,729,000 2,750,000 Puerto Rico Infrastructure 5.500 07/01/2028 2,759,763 16,955,000 Puerto Rico Infrastructure 5.650 (3) 07/01/2029 4,811,490 65,725,000 Puerto Rico Infrastructure 5.730 (3) 07/01/2045 6,935,959 25,000,000 Puerto Rico Infrastructure 5.800 (3) 07/01/2032 5,913,750 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,070,302 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,530,365 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,245,725 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 5,787,761 42,400,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 43,782,664 2,765,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 2,539,846 985,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2027 838,698 8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 8,548,558 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2026 11,715,442 325,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009 323,622 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.600 05/01/2014 2,372,335 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 4,985,138 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 5,894,910 500,000 Puerto Rico ITEMECF (University of the Sacred Heart) 5.250 09/01/2021 500,055 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart) (5) 5.250 09/01/2031 7,358,320 5,000,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 4,929,550 4,990,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 4,889,551 1,000,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 837,490 10,440,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 8,931,942 1,940,000 Puerto Rico Public Buildings Authority (5) 5.000 07/01/2026 1,850,469 90,855,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 82,679,867
29 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL AMOUNT COUPON MATURITY VALUE ----------------- ------- ---------- ----------------- U.S. Possessions Continued $ 7,500,000 Puerto Rico Public Buildings Authority 5.000% 07/01/2037 $ 6,815,550 23,585,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 22,734,761 101,175,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 96,410,669 120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 116,363 12,335,000 Puerto Rico Public Buildings Authority 6.250 07/01/2022 13,652,255 1,135,000 Puerto Rico Public Buildings Authority 6.250 07/01/2023 1,250,475 2,500,000 Puerto Rico Public Buildings Authority 6.250 07/01/2031 2,665,600 120,000,000 Puerto Rico Sales Tax Financing Corp., Series A (4) 3.100 (7) 08/01/2057 85,200,000 389,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.052 (3) 08/01/2054 25,677,333 241,680,000 Puerto Rico Sales Tax Financing Corp., Series A (1) 5.250 08/01/2057 225,269,928 13,200,000 Puerto Rico Sales Tax Financing Corp., Series A 5.340 (3) 08/01/2056 722,568 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500 (3) 08/01/2042 3,934,800 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504 (3) 08/01/2043 10,217,600 4,525,000 University of Puerto Rico 5.000 06/01/2026 4,316,805 10,010,000 University of Puerto Rico, Series P 5.000 06/01/2022 9,830,020 5,280,000 University of Puerto Rico, Series P 5.000 06/01/2030 4,911,826 24,375,000 University of Puerto Rico, Series Q 5.000 06/01/2030 22,675,331 65,780,000 University of Puerto Rico, Series Q 5.000 06/01/2036 59,869,009 9,230,000 University of V.I. , Series A 5.375 06/01/2034 8,535,258 2,040,000 University of V.I. , Series A 6.250 12/01/2029 2,062,032 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 1,279,238 25,000 V.I. HFA, Series A 6.450 03/01/2016 25,009 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 17,470,253 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) (5) 5.000 10/01/2033 506,880 27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 28,324,268 8,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 7,972,800 11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 11,412,414 750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 740,228 1,000,000 V.I. Public Finance Authority, Series A (5) 5.500 10/01/2018 1,012,790 16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,321,375 7,500,000 V.I. Public Finance Authority, Series A (5) 5.625 10/01/2025 7,535,475 50,000 V.I. Public Finance Authority, Series A (5) 5.625 10/01/2025 50,237 3,830,000 V.I. Public Finance Authority, Series E (5) 6.000 10/01/2022 3,840,111 1,585,000 V.I. Water & Power Authority 5.300 07/01/2018 1,581,767 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,396,228 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,532,130 ------------------ 2,633,163,787 ------------------ Total Investments, at Value (Cost $13,184,071,335)-124.0% 12,498,944,766 ------------------ Liabilities in Excess of Other Assets-(24.0) (2,419,875,882) ------------------ Net Assets-100.0% $ 10,079,068,884 ==================
------------------ Footnotes to Statement of Investments 1. When-issued security or delayed delivery to be delivered and settled after March 31, 2008. See accompanying Notes. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $123,957,970, which represents 1.23% of the Fund's net assets. See accompanying Notes. 3. Zero coupon bond reflects effective yield on the date of purchase. 4. 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 accompanying Notes. 30 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited 5. All or a portion of the security has been segregated for collateral to cover borrowings. See accompanying Notes. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. Represents the current interest rate for a variable or increasing rate security. 8. Represents the current interest rate for a variable rate bond known as an "inverse floater." See accompanying Notes. 9. Issue is in default. See accompanying Notes. 10. Non-income producing security. 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 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 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 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
31 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited PSCH Professional Service Centers for the Handicapped, Inc. RIBS Residual Interest Bonds Res Rec Resource Recovery Facility 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.
VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1 - quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2 -inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market-corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3 - unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION INPUTS SECURITIES INSTRUMENTS* --------------------------------------------- ---------------- --------------- Level 1 - Quoted Prices $ -- $ -- Level 2 - Other Significant Observable Inputs 12,491,632,561 -- Level 3 - Significant Unobservable Inputs 7,312,200 -- ---------------- --------------- TOTAL $ 12,498,944,761 $ -- ================ ===============
----------------- * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts, futures and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Options and swaps are reported at their market value at measurement date, which may include premiums received or paid. 32 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited See the accompanying Notes for further discussion of the methods used in determining value of the Fund's investments, and a summary of changes to the valuation techniques, if any, during the reporting period. NOTES TO STATEMENT OF INVESTMENTS 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. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Funds' investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. 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 are valued at the mean between the "bid" and "asked" prices. "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. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 33 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 March 31, 2008, 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 $ 184,889,889 Sold securities 72,637,560
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 may invest up to 20% of its total assets (which includes the effects of leverage) in inverse floaters. Inverse floaters, including the effects of leverage, amount to $2,014,792,255 as of March 31, 2008. 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 in the annual and semiannual reports. 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 in the annual and semiannual reports. At March 31, 2008, municipal bond holdings with a value of $2,858,925,901 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $2,196,321,000 in short-term floating rate notes issued and outstanding at that date. At March 31, 2008, the Fund's residual exposure to these types of inverse floating rate securities were as follows: 34 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER (1) RATE (2) DATE VALUE ------------- ------------------------------------------------------------ --------- -------- ------------- $ 3,340,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 5.566% 6/1/38 $ 2,599,689 9,305,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 5.566 6/1/38 7,242,547 14,940,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 5.566 6/1/45 11,146,286 21,250,000 Erie County, NY Tobacco Asset Securitization Corp. RITES 5.566 6/1/45 15,853,988 57,000,000 Liberty, NY Devel. Corp. ROLs (3) 13.940 10/1/35 60,000,480 20,000,000 Nassau County, NY Tobacco Settlement Corp. RITES 5.124 6/1/46 15,616,600 4,280,000 NY Austin Trust Various States Inverse Certificates 8.837 12/1/34 2,690,536 6,385,000 NY Austin Trust Various States Inverse Certificates 14.107 6/1/27 6,687,649 8,700,000 NY Austin Trust Various States Inverse Certificates 9.598 12/1/27 6,988,362 9,180,000 NY Austin Trust Various States Inverse Certificates 10.357 4/1/36 7,448,468 9,490,000 NY Austin Trust Various States Inverse Certificates 14.614 6/1/32 9,959,755 15,970,000 NY Austin Trust Various States Inverse Certificates 10.358 10/1/30 13,551,503 4,190,000 NY Austin Trust Various States Inverse Certificates 0.000 (4) 6/15/34 4,139,971 1,185,000 NY Counties Tobacco Trust I (TASC) Fixed Receipts 6.225 6/1/28 1,213,363 3,560,000 NY Counties Tobacco Trust I (TASC) RITES 8.160 6/1/28 3,815,644 2,960,000 NY Counties Tobacco Trust I RITES 7.564 6/1/35 3,106,905 9,615,000 NY Counties Tobacco Trust I RITES 7.570 6/1/42 10,132,960 5,000,000 NY Counties Tobacco Trust II RITES 8.758 6/1/43 4,931,500 12,950,000 NY Counties Tobacco Trust II RITES 8.758 6/1/43 12,772,585 14,900,000 NY Counties Tobacco Trust II RITES 5.988 6/1/35 14,469,241 1,500,000 NY Counties Tobacco Trust IV RITES 4.908 6/1/45 1,117,065 5,725,000 NY Counties Tobacco Trust IV RITES 4.908 6/1/45 4,263,465 8,700,000 NY Counties Tobacco Trust IV RITES 4.908 6/1/45 6,478,977 10,210,000 NY Counties Tobacco Trust IV RITES 4.908 6/1/42 7,791,455 12,300,000 NY Counties Tobacco Trust IV RITES 4.908 6/1/42 9,386,376 5,145,000 NY Liberty Devel. Corp. ROLs 13.630 10/1/35 5,415,833 7,435,000 NY Liberty Devel. Corp. ROLs 14.640 10/1/37 8,912,632 2,100,000 NY MTA DRIVERS 5.160 5/15/13 1,473,612 1,910,000 NY MTA RITES 11.564 11/15/28 1,943,998 2,125,000 NY MTA RITES 11.564 11/15/32 2,088,833 2,890,000 NY MTA RITES 11.564 11/15/30 2,941,442 5,000,000 NY MTA RITES 11.564 11/15/30 5,089,000 10,000,000 NY MTA RITES 11.564 11/15/30 10,178,000 2,220,000 NY MTA Service Contract RITES 11.789 1/1/24 2,366,653 4,190,000 NY Triborough Bridge & Tunnel Authority RITES 11.185 1/1/32 4,073,769 8,265,000 NY Triborough Bridge & Tunnel Authority RITES 11.633 1/1/27 8,543,531 7,960,000 NY TSASC, Inc. (TFABs) RITES 6.420 6/1/42 5,987,034 52,400,000 NY TSASC, Inc. (TFABs) RITES 4.908 6/1/34 41,434,776 80,850,000 NY TSASC, Inc. (TFABs) RITES 6.422 6/1/42 60,810,519 12,350,000 NY TSASC, Inc. (TFABs) ROLs (3) 0.000 (4) 6/1/35 5,519,709 7,540,000 NYC GO ROLs 10.096 11/1/34 7,289,220 1,350,000 NYC GO ROLs (3) 12.940 8/1/35 1,301,994 2,730,000 NYC GO ROLs (3) 12.940 8/1/30 2,694,182 3,115,000 NYC GO ROLs (3) 12.640 12/1/33 3,042,981 3,195,000 NYC GO ROLs (3) 12.630 3/1/35 3,082,600
35 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER (1) RATE (2) DATE VALUE ------------- ------------------------------------------------------------ --------- -------- -------------- 4,855,000 NYC GO ROLs (3) 12.630 4/1/35 4,684,784 5,000,000 NYC GO ROLs (3) 12.640 4/1/30 4,949,400 6,850,000 NYC GO ROLs (3) 12.940 6/1/33 6,693,135 11,500,000 NYC GO ROLs (3) 12.940 6/1/30 11,367,060 1,150,000 NYC Municipal Water Finance Authority 9.455 6/15/39 1,124,539 12,750,000 NYC Municipal Water Finance Authority DRIVERS 12.330 6/15/13 12,485,820 2,930,000 NYC Municipal Water Finance Authority RITES 11.564 6/15/32 2,899,997 4,500,000 NYC Municipal Water Finance Authority RITES 10.113 6/15/38 4,415,580 7,850,000 NYC Municipal Water Finance Authority RITES 11.564 6/15/34 7,898,356 11,210,000 NYC Municipal Water Finance Authority RITES 12.064 6/15/32 11,357,524 11,860,000 NYC Municipal Water Finance Authority RITES 10.113 6/15/34 11,718,392 14,425,000 NYC Municipal Water Finance Authority RITES 11.657 6/15/26 14,811,302 4,500,000 NYC Municipal Water Finance Authority ROLs 10.099 6/15/39 4,400,370 4,935,000 NYC Municipal Water Finance Authority ROLs 3.929 6/15/39 4,933,717 6,875,000 NYC Municipal Water Finance Authority ROLs 10.079 6/15/31 6,895,488 7,875,000 NYC Municipal Water Finance Authority ROLs 10.079 6/15/39 7,700,648 10,025,000 NYC Municipal Water Finance Authority ROLs 10.079 6/15/37 9,839,538 4,625,000 NYS DA (Mental Health) RITES 11.611 2/15/23 4,776,145 2,850,000 NYS DA (Municipal Health Facilities) RITES 11.232 1/15/23 2,964,969 5,000,000 NYS DA RITES (2.365) 2/1/12 5,793,200 3,590,000 NYS DA ROLs 13.640 7/1/28 3,685,566 4,560,000 NYS DA ROLs 12.630 7/1/35 4,451,290 2,925,000 NYS DA ROLs (3) 12.640 7/1/46 2,786,589 3,000,000 NYS DA ROLs (3) 0.000 (4) 5/1/18 1,200,000 19,735,000 NYS DA ROLs (3) 0.000 (4) 5/1/33 1,132,000 3,485,000 NYS ERDA (NIMO) RITES 7.736 11/1/25 3,574,704 3,625,000 NYS ERDA (RG&E) Residual Certificates 2.320 9/1/33 3,743,900 20,000,000 Port Authority NY/NJ RITES 10.003 9/15/13 19,791,600 18,000,000 Port Authority NY/NJ, 2575th Series ROLs 0.000 (4) 3/15/35 19,033,200 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs 10.084 7/1/47 4,631,060 7,500,000 Puerto Rico Aqueduct & Sewer Authority ROLs 0.000 (4) 7/1/47 7,312,200 15,000,000 Puerto Rico Electric Power Authority ROLs (3) 2.937 7/1/29 - 93,710,000 Puerto Rico Electric Power Authority ROLs (3) 0.000 (4) 7/1/25 (969,899) 24,980,000 Puerto Rico Highway & Transportation Authority ROLs (3) 4.870 7/1/45 2,498,000 41,875,000 Puerto Rico Highway & Transportation Authority ROLs (3) 4.170 7/1/41 2,304,800 12,000,000 Puerto Rico Sales Tax Financing Corp. ROLs (3) 22.750 8/1/57 (22,800,000) 3,075,000 Rockland County, NY Tobacco Asset Securitization Corp. RITES 8.434 8/15/35 2,941,361 3,360,000 Rockland County, NY Tobacco Asset Securitization Corp. RITES 8.766 8/15/43 3,314,035 8,110,000 SONYMA RITES 9.787 10/1/34 4,845,401 9,000,000 SONYMA, Series 71 RITES 7.697 4/1/29 9,138,510 675,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 5.782 6/1/38 549,349 4,250,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 5.782 6/1/38 3,458,863 6,325,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 5.782 6/1/45 4,948,996 7,450,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 6.875 6/1/45 5,343,066 7,845,000 Westchester County, NY Tobacco Asset Securitization Corp. RITES 5.782 6/1/38 6,384,658 -------------- $ 662,604,901 ==============
36 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited -------------- 1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page 31-32 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. 4. This inverse floater settles at a future date, at which time the interest rate will be determined. 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 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 March 31, 2008, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at approximately $884,770,101. 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 March 31, 2008, securities with an aggregate market value of zero, were in default. 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. ILLIQUID SECURITIES As of March 31, 2008, 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. 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 in the annual and semiannual reports. 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 $1,250,000,000, 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 (3.1697% as of March 31, 2008). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total 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. As of March 31, 2008, the Fund had borrowings outstanding at an interest rate of 3.1697%. Details of the borrowings for the period ended March 31, 2008 are as follows: 37 | ROCHESTER FUND MUNICIPALS Rochester Fund Municipals STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited Average Daily Loan Balance $ 68,190,110 Average Daily Interest Rate 4.157% Fees Paid $ 184,176 Interest Paid $ 719,125
FEDERAL TAX. The approximate 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 March 31, 2008 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. Federal tax cost of securities $ 13,222,523,587 ================== Gross unrealized appreciation $ 145,338,733 Gross unrealized depreciation (868,917,559) ------------------ Net unrealized depreciation $ (723,578,826) ==================
38 | ROCHESTER FUND MUNICIPALS ITEM 2. CONTROLS AND PROCEDURES. (a) 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 03/31/2008, 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 the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits 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: 05/14/2008 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: 05/14/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2008