-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SrwlacplDlUCadZMlsWTjUm9D9JoiWaCuQFCq/8OihlW2C2RpdhQM3zKTfaeJQTs ht8AZXVoNism++vglpj8yg== 0000935069-08-002715.txt : 20081124 0000935069-08-002715.hdr.sgml : 20081124 20081121203424 ACCESSION NUMBER: 0000935069-08-002715 CONFORMED SUBMISSION TYPE: N-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081124 DATE AS OF CHANGE: 20081121 EFFECTIVENESS DATE: 20081124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 081208955 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 0000093621 S000008503 ROCHESTER FUND MUNICIPALS C000023347 A C000023348 B C000023349 C C000023350 Y N-Q/A 1 rq365_50221nqa.txt RQ365_50221NQA 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: 09/30/2008 ---------- ITEM 1. SCHEDULE OF INVESTMENTS. ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- Municipal Bonds And Notes--126.6% New York--92.5% $ 1,420,000 Albany County, NY Airport Authority(1) 5.000% 12/15/2035 $ 1,173,076 1,035,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.375 12/01/2024 924,203 1,700,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.625 12/01/2034 1,471,945 605,000 Albany County, NY IDA (Wildwood Programs) 4.900 07/01/2021 511,618 1,085,000 Albany, NY Hsg. Authority (Lark Drive) 5.500 12/01/2028 985,397 1,420,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2019 1,317,959 2,460,000 Albany, NY IDA (Albany Medical Center) 6.000 05/01/2029 2,124,185 285,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse)(1) 7.500 05/01/2012 285,279 820,000 Albany, NY IDA (Albany Rehabilitation) 8.375 06/01/2023 772,834 3,125,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2027 2,595,250 1,350,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2032 1,077,543 900,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2037 703,710 7,005,000 Albany, NY IDA (Charitable Leadership)(1) 5.750 07/01/2026 6,109,201 3,730,000 Albany, NY IDA (Daughters of Sarah Nursing Home)(1) 5.375 10/20/2030 3,656,706 2,180,000 Albany, NY IDA (Hampton Plaza) 6.250 03/15/2018 2,087,023 900,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2025 675,216 1,285,000 Albany, NY IDA (Sage Colleges) 5.250 04/01/2019 1,215,006 1,760,000 Albany, NY IDA (Sage Colleges) 5.300 04/01/2029 1,534,298 895,000 Albany, NY Parking Authority 5.625 07/15/2025 867,058 1,770,000 Albany, NY Parking Authority(2) 7.052(3) 11/01/2017 1,090,232 925,000 Amherst, NY IDA (Asbury Pointe) 5.800 02/01/2015 899,082 10,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2023 8,735 3,000,000 Amherst, NY IDA (Asbury Pointe) 6.000 02/01/2029 2,536,620 5,300,000 Amherst, NY IDA (Beechwood Health Care Center) 5.200 01/01/2040 3,853,524 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)(1) 5.250 08/01/2031 23,940 505,000 Bethlehem, NY Water System(1) 5.500 03/01/2022 485,522 1,065,000 Blauvelt, NY Volunteer Fire Company 6.250 10/15/2017 1,006,255 2,735,000 Brookhaven, NY IDA (Enecon Corp.) 6.300 01/01/2033 2,279,486 2,425,000 Brookhaven, NY IDA (Stony Brook Foundation) 6.500 11/01/2020 2,436,204 775,000 Broome County, NY IDA (Good Shepard Village) 6.750 07/01/2028 718,100 1,550,000 Broome County, NY IDA (Good Shepard Village) 6.875 07/01/2040 1,436,215 65,000 Broome County, NY IDA (University Plaza) 5.000 08/01/2025 48,989 3,030,000 Broome County, NY IDA (University Plaza) 5.000 08/01/2036 2,063,642 1,000,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2030 720,480 1,250,000 Broome County, NY IDA (University Plaza) 5.100 08/01/2036 865,425 3,000,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2030 2,192,730 4,450,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2036 3,131,020 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 2,538,900 915,000 Canton, NY Human Services Initiatives 5.700 09/01/2024 872,626 1,155,000 Canton, NY Human Services Initiatives 5.750 09/01/2032 1,083,737 4,295,000 Cattaraugus County, NY IDA (Olean General Hospital)(1) 5.250 08/01/2023 4,225,163 1,465,000 Cattaraugus County, NY IDA (St. Bonaventure University)(1) 5.450 09/15/2019 1,395,281
1 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 11,875,000 Cayuga County, NY COP (Auburn Memorial Hospital)(1) 6.000% 01/01/2021 $ 11,853,269 3,395,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,215,846 1,900,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown) 6.400 11/15/2029 1,696,871 95,000 Chautauqua, NY Utility District(1) 5.000 06/01/2023 88,890 105,000 Chautauqua, NY Utility District(1) 5.000 06/01/2025 96,303 3,250,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2029 2,825,355 1,915,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2029 1,664,786 1,000,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2034 841,230 1,455,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2034 1,223,990 1,125,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 4.850 07/01/2023 971,606 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 5.000 07/01/2033 1,291,401 4,745,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 4,562,365 4,800,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 4,676,016 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,635,924 1,150,000 Clifton Springs, NY Hospital & Clinic 7.650 01/01/2012 1,153,427 2,545,000 Clifton Springs, NY Hospital & Clinic 8.000 01/01/2020 2,547,443 35,000 Cohoes, NY GO 6.200 03/15/2012 35,095 25,000 Cohoes, NY GO 6.200 03/15/2013 25,055 25,000 Cohoes, NY GO 6.250 03/15/2014 25,046 25,000 Cohoes, NY GO 6.250 03/15/2015 25,025 25,000 Cohoes, NY GO 6.250 03/15/2016 25,008 1,435,000 Columbia County, NY IDA (Berkshire Farms) 7.500 12/15/2014 1,394,318 3,300,000 Corinth, NY IDA (International Paper Company)(1) 5.750 02/01/2022 2,880,999 40,000 Corinth, NY IDA (International Paper Company)(1) 5.850 12/01/2020 36,269 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital)(1) 5.250 07/01/2032 4,522,883 2,310,000 Dutchess County, NY IDA (Elant Fishkill) 5.250 01/01/2037 1,733,424 280,000 Dutchess County, NY IDA (IBM Corp.)(1) 5.450 12/01/2029 289,374 900,000 Dutchess County, NY IDA (St. Francis Hospital) 7.500 03/01/2029 940,284 1,000,000 Dutchess County, NY Water & Wastewater Authority(1) 5.400(3) 06/01/2027 350,830 3,200,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.) 7.750 10/01/2032 3,257,984 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.) 6.125 04/20/2043 1,388,658 2,465,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments) 6.750 03/01/2030 2,385,011 1,995,000 East Rochester, NY Hsg. Authority (Linden Knoll)(1) 5.350 02/01/2038 1,876,996 16,210,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.000 02/15/2047 14,036,563
2 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village) 5.500% 08/01/2033 $ 1,339,957 3,325,000 Elmira, NY Hsg. Authority (Eastgate Apartments) 6.250 06/01/2044 2,690,324 2,160,000 Erie County, NY IDA (Air Cargo) 8.500 10/01/2015 2,161,750 4,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.750 06/01/2025 3,817,040 7,000,000 Erie County, NY IDA (Charter School Applied Tech) 6.875 06/01/2035 6,540,870 1,960,000 Erie County, NY IDA (DePaul Properties) 5.750 09/01/2028 1,476,860 2,435,000 Erie County, NY IDA (DePaul Properties) 6.500 09/01/2018 2,163,498 1,800,000 Erie County, NY IDA (Global Concepts Charter School) 6.250 10/01/2037 1,539,180 11,310,000 Erie County, NY IDA (Medaille College) 7.625 04/01/2035 11,651,788 3,515,000 Erie County, NY IDA (Medaille College) 8.250 11/01/2026 3,696,233 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 8,510,238 9,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 7,540,600 9,600,000 Erie County, NY IDA (The Episcopal Church Home) 6.000 02/01/2028 8,236,992 25,290,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2038 19,344,574 72,595,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2045 54,487,629 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140(3) 06/01/2047 3,796,260 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488(3) 06/01/2050 3,872,516 194,300,000 Erie County, NY Tobacco Asset Securitization Corp. 7.196(3) 06/01/2055 3,060,225 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650(3) 06/01/2060 10,342,400 1,410,000 Essex County, NY IDA (International Paper Company)(1) 4.600 03/01/2027 982,559 2,300,000 Essex County, NY IDA (International Paper Company)(1) 6.450 11/15/2023 2,123,268 1,500,000 Essex County, NY IDA (International Paper Company)(1) 6.625 09/01/2032 1,388,055 30,000 Essex County, NY IDA (Moses Ludington Nursing Home)(1) 6.200 02/01/2030 31,188 5,000,000 Essex County, NY IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,220,950 975,000 Essex County, NY IDA (North Country Community College Foundation) 5.000 06/01/2020 877,997 320,000 Essex County, NY IDA (North Country Community College Foundation) 5.000 06/01/2020 288,163 1,235,000 Essex County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 1,060,322 410,000 Essex County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 352,010 1,100,000 Essex County, NY IDA (North Country Community College Foundation) 5.300 06/01/2035 894,575 8,800,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 12/01/2023 7,210,368 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 03/01/2028 3,358,904 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 08/15/2022 1,569,522 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 10/01/2026 1,297,270
3 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 5,680,000 Franklin County, NY IDA (Adirondack Medical Center)(1) 5.500% 12/01/2029 $ 5,013,395 900,000 Franklin County, NY IDA (North Country Community College Foundation) 5.200 06/01/2025 772,704 1,000,000 Genesee County, NY IDA (United Memorial Medical Center) 5.000 12/01/2027 766,240 3,775,000 Glen Cove, NY IDA (SLCD) 7.375 07/01/2023 3,570,169 1,225,000 Green Island, NY Power Authority(1) 5.125 12/15/2024 1,030,519 2,660,000 Green Island, NY Power Authority(1) 6.000 12/15/2020 2,642,683 1,695,000 Green Island, NY Power Authority(1) 6.000 12/15/2025 1,623,844 2,500,000 Hempstead, NY IDA (Adelphi University)(1) 5.500 06/01/2032 2,457,575 235,000 Hempstead, NY IDA (Dentaco Corp.) 7.250 11/01/2012 231,905 1,270,000 Hempstead, NY IDA (Dentaco Corp.) 8.250 11/01/2025 1,270,457 2,260,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 2,331,529 18,825,000 Hempstead, NY IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 19,433,048 660,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 5.750 11/01/2008 659,360 9,375,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 6.375 11/01/2018 8,374,875 8,550,000 Hempstead, NY IDA (Franklin Hospital Medical Center) 7.750 11/01/2022 8,866,094 2,470,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,865,299 4,710,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,463,788 12,365,000 Hempstead, NY IDA (Hungry Harbor Associates) 8.000 05/01/2044 14,343,895 25,260,000 Hempstead, NY IDA (Lynbrook Facilities) 6.500 11/01/2042 21,802,664 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center) 6.500 11/01/2038 3,151,643 6,355,000 Hempstead, NY IDA (South Shore Y JCC) 6.750 11/01/2024 5,295,240 3,225,000 Herkimer County, NY IDA (Folts Adult Home) 5.500 03/20/2040 3,079,875 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.250 08/01/2034 925,400 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.400 11/01/2020 1,265,622 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.500 11/01/2030 1,856,540 160,000 Herkimer, NY Hsg. Authority(1) 7.150 03/01/2011 160,419 697,480,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 623,965,608 101,340,000 Hudson Yards, NY Infrastructure Corp. 5.000 02/15/2047 91,238,429 1,255,000 Hudson, NY IDA (Hudson Fabrics) 6.750 11/01/2024 1,026,828 145,000 Huntington, NY Hsg. Authority (GJSR) 5.875 05/01/2019 130,607 1,000,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2029 858,760 8,500,000 Huntington, NY Hsg. Authority (GJSR) 6.000 05/01/2039 7,012,840 740,000 Islip, NY IDA (Leeway School) 9.000 08/01/2021 743,596 17,380,000 Islip, NY IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 17,172,830 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 7,845,679 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 910,406 1,100,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2020 1,081,476 1,315,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2021 1,277,878 1,000,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2023 962,400 3,000,000 Kenmore, NY Hsg. Authority (SUNY at Buffalo)(1) 5.500 08/01/2024 2,708,520
4 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 60,000 L.I., NY Power Authority, Series A(1) 5.125% 09/01/2029 $ 55,812 5,300,000 Madison County, NY IDA (Commons II Student Hsg.) 5.000 06/01/2040 4,440,552 750,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2028 650,753 1,100,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2032 939,609 1,290,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.300 02/01/2021 1,185,575 5,500,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.350 02/01/2031 4,800,400 2,605,000 Middletown, NY Hsg. Authority (Summitfield & Moore Heights) 4.800 07/01/2039 2,015,332 630,000 Middletown, NY IDA (Flanagan Design & Display) 7.500 11/01/2018 607,251 3,210,000 Middletown, NY IDA (Southwinds Retirement Home) 6.375 03/01/2018 2,942,543 165,000 Middletown, NY IDA (YMCA) 6.250 11/01/2009 164,513 1,255,000 Middletown, NY IDA (YMCA) 7.000 11/01/2019 1,197,157 130,000 Monroe County, NY COP(1) 8.050 01/01/2011 130,229 490,000 Monroe County, NY IDA (Canal Ponds) 7.000 06/15/2013 492,426 50,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.750 05/01/2023 46,999 1,000,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.875 05/01/2033 935,510 720,000 Monroe County, NY IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 711,814 4,120,000 Monroe County, NY IDA (DePaul Community Facilities) 5.875 02/01/2028 3,168,774 5,065,000 Monroe County, NY IDA (DePaul Community Facilities) 5.950 08/01/2028 4,010,771 640,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 6.450 02/01/2014 646,982 1,285,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 6.500 02/01/2024 1,290,153 4,265,000 Monroe County, NY IDA (DePaul Properties) 6.150 09/01/2021 3,549,162 1,000,000 Monroe County, NY IDA (Highland Hospital of Rochester)(1) 5.000 08/01/2022 905,930 1,250,000 Monroe County, NY IDA (Highland Hospital of Rochester)(1) 5.000 08/01/2025 1,099,263 375,000 Monroe County, NY IDA (Melles Griot) 9.500 12/01/2009 375,979 2,520,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.) 6.500 12/01/2042 2,219,137 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology) 5.375 04/01/2029 2,509,849 960,000 Monroe County, NY IDA (Southview Towers)(1) 6.125 02/01/2020 963,485 2,190,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.250 06/01/2026 1,898,445 3,175,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.375 06/01/2024 2,824,004 2,175,000 Monroe County, NY IDA (Summit at Brighton) 5.375 07/01/2032 1,652,043 3,660,000 Monroe County, NY IDA (Summit at Brighton) 5.500 07/01/2027 2,916,434 795,000 Monroe County, NY IDA (Volunteers of America) 5.700 08/01/2018 705,459 2,765,000 Monroe County, NY IDA (Volunteers of America) 5.750 08/01/2028 2,213,051 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701(3) 06/01/2061 6,006,000
5 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 580,000 Monroe, NY Newpower Corp(1) 5.625% 01/01/2026 $ 507,599 2,265,000 Monroe, NY Newpower Corp.(1) 5.500 01/01/2034 1,860,177 600,000 Mount Vernon, NY IDA (Kings Court)(1) 5.200 12/01/2033 511,812 3,275,000 Mount Vernon, NY IDA (Macedonia Towers)(1) 5.200 12/01/2033 2,793,641 2,295,000 Mount Vernon, NY IDA (Meadowview) 6.150 06/01/2019 2,136,760 2,600,000 Mount Vernon, NY IDA (Meadowview) 6.200 06/01/2029 2,299,414 802,824 Municipal Assistance Corp. for Troy, NY(1) 5.733(3) 07/15/2021 397,077 1,218,573 Municipal Assistance Corp. for Troy, NY(1) 5.741(3) 01/15/2022 578,067 775,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 691,889 725,000 Nassau County, NY IDA (ALIA-ACDS) 7.500 06/01/2015 731,351 2,975,000 Nassau County, NY IDA (ALIA-ACLD) 6.250 09/01/2022 2,700,913 195,000 Nassau County, NY IDA (ALIA-ACLD) 7.125 06/01/2017 192,149 290,000 Nassau County, NY IDA (ALIA-ACLD) 7.500 06/01/2015 292,540 5,065,000 Nassau County, NY IDA (ALIA-CSMR) 7.000 11/01/2016 4,968,056 2,890,000 Nassau County, NY IDA (ALIA-CSMR) 7.125 06/01/2017 2,847,748 1,445,000 Nassau County, NY IDA (ALIA-CSMR) 7.500 06/01/2015 1,457,658 200,000 Nassau County, NY IDA (ALIA-FREE) 7.125 06/01/2012 199,654 1,780,000 Nassau County, NY IDA (ALIA-FREE) 7.500 06/01/2015 1,795,593 4,030,000 Nassau County, NY IDA (ALIA-FREE) 8.150 06/01/2030 4,076,385 6,255,000 Nassau County, NY IDA (ALIA-FREE) 8.250 06/01/2032 6,329,059 775,000 Nassau County, NY IDA (ALIA-HH) 7.125 06/01/2017 760,694 595,000 Nassau County, NY IDA (ALIA-HHS) 7.125 06/01/2017 584,016 175,000 Nassau County, NY IDA (ALIA-LVH) 7.500 06/01/2015 176,533 10,500,000 Nassau County, NY IDA (Amsterdam at Harborside) 6.700 01/01/2043 10,054,485 435,000 Nassau County, NY IDA (CNGCS) 7.500 06/01/2030 438,811 2,245,000 Nassau County, NY IDA (CNGCS) 8.150 06/01/2030 2,278,002 5,015,000 Nassau County, NY IDA (CSMR) 5.950 11/01/2022 4,477,191 635,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.) 5.950 11/01/2022 566,903 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center) 6.500 11/01/2037 1,431,601 3,150,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center)(1) 5.250 06/01/2027 2,792,790 685,000 Nassau County, NY IDA (Life's WORCA) 5.950 11/01/2022 611,541 3,750,000 Nassau County, NY IDA (Little Village School) 7.500 12/01/2031 3,716,813 3,535,000 Nassau County, NY IDA (New York Water Service Corp.)(1) 5.000 12/01/2035 2,928,571 2,290,000 Nassau County, NY IDA (North Shore CFGA) 6.750 05/01/2024 2,025,940 1,300,000 Nassau County, NY IDA (PLUS Group Home) 6.150 11/01/2022 1,161,589 2,050,000 Nassau County, NY IDA (United Cerebral Palsy) 6.250 11/01/2014 1,921,322 645,000 Nassau County, NY IDA (United Veteran's Beacon House) 6.500 11/01/2037 556,254 23,215,000 Nassau County, NY IDA (Westbury Senior Living) 7.900 11/01/2031 25,672,772 735,000 Nassau County, NY IDA, Series A-A 6.000 07/02/2021 666,645 7,325,000 Nassau County, NY IDA, Series A-B 6.000 07/01/2021 6,643,775 705,000 Nassau County, NY IDA, Series A-C 6.000 07/01/2021 639,435 800,000 Nassau County, NY IDA, Series A-D 6.000 07/01/2021 725,600 9,000,000 Nassau County, NY Tobacco Settlement Corp.(1) 0.000(4) 06/01/2026 7,366,050 122,875,000 Nassau County, NY Tobacco Settlement Corp. 5.125 06/01/2046 94,102,590 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820(3) 06/01/2046 951,600
6 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221%(3) 06/01/2046 $ 4,698,932 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537(3) 06/01/2060 12,852,519 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351(3) 06/01/2060 404,000 22,780,000 Nassau County, NY Tobacco Settlement Corp. (TASC)(1) 5.000 06/01/2035 17,612,129 7,155,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 8,298,011 3,340,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 3,873,565 4,290,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,048,429 4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,537,806 4,775,000 Nassau, NY IDA (EBS North Hills LLC) 7.800 05/01/2045 5,537,806 13,010,000 New Rochelle, NY IDA (College of New Rochelle) 5.250 07/01/2027 12,029,436 3,670,000 New Rochelle, NY IDA (Soundview Apartments)(1) 5.375 04/01/2036 3,263,034 500,000 Niagara County, NY IDA (Affinity Foxwood Place)(1) 5.000 07/20/2038 401,990 2,810,000 Niagara County, NY IDA (Affinity Foxwood Place) 5.000 07/20/2048 2,192,671 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,083,223 3,320,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.750 06/01/2018 3,299,582 1,500,000 Niagara County, NY IDA (Niagara University)(1) 5.350 11/01/2023 1,380,270 5,400,000 Niagara County, NY IDA (Niagara University)(1) 5.400 11/01/2031 4,830,570 2,600,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.550 11/15/2024 2,500,134 7,250,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.625 11/15/2024 6,930,565 20,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 5.750 05/15/2022 19,278 1,480,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2034 1,452,990 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2040 6,088,398 355,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport) 5.000 04/01/2028 295,236 1,380,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.625 04/01/2029 1,250,059 685,000 North Babylon, NY Volunteer Fire Company(1) 5.750 08/01/2022 665,238 3,295,000 North Tonawanda, NY HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,640,547 25,000 Nunda, NY GO 8.000 05/01/2010 26,628 560,000 NY Capital District Youth Center(1) 6.000 02/01/2017 562,537 500,000 NY Carnegie Redevel. Corp.(2) 7.000 09/01/2021 444,030 10,250,000 NY Counties Tobacco Trust I(1) 6.250 06/01/2028 10,250,103 6,235,000 NY Counties Tobacco Trust I(1) 6.500 06/01/2035 6,250,089 19,230,000 NY Counties Tobacco Trust I 6.625 06/01/2042 19,311,343 29,800,000 NY Counties Tobacco Trust II (TASC)(1) 5.625 06/01/2035 26,531,238 53,880,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 48,031,326 245,000 NY Counties Tobacco Trust III 6.000 06/01/2043 226,760 7,000,000 NY Counties Tobacco Trust IV(1) 5.000 06/01/2038 5,354,370 131,335,000 NY Counties Tobacco Trust IV 5.920(3) 06/01/2050 4,183,020 304,690,000 NY Counties Tobacco Trust IV 6.395(3) 06/01/2055 5,685,515 608,700,000 NY Counties Tobacco Trust IV 6.816(3) 06/01/2060 6,147,870
7 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 82,500,000 NY Counties Tobacco Trust IV (TASC) 0.000%(4) 06/01/2041 $ 77,550,825 52,535,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2042 39,728,543 38,275,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2045 28,728,067 82,500,000 NY Counties Tobacco Trust IV (TASC) 6.650(5) 06/01/2041 8,386,125 345,760,000 NY Counties Tobacco Trust V 6.152(3) 06/01/2038 31,861,784 627,860,000 NY Counties Tobacco Trust V 6.204(3) 06/01/2050 19,997,341 643,195,000 NY Counties Tobacco Trust V 6.850(3) 06/01/2055 12,002,019 3,845,000,000 NY Counties Tobacco Trust V 7.846(3) 06/01/2060 38,834,500 248,570,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(6) 5.250 10/01/2035 208,989,121 29,735,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(6) 5.500 10/01/2037 25,841,588 2,500,000 NY Liberty Devel. Corp. (National Sports Museum)(7) 6.125 02/15/2019 873,850 7,640,000 NY MTA, Series A(6) 5.000 11/15/2028 7,330,695 71,560,000 NY MTA, Series A(6,8) 5.000 11/15/2030 68,056,359 20,000 NY MTA, Series A(1) 5.000 11/15/2032 18,421 25,000 NY MTA, Series B(1) 5.000 01/01/2031 23,805 2,000,000 NY New Hartford-Sunset Wood Funding Corp.(1) 5.500 02/01/2029 1,990,140 1,830,000 NY Newark-Wayne Community Hospital 7.600 09/01/2015 1,830,933 17,120,000 NY Seneca Nation Indians Capital Improvements(1) 5.000 12/01/2023 14,201,554 16,760,000 NY Triborough Bridge & Tunnel Authority(6) 5.000 01/01/2032 15,940,771 25,000 NY Triborough Bridge & Tunnel Authority(1) 5.000 01/01/2032 23,462 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A(6) 5.000 01/01/2027 31,756,514 67,500,000 NY TSASC, Inc. (TFABs)(6) 5.125 06/01/2042 52,083,619 13,950,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2026 11,972,309 251,510,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2034 195,239,668 270,015,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 208,346,274 20,000,000 NYC GO(6, 8) 5.000 04/01/2030 18,394,189 46,000,000 NYC GO(6, 8) 5.000 06/01/2030 42,265,692 10,920,000 NYC GO(6, 8) 5.000 08/01/2030 10,027,399 27,400,000 NYC GO(6, 8) 5.000 06/01/2033 25,029,376 12,455,000 NYC GO(6, 8) 5.000 12/01/2033 11,360,230 30,150,000 NYC GO(6) 5.000 11/01/2034 27,387,193 12,765,000 NYC GO(6, 8) 5.000 03/01/2035 11,584,365 19,405,000 NYC GO(6, 8) 5.000 04/01/2035 17,608,152 5,400,000 NYC GO(6, 8) 5.000 08/01/2035 4,896,954 25,530,000 NYC GO(6) 5.250 06/01/2027 24,673,197 37,945,000 NYC GO(6) 5.375 06/01/2032 36,829,735 25,000 NYC GO(1) 0.000(4) 03/15/2029 21,760 15,000 NYC GO(1) 5.000 06/01/2020 14,788 25,000 NYC GO(1) 5.000 03/01/2025 23,633 5,000 NYC GO(1) 5.000 03/15/2029 5,113 15,000 NYC GO(1) 5.000 03/15/2029 14,244 5,000 NYC GO(1) 5.000 03/15/2029 5,113
8 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 60,000 NYC GO(1) 5.000% 03/01/2033 $ 54,850 75,000 NYC GO(1, 8) 5.000 06/01/2033 68,511 60,000 NYC GO(1) 5.100 11/01/2019 60,054 5,000 NYC GO(1) 5.250 08/01/2021 5,013 5,000 NYC GO(1) 5.375 12/01/2026 4,906 5,000 NYC GO 5.375 03/01/2027 5,439 50,000 NYC GO(1) 5.500 08/01/2022 50,122 5,000 NYC GO(1) 5.500 12/01/2031 4,947 5,000 NYC GO(1) 5.950 08/01/2014 5,061 12,880,000 NYC GO(1) 6.000 01/15/2021 13,260,089 40,000 NYC GO(1) 6.154(3) 10/01/2012 34,473 335,000 NYC GO(1) 6.350 05/15/2014 339,208 20,000 NYC GO(1) 7.000 02/01/2010 20,268 15,000 NYC GO(1) 7.250 08/15/2024 15,049 5,000 NYC GO(1) 7.750 08/15/2028 5,064 837,000 NYC GO RIBS 8.922(9) 08/12/2010 853,815 837,000 NYC GO RIBS 8.922(9) 09/01/2011 853,296 925,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 925,268 4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,054,635 298,534 NYC HDC (Bay Towers) 6.500 08/15/2017 298,943 46,168 NYC HDC (Beekman) 6.500 10/15/2017 46,750 309,742 NYC HDC (Bridgeview III) 6.500 12/15/2017 325,762 887,740 NYC HDC (Cadman Towers) 6.500 11/15/2018 933,476 2,458,681 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 2,461,680 57,189 NYC HDC (Essex Terrace) 6.500 07/15/2018 57,260 332,552 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 349,705 268,004 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 268,371 3,450,000 NYC HDC (Linden Boulevard Apartments) 4.750 01/15/2039 2,647,220 5,000,000 NYC HDC (Multifamily Hsg.) 4.700 11/01/2040 3,891,600 3,500,000 NYC HDC (Multifamily Hsg.)(1) 5.000 11/01/2037 2,825,480 60,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2023 53,569 4,685,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2039 3,825,162 2,435,000 NYC HDC (Multifamily Hsg.)(1) 5.100 11/01/2027 2,132,622 3,000,000 NYC HDC (Multifamily Hsg.)(1) 5.125 11/01/2032 2,556,030 5,100,000 NYC HDC (Multifamily Hsg.)(1) 5.150 11/01/2037 4,339,947 8,035,000 NYC HDC (Multifamily Hsg.) 5.200 11/01/2040 6,794,396 6,330,000 NYC HDC (Multifamily Hsg.)(1) 5.250 11/01/2027 5,649,145 14,110,000 NYC HDC (Multifamily Hsg.)(6) 5.250 11/01/2030 13,766,735 7,205,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2045 6,061,567 5,140,000 NYC HDC (Multifamily Hsg.)(1) 5.350 11/01/2037 4,455,558 15,000 NYC HDC (Multifamily Hsg.)(1) 5.400 11/01/2033 13,240 3,735,000 NYC HDC (Multifamily Hsg.) 5.450 11/01/2040 3,262,896 4,785,000 NYC HDC (Multifamily Hsg.)(1) 5.500 11/01/2028 4,408,086 10,470,000 NYC HDC (Multifamily Hsg.), Series A(6, 8) 5.000 11/01/2042 10,235,772 3,000,000 NYC HDC (Multifamily Hsg.), Series A(1) 5.500 11/01/2034 2,676,870 31,900,000 NYC HDC (Multifamily Hsg.), Series B(6) 5.350 05/01/2049 27,030,234
9 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 11,250,000 NYC HDC (Multifamily Hsg.), Series C(6) 5.050% 11/01/2036 $ 9,308,588 8,365,000 NYC HDC (Multifamily Hsg.), Series C 5.125 05/01/2040 6,935,672 385,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.700 05/01/2031 355,428 1,000,000 NYC HDC (Multifamily Hsg.), Series E(1) 5.200 11/01/2033 856,580 2,155,000 NYC HDC (Multifamily Hsg.), Series F(1) 5.200 11/01/2032 1,855,929 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1(6) 4.875 11/01/2039 10,905,527 3,515,000 NYC HDC (Multifamily Hsg.), Series G-1(1) 4.750 11/01/2027 2,911,299 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,135,328 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 2,858,618 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2(6) 5.200 11/01/2038 12,833,439 29,500,000 NYC HDC (Progress of Peoples Devel.)(1) 4.950 05/15/2036 23,664,900 5,185,000 NYC HDC (Seaview Towers) 4.750 07/15/2039 3,966,577 254,846 NYC HDC (St. Martin Tower) 6.500 11/15/2018 267,994 1,161,770 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,221,137 2,750,000 NYC HDC, Series C(1) 5.000 11/01/2026 2,372,535 1,165,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 950,151 3,480,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,066,263 42,995,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 5.500 07/01/2028 34,351,715 22,745,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 6.000 07/01/2027 19,581,398 255,000 NYC IDA (Allied Metal) 6.375 12/01/2014 238,652 940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 843,020 3,065,000 NYC IDA (Amboy Properties) 6.750 06/01/2020 2,620,667 2,905,000 NYC IDA (American Airlines)(1) 5.400 07/01/2019 1,430,393 32,580,000 NYC IDA (American Airlines)(1) 5.400 07/01/2020 16,000,364 41,550,000 NYC IDA (American Airlines)(1) 6.900 08/01/2024 22,009,035 20,240,000 NYC IDA (American Airlines)(1) 7.125 08/01/2011 19,141,575 540,000 NYC IDA (American Airlines)(1) 7.500 08/01/2016 478,699 18,200,000 NYC IDA (American Airlines)(1) 7.625 08/01/2025 15,437,786 69,350,000 NYC IDA (American Airlines)(1) 7.750 08/01/2031 58,039,709 44,860,000 NYC IDA (American Airlines) 8.000 08/01/2028 39,034,032 338,060,000 NYC IDA (American Airlines)(1) 8.500 08/01/2028 309,166,012 3,530,000 NYC IDA (American National Red Cross)(1) 5.000 02/01/2036 3,305,280 4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,245,641 1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,162,320 380,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 371,173 1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,603,075 1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,351,905 10,240,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 9,162,445 5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 4,896,870 1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 940,049 4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 3,755,547 52,750,000 NYC IDA (British Airways)(1) 5.250 12/01/2032 32,118,948 34,425,000 NYC IDA (British Airways)(1) 7.625 12/01/2032 29,021,652 86,010,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.650 10/01/2028 71,992,090 151,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.750 10/01/2036 124,519,441
10 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 21,255,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 6.200% 10/01/2022 $ 19,522,080 16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 15,882,196 4,145,000 NYC IDA (Calhoun School) 6.625 12/01/2034 4,062,432 2,895,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 2,652,573 12,170,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 9,508,421 3,400,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 2,662,676 29,135,000 NYC IDA (Chapin School) 5.000 11/01/2038 23,572,837 1,275,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 1,279,628 1,490,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 1,267,439 3,145,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 2,645,354 3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 3,501,419 1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,380,677 1,650,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,671,945 795,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 795,898 600,000 NYC IDA (Continental Airlines)(1) 7.250 11/01/2008 599,022 4,685,000 NYC IDA (Continental Airlines)(1) 8.375 11/01/2016 4,424,092 1,745,000 NYC IDA (Cool Wind Ventilation) 5.250 11/01/2017 1,576,346 1,570,000 NYC IDA (Cool Wind Ventilation) 5.450 11/01/2017 1,418,260 5,685,000 NYC IDA (Cool Wind Ventilation) 5.875 11/01/2027 4,874,490 3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,440,052 975,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 981,357 5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 4,956,545 7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,394,368 13,780,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 11,339,286 2,265,000 NYC IDA (Gateway School of New York) 6.500 11/01/2019 2,282,554 14,935,000 NYC IDA (General Motors Corp.)(1) 5.125 12/30/2023 8,179,302 1,900,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,622,847 1,800,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 1,537,434 2,175,000 NYC IDA (Good Shepherd Services)(1) 5.875 06/01/2014 2,071,601 4,170,000 NYC IDA (Gourmet Boutique) 5.750 05/01/2021 3,529,029 7,290,000 NYC IDA (Guttmacher Institute) 5.750 12/01/2036 5,749,040 95,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 94,783 2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,179,657 800,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 704,224 7,890,000 NYC IDA (JetBlue Airways Corp.)(1) 5.000 05/15/2020 5,379,560 11,870,000 NYC IDA (JetBlue Airways Corp.)(1) 5.125 05/15/2030 7,027,871 9,000,000 NYC IDA (JFK International Airport)(1) 8.000 08/01/2012 8,630,640 1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,524,252 700,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 715,862 970,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 989,613 575,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 570,647 10,175,000 NYC IDA (Liberty-7 World Trade Center) 6.250 03/01/2015 10,174,390 13,390,000 NYC IDA (Liberty-7 World Trade Center)(2) 6.500 03/01/2035 13,498,861 12,000,000 NYC IDA (Liberty-7 World Trade Center) 6.750 03/01/2015 12,251,520 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.)(1) 5.000 09/01/2035 36,600,655 3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,045,449 205,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.000 11/01/2009 201,734
11 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800% 11/01/2024 $ 2,571,866 2,035,000 NYC IDA (Lycee Francais De New York)(1) 5.375 06/01/2023 1,761,435 23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 20,143,400 3,745,000 NYC IDA (Manhattan Community Access Corp.) 6.000 12/01/2036 2,954,768 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) 6.375 11/01/2038 1,645,106 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center) 6.375 11/01/2038 7,965,093 680,000 NYC IDA (Marymount School of New York)(1) 5.125 09/01/2021 611,993 4,010,000 NYC IDA (Marymount School of New York)(1) 5.250 09/01/2031 3,333,553 18,585,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 14,930,260 925,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 903,346 4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,422,559 8,405,000 NYC IDA (Metro Biofuels) 6.000 11/01/2028 7,410,352 3,000,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 2,774,850 2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,029,619 175,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 175,051 25,000 NYC IDA (NYU) 5.000 07/01/2041 23,181 40,000,000 NYC IDA (NYU)(6) 5.250 07/01/2048 37,546,200 4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,004,812 60,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 59,979 3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,694,988 940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 917,365 10,065,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2027 8,467,181 24,125,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2037 19,334,016 2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,046,934 1,910,000 NYC IDA (Precision Gear) 6.375 11/01/2024 1,665,673 930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 917,222 4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 3,757,445 33,410,000 NYC IDA (Queens Baseball Stadium) 5.000 01/01/2046 29,074,050 6,800,000 NYC IDA (Reece School) 7.500 12/01/2037 6,460,952 2,300,000 NYC IDA (Reece School) 7.500 12/01/2037 2,185,322 2,150,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,031,686 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,548,645 1,000,000 NYC IDA (Roundabout Theatre) 5.000 10/01/2023 838,160 545,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 536,035 4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,564,694 875,000 NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group) 5.000 07/01/2026 702,406 4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 3,733,205 3,275,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 2,974,257 1,625,000 NYC IDA (Special Needs Facilities Pooled Program) 4.750 07/01/2020 1,364,025 995,000 NYC IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 854,516 4,255,000 NYC IDA (Special Needs Facilities Pooled Program) 6.650 07/01/2023 4,444,177 6,230,000 NYC IDA (Special Needs Facilities Pooled Program) 7.875 08/01/2025 6,253,176 5,760,000 NYC IDA (Stallion) 5.500 11/01/2036 4,403,520 955,000 NYC IDA (Stallion) 6.000 11/01/2027 835,052 10,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 8,829 4,405,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 3,889,086
12 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 1,455,000 NYC IDA (Staten Island University Hospital)(1) 6.450% 07/01/2032 $ 1,294,732 500,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 469,360 1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,179,962 6,808,500 NYC IDA (Studio School) 7.000 11/01/2038 5,502,698 715,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 647,568 2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,096,617 7,245,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2020 6,939,478 7,750,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2021 7,326,385 11,390,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2024 10,483,014 380,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2021 341,780 1,000,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2030 848,160 8,800,000 NYC IDA (The Child School) 7.550 06/01/2033 8,271,384 210,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 209,213 3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,665,006 8,955,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 7,055,107 4,260,000 NYC IDA (Ulano) 6.900 11/01/2019 3,667,604 32,040,000 NYC IDA (Unicef) 5.300 11/01/2038 24,748,337 1,000,000 NYC IDA (United Nations School)(1) 6.350 12/01/2015 1,003,150 260,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 259,467 9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,413,994 3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,347,380 1,295,000 NYC IDA (Utleys) 7.375 11/01/2023 1,196,399 2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,034,915 2,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2021 2,340,016 1,330,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 1,006,065 3,235,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 2,447,083 900,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2031 662,220 1,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.250 12/01/2036 1,339,326 17,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 17,013,770 70,500,000 NYC IDA (Visy Paper) 7.950 01/01/2028 70,552,875 1,930,000 NYC IDA (Vocational Instruction)(10) 7.750 02/01/2033 1,387,477 280,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 279,423 1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,569,866 5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 5,328,342 2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,605,766 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,633,197 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,483,817 1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,517,622 93,105,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 80,747,173 24,270,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 19,265,526 57,700,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2026 55,981,117 27,500,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2031 25,828,825 11,720,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2032 10,992,247 31,400,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2034 29,538,451 64,190,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2034 59,962,751 40,100,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2037 37,219,617 18,000,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2038 16,664,130 22,000,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2038 20,351,540
13 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 31,500,000 NYC Municipal Water Finance Authority(6) 5.000% 06/15/2039 $ 29,122,853 19,740,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2039 18,360,470 18,000,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2039 16,641,630 33,600,000 NYC Municipal Water Finance Authority(6) 5.000 06/15/2039 31,079,891 44,840,000 NYC Municipal Water Finance Authority(6) 5.125 06/15/2032 43,490,316 50,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2029 48,063 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2032 29,097 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 29,038 25,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 24,199 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 126,832 330,000 NYS DA (Augustana Lutheran Home)(1) 5.400 02/01/2031 309,949 1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,417,185 14,360,000 NYS DA (Buena Vida Nursing Home)(6) 5.250 07/01/2028 13,963,234 13,225,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 12,456,231 2,905,000 NYS DA (Chapel Oaks)(1) 5.450 07/01/2026 2,837,604 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)(1) 5.000 07/01/2027 1,986,998 3,180,000 NYS DA (Concord Nursing Home)(1) 5.500 02/15/2030 3,025,643 1,250,000 NYS DA (D'Youville College)(1) 5.250 07/01/2025 1,091,800 14,225,000 NYS DA (Dept. of Mental Hygiene)(8) 5.000 02/15/2023 13,578,189 15,000 NYS DA (Dept. of Mental Hygiene)(1) 5.250 08/15/2031 14,106 20,000 NYS DA (Ellis Hospital)(1) 5.600 08/01/2025 20,001 6,790,000 NYS DA (Frances Schervier Home & Hospital Obligated Group)(1) 5.500 07/01/2027 6,052,674 880,000 NYS DA (Grace Manor Health Care Facility)(1) 6.150 07/01/2018 881,390 1,575,000 NYS DA (Health Quest Systems)(1) 5.250 07/01/2027 1,541,768 2,700,000 NYS DA (Health Quest Systems)(1) 5.250 07/01/2027 2,643,030 43,600,000 NYS DA (Insured Hospital)(1) 5.560(3) 08/15/2036 7,633,052 1,000,000 NYS DA (Jones Memorial Hospital)(1) 5.375 08/01/2034 973,380 3,255,000 NYS DA (L.I. University) 5.125 09/01/2023 3,186,775 235,000 NYS DA (L.I. University)(1) 5.250 09/01/2028 201,731 1,335,000 NYS DA (L.I. University) 5.250 09/01/2028 1,167,511 1,585,000 NYS DA (L.I. University)(1) 5.500 09/01/2020 1,492,769 1,710,000 NYS DA (Lenox Hill Hospital Obligated Group)(1) 5.375 07/01/2020 1,559,708 405,000 NYS DA (Lenox Hill Hospital Obligated Group)(1) 5.500 07/01/2030 343,983 20,000,000 NYS DA (Maimonides Medical Center)(6) 5.750 08/01/2029 19,688,500 65,000 NYS DA (Maimonides Medical Center)(1) 5.750 08/01/2035 65,003 3,865,000 NYS DA (Manhattan College) 5.000 07/01/2041 3,296,343 3,260,000 NYS DA (Manhattan College)(1) 5.300 07/01/2037 2,957,081 18,230,000 NYS DA (Memorial Sloan-Kettering)(6,8) 5.000 07/01/2035 16,934,778 1,000,000 NYS DA (Menorah Campus)(1) 6.100 02/01/2037 1,005,990 23,300,000 NYS DA (Menorah Home & Hospital)(1) 5.150 08/01/2038 21,821,382 12,460,000 NYS DA (Menorah)(1) 5.100 08/01/2028 11,861,795 3,800,000 NYS DA (Millard Fillmore Hospital)(1) 5.375 02/01/2032 3,718,148
14 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.375% 07/01/2029 $ 3,874,448 2,430,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.875 07/01/2019 2,466,839 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.875 07/01/2025 6,875,778 13,240,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 11,931,888 1,750,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 1,550,045 9,500,000 NYS DA (Montefiore Medical Center)(1) 5.500 08/01/2038 9,377,165 10,150,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)(1) 5.500 07/01/2026 9,339,421 6,800,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)(1) 6.000 07/01/2014 6,983,736 25,240,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)(1) 6.500 07/01/2025 25,482,809 2,335,000 NYS DA (Mt. Sinai Hospital)(1) 6.625 07/01/2019 2,388,448 10,450,000 NYS DA (Mt. Sinai/NYU Health)(1) 5.500 07/01/2026 9,636,468 2,280,000 NYS DA (Mt. Sinai/NYU Health)(1) 6.500 07/01/2017 2,336,088 5,745,000 NYS DA (Mt. Sinai/NYU Health)(1) 6.750 07/01/2020 5,877,710 2,265,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2033 1,923,506 9,965,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center Obligated Group)(6) 2.606(5) 05/01/2018 8,320,500 62,010,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center Obligated Group)(6) 2.706(5) 05/01/2033 44,027,073 7,500,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(1) 5.000 05/01/2032 6,491,775 11,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(1) 5.000 05/01/2037 9,371,780 970,000 NYS DA (Norwegian Christian Home & Health Center)(1) 5.200 08/01/2036 918,668 2,000,000 NYS DA (Norwegian Christian Home & Health Center) 6.100 08/01/2041 2,059,220 22,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group)(1) 5.000 11/01/2034 19,210,768 3,520,000 NYS DA (Nursing Home) 4.900 02/15/2041 3,091,299 7,375,000 NYS DA (Nursing Home) 4.950 02/15/2045 6,498,186 18,825,000 NYS DA (Nursing Homes)(1) 5.300 02/01/2038 18,064,282 5,000,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2020 4,404,750 11,100,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 9,349,863 20,580,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 17,316,012 40,320,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2036 32,500,339 4,600,000 NYS DA (NYU Hospitals Center)(1) 5.250 07/01/2024 4,037,834 2,000,000 NYS DA (NYU Hospitals Center)(1) 5.625 07/01/2037 1,766,280 505,000 NYS DA (NYU) 5.000 07/01/2041 468,251 7,275,000 NYS DA (Orange Regional Medical Center)(1) 6.125 12/01/2029 6,614,648 17,980,000 NYS DA (Orange Regional Medical Center)(1) 6.250 12/01/2037 16,248,706 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home)(1) 5.000 11/01/2026 2,771,438 6,035,000 NYS DA (Providence Rest) 5.000 07/01/2035 4,198,489 2,700,000 NYS DA (Providence Rest) 5.125 07/01/2030 2,040,471 3,100,000 NYS DA (Providence Rest) 5.250 07/01/2025 2,496,120
15 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 6,260,000 NYS DA (Rochester General Hospital)(1) 5.000% 12/01/2025 $ 5,389,422 17,660,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2035 14,415,152 675,000 NYS DA (Sarah Neuman Nursing Home)(1) 5.450 08/01/2027 672,584 50,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2022 52,475 25,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2029 25,846 20,520,000 NYS DA (SCSMC/SV/CHSLI Obligated Group)(1) 6.000 07/01/2030 19,607,065 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)(1) 5.100 07/01/2034 918,856 415,000 NYS DA (Special Act School Districts)(1) 6.000 07/01/2019 415,784 2,470,000 NYS DA (St. Barnabas Hospital)(1) 5.450 08/01/2035 2,428,776 1,055,000 NYS DA (St. Catherine of Siena Medical Center)(1) 6.000 07/01/2030 1,008,063 2,580,000 NYS DA (St. James Mercy Hospital)(1) 5.400 02/01/2038 2,512,765 101,800,000 NYS DA (St. Luke's Roosevelt Hospital)(6, 8) 4.900 08/15/2031 90,622,490 1,505,000 NYS DA (St. Thomas Aquinas College)(1) 5.250 07/01/2028 1,292,750 2,095,000 NYS DA (Vassar Brothers)(1) 5.375 07/01/2025 2,089,092 11,695,000 NYS DA (Vassar College)(6, 8) 5.000 07/01/2046 10,750,381 2,500,000 NYS DA (Willow Towers)(1) 5.400 02/01/2034 2,417,775 715,000 NYS DA, Series B(1) 6.650 08/15/2030 740,769 100,000 NYS EFC (Clean Water & Drinking Revolving Funds)(1) 5.125 06/15/2031 96,545 2,365,000 NYS EFC (NYS Water Services)(1) 6.000 01/15/2031 2,294,121 50,000 NYS EFC (United Waterworks)(1) 5.150 03/01/2034 42,611 15,000 NYS ERDA (Brooklyn Union Gas Company)(1) 5.500 01/01/2021 15,056 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 9.258(9) 04/01/2020 7,302,470 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 10.585(9) 07/01/2026 16,391,769 235,000 NYS ERDA (Central Hudson Gas & Electric Co.)(1) 5.450 08/01/2027 233,068 23,270,000 NYS ERDA (LILCO)(1) 5.300 11/01/2023 20,936,019 350,000 NYS ERDA (LILCO)(1) 5.300 10/01/2024 313,345 100,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 89,398 75,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 66,907 13,940,000 NYS ERDA (Niagara Mohawk Power Corp.)(1) 5.150 11/01/2025 13,493,223 70,000 NYS ERDA (Rochester Gas and Electric)(1) 5.375 05/15/2032 62,366 14,500,000 NYS ERDA (Rochester Gas and Electric)(1) 5.950 09/01/2033 13,746,870 3,095,000 NYS HFA (Affordable Hsg.)(1) 5.100 11/01/2028 2,668,571 4,400,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2027 3,935,756 2,365,000 NYS HFA (Affordable Hsg.) 5.250 11/01/2038 2,019,876 8,185,000 NYS HFA (Affordable Hsg.) 5.300 11/01/2037 7,108,918 10,220,000 NYS HFA (Affordable Hsg.) 5.450 11/01/2045 8,913,475 2,605,000 NYS HFA (Children's Rescue)(1) 7.625 05/01/2018 2,565,743 1,720,000 NYS HFA (Crotona Estates Apartments)(1) 4.950 08/15/2038 1,367,744 985,000 NYS HFA (Friendship) 5.100 08/15/2041 807,769 1,465,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 1,181,859 5,960,000 NYS HFA (Highland Avenue Senior Apartments) 5.000 02/15/2039 4,991,500 8,600,000 NYS HFA (Horizons at Wawayanda) 5.150 11/01/2040 7,092,248
16 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 8,865,000 NYS HFA (Horizons at Wawayanda)(1) 5.350% 06/01/2025 $ 8,000,219 1,645,000 NYS HFA (Kensico Terrace Apartments)(1) 4.900 02/15/2038 1,297,165 945,000 NYS HFA (Kensico Terrace Apartments)(1) 4.950 02/15/2038 752,040 5,000 NYS HFA (Meadow Manor)(1) 7.750 11/01/2019 5,090 3,960,000 NYS HFA (Multifamily Hsg.)(1) 4.850 02/15/2038 3,093,908 6,580,000 NYS HFA (Multifamily Hsg.) 4.850 11/01/2040 5,106,475 745,000 NYS HFA (Multifamily Hsg.)(1) 5.250 11/15/2028 658,736 1,340,000 NYS HFA (Multifamily Hsg.)(1) 5.300 08/15/2024 1,220,941 1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,456,900 2,860,000 NYS HFA (Multifamily Hsg.)(1) 5.350 08/15/2031 2,517,172 2,080,000 NYS HFA (Multifamily Hsg.)(1) 5.375 02/15/2035 1,812,325 3,290,000 NYS HFA (Multifamily Hsg.)(1) 5.450 08/15/2032 2,928,265 2,075,000 NYS HFA (Multifamily Hsg.)(1) 5.500 08/15/2030 1,872,356 1,240,000 NYS HFA (Multifamily Hsg.)(1) 5.600 02/15/2026 1,140,428 1,730,000 NYS HFA (Multifamily Hsg.)(1) 5.600 08/15/2033 1,562,294 1,100,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 1,009,052 3,200,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 2,935,424 1,000,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2031 914,040 1,710,000 NYS HFA (Multifamily Hsg.)(1) 5.650 02/15/2034 1,550,389 2,120,000 NYS HFA (Multifamily Hsg.)(1) 5.700 08/15/2033 1,937,807 695,000 NYS HFA (Multifamily Hsg.)(1) 6.250 02/15/2031 682,629 1,255,000 NYS HFA (Multifamily Hsg.)(1) 6.400 11/15/2027 1,254,950 5,450,000 NYS HFA (Multifamily Hsg.)(1) 6.750 11/15/2036 5,503,519 310,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2009 315,087 340,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2010 345,579 365,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2011 370,990 395,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2012 401,482 425,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2013 431,974 510,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2014 518,369 540,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2015 548,861 580,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2016 589,518 640,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2017 650,502 685,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2018 696,241 1,490,000 NYS HFA (North Street) 5.050 08/15/2039 1,217,121 4,370,000 NYS HFA (Phillips Village)(1) 7.750 08/15/2017 4,429,039 4,200,000 NYS HFA (Senior Devel. Hsg.) 5.400 11/15/2042 3,609,606 70,000 NYS HFA (Service Contract)(1) 5.375 03/15/2023 69,065 35,000 NYS HFA (Service Contract)(1) 6.500 03/15/2025 35,036 1,540,000 NYS HFA (Tiffany Gardens)(1) 4.900 08/15/2025 1,316,392 3,210,000 NYS HFA (Tiffany Gardens)(1) 5.125 08/15/2037 2,673,994 230,000 NYS LGSC (SCSB)(2) 7.250 12/15/2011 225,729 810,000 NYS LGSC (SCSB)(2) 7.375 12/15/2016 785,903 980,000 NYS LGSC (SCSB)(2) 7.750 12/15/2021 924,944 960,000 NYS Medcare (Hospital & Nursing Home)(1) 6.300 08/15/2023 961,910
17 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 740,000 NYS Medcare (Hospital & Nursing Home)(1) 6.375% 08/15/2033 $ 741,243 270,000 NYS Medcare (Hospital & Nursing Home)(1) 7.400 11/01/2016 270,861 195,000 NYS Medcare (Hospital & Nursing Home)(1) 9.375 11/01/2016 196,020 30,000 NYS Medcare (M.G. Nursing Home)(1) 6.200 02/15/2015 30,066 1,670,000 NYS Medcare (M.G. Nursing Home)(1) 6.375 02/15/2035 1,672,806 5,000 NYS UDC (Correctional Facilities)(1) 6.309(3) 01/01/2013 4,045 25,000 NYS UDC (Subordinated Lien)(1) 5.500 07/01/2016 25,172 5,300,000 Oneida County, NY IDA (Bonide Products) 6.250 11/01/2018 4,697,443 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley) 5.000 09/15/2035 584,760 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 405,036 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services) 5.350 03/15/2029 679,510 1,190,000 Oneida County, NY IDA (Presbyterian Home)(1) 5.250 03/01/2019 1,193,035 1,015,000 Oneida County, NY IDA (Presbyterian Home)(1) 6.100 06/01/2020 1,034,569 3,990,000 Onondaga County, NY IDA (Air Cargo) 6.125 01/01/2032 3,466,472 2,000,000 Onondaga County, NY IDA (Air Cargo)(1) 7.250 01/01/2032 1,881,420 2,200,000 Onondaga County, NY IDA (Anheuser-Busch)(1) 4.950 07/01/2036 1,777,468 770,000 Onondaga County, NY IDA (Coltec Industries) 9.875 10/01/2010 786,324 1,235,000 Onondaga County, NY IDA (Community General Hospital)(1) 5.500 11/01/2018 1,099,199 6,485,000 Onondaga County, NY IDA (Community General Hospital)(1) 6.625 01/01/2018 6,286,235 1,185,000 Onondaga County, NY IDA (Free Library) 5.125 03/01/2030 1,079,037 1,115,000 Onondaga County, NY IDA (Free Library) 5.125 03/01/2037 985,392 4,710,000 Onondaga County, NY IDA (Le Moyne College)(1) 5.625 12/01/2021 4,488,536 9,600,000 Onondaga County, NY IDA (Solvay Paperboard) 6.800 11/01/2014 9,433,824 67,200,000 Onondaga County, NY IDA (Solvay Paperboard) 7.000 11/01/2030 65,537,472 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)(1) 6.250 12/01/2034 492,975 45,699,598 Onondaga County, NY Res Rec 0.000(4) 05/01/2022 28,965,319 41,580,000 Onondaga County, NY Res Rec 5.000 05/01/2015 37,016,595 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,534,350 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,350,250 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,092,257 2,705,000 Orange County, NY IDA (Glen Arden) 5.625 01/01/2018 2,439,099 5,590,000 Orange County, NY IDA (Glen Arden) 5.700 01/01/2028 4,490,559 195,000 Orange County, NY IDA (Orange Mental Retardation Properties)(1) 7.800 07/01/2011 195,632 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2021 1,564,252 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 5,558,120 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 1,962,464
18 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 7,315,000 Orange County, NY IDA (Tuxedo Place)(2) 7.000% 08/01/2032 $ 5,746,298 2,500,000 Orange County, NY IDA (Tuxedo Place)(2) 7.000 08/01/2033 1,953,850 2,755,000 Oswego County, NY IDA (Bishop's Common) 5.375 02/01/2049 2,605,679 6,870,000 Otsego County, NY IDA (Hartwick College)(1) 5.900 07/01/2022 6,265,165 1,350,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2013 1,355,684 1,435,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2014 1,434,842 1,520,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2015 1,504,086 1,610,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2016 1,576,689 12,330,000 Peekskill, NY IDA (Drum Hill) 6.375 10/01/2028 10,498,748 2,055,000 Penfield-Crown Oak, NY Hsg. Devel. Corp. (Crown Oak Apartments) 4.875 12/01/2038 1,806,633 1,150,000 Port Authority NY/NJ (Continental Airlines)(1) 9.000 12/01/2010 1,150,230 51,180,000 Port Authority NY/NJ (Continental Airlines)(1) 9.125 12/01/2015 51,243,975 15,840,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2022 14,735,160 30,530,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2025 27,738,642 2,625,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.900 12/01/2017 2,503,620 5,910,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 5,793,514 48,300,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 48,074,439 35,000 Port Authority NY/NJ, 122nd Series(1) 5.000 07/15/2026 31,271 525,000 Port Authority NY/NJ, 122nd Series(1) 5.125 01/15/2036 466,205 9,810,000 Port Authority NY/NJ, 124th Series(1) 5.000 08/01/2036 8,494,283 270,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2028 242,587 240,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2030 214,445 1,145,000 Port Authority NY/NJ, 127th Series(1) 5.125 06/15/2037 1,011,344 50,000 Port Authority NY/NJ, 127th Series(1) 5.200 12/15/2027 45,524 7,070,000 Port Authority NY/NJ, 127th Series(1) 5.250 12/15/2032 6,430,306 80,000,000 Port Authority NY/NJ, 135th Series(6) 5.000 03/15/2039 74,880,400 17,855,000 Port Authority NY/NJ, 136th Series(6) 5.125 05/01/2034 15,796,099 19,175,000 Port Authority NY/NJ, 136th Series(6) 5.375 11/01/2028 17,848,741 22,855,000 Port Authority NY/NJ, 136th Series(6) 5.500 11/01/2029 21,574,992 26,000,000 Port Authority NY/NJ, 138th Series(6) 4.750 12/01/2034 21,845,980 27,255,000 Port Authority NY/NJ, 141st Series(6) 4.500 09/01/2029 21,888,719 47,910,000 Port Authority NY/NJ, 143rd Series(6) 5.000 10/01/2030 42,259,814 27,535,000 Port Authority NY/NJ, 143rd Series(6) 5.000 04/01/2036 23,974,904 12,840,000 Port Authority NY/NJ, 146th Series(6) 4.500 12/01/2034 10,156,247 26,100,000 Port Authority NY/NJ, 146th Series(6) 4.750 12/01/2027 22,438,301 10,000 Port Authority NY/NJ, 146th Series(1) 4.500 12/01/2034 7,910 10,000 Port Authority NY/NJ, 146th Series(1) 4.750 12/01/2027 8,597 13,005,000 Port Authority NY/NJ, 147th Series(6) 4.750 10/15/2028 11,044,664 17,790,000 Port Authority NY/NJ, 147th Series(6) 5.000 10/15/2027 15,770,666 20,000,000 Port Authority NY/NJ, 147th Series(6) 5.000 10/15/2032 17,407,025 82,000,000 Port Authority NY/NJ, 151st Series(6) 5.750 03/15/2035 79,720,810
19 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 101,940,000 Port Authority NY/NJ, 152nd Series(6) 5.250% 11/01/2035 $ 92,902,509 13,715,000 Port Authority NY/NJ, 152nd Series(6) 5.250 05/01/2038 12,439,102 22,500,000 Port Authority NY/NJ, 152nd Series(6) 5.750 11/01/2030 21,922,875 50,660,000 Port Authority NY/NJ, 37th Series(6) 5.250 07/15/2034 45,978,092 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)(1) 6.000 08/01/2032 2,720,342 1,990,000 Putnam County, NY IDA (Brewster Plastics) 8.500 12/01/2016 1,906,301 1,500,000 Rensselaer County, NY IDA (Franciscan Heights)(1) 5.375 12/01/2036 1,405,995 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.625 06/01/2035 5,684,629 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 5.750 06/01/2043 6,507,585 1,685,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.250 09/01/2038 1,563,006 2,055,000 Rensselaer County, NY Water Service Sewer Authority 5.250 09/01/2038 1,911,746 2,470,000 Rensselaer County, NY Water Service Sewer Authority 5.350 09/01/2047 2,287,887 3,020,000 Rensselaer County, NY Water Service Sewer Authority 5.350 09/01/2047 2,797,335 17,815,000 Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)(1) 6.900 06/01/2024 17,838,338 1,465,000 Riverhead, NY IDA (Michael Reilly Design) 8.875 08/01/2021 1,376,822 5,365,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments)(1) 4.600 12/20/2026 4,344,309 7,565,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.700 12/20/2038 5,740,246 15,695,000 Rochester, NY Hsg. Authority (Andrews Terrace Apartments) 4.800 12/20/2048 11,723,851 6,790,000 Rochester, NY Museum & Science Center 6.125 12/01/2015 6,295,281 1,195,000 Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group) 4.900 07/01/2021 1,010,552 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.625 08/15/2035 8,210,342 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.750 08/15/2043 8,997,674 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875(3) 08/15/2045 1,420,500 486,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.668(3) 08/15/2060 4,816,260 20,000 Sanford Town, NY GO 5.250 04/15/2015 20,518 20,000 Sanford Town, NY GO 5.250 04/15/2016 20,381 25,000 Sanford Town, NY GO 5.250 04/15/2017 25,230 25,000 Sanford Town, NY GO 5.250 04/15/2018 24,927 25,000 Sanford Town, NY GO 5.250 04/15/2019 24,624 25,000 Sanford Town, NY GO 5.250 04/15/2020 24,271 30,000 Sanford Town, NY GO 5.250 04/15/2021 28,690 30,000 Sanford Town, NY GO 5.250 04/15/2022 28,412 30,000 Sanford Town, NY GO 5.250 04/15/2023 28,085 30,000 Sanford Town, NY GO 5.250 04/15/2024 27,717
20 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 35,000 Sanford Town, NY GO 5.250% 04/15/2025 $ 32,064 35,000 Sanford Town, NY GO 5.250 04/15/2026 31,857 40,000 Sanford Town, NY GO 5.250 04/15/2027 36,254 40,000 Sanford Town, NY GO 5.250 04/15/2028 36,000 40,000 Sanford Town, NY GO 5.250 04/15/2029 35,789 45,000 Sanford Town, NY GO 5.250 04/15/2030 39,857 45,000 Sanford Town, NY GO 5.250 04/15/2031 39,695 50,000 Sanford Town, NY GO 5.250 04/15/2032 43,956 50,000 Sanford Town, NY GO 5.250 04/15/2033 43,765 55,000 Sanford Town, NY GO 5.250 04/15/2034 47,969 60,000 Sanford Town, NY GO 5.250 04/15/2035 52,064 60,000 Sanford Town, NY GO 5.250 04/15/2036 51,670 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)(1) 5.125 12/01/2033 2,557,650 1,635,000 Schenectady, NY IDA (Schaffer Heights Hsg.)(1) 6.000 11/01/2030 1,660,719 68,000 Schroon Lake, NY Fire District(2) 7.250 03/01/2009 68,137 175,000 Scotia, NY Hsg. Authority (Holyrood House)(1) 7.000 06/01/2009 175,305 2,650,000 Seneca County, NY IDA (New York Chiropractic College)(1) 5.000 10/01/2027 2,259,152 40,000,000 Seneca County, NY IDA Solid Waste (Seneca Meadows)(2) 6.625 10/01/2035 38,784,400 22,885,000 SONYMA, Series 106(1) 5.250 04/01/2034 19,751,357 30,225,000 SONYMA, Series 109(6) 4.950 10/01/2034 24,351,577 5,500,000 SONYMA, Series 130(1) 4.650 04/01/2027 4,459,785 5,920,000 SONYMA, Series 130(1) 4.800 10/01/2037 4,638,083 14,865,000 SONYMA, Series 133(1) 5.050 10/01/2026 12,917,239 23,500,000 SONYMA, Series 137(1) 4.700 10/01/2031 18,463,010 23,290,000 SONYMA, Series 140(1) 4.750 10/01/2037 18,251,441 2,000,000 SONYMA, Series 143(1) 4.850 10/01/2027 1,664,620 2,375,000 SONYMA, Series 143(1) 4.875 10/01/2030 1,933,725 11,745,000 SONYMA, Series 143(1) 4.900 10/01/2037 9,271,738 2,700,000 SONYMA, Series 145(1) 5.050 10/01/2029 2,291,787 5,045,000 SONYMA, Series 145(1) 5.125 10/01/2037 4,201,627 5,000,000 SONYMA, Series 148(1) 5.150 10/01/2027 4,388,200 6,370,000 SONYMA, Series 148(1) 5.200 10/01/2032 5,466,670 1,575,000 SONYMA, Series 152(1) 5.125 10/01/2019 1,480,626 820,000 SONYMA, Series 152(1) 5.375 04/01/2023 760,033 2,475,000 SONYMA, Series 29(1) 5.450 04/01/2031 2,210,126 6,960,000 SONYMA, Series 35(1) 4.800 10/01/2030 5,597,719 25,000 SONYMA, Series 67(1) 5.700 10/01/2017 25,021 3,535,000 SONYMA, Series 69(1) 5.400 10/01/2019 3,410,568 17,685,000 SONYMA, Series 71(6) 5.400 04/01/2029 17,418,058 11,405,000 SONYMA, Series 71(1) 5.400 04/01/2029 11,232,785 30,000 SONYMA, Series 71(1) 5.400 04/01/2029 29,188 30,000 SONYMA, Series 73(1) 5.250 10/01/2017 29,187
21 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 330,000 SONYMA, Series 73(1) 5.300% 10/01/2028 $ 290,720 23,875,000 SONYMA, Series 73-A(1) 5.300 10/01/2028 21,156,354 305,000 SONYMA, Series 77(1) 5.150 04/01/2029 264,301 10,175,000 SONYMA, Series 79(1) 5.300 04/01/2029 9,887,658 440,000 SONYMA, Series 82(1) 5.650 04/01/2030 445,126 4,805,000 SONYMA, Series 97(1) 5.500 04/01/2031 4,319,359 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy) 7.250 12/01/2029 3,867,582 1,150,000 Suffolk County, NY IDA (ACLD) 6.000 12/01/2019 1,057,172 460,000 Suffolk County, NY IDA (ALIA-ACDS) 7.125 06/01/2017 451,508 2,200,000 Suffolk County, NY IDA (ALIA-ACLD) 5.950 10/01/2021 1,884,982 250,000 Suffolk County, NY IDA (ALIA-ACLD) 6.375 06/01/2014 238,605 820,000 Suffolk County, NY IDA (ALIA-ACLD) 6.500 03/01/2018 770,767 600,000 Suffolk County, NY IDA (ALIA-ACLD) 7.500 09/01/2015 605,568 235,000 Suffolk County, NY IDA (ALIA-ADD) 6.950 12/01/2014 232,723 415,000 Suffolk County, NY IDA (ALIA-ADD) 7.125 06/01/2017 407,339 290,000 Suffolk County, NY IDA (ALIA-ADD) 7.500 09/01/2015 292,691 845,000 Suffolk County, NY IDA (ALIA-Adelante) 6.500 11/01/2037 720,988 1,300,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 1,150,006 3,100,000 Suffolk County, NY IDA (ALIA-DDI) 5.950 10/01/2021 2,656,111 965,000 Suffolk County, NY IDA (ALIA-DDI) 6.375 06/01/2014 921,015 100,000 Suffolk County, NY IDA (ALIA-DDI) 7.500 09/01/2015 100,928 830,000 Suffolk County, NY IDA (ALIA-FREE) 5.950 10/01/2021 711,152 555,000 Suffolk County, NY IDA (ALIA-FREE) 6.375 06/01/2014 529,703 1,450,000 Suffolk County, NY IDA (ALIA-FREE) 6.950 12/01/2014 1,435,950 3,290,000 Suffolk County, NY IDA (ALIA-FREE) 7.125 06/01/2017 3,229,267 600,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 10/01/2021 514,086 765,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 11/01/2022 676,734 380,000 Suffolk County, NY IDA (ALIA-IGHL) 6.000 10/01/2031 306,797 445,000 Suffolk County, NY IDA (ALIA-IGHL) 6.375 06/01/2014 424,717 495,000 Suffolk County, NY IDA (ALIA-IGHL) 6.950 12/01/2014 490,203 965,000 Suffolk County, NY IDA (ALIA-IGHL) 7.125 06/01/2017 947,186 1,945,000 Suffolk County, NY IDA (ALIA-IGHL) 7.250 12/01/2033 1,901,938 190,000 Suffolk County, NY IDA (ALIA-IGHL) 7.500 09/01/2015 191,763 2,030,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 1,795,779 260,000 Suffolk County, NY IDA (ALIA-LIHIA) 6.375 06/01/2014 248,149 590,000 Suffolk County, NY IDA (ALIA-LIHIA) 6.950 12/01/2014 584,283 190,000 Suffolk County, NY IDA (ALIA-LIHIA) 7.500 09/01/2015 191,763 435,000 Suffolk County, NY IDA (ALIA-MCH) 6.375 06/01/2014 415,173 1,370,000 Suffolk County, NY IDA (ALIA-MCH) 6.950 12/01/2014 1,356,725 1,180,000 Suffolk County, NY IDA (ALIA-MCH) 7.125 06/01/2017 1,158,217 815,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 720,965 665,000 Suffolk County, NY IDA (ALIA-NYS ARC) 7.500 09/01/2015 671,171 320,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 322,077 485,000 Suffolk County, NY IDA (ALIA-SMCFS) 7.500 09/01/2015 489,501 565,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 570,243 2,000,000 Suffolk County, NY IDA (ALIA-UCPAGS) 5.950 10/01/2021 1,713,620 185,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.375 06/01/2014 176,568 860,000 Suffolk County, NY IDA (ALIA-UCPAGS) 6.950 12/01/2014 851,667 670,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.000 06/01/2016 657,672
22 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 390,000 Suffolk County, NY IDA (ALIA-UCPAGS) 7.500% 09/01/2015 $ 393,619 3,530,000 Suffolk County, NY IDA (ALIA-UVBH) 6.500 11/01/2037 3,011,937 800,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950 11/01/2022 707,696 305,000 Suffolk County, NY IDA (ALIA-WORCA) 6.950 12/01/2014 302,045 735,000 Suffolk County, NY IDA (ALIA-WORCA) 7.125 06/01/2017 721,432 465,000 Suffolk County, NY IDA (ALIA-WORCA) 7.500 09/01/2015 469,315 700,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 635,180 225,000 Suffolk County, NY IDA (DDI) 6.000 12/01/2019 206,838 605,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 548,977 615,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 558,051 185,000 Suffolk County, NY IDA (DDI) 6.250 03/01/2009 184,286 5,025,000 Suffolk County, NY IDA (DDI) 7.250 03/01/2024 4,806,413 8,520,000 Suffolk County, NY IDA (DDI) 8.750 03/01/2023 8,806,954 5,000,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2036 3,581,450 3,135,000 Suffolk County, NY IDA (Dowling College)(1) 6.700 12/01/2020 3,104,841 3,000,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.375 01/01/2027 2,363,820 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.500 01/01/2037 2,063,169 1,640,000 Suffolk County, NY IDA (Family Residences) 6.000 12/01/2019 1,507,619 1,345,000 Suffolk County, NY IDA (Family Services League) 5.000 11/01/2027 1,258,530 830,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2034 753,955 85,000 Suffolk County, NY IDA (Federation of Organizations) 7.625 04/01/2010 86,358 2,195,000 Suffolk County, NY IDA (Federation of Organizations) 8.125 04/01/2030 2,078,007 2,600,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,434,510 3,860,000 Suffolk County, NY IDA (Huntington First Aid Squad) 6.650 11/01/2017 3,665,919 255,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 12/01/2019 234,416 1,220,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 10/01/2020 1,107,028 3,275,000 Suffolk County, NY IDA (Innovative Realty I) 6.000 11/01/2037 2,697,650 8,600,000 Suffolk County, NY IDA (Jefferson's Ferry)(1) 5.000 11/01/2028 7,155,630 32,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center)(1) 5.250 06/01/2027 28,346,645 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services) 7.550 02/01/2034 3,759,840 8,000,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living) 6.375 01/01/2039 6,737,840 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 1,540,061 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 524,364 2,925,000 Suffolk County, NY IDA (New Interdisciplinary School) 6.750 12/01/2019 2,695,271 8,750,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 5.300 01/01/2013 8,111,425 18,925,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners) 5.500 01/01/2023 15,791,399
23 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 950,000 Suffolk County, NY IDA (Peconic Landing Retirement Home) 8.000% 10/01/2020 $ 1,005,746 2,850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home) 8.000 10/01/2030 3,008,916 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.200 02/01/2035 4,727,280 100,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.625 04/01/2010 101,140 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center) 8.125 04/01/2030 2,632,573 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program) 5.250 07/01/2022 798,693 105,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) 7.000 04/01/2010 105,746 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center) 8.000 04/01/2030 2,589,966 520,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 471,848 2,025,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 6.000 12/01/2019 1,861,542 3,305,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.) 7.875 09/01/2041 2,914,713 1,620,000 Suffolk County, NY IDA (Windmill Village)(1) 5.700 12/01/2026 1,528,243 1,305,000 Suffolk County, NY IDA (Windmill Village)(1) 5.750 12/01/2031 1,237,766 915,000 Suffolk County, NY IDA (WORCA) 6.000 10/01/2020 830,271 119,295,000 Suffolk, NY Tobacco Asset Securitization Corp. 0.000(4) 06/01/2044 80,685,173 12,840,000 Suffolk, NY Tobacco Asset Securitization Corp. 5.375 06/01/2028 11,272,493 29,915,000 Suffolk, NY Tobacco Asset Securitization Corp. 6.000 06/01/2048 26,456,228 287,265,000 Suffolk, NY Tobacco Asset Securitization Corp. 8.000(3) 06/01/2048 10,775,310 3,857,000 Sullivan County, NY Community College COP(2) 5.750 08/15/2025 3,171,380 3,650,000 Sullivan County, NY IDA (Center for Discovery) 5.625 06/01/2013 3,397,858 14,115,000 Sullivan County, NY IDA (Center for Discovery) 5.875 07/01/2022 11,946,795 6,000,000 Sullivan County, NY IDA (Center for Discovery) 6.000 06/01/2019 5,272,620 13,840,000 Sullivan County, NY IDA (Center for Discovery) 6.000 07/01/2037 11,072,000 4,700,000 Sullivan County, NY IDA (Center for Discovery) 6.500 06/01/2025 4,100,891 4,590,000 Sullivan County, NY IDA (Center for Discovery) 6.950 02/01/2035 4,423,291 1,585,000 Sullivan County, NY IDA (Center for Discovery) 7.250 02/01/2012 1,591,483 9,965,000 Sullivan County, NY IDA (Center for Discovery) 7.750 02/01/2027 10,077,704 8,150,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility) 7.250 06/01/2027 7,205,986 25,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 24,967 6,995,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,403,293 2,435,000 Syracuse, NY Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,298,445 2,195,000 Syracuse, NY IDA (Anoplate Corp.) 8.000 11/01/2022 2,235,037 168,000,000 Syracuse, NY IDA (Carousel Center)(1) 5.000 01/01/2036 133,308,000 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 823,370 12,130,000 Syracuse, NY IDA (James Square)(1) 7.197(3) 08/01/2025 3,864,375 725,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2021 739,826 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York) 7.375 03/01/2031 2,090,365 75,000 Taconic Hills, NY Central School District at Craryville(1) 5.000 06/15/2026 71,684
24 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 55,000 Tompkins, NY Health Care Corp. (Reconstruction Home)(1) 10.800% 02/01/2028 $ 59,747 395,000 Tonawanda, NY Senior Citizen Hsg. Corp. 6.500 12/01/2010 393,697 995,000 UCP/HCA of Chemung County, NY(1) 6.600 08/01/2022 1,007,328 13,200,000 Ulster County, NY IDA (Benedictine Hospital) 6.500 11/01/2036 11,150,832 1,655,000 Ulster County, NY IDA (Brooklyn Bottling) 8.600 06/30/2022 1,655,695 4,000,000 Ulster County, NY IDA (Kingston Hospital)(1) 5.650 11/15/2024 3,857,880 1,465,000 Ulster County, NY IDA (Mid-Hudson Family Health Services)(1) 5.350 07/01/2023 1,457,485 185,000 Ulster County, NY Res Rec(1) 5.000 03/01/2020 175,674 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp.(1,2) 6.250 06/01/2025 2,186,267 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp. 0.000(4) 06/01/2040 2,408,117 3,080,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.000 06/01/2040 2,875,950 3,550,000 Utica, NY IDA (Utica College Civic Facility) 6.850 12/01/2031 3,544,214 2,310,000 Wayne County, NY IDA (ARC) 8.375 03/01/2018 2,312,911 20,000 Westchester County, NY GO(1) 5.375 12/15/2014 20,078 4,300,000 Westchester County, NY Healthcare Corp., Series A(1) 5.875 11/01/2025 3,903,368 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,872,712 90,000 Westchester County, NY IDA (Children's Village) 5.375 03/15/2019 81,014 3,940,000 Westchester County, NY IDA (Children's Village) 6.000 06/01/2022 3,573,935 1,215,000 Westchester County, NY IDA (Clearview School) 7.250 01/01/2035 1,076,903 3,805,000 Westchester County, NY IDA (Field Home) 6.000 08/15/2017 3,559,730 3,335,000 Westchester County, NY IDA (Field Home) 6.500 08/15/2022 3,039,119 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind)(1) 5.375 08/01/2024 1,176,851 1,560,000 Westchester County, NY IDA (JDAM) 6.750 04/01/2016 1,565,242 3,325,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.000 01/01/2028 2,889,891 820,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.125 01/01/2018 796,704 3,035,000 Westchester County, NY IDA (Living Independently for the Elderly)(1) 5.400 08/20/2032 2,951,507 1,510,000 Westchester County, NY IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,279,076 1,000,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2013 997,390 1,710,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2033 1,529,663 160,000 Westchester County, NY IDA (Westchester Airport Assoc.)(1) 5.950 08/01/2024 148,675 130,000 Westchester County, NY IDA (Westchester Resco Company)(1) 5.500 07/01/2009 130,029 2,590,000 Westchester County, NY IDA (Winward School)(1) 5.250 10/01/2031 2,192,668 76,375,000 Westchester County, NY Tobacco Asset Securitization Corp. 0.000(4) 07/15/2039 87,761,749 3,475,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2026 2,972,480
25 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- New York Continued $ 59,900,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125% 06/01/2038 $ 46,761,534 52,770,000 Westchester County, NY Tobacco Asset Securitization Corp. 5.125 06/01/2045 40,487,255 4,685,000 Yonkers, NY IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,374,385 4,445,000 Yonkers, NY IDA (Monastery Manor Associates)(1) 5.250 04/01/2037 3,888,753 1,590,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,205,633 730,000 Yonkers, NY IDA (Sacred Heart Assoc.)(1) 4.800 10/01/2026 614,478 2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.)(1) 5.000 10/01/2037 1,979,519 2,515,000 Yonkers, NY IDA (St. John's Riverside Hospital)(1) 7.125 07/01/2031 2,402,378 2,270,000 Yonkers, NY IDA (St. Joseph's Hospital) 8.500 12/30/2013 2,272,157 3,055,000 Yonkers, NY IDA (Westchester School) 8.750 12/30/2023 3,054,786 800,000 Yonkers, NY Parking Authority 6.000 06/15/2018 773,672 1,215,000 Yonkers, NY Parking Authority 6.000 06/15/2024 1,094,824 --------------- 8,259,125,128 --------------- South Carolina--0.0% 415,000 York County, SC Pollution Control (Bowater)(1) 7.400 01/01/2010 314,387 --------------- U.S. Possessions--34.1% 60,000,000 Puerto Rico Electric Power Authority, Series UU(6) 2.390(5) 07/01/2029 38,400,000 125,620,000 Puerto Rico Highway & Transportation Authority, Series N(6) 2.400(5) 07/01/2041 71,603,344 2,995,000 Guam EDA (Harmon Village Apartments)(2,7) 9.375 11/01/2018 -- 1,000,000 Guam Education Financing Foundation COP(1) 5.000 10/01/2023 896,510 505,000 Guam GO, Series A(1) 5.250 11/15/2037 410,605 4,750,000 Guam Government Waterworks Authority and Wastewater System(1) 5.875 07/01/2035 4,248,115 500,000 Guam Government Waterworks Authority and Wastewater System(1) 6.000 07/01/2025 470,475 300,000 Guam Hsg. Corp. (Single Family Mtg.)(1) 5.750 09/01/2031 278,400 290,000 Guam Power Authority, Series A(1) 5.250 10/01/2023 257,961 20,000,000 Guam Power Authority, Series A(1) 5.250 10/01/2034 16,221,600 35,300,000 Northern Mariana Islands Commonwealth, Series A 5.000 06/01/2030 26,839,649 9,765,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 7,561,528 17,750,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 17,176,320 49,000,000 Puerto Rico Aqueduct & Sewer Authority(6) 5.125 07/01/2047 43,881,460 55,650,000 Puerto Rico Aqueduct & Sewer Authority(1) 0.000(4) 07/01/2024 44,994,138 88,365,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2038 84,468,987 121,270,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2044 115,532,716 5,000,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2044 4,763,450 56,685,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 47,787,156 268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617(3) 05/15/2050 9,657,945 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165(3) 05/15/2055 15,093,700 3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625(3) 05/15/2057 62,900,256 3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375(3) 05/15/2057 43,777,584 13,225,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2022 12,043,479 20,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2026 19,114 26,015,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2027 23,053,973
26 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- U.S. Possessions Continued $ 10,625,000 Puerto Rico Commonwealth GO(1) 5.000% 07/01/2029 $ 9,303,888 10,400,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2031 9,070,672 16,850,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2033 14,592,943 12,230,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2034 10,563,663 27,240,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2035 23,437,568 7,480,000 Puerto Rico Commonwealth GO(1) 5.125 07/01/2031 6,563,401 17,180,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2025 15,794,433 12,395,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 11,323,700 4,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 3,654,280 5,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2027 4,528,550 2,920,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2030 2,610,013 14,500,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2031 12,944,005 10,230,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2034 9,046,491 43,750,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2037 38,305,750 5,000,000 Puerto Rico Commonwealth GO(1) 5.375 07/01/2033 4,510,100 7,850,000 Puerto Rico Commonwealth GO 5.500 07/01/2029 7,440,309 79,300,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2032 73,084,466 37,585,000 Puerto Rico Commonwealth GO 6.000 07/01/2027 37,040,393 4,160,000 Puerto Rico Commonwealth GO 6.000 07/01/2028 4,102,758 19,485,000 Puerto Rico Commonwealth GO(1, 8) 6.000 07/01/2038 19,008,007 13,350,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2027 11,858,004 78,075,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2037 67,719,913 106,500,000 Puerto Rico Electric Power Authority, Series UU(6) 2.550(5) 07/01/2025 68,359,580 209,100,000 Puerto Rico Electric Power Authority, Series UU(6) 2.570(5) 07/01/2031 134,215,852 5,000,000 Puerto Rico Electric Power Authority, Series VV(1) 5.250 07/01/2029 4,810,100 30,000,000 Puerto Rico Electric Power Authority, Series VV(1) 5.250 07/01/2030 27,624,900 13,000,000 Puerto Rico Electric Power Authority, Series WW(1) 5.250 07/01/2033 11,672,830 76,000,000 Puerto Rico Electric Power Authority, Series WW(1) 5.500 07/01/2038 71,248,480 1,300,000 Puerto Rico HFA Capital Fund Modernization (Puerto Rico Public Hsg.)(1) 5.125 12/01/2027 1,196,338 60,000 Puerto Rico HFC(1) 5.100 12/01/2018 60,054 1,890,000 Puerto Rico HFC(1) 5.500 12/01/2023 1,775,088 9,515,000 Puerto Rico Highway & Transportation Authority(1) 5.000 07/01/2028 8,391,469 4,845,000 Puerto Rico Highway & Transportation Authority(1) 5.250 07/01/2030 4,433,756 4,000,000 Puerto Rico Highway & Transportation Authority(1) 5.500 07/01/2029 3,791,240 270,000 Puerto Rico Highway & Transportation Authority(1) 5.750 07/01/2020 266,460 11,585,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 10,033,189 28,565,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 24,267,967 10,000,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2025 9,020,000 14,725,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2026 13,188,005
27 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- U.S. Possessions Continued $ 8,500,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000% 07/01/2027 $ 7,532,530 9,000,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2030 7,854,480 2,600,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2023 2,422,654 17,205,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2030 15,842,880 6,795,000 Puerto Rico Highway & Transportation Authority, Series L 5.250 07/01/2041 6,139,079 94,120,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 79,231,157 74,940,000 Puerto Rico Highway & Transportation Authority, Series N(6) 2.400(5) 07/01/2045 42,715,800 21,080,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2032 19,289,043 53,445,000 Puerto Rico Highway & Transportation Authority, Series N 5.250 07/01/2039 48,431,859 3,650,000 Puerto Rico Infrastructure 5.000 07/01/2025 3,292,300 24,755,000 Puerto Rico Infrastructure 5.000 07/01/2031 21,590,816 6,000,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 5,138,520 34,490,000 Puerto Rico Infrastructure 5.000 07/01/2037 29,537,926 202,145,000 Puerto Rico Infrastructure 5.000 07/01/2041 172,023,374 147,520,000 Puerto Rico Infrastructure 5.000 07/01/2046 124,183,811 15,000,000 Puerto Rico Infrastructure(1) 5.500 07/01/2027 14,241,900 2,750,000 Puerto Rico Infrastructure(1) 5.500 07/01/2028 2,613,188 16,955,000 Puerto Rico Infrastructure 5.650(3) 07/01/2029 4,572,085 65,725,000 Puerto Rico Infrastructure 5.730(3) 07/01/2045 5,741,736 25,000,000 Puerto Rico Infrastructure 5.800(3) 07/01/2032 5,342,000 6,285,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.000 03/01/2036 4,932,154 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2019 1,032,469 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 12/01/2021 1,464,419 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2029 4,996,118 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.500 12/01/2031 5,462,159 38,000,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 38,020,140 2,550,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 5.625 07/01/2017 2,217,200 985,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 5.625 07/01/2027 765,956 8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 6.500 07/01/2018 8,044,809 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 6.500 07/01/2026 10,738,536 170,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.400 05/01/2009 168,837 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.600 05/01/2014 2,292,759 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.700 05/01/2024 4,605,300 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)(1) 5.750 06/01/2029 5,086,270
28 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- U.S. Possessions Continued $ 500,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250% 09/01/2021 $ 456,715 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2031 6,803,600 5,000,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2024 4,624,450 4,990,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2025 4,586,459 4,975,000 Puerto Rico Port Authority (American Airlines), Series A(1) 6.250 06/01/2026 2,486,107 6,395,000 Puerto Rico Port Authority (American Airlines), Series A(1) 6.300 06/01/2023 3,212,017 1,940,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2026 1,737,503 90,855,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2036 77,877,272 7,500,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2037 6,423,150 23,585,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2029 21,214,943 102,185,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2033 90,559,413 120,000 Puerto Rico Public Buildings Authority(1) 5.375 07/01/2033 108,242 3,600,000 Puerto Rico Public Buildings Authority(1) 5.750 07/01/2034 3,575,232 3,400,000 Puerto Rico Public Buildings Authority(1) 6.000 07/01/2024 3,379,090 8,000,000 Puerto Rico Public Buildings Authority(1) 6.000 07/01/2028 7,889,920 2,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2021 2,550,400 12,335,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2022 12,492,641 1,135,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2023 1,151,276 7,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2031 7,636,575 120,000,000 Puerto Rico Sales Tax Financing Corp., Series A(6) 2.806(5) 08/01/2057 79,200,000 276,445,000 Puerto Rico Sales Tax Financing Corp., Series A 5.250 08/01/2057 247,105,843 643,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.401(3) 08/01/2054 35,944,208 221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.939(3) 08/01/2056 10,404,638 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500(3) 08/01/2042 3,699,900 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504(3) 08/01/2043 9,221,600 4,525,000 University of Puerto Rico(1) 5.000 06/01/2026 4,053,993 10,010,000 University of Puerto Rico, Series P(1) 5.000 06/01/2022 9,119,310 5,280,000 University of Puerto Rico, Series P(1) 5.000 06/01/2030 4,609,282 24,375,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2030 21,278,644 65,780,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2036 56,395,825 9,230,000 University of V.I., Series A(1) 5.375 06/01/2034 8,023,454 2,040,000 University of V.I., Series A 6.250 12/01/2029 1,950,016 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker)(1) 6.500 07/01/2021 1,190,600 25,000 V.I. HFA, Series A 6.450 03/01/2016 25,014 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2031 16,830,965 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2033 458,167 27,733,000 V.I. Public Finance Authority (Hovensa Coker)(1) 6.500 07/01/2021 26,526,892 11,700,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 5.875 07/01/2022 10,509,993
29 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited
Principal Amount Coupon Maturity Value - --------------- ---------- ---------- --------------- U.S. Possessions Continued $ 8,000,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 6.125% 07/01/2022 $ 7,360,640 750,000 V.I. Public Finance Authority, Series A(1) 5.250 10/01/2024 677,633 1,000,000 V.I. Public Finance Authority, Series A(1) 5.500 10/01/2018 983,420 16,220,000 V.I. Public Finance Authority, Series A(1) 5.500 10/01/2022 15,312,329 7,500,000 V.I. Public Finance Authority, Series A(1) 5.625 10/01/2025 7,013,400 50,000 V.I. Public Finance Authority, Series A(1) 5.625 10/01/2025 46,756 3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,642,177 11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300(3) 05/15/2035 1,326,561 1,585,000 V.I. Water & Power Authority 5.300 07/01/2018 1,520,744 3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,238,616 2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,446,325 --------------- 3,039,643,294 --------------- Total Investments, at Value (Cost $12,995,107,845)-126.6% 11,299,082,809 Liabilities in Excess of Other Assets-(26.6) (2,372,962,317) --------------- Net Assets-100.0% $ 8,926,120,492 ===============
Footnotes to Statement of Investments (1.) All or a portion of the security has been segregated for collateral to cover borrowings. See accompanying Notes. (2.) Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $68,880,031, which represents 0.77% of the Fund's net assets. See accompanying Notes. (3.) Zero coupon bond reflects effective yield on the date of purchase. (4.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (5.) Represents the current interest rate for a variable or increasing rate security. (6.) 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. (7.) Issue is in default. See accompanying Notes. (8.) When-issued security or delayed delivery to be delivered and settled after September 30, 2008. See accompanying Notes. (9.) Represents the current interest rate for a variable rate bond known as an "inverse floater." See accompanying Notes. (10.) Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See accompanying Notes. 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 September 30, 2008:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* - --------------------- --------------- --------------- Level 1--Quoted Prices $ -- $-- Level 2--Other Significant Observable Inputs 11,299,082,809 -- Level 3--Significant Unobservable Inputs -- -- --------------- --- Total $11,299,082,809 $-- =============== ===
30 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited * Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE 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. TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ACDS Assoc. for Children with Down Syndrome ACLD Adults and Children with Learning and Developmental Disabilities ADD Aid to the Developmentally Disabled ALIA Alliance of Long Island Agencies ARC Assoc. of Retarded Citizens CCRC Continuing Care Retirement Community CFGA Child and Family Guidance Assoc. CHSLI Catholic Health Services of Long Island CNGCS Central Nassau Guidance and Counseling Services COP Certificates of Participation CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DRIVERS Derivative Inverse Tax Exempt Receipts EDA Economic Devel. Authority EFC Environmental Facilities Corp. ERDA Energy Research and Devel. Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation GSHMC Good Samaritan Hospital Medical Center HDC Housing Devel. Corp. HFA Housing Finance Agency/Authority HFC Housing Finance Corp. HH Harmony Heights, Inc. HHS Harmony Heights School HJDOI Hospital for Joint Diseases Orthopedic Institute IDA Industrial Devel. Agency IGHL Independent Group Home for Living ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities JCC Jewish Community Center JDAM Julia Dyckman Andrus Memorial JFK John Fitzgerald Kennedy L.I. Long Island LGSC Local Government Services Corp. LIHIA Long Island Head Injury Assoc. LILCO Long Island Lighting Corp. LIMC Long Island Medical Center 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 31 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited NYC New York City NYS New York State NYU New York University 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 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 YMCA Young Men's Christian Assoc. 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 Fund's 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. 32 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 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. 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 September 30, 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 $326,246,593 Sold securities 323,650,836
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 expose up to 20% of its total assets to the effects of leverage from its 33 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited investments in inverse floaters. The Fund's exposure to the effects of leverage from its investments in inverse floaters amount to $1,815,061,340 as of September 30, 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 do 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 September 30, 2008, municipal bond holdings with a value of $2,451,218,049 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $2,140,510,000 in short-term floating rate notes issued and outstanding at that date. At September 30, 2008, the Fund's residual exposure to these types of inverse floating rate securities were as follows:
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER(1) RATE(2) DATE VALUE - ----------- ------------------------------------------------------ ---------- -------- ------------- $13,050,000 NY Austin Trust Various States Inverse Certificates 1.418% 12/1/27 $ 9,388,301 6,420,000 NY Austin Trust Various States Inverse Certificates 0.658 12/1/34 3,736,247 9,490,000 NY Austin Trust Various States Inverse Certificates 2.230 6/1/32 8,374,735 6,385,000 NY Austin Trust Various States Inverse Certificates 1.724 6/1/27 5,528,197 9,180,000 NY Austin Trust Various States Inverse Certificates 1.159 4/1/36 5,619,904 15,970,000 NY Austin Trust Various States Inverse Certificates 1.238 10/1/30 10,319,814 4,190,000 NY Austin Trust Various States Inverse Certificates 0.801 6/15/34 3,086,438 19,970,000 NY Austin Trust Various States Inverse Certificates 1.953 11/1/38 13,077,554 10,635,000 NY Austin Trust Various States Inverse Certificates 0.564 5/1/49 5,765,234 10,000,000 NY Austin Trust Various States Inverse Certificates 4.602 7/1/48 7,546,200 22,800,000 NY Liberty Devel. Corp. ROLs(3) (7.090) 10/1/35 (13,504,440) 5,145,000 NY Liberty Devel. Corp. ROLs 1.040 10/1/35 1,868,561 7,435,000 NY Liberty Devel. Corp. ROLs 2.040 10/1/37 3,541,588 1,910,000 NY MTA RITES (12.398) 11/15/28 1,600,695 14,715,000 NY MTA ROLs(3) 0.000(4) 11/15/30 11,211,359 4,190,000 NY Triborough Bridge & Tunnel Authority RITES (4.465) 1/1/32 3,370,771 6,615,000 NY Triborough Bridge & Tunnel Authority ROLs(3) 0.000 1/1/27 5,311,514 12,350,000 NY TSASC, Inc. (TFABs) ROLs(3) 0.201 6/1/42 (3,066,382) 9,135,000 NYC GO DRIVERS 0.000(4) 6/1/33 6,764,376 4,150,000 NYC GO DRIVERS 0.000(4) 12/1/33 3,055,230 6,470,000 NYC GO DRIVERS 0.000(4) 4/1/35 4,673,152 4,255,000 NYC GO DRIVERS 0.000(4) 3/1/35 3,074,365 3,640,000 NYC GO DRIVERS 0.000(4) 8/1/30 2,747,399 1,800,000 NYC GO DRIVERS 0.000(4) 8/1/35 1,296,954
34 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 7,540,000 NYC GO ROLs 2.684 11/1/34 4,777,193 4,480,000 NYC GO ROLs(3) 0.000(4) 4/1/30 2,874,189 8,900,000 NYC GO ROLs(3) 0.000(4) 6/1/30 6,570,692 2,620,000 NYC HDC (Multifamily Hsg.) DRIVERS 0.000(4) 11/1/42 2,385,772 4,710,000 NYC HDC (Multifamily Hsg.) ROLs(3) 0.000(4) 11/1/30 4,366,735 12,750,000 NYC Municipal Water Finance Authority DRIVERS 2.260 6/15/39 8,928,570 14,425,000 NYC Municipal Water Finance Authority DRIVERS 0.500 6/15/26 12,706,117 11,210,000 NYC Municipal Water Finance Authority DRIVERS 1.000 6/15/32 9,860,316 2,930,000 NYC Municipal Water Finance Authority DRIVERS 0.500 6/15/32 2,202,247 11,860,000 NYC Municipal Water Finance Authority DRIVERS 0.500 6/15/34 8,736,313 4,500,000 NYC Municipal Water Finance Authority DRIVERS 0.500 6/15/38 3,164,130 7,850,000 NYC Municipal Water Finance Authority RITES (4.910) 6/15/34 5,988,451 1,150,000 NYC Municipal Water Finance Authority RITES 2.082 6/15/39 802,861 6,875,000 NYC Municipal Water Finance Authority ROLs 2.393 6/15/31 5,203,825 10,025,000 NYC Municipal Water Finance Authority ROLs 2.393 6/15/37 7,144,617 7,875,000 NYC Municipal Water Finance Authority ROLs 2.393 6/15/39 5,497,853 4,935,000 NYC Municipal Water Finance Authority ROLs 2.603 6/15/39 3,555,470 4,500,000 NYC Municipal Water Finance Authority ROLs 1.903 6/15/39 3,141,630 6,080,000 NYS DA (Memorial Sloan-Kettering) DRIVERS 0.000(4) 7/1/35 4,784,778 33,935,000 NYS DA (St. Lukes Roosevelt Hospital Center) DRIVERS 0.000(4) 8/15/31 22,757,490 3,900,000 NYS DA (Vassar College) DRIVERS 0.000(4) 7/1/46 2,955,381 5,000,000 NYS DA RITES 0.029 8/1/29 4,688,500 19,735,000 NYS DA ROLs(3) 0.054 5/1/33 1,752,073 2,990,000 NYS DA ROLs(3) 0.000 5/1/18 1,345,500 2,830,000 NYS DA ROLs(3) 0.000 7/1/28 2,433,234 4,895,000 Port Authority NY/NJ, 11588th Series ROLs 3.106 10/15/27 2,875,666 3,580,000 Port Authority NY/NJ, 11588th Series ROLs 2.184 10/15/28 1,619,664 5,500,000 Port Authority NY/NJ, 11588th Series ROLs 3.105 10/15/32 2,907,025 9,090,000 Port Authority NY/NJ, 11589th Series ROLs 1.458 9/1/29 3,723,719 6,395,000 Port Authority NY/NJ, 136th Series DRIVERS (0.330) 11/1/28 5,068,741 7,620,000 Port Authority NY/NJ, 136th Series DRIVERS 0.040 11/1/29 6,339,993 13,000,000 Port Authority NY/NJ, 138th Series DRIVERS 0.820 12/1/34 8,845,980 18,000,000 Port Authority NY/NJ, 151st Series DRIVERS 0.230 3/15/35 15,998,760 4,570,000 Port Authority NY/NJ, 152nd Series DRIVERS (0.710) 5/1/38 3,294,102 4,465,000 Port Authority NY/NJ, 2669th Series ROLs 0.150 5/1/34 2,406,099 10,000,000 Port Authority NY/NJ, 3090th Series DRIVERS 0.000 11/1/35 6,453,800 20,000,000 Port Authority NY/NJ, 3094th Series DRIVERS 0.350 3/15/39 14,880,400 5,625,000 Port Authority NY/NJ, 3114th Series DRIVERS 1.740 11/1/30 5,047,875 15,485,000 Port Authority NY/NJ, 3114th Series DRIVERS (0.260) 11/1/35 9,993,709 2,500,000 Port Authority NY/NJ, 3115th Series DRIVERS 1.320 3/15/35 2,222,050 16,890,000 Port Authority NY/NJ, 37th Series DRIVERS 0.000 7/15/34 12,208,092 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs 0.912 7/1/47 2,765,260 7,500,000 Puerto Rico Aqueduct & Sewer Authority ROLs (0.240) 7/1/47 4,366,200 15,000,000 Puerto Rico Electric Power Authority ROLs(3) 0.000 7/1/29 (6,600,000) 93,710,000 Puerto Rico Electric Power Authority ROLs(3) 0.000 7/1/31 (19,314,568) 24,980,000 Puerto Rico Highway & Transportation Authority ROLs(3) (0.870) 7/1/45 (7,244,200) 41,875,000 Puerto Rico Highway & Transportation Authority ROLs(3) (1.630) 7/1/41 (12,141,656)
35 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited 30,000,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) (0.610) 8/1/57 (10,800,000) 10,075,000 SONYMA RITES (0.472) 10/1/34 4,201,577 8,845,000 SONYMA, Series 71 RITES 2.031 4/1/29 8,578,058 ------------ $310,708,049 ============
(1.) For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 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.) The underlying bond was purchased on a when-issued or delayed delivery basis. Therefore, the interest rate will be determined upon settlement. 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 September 30, 2008, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at $882,958,754. 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 September 30, 2008, securities with an aggregate market value of $873,850, representing 0.01% of the Fund's net assets, were in default. The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of September 30, 2008, securities with an aggregate market value of $1,387,477, representing 0.02% of the Fund's net assets, were subject to these forbearance agreements. No interest or principal payments are owed to the Fund under these agreements. 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 September 30, 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 36 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2008 / Unaudited $1.25 billion, 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 (2.9074% as of September 30, 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 September 30, 2008, the Fund had borrowings outstanding at an interest rate of 2.9074%. Details of the borrowings for the period ended September 30, 2008 are as follows: Average Daily Loan Balance $235,744,526 Average Daily Interest Rate 3.261% Fees Paid $ 1,369,046 Interest Paid $ 4,637,781
RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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 September 30, 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 $13,049,985,994 =============== Gross unrealized appreciation $ 53,883,625 Gross unrealized depreciation (1,804,786,810) --------------- Net unrealized depreciation $(1,750,903,185) ===============
37 | 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 09/30/2008, 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: 11/11/2008 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: 11/11/2008 By: /s/ Brian W. Wixted ---------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/11/2008 EX-99.CERT 2 rq365_50221cert302.txt RQ365_50221CERT302 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Rochester Fund Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - -------------------------------------- John V. Murphy Principal Executive Officer Date: 11/11/2008 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Rochester Fund Municipals; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - -------------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/11/2008 -----END PRIVACY-ENHANCED MESSAGE-----