-----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, KsU1rNZOBuPu9WePSPbDUKp/Q+y+dVYsMiwBTf9Dq3uxqF9JZNftC8l3UTytgGIn W5DSIzRmlRagL2RlfDar+Q== 0000950123-09-065710.txt : 20091124 0000950123-09-065710.hdr.sgml : 20091124 20091124165005 ACCESSION NUMBER: 0000950123-09-065710 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091124 DATE AS OF CHANGE: 20091124 EFFECTIVENESS DATE: 20091124 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 SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 091205331 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 1 p15566nvq.txt N-Q 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: 09/30/2009 ITEM 1. SCHEDULE OF INVESTMENTS. Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- Municipal Bonds and Notes--116.0% New York--81.1% $ 1,035,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.375% 12/01/2024 $ 960,366 1,700,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.625 12/01/2034 1,530,272 605,000 Albany County, NY IDA (Wildwood Programs)(1) 4.900 07/01/2021 505,145 1,085,000 Albany, NY Hsg. Authority (Lark Drive)(1) 5.500 12/01/2028 1,101,937 1,420,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2019 1,424,587 2,460,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2029 2,254,492 215,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse)(1) 7.500 05/01/2012 215,030 790,000 Albany, NY IDA (Albany Rehabilitation)(1) 8.375 06/01/2023 795,088 3,125,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2027 2,709,844 1,350,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2032 1,109,565 900,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2037 714,582 7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 5,623,754 900,000 Albany, NY IDA (New Covenant Charter School)(2) 7.000 05/01/2025 627,651 1,285,000 Albany, NY IDA (Sage Colleges)(1) 5.250 04/01/2019 1,146,413 1,760,000 Albany, NY IDA (Sage Colleges)(1) 5.300 04/01/2029 1,395,363 895,000 Albany, NY Parking Authority(1) 5.625 07/15/2025 916,122 1,770,000 Albany, NY Parking Authority(3) 7.052(4) 11/01/2017 1,213,795 925,000 Amherst, NY IDA (Asbury Pointe)(1) 5.800 02/01/2015 925,213 45,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2023 41,871 3,000,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2029 2,617,410 5,300,000 Amherst, NY IDA (Beechwood Health Care Center)(1) 5.200 01/01/2040 3,850,238 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)(1) 5.250 08/01/2031 25,310 1,065,000 Blauvelt, NY Volunteer Fire Company(1) 6.250 10/15/2017 1,030,409 2,735,000 Brookhaven, NY IDA (Enecon Corp.)(1) 6.300 01/01/2033 2,070,915 2,425,000 Brookhaven, NY IDA (Stony Brook Foundation)(1) 6.500 11/01/2020 2,424,927 1,650,000 Broome County, NY IDA (Good Shepard Village)(1) 6.750 07/01/2028 1,426,821 1,550,000 Broome County, NY IDA (Good Shepard Village)(1) 6.875 07/01/2040 1,286,082 95,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2025 71,321 3,030,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2036 2,000,588 1,000,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2030 708,890 1,250,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2036 838,888 3,000,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2030 2,156,850 4,450,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2036 3,034,678 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)(1) 5.750 11/01/2030 2,566,170 915,000 Canton, NY Human Services Initiatives(1) 5.700 09/01/2024 903,206 1,155,000 Canton, NY Human Services Initiatives(1) 5.750 09/01/2032 1,098,555 1,465,000 Cattaraugus County, NY IDA (St. Bonaventure University)(1) 5.450 09/15/2019 1,436,330 11,215,000 Cayuga County, NY COP (Auburn Memorial Hospital)(1) 6.000 01/01/2021 11,221,953
1 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 3,395,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.)(1) 7.500% 11/01/2018 $ 3,039,611 1,900,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown)(1) 6.400 11/15/2029 1,687,314 95,000 Chautauqua, NY Utility District(1) 5.000 06/01/2023 99,533 105,000 Chautauqua, NY Utility District(1) 5.000 06/01/2025 109,106 1,915,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2029 1,907,704 3,250,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2029 3,237,618 1,455,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2034 1,406,490 1,000,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2034 966,660 1,070,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 4.850 07/01/2023 1,076,602 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 5.000 07/01/2033 1,519,333 3,835,000 Chemung County, NY IDA (St. Joseph's Hospital)(3) 6.000 01/01/2013 3,147,001 4,000,000 Chemung County, NY IDA (St. Joseph's Hospital)(3) 6.350 01/01/2013 3,282,400 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital)(3) 6.500 01/01/2019 3,894,121 875,000 Clifton Springs, NY Hospital & Clinic(1) 7.650 01/01/2012 875,648 2,345,000 Clifton Springs, NY Hospital & Clinic(1) 8.000 01/01/2020 2,346,829 35,000 Cohoes, NY GO(1) 6.200 03/15/2012 35,021 25,000 Cohoes, NY GO(1) 6.200 03/15/2013 25,008 25,000 Cohoes, NY GO(1) 6.250 03/15/2014 25,006 25,000 Cohoes, NY GO(1) 6.250 03/15/2015 25,001 25,000 Cohoes, NY GO(1) 6.250 03/15/2016 24,997 1,275,000 Columbia County, NY IDA (Berkshire Farms)(1) 7.500 12/15/2014 1,195,784 3,300,000 Corinth, NY IDA (International Paper Company)(1) 5.750 02/01/2022 3,282,444 40,000 Corinth, NY IDA (International Paper Company)(1) 5.850 12/01/2020 40,019 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital)(1) 5.250 07/01/2032 5,057,036 2,310,000 Dutchess County, NY IDA (Elant Fishkill)(1) 5.250 01/01/2037 1,760,659 900,000 Dutchess County, NY IDA (St. Francis Hospital)(1) 7.500 03/01/2029 900,369 1,000,000 Dutchess County, NY Water & Wastewater Authority(1) 5.400(4) 06/01/2027 479,940 3,155,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)(1) 7.750 10/01/2032 3,128,246 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.)(1) 6.125 04/20/2043 1,447,093 2,410,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments)(1) 6.750 03/01/2030 2,186,300 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village)(1) 5.500 08/01/2033 1,401,106
2 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 3,325,000 Elmira, NY Hsg. Authority (Eastgate Apartments)(1) 6.250% 06/01/2044 $ 2,723,740 1,925,000 Erie County, NY IDA (Air Cargo)(1) 8.500 10/01/2015 1,926,790 4,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.750 06/01/2025 3,899,680 7,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.875 06/01/2035 6,700,680 1,960,000 Erie County, NY IDA (DePaul Properties)(1) 5.750 09/01/2028 1,419,236 2,255,000 Erie County, NY IDA (DePaul Properties)(1) 6.500 09/01/2018 1,942,434 1,775,000 Erie County, NY IDA (Global Concepts Charter School)(1) 6.250 10/01/2037 1,565,408 11,310,000 Erie County, NY IDA (Medaille College)(1) 7.625 04/01/2035 11,525,456 3,515,000 Erie County, NY IDA (Medaille College)(1) 8.250 11/01/2026 3,656,584 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 8,865,648 9,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 7,799,323 7,350,000 Erie County, NY IDA (The Episcopal Church Home)(1) 6.000 02/01/2028 7,354,778 25,290,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2038 21,154,832 72,595,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2045 58,901,405 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140(4) 06/01/2047 3,575,850 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488(4) 06/01/2050 3,307,689 194,300,000 Erie County, NY Tobacco Asset Securitization Corp. 7.196(4) 06/01/2055 2,376,289 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650(4) 06/01/2060 7,731,200 1,410,000 Essex County, NY IDA (International Paper Company)(1) 4.600 03/01/2027 1,206,593 2,300,000 Essex County, NY IDA (International Paper Company)(1) 6.450 11/15/2023 2,324,909 1,500,000 Essex County, NY IDA (International Paper Company)(1) 6.625 09/01/2032 1,563,930 30,000 Essex County, NY IDA (Moses Ludington Nursing Home)(1) 6.200 02/01/2030 30,724 975,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 888,849 320,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 291,725 1,235,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 1,088,504 410,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 361,366 1,100,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.300 06/01/2035 918,236 9,300,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 12/01/2023 8,947,530 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 03/01/2028 4,292,237 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 08/15/2022 1,798,367 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 10/01/2026 1,574,446
3 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / 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 $ 5,692,155 900,000 Franklin County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 793,242 1,000,000 Genesee County, NY IDA (United Memorial Medical Center)(1) 5.000 12/01/2027 812,840 3,630,000 Glen Cove, NY IDA (SLCD)(1) 7.375 07/01/2023 3,647,497 1,175,000 Green Island, NY Power Authority(1) 5.125 12/15/2024 1,181,568 2,520,000 Green Island, NY Power Authority(1) 6.000 12/15/2020 2,600,968 1,695,000 Green Island, NY Power Authority(1) 6.000 12/15/2025 1,731,934 195,000 Hempstead, NY IDA (Dentaco Corp.)(1) 7.250 11/01/2012 193,851 1,270,000 Hempstead, NY IDA (Dentaco Corp.)(1) 8.250 11/01/2025 1,274,585 9,375,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 6.375 11/01/2018 8,613,094 8,215,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 7.750 11/01/2022 8,402,877 25,260,000 Hempstead, NY IDA (Lynbrook Facilities)(1) 6.500 11/01/2042 19,615,906 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center)(1) 6.500 11/01/2038 3,201,487 6,145,000 Hempstead, NY IDA (South Shore Y JCC)(1) 6.750 11/01/2024 4,510,491 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.250 08/01/2034 951,580 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.400 11/01/2020 1,263,733 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.500 11/01/2030 1,797,400 120,000 Herkimer, NY Hsg. Authority(1) 7.150 03/01/2011 120,535 75,340,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 74,392,976 485,720,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 479,614,500 145,000 Huntington, NY Hsg. Authority (GJSR)(1) 5.875 05/01/2019 134,472 1,000,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2029 856,680 8,500,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2039 6,932,090 710,000 Islip, NY IDA (Leeway School)(1) 9.000 08/01/2021 714,473 16,730,000 Islip, NY IDA (Southside Hospital Civic Facilities)(1) 7.750 12/01/2022 16,257,879 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 8,507,072 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 987,154 1,100,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2020 1,181,224 1,315,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2021 1,402,737 1,000,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2023 1,060,530 60,000 L.I., NY Power Authority, Series A(1) 5.125 09/01/2029 60,801 5,300,000 Madison County, NY IDA (Commons II Student Hsg.)(1) 5.000 06/01/2040 4,953,592 850,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2028 828,793 1,100,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2032 1,052,480
4 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 1,290,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.300% 02/01/2021 $ 1,277,990 5,500,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.350 02/01/2031 5,066,270 590,000 Middletown, NY IDA (Flanagan Design & Display)(1) 7.500 11/01/2018 538,806 2,970,000 Middletown, NY IDA (Southwinds Retirement Home)(1) 6.375 03/01/2018 2,974,663 85,000 Middletown, NY IDA (YMCA)(1) 6.250 11/01/2009 85,082 1,255,000 Middletown, NY IDA (YMCA)(1) 7.000 11/01/2019 1,257,861 80,000 Monroe County, NY COP(1) 8.050 01/01/2011 79,510 50,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.750 05/01/2023 48,529 1,025,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 934,595 480,000 Monroe County, NY IDA (Dayton Rogers Manufacturing)(1) 6.100 12/01/2009 478,526 4,005,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.875 02/01/2028 2,961,898 4,925,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.950 08/01/2028 4,255,052 4,025,000 Monroe County, NY IDA (DePaul Properties)(1) 6.150 09/01/2021 3,259,324 1,250,000 Monroe County, NY IDA (Highland Hospital of Rochester)(1) 5.000 08/01/2025 1,237,788 195,000 Monroe County, NY IDA (Melles Griot)(1) 9.500 12/01/2009 195,248 2,500,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.)(1) 6.500 12/01/2042 2,160,300 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology)(1) 5.375 04/01/2029 2,550,887 2,190,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.250 06/01/2026 2,199,242 3,175,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.375 06/01/2024 3,195,130 2,175,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.375 07/01/2032 1,764,382 3,660,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.500 07/01/2027 3,109,792 735,000 Monroe County, NY IDA (Volunteers of America)(1) 5.700 08/01/2018 680,500 2,765,000 Monroe County, NY IDA (Volunteers of America)(1) 5.750 08/01/2028 2,309,936 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701(4) 06/01/2061 4,452,500 580,000 Monroe, NY Newpower Corp(1) 5.625 01/01/2026 486,400 2,265,000 Monroe, NY Newpower Corp.(1) 5.500 01/01/2034 1,870,867 600,000 Mount Vernon, NY IDA (Kings Court)(1) 5.200 12/01/2033 603,414 3,275,000 Mount Vernon, NY IDA (Macedonia Towers)(1) 5.200 12/01/2033 2,889,565 2,295,000 Mount Vernon, NY IDA (Meadowview)(1) 6.150 06/01/2019 2,266,840 2,600,000 Mount Vernon, NY IDA (Meadowview)(1) 6.200 06/01/2029 2,426,528 802,824 Municipal Assistance Corp. for Troy, NY(1) 5.733(4) 07/15/2021 498,522 1,218,573 Municipal Assistance Corp. for Troy, NY(1) 5.741(4) 01/15/2022 736,213 735,000 Nassau County, NY IDA (ACDS)(1) 5.950 11/01/2022 664,491
5 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 590,000 Nassau County, NY IDA (ALIA-ACDS)(1) 7.500% 06/01/2015 $ 602,443 2,975,000 Nassau County, NY IDA (ALIA-ACLD)(1) 6.250 09/01/2022 2,766,988 180,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.125 06/01/2017 182,462 255,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.500 06/01/2015 260,378 4,640,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.000 11/01/2016 4,692,571 2,650,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.125 06/01/2017 2,686,252 1,280,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.500 06/01/2015 1,306,995 150,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2012 153,459 1,575,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.500 06/01/2015 1,608,217 4,030,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.150 06/01/2030 4,109,310 6,165,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.250 06/01/2032 6,307,350 710,000 Nassau County, NY IDA (ALIA-HH)(1) 7.125 06/01/2017 719,713 545,000 Nassau County, NY IDA (ALIA-HHS)(1) 7.125 06/01/2017 552,456 150,000 Nassau County, NY IDA (ALIA-LVH)(1) 7.500 06/01/2015 153,164 12,500,000 Nassau County, NY IDA (Amsterdam at Harborside)(1) 6.700 01/01/2043 11,507,375 385,000 Nassau County, NY IDA (CNGCS)(1) 7.500 06/01/2030 393,120 2,245,000 Nassau County, NY IDA (CNGCS)(1) 8.150 06/01/2030 2,289,182 5,005,000 Nassau County, NY IDA (CSMR)(1) 5.950 11/01/2022 4,524,870 615,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.)(1) 5.950 11/01/2022 556,003 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center)(1) 6.500 11/01/2037 1,452,135 3,150,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center)(1) 5.250 06/01/2027 3,085,866 655,000 Nassau County, NY IDA (Life's WORCA)(1) 5.950 11/01/2022 592,166 3,685,000 Nassau County, NY IDA (Little Village School)(1) 7.500 12/01/2031 3,700,624 3,535,000 Nassau County, NY IDA (New York Water Service Corp.)(1) 5.000 12/01/2035 3,380,733 2,205,000 Nassau County, NY IDA (North Shore CFGA)(1) 6.750 05/01/2024 2,129,324 1,300,000 Nassau County, NY IDA (PLUS Group Home)(1) 6.150 11/01/2022 1,197,365 1,810,000 Nassau County, NY IDA (United Cerebral Palsy)(1) 6.250 11/01/2014 1,792,027 645,000 Nassau County, NY IDA (United Veteran's Beacon House)(1) 6.500 11/01/2037 564,233 655,000 Nassau County, NY IDA, Series A-A(1) 6.000 07/02/2021 604,034 6,915,000 Nassau County, NY IDA, Series A-B(1) 6.000 07/01/2021 6,376,944 695,000 Nassau County, NY IDA, Series A-C(1) 6.000 07/01/2021 640,922 790,000 Nassau County, NY IDA, Series A-D(1) 6.000 07/01/2021 728,530 122,875,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.125 06/01/2046 101,703,638 9,000,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.250 06/01/2026 8,803,800 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820(4) 06/01/2046 965,000 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221(4) 06/01/2046 4,442,472 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537(4) 06/01/2060 10,341,107 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351(4) 06/01/2060 302,000
6 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 22,780,000 Nassau County, NY Tobacco Settlement Corp. (TASC)(1) 5.000% 06/01/2035 $ 19,470,294 13,010,000 New Rochelle, NY IDA (College of New Rochelle)(1) 5.250 07/01/2027 13,100,810 3,670,000 New Rochelle, NY IDA (Soundview Apartments)(1) 5.375 04/01/2036 3,733,711 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company)(1) 5.550 11/15/2024 3,182,025 3,020,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.750 06/01/2018 2,858,974 1,500,000 Niagara County, NY IDA (Niagara University)(1) 5.350 11/01/2023 1,523,340 5,400,000 Niagara County, NY IDA (Niagara University)(1) 5.400 11/01/2031 5,428,620 2,600,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.550 11/15/2024 2,556,762 7,250,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.625 11/15/2024 7,232,238 20,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 5.750 05/15/2022 20,097 1,480,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2034 1,483,138 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2040 6,226,636 125,000 Niagara Falls, NY Public Water Authority(1) 5.500 07/15/2034 128,163 355,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.000 04/01/2028 336,923 1,420,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.625 04/01/2029 1,426,788 27,255,000 NJ EDA (School Facilities Construction)(5) 4.500 09/01/2029 26,657,605 3,155,000 North Tonawanda, NY HDC (Bishop Gibbons Associates)(1) 7.375 12/15/2021 3,841,970 25,000 Nunda, NY GO(1) 8.000 05/01/2010 25,784 500,000 NY Carnegie Redevel. Corp.(3) 7.000 09/01/2021 415,755 8,480,000 NY Counties Tobacco Trust I(1) 6.250 06/01/2028 8,518,330 6,235,000 NY Counties Tobacco Trust I(1) 6.500 06/01/2035 6,273,844 19,230,000 NY Counties Tobacco Trust I(1) 6.625 06/01/2042 19,311,728 29,800,000 NY Counties Tobacco Trust II (TASC)(1) 5.625 06/01/2035 27,627,878 53,880,000 NY Counties Tobacco Trust II (TASC)(1) 5.750 06/01/2043 49,438,672 245,000 NY Counties Tobacco Trust III(1) 6.000 06/01/2043 233,279 7,000,000 NY Counties Tobacco Trust IV(1) 5.000 06/01/2038 5,855,430 131,335,000 NY Counties Tobacco Trust IV 5.920(4) 06/01/2050 3,895,396 304,690,000 NY Counties Tobacco Trust IV 6.395(4) 06/01/2055 4,713,554 608,700,000 NY Counties Tobacco Trust IV 6.816(4) 06/01/2060 4,595,685 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 0.000(6) 06/01/2041 77,472,450 52,535,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2042 42,871,712 38,275,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2045 31,055,187 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 6.650(7) 06/01/2041 3,554,925 344,970,000 NY Counties Tobacco Trust V 6.151(4) 06/01/2038 32,872,191 623,610,000 NY Counties Tobacco Trust V 6.205(4) 06/01/2050 19,232,132
7 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 643,195,000 NY Counties Tobacco Trust V 6.850%(4) 06/01/2055 $ 9,950,227 3,845,000,000 NY Counties Tobacco Trust V 7.846(4) 06/01/2060 29,029,750 88,000,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(5) 5.250 10/01/2035 90,667,808 2,199,995 NY Liberty Devel. Corp. (National Sports Museum)(3, 8, 9) 6.125 02/15/2019 220 51,560,000 NY MTA, Series A(5) 5.000 11/15/2030 53,199,869 20,000 NY MTA, Series A(1) 5.000 11/15/2032 20,531 25,000 NY MTA, Series B(1) 5.000 01/01/2031 25,533 1,625,000 NY Newark-Wayne Community Hospital(1) 7.600 09/01/2015 1,625,325 20,220,000 NY Seneca Nation Indians Capital Improvements(1) 5.000 12/01/2023 16,984,800 25,000 NY Triborough Bridge & Tunnel Authority(1) 5.000 01/01/2032 25,575 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A(5) 5.000 01/01/2027 34,015,404 13,950,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2026 13,194,050 251,510,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2034 218,449,011 337,515,000 NY TSASC, Inc. (TFABs)(1) 5.125 06/01/2042 281,220,873 15,000 NYC GO(1) 5.000 06/01/2020 16,577 25,000 NYC GO(1) 5.000 03/01/2025 26,067 20,000 NYC GO(1) 5.000 03/15/2029 20,217 15,000 NYC GO(1) 5.000 03/15/2029 15,162 20,000,000 NYC GO(5) 5.000 04/01/2030 21,066,598 46,000,000 NYC GO(5) 5.000 06/01/2030 48,524,973 10,920,000 NYC GO(5) 5.000 08/01/2030 11,535,178 27,400,000 NYC GO(5) 5.000 06/01/2033 28,769,247 12,455,000 NYC GO(5) 5.000 12/01/2033 13,024,972 30,150,000 NYC GO(5) 5.000 11/01/2034 31,475,230 12,765,000 NYC GO(5) 5.000 03/01/2035 13,355,184 19,405,000 NYC GO(5) 5.000 04/01/2035 20,315,362 5,400,000 NYC GO(5) 5.000 08/01/2035 5,666,595 60,000 NYC GO(1) 5.100 11/01/2019 62,915 20,000,000 NYC GO(5) 5.250 03/01/2021 23,108,700 5,000 NYC GO(1) 5.250 08/01/2021 5,008 25,530,000 NYC GO(5) 5.250 06/01/2027 26,473,983 5,000 NYC GO(1) 5.375 12/01/2026 5,170 5,000 NYC GO(1) 5.375 03/01/2027 5,715 37,945,000 NYC GO(5) 5.375 06/01/2032 39,338,190 50,000 NYC GO(1) 5.500 08/01/2022 50,083 5,000 NYC GO(1) 5.500 12/01/2031 5,171 5,000 NYC GO(1) 5.950 08/01/2014 5,046 40,000 NYC GO(1) 6.154(4) 10/01/2012 38,108 20,000 NYC GO(1) 7.000 02/01/2010 20,414 15,000 NYC GO(1) 7.250 08/15/2024 15,071 5,000 NYC GO(1) 7.750 08/15/2028 5,089
8 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 837,000 NYC GO RIBS 10.630%(10) 08/12/2010 $ 866,554 837,000 NYC GO RIBS 10.630(10) 09/01/2011 866,554 4,055,000 NYC HDC (Barclay Avenue)(1) 6.600 04/01/2033 4,056,663 42,392 NYC HDC (Beekman)(3) 6.500 10/15/2017 42,485 285,342 NYC HDC (Bridgeview III)(3) 6.500 12/15/2017 286,675 826,422 NYC HDC (Cadman Towers)(3) 6.500 11/15/2018 830,281 53,227 NYC HDC (Essex Terrace)(3) 6.500 07/15/2018 53,410 306,353 NYC HDC (Forest Park Crescent)(3) 6.500 12/15/2017 307,122 5,000,000 NYC HDC (Multifamily Hsg.)(1) 4.700 11/01/2040 4,536,600 3,500,000 NYC HDC (Multifamily Hsg.)(5) 5.000 11/01/2037 3,432,675 60,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2023 60,611 4,685,000 NYC HDC (Multifamily Hsg.)(5) 5.050 11/01/2039 4,599,606 2,435,000 NYC HDC (Multifamily Hsg.)(5) 5.100 11/01/2027 2,463,852 3,000,000 NYC HDC (Multifamily Hsg.)(5) 5.125 11/01/2032 3,001,050 5,100,000 NYC HDC (Multifamily Hsg.)(1) 5.150 11/01/2037 5,122,032 8,035,000 NYC HDC (Multifamily Hsg.)(1) 5.200 11/01/2040 8,022,305 14,110,000 NYC HDC (Multifamily Hsg.)(5) 5.250 11/01/2030 14,526,185 7,205,000 NYC HDC (Multifamily Hsg.)(1) 5.250 11/01/2045 7,181,512 5,140,000 NYC HDC (Multifamily Hsg.)(1) 5.350 11/01/2037 5,196,900 15,000 NYC HDC (Multifamily Hsg.)(1) 5.400 11/01/2033 15,081 3,735,000 NYC HDC (Multifamily Hsg.)(1) 5.450 11/01/2040 3,793,341 4,785,000 NYC HDC (Multifamily Hsg.)(1) 5.500 11/01/2028 4,930,943 3,090,000 NYC HDC (Multifamily Hsg.)(5) 5.500 11/01/2034 3,216,837 2,840,000 NYC HDC (Multifamily Hsg.)(5) 5.550 11/01/2039 2,951,101 10,910,000 NYC HDC (Multifamily Hsg.)(5) 5.700 11/01/2046 11,387,095 10,470,000 NYC HDC (Multifamily Hsg.), Series A(5) 5.600 11/01/2042 10,632,809 31,850,000 NYC HDC (Multifamily Hsg.), Series B(5) 5.350 05/01/2049 31,538,410 11,250,000 NYC HDC (Multifamily Hsg.), Series C(5) 5.050 11/01/2036 11,093,831 8,365,000 NYC HDC (Multifamily Hsg.), Series C(5) 5.125 05/01/2040 8,256,525 385,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.700 05/01/2031 387,553 1,000,000 NYC HDC (Multifamily Hsg.), Series E(1) 5.200 11/01/2033 1,002,130 2,155,000 NYC HDC (Multifamily Hsg.), Series F(1) 5.200 11/01/2032 2,160,366 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1(5) 4.875 11/01/2039 12,997,039 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.200 11/01/2038 1,344,933 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.250 05/01/2046 3,386,672 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2(5) 5.200 11/01/2038 15,294,695 237,244 NYC HDC (St. Martin Tower)(3) 6.500 11/15/2018 238,352 2,750,000 NYC HDC, Series C(5) 5.000 11/01/2026 2,759,513 1,070,000 NYC IDA (A Very Special Place)(1) 5.750 01/01/2029 877,775 3,480,000 NYC IDA (Acme Architectural Products)(1) 6.375 11/01/2019 2,982,325 42,995,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 5.500 07/01/2028 31,968,932 21,915,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 6.000 07/01/2027 17,689,788
9 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 225,000 NYC IDA (Allied Metal)(1) 6.375% 12/01/2014 $ 219,623 940,000 NYC IDA (Allied Metal)(1) 7.125 12/01/2027 889,202 2,955,000 NYC IDA (Amboy Properties)(1) 6.750 06/01/2020 2,340,183 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,236,560 32,580,000 NYC IDA (American Airlines) 5.400 07/01/2020 24,602,135 41,550,000 NYC IDA (American Airlines) 6.900 08/01/2024 34,545,086 14,550,000 NYC IDA (American Airlines)(1) 7.125 08/01/2011 14,460,809 540,000 NYC IDA (American Airlines)(1) 7.500 08/01/2016 549,709 18,200,000 NYC IDA (American Airlines)(1) 7.625 08/01/2025 18,506,488 69,350,000 NYC IDA (American Airlines)(1) 7.750 08/01/2031 71,074,041 44,860,000 NYC IDA (American Airlines)(1) 8.000 08/01/2028 46,892,607 338,060,000 NYC IDA (American Airlines)(1) 8.500 08/01/2028 347,106,486 3,530,000 NYC IDA (American National Red Cross)(1) 5.000 02/01/2036 3,203,793 4,355,000 NYC IDA (Atlantic Paste & Glue Company)(1) 6.625 11/01/2019 3,807,446 1,160,000 NYC IDA (Atlantic Veal & Lamb)(1) 8.375 12/01/2016 1,161,032 295,000 NYC IDA (Baco Enterprises)(1) 7.500 11/01/2011 297,328 1,685,000 NYC IDA (Baco Enterprises)(1) 8.500 11/01/2021 1,703,602 1,415,000 NYC IDA (Bark Frameworks)(1) 6.750 11/01/2019 1,337,755 9,985,000 NYC IDA (Berkeley Carroll School)(1) 6.100 11/01/2028 8,907,019 5,500,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 02/15/2022 4,924,645 1,035,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2027 944,334 4,220,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2034 3,770,317 52,750,000 NYC IDA (British Airways)(1) 5.250 12/01/2032 37,945,185 34,425,000 NYC IDA (British Airways)(1) 7.625 12/01/2032 33,384,677 97,120,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.650 10/01/2028 76,522,790 153,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.750 10/01/2036 117,523,909 22,255,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 6.200 10/01/2022 19,592,634 4,145,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 3,815,597 16,205,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 14,917,189 2,895,000 NYC IDA (Center for Elimination of Family Violence)(1) 7.375 11/01/2036 2,859,710 15,540,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 12,748,705 3,400,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 2,789,292 29,135,000 NYC IDA (Chapin School)(1) 5.000 11/01/2038 21,915,930 865,000 NYC IDA (Community Hospital of Brooklyn)(1) 6.875 11/01/2010 865,761 1,490,000 NYC IDA (Comprehensive Care Management)(1) 6.000 05/01/2026 1,322,956 3,145,000 NYC IDA (Comprehensive Care Management)(1) 6.125 11/01/2035 2,655,103 3,975,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 3,314,912 1,575,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 1,397,592 1,520,000 NYC IDA (Comprehensive Care Management)(1) 7.875 12/01/2016 1,522,006 620,000 NYC IDA (Comprehensive Care Management)(1) 8.000 12/01/2011 620,670
10 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 5,305,000 NYC IDA (Continental Airlines) 8.000% 11/01/2012 $ 4,538,374 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 3,495,947 1,610,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,379,690 1,445,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,238,293 5,685,000 NYC IDA (Cool Wind Ventilation)(1) 6.075 11/01/2027 4,434,869 475,000 NYC IDA (Eger Harbor House)(1) 5.875 05/20/2044 513,352 5,500,000 NYC IDA (Family Support Systems)(1) 7.500 11/01/2034 5,506,435 7,315,000 NYC IDA (Friends Seminary School)(1) 7.125 09/15/2031 7,113,325 13,780,000 NYC IDA (Gateway School of New York)(1) 5.550 06/01/2039 11,274,796 14,935,000 NYC IDA (General Motors Corp.)(3) 5.125 12/30/2023 14,971,889 1,900,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,503,090 1,800,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,423,980 2,175,000 NYC IDA (Good Shepherd Services)(1) 5.875 06/01/2014 2,060,508 3,870,000 NYC IDA (Gourmet Boutique)(1) 5.750 05/01/2021 3,067,362 7,290,000 NYC IDA (Guttmacher Institute)(1) 5.750 12/01/2036 5,828,865 2,195,000 NYC IDA (Herbert G. Birch Childhood Project)(1) 8.375 02/01/2022 2,203,626 800,000 NYC IDA (Independent Living Assoc.)(1) 6.200 07/01/2020 756,128 7,890,000 NYC IDA (JetBlue Airways Corp.)(1) 5.000 05/15/2020 6,610,321 11,870,000 NYC IDA (JetBlue Airways Corp.)(1) 5.125 05/15/2030 8,823,446 9,000,000 NYC IDA (JFK International Airport)(1) 8.000 08/01/2012 9,127,620 1,525,000 NYC IDA (Julia Gray)(1) 7.500 11/01/2020 1,356,854 640,000 NYC IDA (Just Bagels Manufacturing)(1) 8.500 11/01/2016 658,387 945,000 NYC IDA (Just Bagels Manufacturing)(1) 8.750 11/01/2026 957,436 345,000 NYC IDA (L&M Optical Disc)(1) 7.125 11/01/2010 340,315 22,575,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.250 03/01/2015 22,643,628 17,190,000 NYC IDA (Liberty-7 World Trade Center)(3) 6.500 03/01/2035 16,589,038 12,000,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.750 03/01/2015 12,169,560 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.)(1) 5.000 09/01/2035 31,639,790 2,830,000 NYC IDA (Little Red Schoolhouse)(1) 6.750 11/01/2018 2,814,633 105,000 NYC IDA (Lucky Polyethylene Manufacturing Company)(1) 7.000 11/01/2009 104,752 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company)(1) 7.800 11/01/2024 2,395,940 2,035,000 NYC IDA (Lycee Francais De New York)(1) 5.375 06/01/2023 1,999,123 23,000,000 NYC IDA (Magen David Yeshivah)(1) 5.700 06/15/2027 20,094,410 3,745,000 NYC IDA (Manhattan Community Access Corp.)(1) 6.000 12/01/2036 3,102,845 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 1,627,009 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 7,877,472 680,000 NYC IDA (Marymount School of New York)(1) 5.125 09/01/2021 697,796 4,010,000 NYC IDA (Marymount School of New York)(1) 5.250 09/01/2031 4,019,664 18,190,000 NYC IDA (MediSys Health Network)(1) 6.250 03/15/2024 15,630,485 635,000 NYC IDA (Mesorah Publications)(1) 6.450 02/01/2011 630,517
11 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 4,790,000 NYC IDA (Mesorah Publications)(1) 6.950% 02/01/2021 $ 4,567,648 8,405,000 NYC IDA (Metro Biofuels)(1) 6.000 11/01/2028 6,717,276 2,800,000 NYC IDA (Metropolitan College of New York)(1) 5.750 03/01/2020 2,596,664 2,145,000 NYC IDA (Morrisons Pastry)(1) 6.500 11/01/2019 2,012,053 25,000 NYC IDA (NYU)(1) 5.000 07/01/2041 25,358 40,000,000 NYC IDA (NYU)(5) 5.250 07/01/2048 42,872,624 3,520,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2017 3,373,885 940,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2018 866,360 10,065,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2027 9,711,417 2,240,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 2,028,522 1,910,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 1,729,677 930,000 NYC IDA (Precision Gear)(1) 7.625 11/01/2024 932,046 4,100,000 NYC IDA (PSCH)(1) 6.375 07/01/2033 3,599,554 6,000,000 NYC IDA (Queens Baseball Stadium)(1) 5.000 01/01/2031 6,024,900 5,500,000 NYC IDA (Queens Baseball Stadium)(1) 5.000 01/01/2039 5,367,450 33,410,000 NYC IDA (Queens Baseball Stadium)(1) 5.000 01/01/2046 32,216,595 6,800,000 NYC IDA (Reece School)(1) 7.500 12/01/2037 6,161,412 1,895,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.250 11/01/2014 1,769,475 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.750 11/01/2028 7,266,213 1,000,000 NYC IDA (Roundabout Theatre)(1) 5.000 10/01/2023 824,870 280,000 NYC IDA (Sahadi Fine Foods)(1) 6.250 11/01/2009 279,950 4,085,000 NYC IDA (Sahadi Fine Foods)(1) 6.750 11/01/2019 3,855,586 875,000 NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group)(1) 5.000 07/01/2026 690,725 4,380,000 NYC IDA (Showman Fabricators)(1) 7.500 11/01/2028 3,439,264 3,190,000 NYC IDA (South Bronx Overall Economic Devel.)(1) 8.625 12/01/2025 2,691,945 1,625,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 4.750 07/01/2020 1,359,361 995,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 843,601 2,620,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 6.650 07/01/2023 2,622,646 3,950,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 7.875 08/01/2025 3,960,665 5,760,000 NYC IDA (Stallion)(1) 5.500 11/01/2036 3,957,754 955,000 NYC IDA (Stallion)(1) 6.000 11/01/2027 759,521 4,360,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 4,065,090 10,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 9,324 1,440,000 NYC IDA (Staten Island University Hospital)(1) 6.450 07/01/2032 1,341,806 455,000 NYC IDA (Streamline Plastics)(1) 7.750 12/01/2015 455,036 1,275,000 NYC IDA (Streamline Plastics)(1) 8.125 12/01/2025 1,267,210 6,808,500 NYC IDA (Studio School)(1) 7.000 11/01/2038 5,508,417 605,000 NYC IDA (Surprise Plastics)(1) 7.500 11/01/2013 526,217 2,480,000 NYC IDA (Surprise Plastics)(1) 8.500 11/01/2023 1,887,776 7,245,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2020 7,480,028 7,750,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2021 7,967,775 11,390,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2024 11,563,356
12 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 380,000 NYC IDA (The Bank Street College)(1) 5.250% 12/01/2021 $ 384,792 1,000,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2030 974,980 8,800,000 NYC IDA (The Child School)(1) 7.550 06/01/2033 8,827,896 145,000 NYC IDA (Therapy & Learning Center)(1) 7.500 10/01/2011 148,964 3,735,000 NYC IDA (Therapy & Learning Center)(1) 8.250 10/01/2031 3,785,572 8,955,000 NYC IDA (Tides Two Rivers Foundation)(1) 5.650 12/01/2039 6,911,290 4,020,000 NYC IDA (Ulano)(1) 6.900 11/01/2019 3,275,094 32,040,000 NYC IDA (Unicef)(1) 5.300 11/01/2038 24,300,418 9,830,000 NYC IDA (Urban Health Plan)(1) 7.050 09/15/2026 9,378,213 3,640,000 NYC IDA (Urban Resource Institute)(1) 7.375 11/01/2033 3,476,491 1,250,000 NYC IDA (Utleys)(1) 7.375 11/01/2023 1,234,400 3,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2021 3,284,948 1,330,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 1,033,955 3,235,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 2,514,921 900,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2031 676,593 1,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.250 12/01/2036 1,352,826 15,200,000 NYC IDA (Visy Paper)(1) 7.800 01/01/2016 14,637,904 70,500,000 NYC IDA (Visy Paper)(1) 7.950 01/01/2028 67,366,980 1,930,000 NYC IDA (Vocational Instruction)(2) 7.750 02/01/2033 1,179,307 195,000 NYC IDA (W & W Jewelers)(1) 7.250 02/01/2011 196,119 1,555,000 NYC IDA (W & W Jewelers)(1) 8.250 02/01/2021 1,581,559 2,900,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 2,668,145 5,930,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 5,524,744 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,696,113 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,437,494 1,565,000 NYC IDA (World Casing Corp.)(1) 6.700 11/01/2019 1,488,534 61,605,000 NYC IDA (Yankee Stadium)(1) 5.000 03/01/2046 59,393,997 16,500,000 NYC IDA (Yankee Stadium)(1) 7.000 03/01/2049 20,383,275 24,270,000 NYC IDA (Yeled Yalda Early Childhood)(1) 5.725 11/01/2037 19,063,600 57,700,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2026 59,110,477 50,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2029 51,056 27,500,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2031 29,090,875 11,720,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2032 11,926,683 31,400,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2034 31,922,244 47,440,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2034 49,090,453 40,100,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2037 42,189,010 22,000,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2038 23,134,874 18,000,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2038 18,595,276 18,000,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2039 18,881,460 31,500,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2039 32,796,698 19,740,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2039 20,552,597 29,000,000 NYC Municipal Water Finance Authority(5) 5.000 06/15/2039 30,495,970 44,840,000 NYC Municipal Water Finance Authority(5) 5.125 06/15/2032 45,729,376
13 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 30,000 NYC Municipal Water Finance Authority(1) 5.125% 06/15/2032 $ 30,545 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 30,866 25,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 25,722 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art)(1) 6.125 07/01/2030 122,956 14,360,000 NYS DA (Buena Vida Nursing Home)(5) 5.250 07/01/2028 14,481,775 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)(1) 5.000 07/01/2027 2,125,778 1,250,000 NYS DA (D'Youville College)(1) 5.250 07/01/2025 1,258,350 15,000 NYS DA (Dept. of Mental Hygiene)(1) 5.250 08/15/2031 15,329 20,000 NYS DA (Ellis Hospital)(1) 5.600 08/01/2025 20,027 3,255,000 NYS DA (L.I. University)(1) 5.125 09/01/2023 3,268,118 1,335,000 NYS DA (L.I. University)(1) 5.250 09/01/2028 1,335,908 1,710,000 NYS DA (Lenox Hill Hospital Obligated Group)(1) 5.375 07/01/2020 1,562,632 405,000 NYS DA (Lenox Hill Hospital Obligated Group)(1) 5.500 07/01/2030 343,278 16,800,000 NYS DA (Maimonides Medical Center)(1) 5.750 08/01/2029 18,195,240 3,865,000 NYS DA (Manhattan College)(1) 5.000 07/01/2041 3,581,502 3,260,000 NYS DA (Manhattan College)(1) 5.300 07/01/2037 3,199,299 18,230,000 NYS DA (Memorial Sloan-Kettering)(5) 5.000 07/01/2035 19,012,757 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.375 07/01/2029 4,148,719 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.875 07/01/2025 7,016,339 2,265,000 NYS DA (New York Methodist Hospital)(1) 5.250 07/01/2033 1,953,857 9,925,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(3) 1.054(7) 05/01/2018 8,578,178 11,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(1) 5.000 05/01/2037 11,082,390 2,000,000 NYS DA (Norwegian Christian Home & Health Center)(1) 6.100 08/01/2041 2,158,760 11,000,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group)(1) 5.000 11/01/2034 10,906,280 11,100,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 10,696,515 20,580,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 19,898,390 40,320,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2036 37,086,739 4,400,000 NYS DA (NYU Hospitals Center)(1) 5.250 07/01/2024 4,416,324 2,000,000 NYS DA (NYU Hospitals Center)(1) 5.625 07/01/2037 2,007,900 7,275,000 NYS DA (Orange Regional Medical Center)(1) 6.125 12/01/2029 6,891,899 17,980,000 NYS DA (Orange Regional Medical Center)(1) 6.250 12/01/2037 16,472,557 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home)(1) 5.000 11/01/2026 3,000,290 6,035,000 NYS DA (Providence Rest)(1) 5.000 07/01/2035 3,967,107 2,700,000 NYS DA (Providence Rest)(1) 5.125 07/01/2030 1,921,995 3,100,000 NYS DA (Providence Rest)(1) 5.250 07/01/2025 2,413,040 6,260,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2025 6,063,874 17,660,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2035 15,965,876
14 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 1,750,000 NYS DA (School District Bond Financing Program), Series C(1) 7.250% 10/01/2028 $ 2,186,975 2,645,000 NYS DA (School District Bond Financing Program), Series C(1) 7.375 10/01/2033 3,298,897 1,525,000 NYS DA (School District Bond Financing Program), Series C(1) 7.500 04/01/2039 1,901,889 50,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2022 54,562 25,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2029 27,086 20,560,000 NYS DA (SCSMC/SV/CHSLI Obligated Group)(1) 6.000 07/01/2030 20,696,724 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)(1) 5.100 07/01/2034 972,757 5,770,000 NYS DA (Smithtown Special Library District)(1) 6.000 07/01/2028 6,537,295 1,055,000 NYS DA (St. Catherine of Siena Medical Center)(1) 6.000 07/01/2030 1,062,016 1,505,000 NYS DA (St. Thomas Aquinas College)(1) 5.250 07/01/2028 1,505,316 5,240,000 NYS DA (The Bronx-Lebanon Hospital Center)(1) 6.250 02/15/2035 5,745,660 11,695,000 NYS DA (Vassar College)(5) 5.000 07/01/2046 12,339,225 2,365,000 NYS EFC (NYS Water Services)(1) 6.000 01/15/2031 2,432,142 50,000 NYS EFC (United Waterworks)(1) 5.150 03/01/2034 48,511 25,000 NYS ERDA (Brooklyn Union Gas Company)(1) 4.700 02/01/2024 25,107 15,000 NYS ERDA (Brooklyn Union Gas Company)(1) 5.500 01/01/2021 15,015 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 10.766(10) 04/01/2020 7,148,260 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 11.579(10) 07/01/2026 16,356,235 350,000 NYS ERDA (LILCO)(1) 5.300 10/01/2024 352,454 100,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 100,606 75,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 75,455 70,000 NYS ERDA (Rochester Gas and Electric)(1) 5.375 05/15/2032 70,628 14,500,000 NYS ERDA (Rochester Gas and Electric)(1) 5.950 09/01/2033 14,517,110 2,365,000 NYS HFA (Affordable Hsg.)(1) 5.250 11/01/2038 2,377,251 10,220,000 NYS HFA (Affordable Hsg.)(5) 5.450 11/01/2045 10,366,323 2,415,000 NYS HFA (Children's Rescue)(1) 7.625 05/01/2018 2,416,449 1,675,000 NYS HFA (Crotona Estates Apartments)(1) 4.950 08/15/2038 1,619,943 975,000 NYS HFA (Friendship)(1) 5.100 08/15/2041 961,331 1,420,000 NYS HFA (Golden Age Apartments)(1) 5.000 02/15/2037 1,388,831 1,645,000 NYS HFA (Kensico Terrace Apartments)(1) 4.900 02/15/2038 1,555,808 5,000 NYS HFA (Meadow Manor)(1) 7.750 11/01/2019 5,090 3,900,000 NYS HFA (Multifamily Hsg.)(1) 4.850 02/15/2038 3,709,524 6,580,000 NYS HFA (Multifamily Hsg.)(1) 4.850 11/01/2040 6,195,728 2,860,000 NYS HFA (Multifamily Hsg.)(1) 5.350 08/15/2031 2,872,212 2,080,000 NYS HFA (Multifamily Hsg.)(1) 5.375 02/15/2035 2,090,670 3,290,000 NYS HFA (Multifamily Hsg.)(1) 5.450 08/15/2032 3,328,131 2,075,000 NYS HFA (Multifamily Hsg.)(1) 5.500 08/15/2030 2,075,685 3,200,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 3,233,312
15 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 1,075,000 NYS HFA (Multifamily Hsg.)(1) 5.650% 08/15/2030 $ 1,086,191 1,000,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2031 1,010,380 1,710,000 NYS HFA (Multifamily Hsg.)(1) 5.650 02/15/2034 1,722,004 2,120,000 NYS HFA (Multifamily Hsg.)(1) 5.700 08/15/2033 2,142,705 680,000 NYS HFA (Multifamily Hsg.)(1) 6.250 02/15/2031 688,099 1,255,000 NYS HFA (Multifamily Hsg.)(1) 6.400 11/15/2027 1,256,355 3,940,000 NYS HFA (Multifamily Hsg.)(1) 6.750 11/15/2036 4,287,705 310,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2009 311,637 340,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2010 341,669 365,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2011 366,664 395,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2012 396,679 425,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2013 426,704 510,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2014 511,989 540,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2015 542,030 580,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2016 582,053 640,000 NYS HFA (Nonprofit Hsg.)(3) 8.400 11/01/2017 642,234 685,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2018 687,343 70,000 NYS HFA (Service Contract)(1) 5.375 03/15/2023 70,099 35,000 NYS HFA (Service Contract)(1) 6.500 03/15/2025 35,152 40,000,000 NYS IDA (Bronx Parking Devel. Company) 5.875 10/01/2046 29,344,000 180,000 NYS LGSC (SCSB)(3) 7.250 12/15/2011 184,693 810,000 NYS LGSC (SCSB)(3) 7.375 12/15/2016 811,126 980,000 NYS LGSC (SCSB)(3) 7.750 12/15/2021 1,012,693 240,000 NYS Medcare (Hospital & Nursing Home)(1) 7.400 11/01/2016 241,150 165,000 NYS Medcare (Hospital & Nursing Home)(1) 9.375 11/01/2016 166,181 25,000 NYS Medcare (M.G. Nursing Home)(1) 6.200 02/15/2015 25,095 5,000 NYS UDC (Correctional Facilities)(1) 6.309(4) 01/01/2013 4,282 25,000 NYS UDC (Subordinated Lien)(1) 5.500 07/01/2016 25,090 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley)(1) 5.000 09/15/2035 660,863 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.300 03/15/2019 401,144 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.350 03/15/2029 658,073 3,980,000 Onondaga County, NY IDA (Air Cargo)(1) 6.125 01/01/2032 3,174,766 2,000,000 Onondaga County, NY IDA (Air Cargo)(1) 7.250 01/01/2032 1,774,260 1,150,000 Onondaga County, NY IDA (Community General Hospital)(1) 5.500 11/01/2018 1,055,666 5,965,000 Onondaga County, NY IDA (Community General Hospital)(1) 6.625 01/01/2018 5,598,451 1,185,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2030 1,208,901 1,115,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2037 1,110,886 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)(1) 6.250 12/01/2034 500,785
16 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 42,834,598 Onondaga County, NY Res Rec(1) 0.000%(6) 05/01/2022 $ 29,227,331 41,580,000 Onondaga County, NY Res Rec(1) 5.000 05/01/2015 37,130,940 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2021 2,387,650 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 2,113,030 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 1,899,455 2,500,000 Orange County, NY IDA (Glen Arden)(1) 5.625 01/01/2018 2,207,900 5,590,000 Orange County, NY IDA (Glen Arden)(1) 5.700 01/01/2028 4,442,373 135,000 Orange County, NY IDA (Orange Mental Retardation Properties)(1) 7.800 07/01/2011 135,582 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2021 1,722,049 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 6,173,649 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 2,179,796 7,315,000 Orange County, NY IDA (Tuxedo Place)(3, 8) 7.000 08/01/2032 4,660,899 2,500,000 Orange County, NY IDA (Tuxedo Place)(3, 8) 7.000 08/01/2033 1,592,925 6,870,000 Otsego County, NY IDA (Hartwick College)(1) 5.900 07/01/2022 6,233,082 1,435,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2014 1,426,663 1,520,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2015 1,498,826 1,610,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2016 1,569,798 12,010,000 Peekskill, NY IDA (Drum Hill)(1) 6.375 10/01/2028 9,634,302 960,000 Port Authority NY/NJ (Continental Airlines)(1) 9.000 12/01/2010 961,622 48,415,000 Port Authority NY/NJ (Continental Airlines)(1) 9.125 12/01/2015 48,501,663 16,355,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2022 16,189,978 31,610,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2025 30,574,140 17,625,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.900 12/01/2017 17,641,744 4,010,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2011 4,009,599 50,225,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2019 41,686,248 35,000 Port Authority NY/NJ, 122nd Series(1) 5.000 07/15/2026 35,162 240,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2030 246,158 50,000 Port Authority NY/NJ, 127th Series(1) 5.200 12/15/2027 51,468 80,000,000 Port Authority NY/NJ, 135th Series(5) 5.000 03/15/2039 84,007,434 23,025,000 Port Authority NY/NJ, 136th Series(5) 5.125 05/01/2034 23,805,595 10,000,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 10,338,800 19,175,000 Port Authority NY/NJ, 136th Series(5) 5.375 11/01/2028 20,073,484 22,855,000 Port Authority NY/NJ, 136th Series(5) 5.500 11/01/2029 24,114,357 26,000,000 Port Authority NY/NJ, 138th Series(5) 4.750 12/01/2034 26,524,030 47,910,000 Port Authority NY/NJ, 143rd Series(5) 5.000 10/01/2030 49,493,186
17 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 27,535,000 Port Authority NY/NJ, 143rd Series(5) 5.000% 04/01/2036 $ 28,256,837 12,840,000 Port Authority NY/NJ, 146th Series(5) 4.500 12/01/2034 12,818,209 10,000 Port Authority NY/NJ, 146th Series(1) 4.500 12/01/2034 10,000 26,100,000 Port Authority NY/NJ, 146th Series(5) 4.750 12/01/2027 26,380,001 10,000 Port Authority NY/NJ, 146th Series(1) 4.750 12/01/2027 10,108 13,005,000 Port Authority NY/NJ, 147th Series(5) 4.750 10/15/2028 13,111,362 17,790,000 Port Authority NY/NJ, 147th Series(5) 5.000 10/15/2027 18,409,952 20,000,000 Port Authority NY/NJ, 147th Series(5) 5.000 10/15/2032 20,619,245 82,000,000 Port Authority NY/NJ, 151st Series(5) 5.750 03/15/2035 90,113,419 15,000,000 Port Authority NY/NJ, 151st Series(5) 6.000 09/15/2028 16,668,375 101,940,000 Port Authority NY/NJ, 152nd Series(5) 5.250 11/01/2035 107,257,190 13,715,000 Port Authority NY/NJ, 152nd Series(5) 5.250 05/01/2038 14,400,317 22,500,000 Port Authority NY/NJ, 152nd Series(5) 5.750 11/01/2030 24,702,300 50,660,000 Port Authority NY/NJ, 37th Series(5) 5.250 07/15/2034 52,685,134 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)(1) 6.000 08/01/2032 2,779,767 1,500,000 Rensselaer County, NY IDA (Franciscan Heights)(1) 5.375 12/01/2036 1,521,150 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.625 06/01/2035 5,919,597 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.750 06/01/2043 6,698,261 3,020,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.350 09/01/2047 3,137,478 1,400,000 Riverhead, NY IDA (Michael Reilly Design)(1) 8.875 08/01/2021 1,442,364 6,790,000 Rochester, NY Museum & Science Center(1) 6.125 12/01/2015 6,617,874 1,195,000 Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group)(1) 4.900 07/01/2021 997,765 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.625 08/15/2035 8,550,560 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.750 08/15/2043 9,261,557 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875(4) 08/15/2045 1,347,000 486,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.668(4) 08/15/2060 3,596,400 20,000 Sanford Town, NY GO(1) 5.250 04/15/2015 21,811 20,000 Sanford Town, NY GO(1) 5.250 04/15/2016 21,840 25,000 Sanford Town, NY GO(1) 5.250 04/15/2017 26,941 25,000 Sanford Town, NY GO(1) 5.250 04/15/2018 26,614 25,000 Sanford Town, NY GO(1) 5.250 04/15/2019 26,365 25,000 Sanford Town, NY GO(1) 5.250 04/15/2020 26,250 30,000 Sanford Town, NY GO(1) 5.250 04/15/2021 31,209 30,000 Sanford Town, NY GO(1) 5.250 04/15/2022 31,209 30,000 Sanford Town, NY GO(1) 5.250 04/15/2023 31,075
18 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 30,000 Sanford Town, NY GO(1) 5.250% 04/15/2024 $ 30,931 35,000 Sanford Town, NY GO(1) 5.250 04/15/2025 35,961 35,000 Sanford Town, NY GO(1) 5.250 04/15/2026 35,835 40,000 Sanford Town, NY GO(1) 5.250 04/15/2027 40,768 40,000 Sanford Town, NY GO(1) 5.250 04/15/2028 40,589 40,000 Sanford Town, NY GO(1) 5.250 04/15/2029 40,418 45,000 Sanford Town, NY GO(1) 5.250 04/15/2030 45,296 45,000 Sanford Town, NY GO(1) 5.250 04/15/2031 45,048 50,000 Sanford Town, NY GO(1) 5.250 04/15/2032 49,796 50,000 Sanford Town, NY GO(1) 5.250 04/15/2033 49,532 55,000 Sanford Town, NY GO(1) 5.250 04/15/2034 54,031 60,000 Sanford Town, NY GO(1) 5.250 04/15/2035 58,274 60,000 Sanford Town, NY GO(1) 5.250 04/15/2036 57,917 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)(1) 5.125 12/01/2033 2,767,530 2,650,000 Seneca County, NY IDA (New York Chiropractic College)(1) 5.000 10/01/2027 2,376,838 40,000,000 Seneca County, NY IDA Solid Waste (Seneca Meadows)(1) 6.625 10/01/2035 36,262,000 22,885,000 SONYMA, Series 106(5) 5.250 04/01/2034 22,698,095 30,225,000 SONYMA, Series 109(5) 4.950 10/01/2034 29,545,844 5,810,000 SONYMA, Series 130(1) 4.800 10/01/2037 5,551,629 14,865,000 SONYMA, Series 133(5) 5.050 10/01/2026 14,852,699 23,435,000 SONYMA, Series 137(5) 4.700 10/01/2031 21,678,289 22,930,000 SONYMA, Series 140(5) 4.750 10/01/2037 20,667,772 11,695,000 SONYMA, Series 143(5) 4.900 10/01/2037 11,097,891 5,045,000 SONYMA, Series 145(5) 5.125 10/01/2037 5,025,370 5,000,000 SONYMA, Series 148(5) 5.150 10/01/2027 5,065,351 6,370,000 SONYMA, Series 148(5) 5.200 10/01/2032 6,423,975 820,000 SONYMA, Series 152(1) 5.375 04/01/2023 853,792 25,000 SONYMA, Series 67(3) 5.700 10/01/2017 25,027 925,000 SONYMA, Series 69(1) 5.500 10/01/2028 926,998 27,910,000 SONYMA, Series 71(5) 5.400 04/01/2029 27,997,467 30,000 SONYMA, Series 71(1) 5.400 04/01/2029 30,094 30,000 SONYMA, Series 73(3) 5.250 10/01/2017 30,170 330,000 SONYMA, Series 73(1) 5.300 10/01/2028 330,917 23,875,000 SONYMA, Series 73-A(5) 5.300 10/01/2028 23,941,428 305,000 SONYMA, Series 77(1) 5.150 04/01/2029 305,628 10,145,000 SONYMA, Series 79(5) 5.300 04/01/2029 10,191,307 405,000 SONYMA, Series 82(1) 5.650 04/01/2030 405,182 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy)(1) 7.250 12/01/2029 3,530,684
19 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 1,070,000 Suffolk County, NY IDA (ACLD)(1) 6.000% 12/01/2019 $ 1,001,809 420,000 Suffolk County, NY IDA (ALIA-ACDS)(1) 7.125 06/01/2017 425,746 2,180,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 5.950 10/01/2021 1,998,493 215,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.375 06/01/2014 214,091 555,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.500 03/01/2018 543,328 520,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 7.500 09/01/2015 528,882 210,000 Suffolk County, NY IDA (ALIA-ADD)(1) 6.950 12/01/2014 212,801 380,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.125 06/01/2017 385,198 235,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.500 09/01/2015 239,014 845,000 Suffolk County, NY IDA (ALIA-Adelante)(1) 6.500 11/01/2037 739,189 1,300,000 Suffolk County, NY IDA (ALIA-Civic Facility)(1) 5.950 11/01/2022 1,175,291 2,900,000 Suffolk County, NY IDA (ALIA-DDI)(1) 5.950 10/01/2021 2,658,546 815,000 Suffolk County, NY IDA (ALIA-DDI)(1) 6.375 06/01/2014 811,553 100,000 Suffolk County, NY IDA (ALIA-DDI)(1) 7.500 09/01/2015 101,708 815,000 Suffolk County, NY IDA (ALIA-FREE)(1) 5.950 10/01/2021 747,143 475,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.375 06/01/2014 472,991 1,280,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.950 12/01/2014 1,297,075 2,955,000 Suffolk County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2017 2,995,424 590,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 10/01/2021 540,877 745,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 11/01/2022 673,532 380,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.000 10/01/2031 323,160 380,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.375 06/01/2014 378,393 435,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.950 12/01/2014 440,803 885,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.125 06/01/2017 897,107 1,945,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.250 12/01/2033 1,900,421 160,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.500 09/01/2015 162,733 2,000,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 5.950 11/01/2022 1,808,140 225,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.375 06/01/2014 224,048 520,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.950 12/01/2014 526,937 155,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 7.500 09/01/2015 157,647 375,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.375 06/01/2014 373,414 1,195,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.950 12/01/2014 1,210,941 1,080,000 Suffolk County, NY IDA (ALIA-MCH)(1) 7.125 06/01/2017 1,094,774 800,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 5.950 11/01/2022 723,256 580,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 7.500 09/01/2015 589,906 280,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center)(1) 8.375 06/01/2016 292,443 425,000 Suffolk County, NY IDA (ALIA-SMCFS)(1) 7.500 09/01/2015 432,259 480,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels)(1) 7.500 09/01/2015 488,198 1,990,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 5.950 10/01/2021 1,824,313 160,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.375 06/01/2014 159,323 760,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.950 12/01/2014 770,138 605,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.000 06/01/2016 611,238
20 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 335,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.500% 09/01/2015 $ 340,722 3,530,000 Suffolk County, NY IDA (ALIA-UVBH)(1) 6.500 11/01/2037 3,087,973 800,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 5.950 11/01/2022 723,256 270,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 6.950 12/01/2014 273,602 675,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.125 06/01/2017 684,234 395,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.500 09/01/2015 401,747 640,000 Suffolk County, NY IDA (Catholic Charities)(1) 6.000 10/01/2020 594,701 210,000 Suffolk County, NY IDA (DDI)(1) 6.000 12/01/2019 196,617 555,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 515,717 575,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 534,302 5,025,000 Suffolk County, NY IDA (DDI)(1) 7.250 03/01/2024 5,078,868 8,225,000 Suffolk County, NY IDA (DDI)(1) 8.750 03/01/2023 8,439,015 5,000,000 Suffolk County, NY IDA (Dowling College)(1) 5.000 06/01/2036 3,689,350 2,980,000 Suffolk County, NY IDA (Dowling College)(1) 6.700 12/01/2020 2,979,553 3,000,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.375 01/01/2027 2,271,630 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.500 01/01/2037 1,937,421 1,535,000 Suffolk County, NY IDA (Family Residences)(1) 6.000 12/01/2019 1,437,174 1,345,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2027 1,410,085 830,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2034 860,669 45,000 Suffolk County, NY IDA (Federation of Organizations)(1) 7.625 04/01/2010 45,297 2,195,000 Suffolk County, NY IDA (Federation of Organizations)(1) 8.125 04/01/2030 2,248,470 2,585,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II)(1) 6.700 05/01/2039 2,335,186 3,860,000 Suffolk County, NY IDA (Huntington First Aid Squad)(1) 6.650 11/01/2017 3,828,850 240,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 12/01/2019 224,705 1,115,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 10/01/2020 1,036,080 3,275,000 Suffolk County, NY IDA (Innovative Realty I)(1) 6.000 11/01/2037 2,415,182 8,600,000 Suffolk County, NY IDA (Jefferson's Ferry)(1) 5.000 11/01/2028 7,811,638 32,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center)(1) 5.250 06/01/2027 32,309,691 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services)(1) 7.550 02/01/2034 4,096,057 8,000,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living)(1) 6.375 01/01/2039 6,410,000 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 1,707,370 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 581,330
21 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 2,760,000 Suffolk County, NY IDA (New Interdisciplinary School)(1) 6.750% 12/01/2019 $ 2,733,697 7,515,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.300 01/01/2013 7,060,042 26,425,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.500 01/01/2023 22,296,094 900,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2020 930,582 2,850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2030 2,938,436 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.200 02/01/2035 4,369,872 50,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.625 04/01/2010 50,146 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 8.125 04/01/2030 2,567,803 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 788,491 55,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 7.000 04/01/2010 55,340 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 8.000 04/01/2030 2,634,418 510,000 Suffolk County, NY IDA (Suffolk Hotels)(1) 6.000 10/01/2020 473,902 1,905,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 6.000 12/01/2019 1,783,594 3,280,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 7.875 09/01/2041 2,946,949 830,000 Suffolk County, NY IDA (WORCA)(1) 6.000 10/01/2020 771,253 119,295,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 0.000(6) 06/01/2044 94,903,944 12,240,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 5.375 06/01/2028 11,530,814 29,915,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2048 28,451,259 287,265,000 Suffolk, NY Tobacco Asset Securitization Corp. 8.000(4) 06/01/2048 10,128,964 3,716,000 Sullivan County, NY Community College COP(3) 5.750 08/15/2025 2,815,242 3,050,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.625 06/01/2013 2,960,513 13,710,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.875 07/01/2022 11,245,079 5,600,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 06/01/2019 5,178,992 13,840,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 07/01/2037 11,139,124 4,600,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.500 06/01/2025 4,185,862 4,530,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.950 02/01/2035 3,979,786 1,230,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.250 02/01/2012 1,228,118 9,965,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.750 02/01/2027 10,037,745 7,935,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility)(1) 7.250 06/01/2027 7,756,621 6,917,500 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)(1) 8.500 11/01/2031 6,400,209 2,420,000 Syracuse, NY Hsg. Authority (Pavilion on James)(1) 7.500 11/01/2042 2,243,050 168,000,000 Syracuse, NY IDA (Carousel Center)(1) 5.000 01/01/2036 122,036,880 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital)(1) 5.375 01/01/2023 822,450
22 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 10,490,000 Syracuse, NY IDA (James Square)(1) 7.197%(4) 08/01/2025 $ 3,697,725 725,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2021 728,074 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2031 1,963,900 75,000 Taconic Hills, NY (Central School District at Craryville)(1) 5.000 06/15/2026 76,748 50,000 Tompkins, NY Health Care Corp. (Reconstruction Home)(1) 10.800 02/01/2028 54,069 1,595,000 Ulster County, NY IDA (Brooklyn Bottling)(1) 8.600 06/30/2022 1,596,308 185,000 Ulster County, NY Res Rec(1) 5.000 03/01/2020 191,540 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 0.000(6) 06/01/2040 2,759,582 3,080,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2040 2,942,848 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp.(1,3) 6.250 06/01/2025 2,206,864 3,550,000 Utica, NY IDA (Utica College Civic Facility)(1) 6.850 12/01/2031 3,536,333 2,155,000 Wayne County, NY IDA (ARC)(1) 8.375 03/01/2018 2,157,155 20,000 Westchester County, NY GO(1) 5.375 12/15/2014 20,097 4,300,000 Westchester County, NY Healthcare Corp., Series A(1) 5.875 11/01/2025 4,299,957 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital)(1) 8.375 12/01/2025 1,872,225 90,000 Westchester County, NY IDA (Children's Village)(1) 5.375 03/15/2019 80,692 3,750,000 Westchester County, NY IDA (Children's Village)(1) 6.000 06/01/2022 3,414,450 1,215,000 Westchester County, NY IDA (Clearview School)(1) 7.250 01/01/2035 1,183,289 3,475,000 Westchester County, NY IDA (Field Home)(1) 6.000 08/15/2017 3,310,563 3,335,000 Westchester County, NY IDA (Field Home)(1) 6.500 08/15/2022 3,172,352 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind)(1) 5.375 08/01/2024 1,315,080 1,560,000 Westchester County, NY IDA (JDAM)(1) 6.750 04/01/2016 1,563,947 3,325,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.000 01/01/2028 3,142,059 755,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.125 01/01/2018 755,362 1,475,000 Westchester County, NY IDA (Rippowam-Cisqua School)(1) 5.750 06/01/2029 1,432,609 1,000,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2013 1,046,050 1,710,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2033 1,532,246 160,000 Westchester County, NY IDA (Westchester Airport Assoc.)(1) 5.950 08/01/2024 160,109 2,590,000 Westchester County, NY IDA (Winward School)(1) 5.250 10/01/2031 2,527,296 4,475,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2026 4,232,500 59,900,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2038 51,100,091
23 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- New York Continued $ 52,770,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125% 06/01/2045 $ 43,743,692 4,415,000 Yonkers, NY IDA (Hudson Scenic Studio)(1) 6.625 11/01/2019 4,192,175 1,590,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,157,472 2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.)(1) 5.000 10/01/2037 2,359,121 2,515,000 Yonkers, NY IDA (St. John's Riverside Hospital)(1) 7.125 07/01/2031 2,320,892 1,965,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 8.500 12/30/2013 1,969,677 2,960,000 Yonkers, NY IDA (Westchester School)(1) 8.750 12/30/2023 2,783,466 800,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2018 755,352 1,215,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2024 1,053,138 --------------- 7,410,303,000 Other States--0.0% 345,000 York County, SC Pollution Control (Bowater)(3, 8) 7.400 01/01/2010 34,500 U.S. Possessions--34.9% 825,000 Guam Education Financing Foundation COP(1) 5.000 10/01/2023 805,530 505,000 Guam GO(1) 5.250 11/15/2037 466,665 6,000,000 Guam GO(1) 6.750 11/15/2029 6,561,240 10,000,000 Guam GO(1) 7.000 11/15/2039 11,045,500 4,750,000 Guam Government Waterworks Authority & Wastewater System(1) 5.875 07/01/2035 4,647,733 500,000 Guam Government Waterworks Authority & Wastewater System(1) 6.000 07/01/2025 506,240 300,000 Guam Hsg. Corp. (Single Family Mtg.)(1) 5.750 09/01/2031 328,053 290,000 Guam Power Authority, Series A(1) 5.250 10/01/2023 261,444 20,000,000 Guam Power Authority, Series A(1) 5.250 10/01/2034 18,833,800 2,000,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 10/01/2022 1,674,500 35,090,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 06/01/2030 26,324,518 8,930,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 6,125,176 17,290,000 Northern Mariana Islands Ports Authority, Series A(1) 6.600 03/15/2028 14,433,519 55,650,000 Puerto Rico Aqueduct & Sewer Authority(1) 0.000(6) 07/01/2024 55,055,102 49,000,000 Puerto Rico Aqueduct & Sewer Authority(5) 5.125 07/01/2047 50,384,740 88,365,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2038 92,329,054 122,070,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 126,596,356 5,000,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 5,185,400 56,685,000 Puerto Rico Children's Trust Fund (TASC)(1) 5.625 05/15/2043 51,507,392 268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617(4) 05/15/2050 10,707,780 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165(4) 05/15/2055 15,369,350 3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625(4) 05/15/2057 61,245,912 3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375(4) 05/15/2057 42,092,608 20,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2026 20,092 26,015,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2027 25,831,594 10,625,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2029 10,505,894 10,400,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2031 10,223,200
24 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- U.S. Possessions Continued $ 16,850,000 Puerto Rico Commonwealth GO(1) 5.000% 07/01/2033 $ 16,549,902 12,230,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2034 11,990,781 27,240,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2035 26,734,970 7,480,000 Puerto Rico Commonwealth GO(1) 5.125 07/01/2031 7,474,540 17,180,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2025 17,480,135 12,395,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 12,562,704 4,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 4,067,040 5,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2027 5,053,350 2,920,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2030 2,944,528 14,500,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2031 14,608,895 10,230,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2034 10,300,382 43,385,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2037 43,683,489 5,000,000 Puerto Rico Commonwealth GO(1) 5.375 07/01/2033 5,085,100 7,850,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2029 8,247,367 79,300,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2032 81,341,182 18,985,000 Puerto Rico Commonwealth GO(1) 6.000 07/01/2038 20,122,581 19,150,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2037 19,191,173 60,000,000 Puerto Rico Electric Power Authority, Series UU 0.912(7) 07/01/2029 45,735,000 106,500,000 Puerto Rico Electric Power Authority, Series UU(1) 1.080(7) 07/01/2025 76,813,125 182,100,000 Puerto Rico Electric Power Authority, Series UU(1) 1.100(7) 07/01/2031 130,884,375 55,000 Puerto Rico HFC(1) 5.100 12/01/2018 55,881 9,515,000 Puerto Rico Highway & Transportation Authority(1) 5.000 07/01/2028 9,400,249 4,845,000 Puerto Rico Highway & Transportation Authority(1) 5.250 07/01/2030 4,937,007 4,000,000 Puerto Rico Highway & Transportation Authority(1) 5.500 07/01/2029 4,202,480 270,000 Puerto Rico Highway & Transportation Authority(1) 5.750 07/01/2020 279,113 11,585,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2033 11,378,671 28,570,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2042 27,937,175 10,000,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2025 9,999,200 14,725,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2026 14,707,330 8,500,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2027 8,440,075 3,145,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2030 3,104,775 2,600,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2023 2,690,064 17,205,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2030 17,531,723 6,795,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2041 6,675,884
25 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- U.S. Possessions Continued $ 94,120,000 Puerto Rico Highway & Transportation Authority, Series M(1) 5.000% 07/01/2046 $ 91,854,532 125,620,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.930(7) 07/01/2041 63,595,125 74,940,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.930(7) 07/01/2045 36,701,865 16,080,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2032 16,401,278 53,445,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2039 54,331,653 3,650,000 Puerto Rico Infrastructure(1) 5.000 07/01/2025 3,622,224 24,755,000 Puerto Rico Infrastructure(1) 5.000 07/01/2031 23,739,055 6,000,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 5,656,380 34,490,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 32,514,758 202,145,000 Puerto Rico Infrastructure(1) 5.000 07/01/2041 189,622,117 147,520,000 Puerto Rico Infrastructure(1) 5.000 07/01/2046 137,743,850 15,000,000 Puerto Rico Infrastructure(1) 5.500 07/01/2027 15,586,950 2,750,000 Puerto Rico Infrastructure(1) 5.500 07/01/2028 2,844,490 16,955,000 Puerto Rico Infrastructure 5.650(4) 07/01/2029 4,713,490 65,725,000 Puerto Rico Infrastructure 5.730(4) 07/01/2045 5,455,175 25,000,000 Puerto Rico Infrastructure 5.800(4) 07/01/2032 5,549,500 6,285,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.000 03/01/2036 5,135,851 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2019 1,049,447 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 12/01/2021 1,494,612 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2029 5,147,860 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.500 12/01/2031 5,646,052 38,000,000 Puerto Rico ITEMECF (Cogeneration Facilities)(1) 6.625 06/01/2026 38,549,100 2,325,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 5.625 07/01/2017 2,089,571 985,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 5.625 07/01/2027 776,052 8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 6.500 07/01/2018 8,261,340 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 6.500 07/01/2026 11,035,532 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.600 05/01/2014 2,374,075 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.700 05/01/2024 4,483,448 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)(1) 5.750 06/01/2029 3,497,200 500,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2021 502,510 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2031 7,717,120 5,000,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2024 5,074,900 4,990,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2025 5,052,126
26 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- U.S. Possessions Continued $ 4,975,000 Puerto Rico Port Authority (American Airlines), Series A 6.250% 06/01/2026 $ 3,812,591 6,395,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 5,058,189 1,940,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2026 1,920,328 90,855,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2036 87,350,723 7,500,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2037 7,163,775 23,585,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2029 23,740,661 102,185,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2033 102,218,721 120,000 Puerto Rico Public Buildings Authority(1) 5.375 07/01/2033 120,400 1,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2021 1,687,035 7,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2031 8,592,675 8,000,000 Puerto Rico Public Buildings Authority(1) 6.500 07/01/2030 8,793,360 7,500,000 Puerto Rico Public Buildings Authority(1) 6.750 07/01/2036 8,337,225 276,445,000 Puerto Rico Sales Tax Financing Corp., Series A(5) 5.250 08/01/2057 288,323,135 20,000,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 5.250 08/01/2057 20,859,200 643,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.401(4) 08/01/2054 48,663,720 33,000,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 5.750 08/01/2037 35,782,890 221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.881(4) 08/01/2056 14,312,754 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500(4) 08/01/2042 4,934,700 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504(4) 08/01/2043 12,397,600 35,000,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 0.000(6) 08/01/2032 26,790,750 95,245,000 Puerto Rico Sales Tax Financing Corp., Series C(5) 5.750 08/01/2027 103,906,992 34,075,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 6.000 08/01/2042 37,557,465 4,525,000 University of Puerto Rico(1) 5.000 06/01/2026 4,444,365 5,280,000 University of Puerto Rico, Series P(1) 5.000 06/01/2030 5,062,939 24,375,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2030 23,372,944 65,780,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2036 61,902,269 9,230,000 University of V.I., Series A(1) 5.375 06/01/2034 9,013,649 2,040,000 University of V.I., Series A(1) 6.250 12/01/2029 1,795,934 3,650,000 V.I. Government Refinery Facilities (Hovensa Coker)(1) 6.500 07/01/2021 3,735,191 15,000 V.I. HFA, Series A(1) 6.450 03/01/2016 15,021 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2031 18,280,642 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2033 536,487 27,733,000 V.I. Public Finance Authority (Hovensa Coker)(1) 6.500 07/01/2021 28,620,733 11,700,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 5.875 07/01/2022 11,924,172 8,000,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 6.125 07/01/2022 8,213,920 750,000 V.I. Public Finance Authority, Series A(1) 5.250 10/01/2024 758,205 16,220,000 V.I. Public Finance Authority, Series A(1) 5.500 10/01/2022 16,307,101 7,500,000 V.I. Public Finance Authority, Series A(1) 5.625 10/01/2025 7,540,200 50,000 V.I. Public Finance Authority, Series A(1) 5.625 10/01/2025 50,268
27 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited
Principal Amount Coupon Maturity Value --------- ------ ---------- --------------- U.S. Possessions Continued $ 3,830,000 V.I. Public Finance Authority, Series E(1) 6.000% 10/01/2022 $ 3,843,290 11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300(4) 05/15/2035 1,334,553 --------------- 3,188,174,648 --------------- Total Investments, at Value (Cost $11,083,522,838)-116.0% 10,598,512,148 --------------- Liabilities in Excess of Other Assets-(16.0) (1,464,137,803) --------------- Net Assets-100.0% $ 9,134,374,345 ===============
Footnotes to Statement of Investments (1.) All or a portion of the security has been segregated for collateral to cover borrowings. (2.) Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See accompanying Notes. (3.) Illiquid security. The aggregate value of illiquid securities as of September 30, 2009 was $67,867,095, which represents 0.74% of the Fund's net assets. See accompanying Notes. (4.) Zero coupon bond reflects effective yield on the date of purchase. (5.) 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. (6.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (7.) Represents the current interest rate for a variable or increasing rate security. (8.) Issue is in default. See accompanying Notes. (9.) Non-income producing security. (10.) Represents the current interest rate for a variable rate bond known as an "inverse floater." 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-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts that are included in the Fund's Statement of Assets and Liabilities as of September 30, 2009 based on valuation input level:
LEVEL 2-- LEVEL 3-- LEVEL 1-- OTHER SIGNIFICANT UNADJUSTED QUOTED SIGNIFICANT UNOBSERVABLE PRICES OBSERVABLE INPUTS INPUTS VALUE ----------------- ----------------- ------------ --------------- ASSETS TABLE INVESTMENTS, AT VALUE: Municipal Bond and Notes New York $-- $ 7,410,303,000 $-- $ 7,410,303,000 Other States -- 34,500 -- 34,500 U.S. Possessions -- 3,188,174,648 -- 3,188,174,648 --- --------------- --- --------------- Total Assets $-- $10,598,512,148 $-- $10,598,512,148 --- --------------- --- ---------------
28 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 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 EDA Economic Devel. Authority EFC Environmental Facilities Corp. ERDA Energy Research and Devel. Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation GSHMC Good Samaritan Hospital Medical Center HDC Housing Devel. Corp. HFA Housing Finance Agency HFC Housing Finance Corp. HH Harmony Heights, Inc. HHS Harmony Heights School 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 MTA Metropolitan Transportation Authority NSLIJHS North Shore Long Island Jewish Health System NSUHGC North Shore University Hospital at Glen Cove NY/NJ New York/New Jersey NYC New York City NYS New York State NYU New York University 29 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited PSCH Professional Service Centers for the Handicapped, Inc. RIBS Residual Interest Bonds Res Rec Resource Recovery Facility 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 SV Sienna Village TASC Tobacco Settlement Asset-Backed Bonds TFABs Tobacco Flexible Amortization Bonds UBF University of Buffalo Foundation 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. 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. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted quoted prices for an asset that are observable are classified as "Level 2" and significant 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 unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. 30 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited "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. In the absence of a readily available unadjusted 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 unadjusted 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. 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, 2009, 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 ------------------ Sold securities 3,051,590
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 investments in inverse floaters. The Fund's exposure to the effects of leverage from its investments in inverse floaters amount to $1,487,610,000 as of September 30, 2009. 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 31 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities in the annual and semiannual reports. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust's liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of Operations in the annual and semiannual reports. At September 30, 2009, municipal bond holdings with a value of $2,433,175,600 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $1,487,610,000 in short-term floating rate notes issued and outstanding at that date. The Fund's investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls. At September 30, 2009, 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 - ----------- ----------------- ------- -------- ------------ $13,640,000 NY Austin Trust Various States Inverse Certificates 13.490% 6/1/32 $ 15,033,190 8,935,000 NY Austin Trust Various States Inverse Certificates 13.471 6/1/27 9,878,983 23,960,000 NY Austin Trust Various States Inverse Certificates 7.762 11/1/38 23,405,566 16,400,000 NY Austin Trust Various States Inverse Certificates 11.630 7/1/48 19,272,624 46,640,000 NY Liberty Devel. Corp. ROLs(3) 9.067 10/1/35 49,307,808 10,770,000 NY MTA ROLs(3) 14.693 11/15/30 12,159,869 6,615,000 NY Triborough Bridge & Tunnel Authority ROLs(3) 20.648 1/1/27 7,570,404 NY/NJ Port Authority Austin Trust Inverse 15,660,000 Certificates 7.292 12/1/27 15,940,001 NY/NJ Port Authority Austin Trust Inverse 7,700,000 Certificates 6.873 12/1/34 7,678,209 NY/NJ Port Authority Austin Trust Inverse 13,765,000 Certificates 8.995 4/1/36 14,486,837 NY/NJ Port Authority Austin Trust Inverse 23,955,000 Certificates 8.993 10/1/30 25,538,186 12,330,000 NYC GO DRIVERS 10.227 6/1/33 13,699,247 5,605,000 NYC GO DRIVERS 10.226 12/1/33 6,174,972 5,460,000 NYC GO DRIVERS 9.325 8/1/30 6,075,178 2,430,000 NYC GO DRIVERS 10.277 8/1/35 2,696,595 8,735,000 NYC GO DRIVERS 10.274 4/1/35 9,645,362 5,745,000 NYC GO DRIVERS 10.275 3/1/35 6,335,184 7,540,000 NYC GO ROLs 17.652 11/1/34 8,865,230 4,480,000 NYC GO ROLs(3) 19.127 4/1/30 5,546,598 8,900,000 NYC GO ROLs(3) 22.144 6/1/30 12,829,973 5,000,000 NYC GO ROLs 18.462 3/1/21 8,108,700 3,490,000 NYC HDC (Multifamily Hsg.) DRIVERS 15.427 11/1/42 3,652,809 920,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.374 11/1/26 929,513 810,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.741 11/1/27 838,852 1,000,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.793 11/1/32 1,001,050 1,165,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.430 11/1/37 1,097,675
32 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited 1,560,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.578 11/1/39 1,474,606 2,790,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.787 5/1/40 2,681,525 775,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 19.083 11/1/34 901,837 710,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 19.343 11/1/39 821,101 2,730,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 19.932 11/1/46 3,207,095 3,955,000 NYC HDC (Multifamily Hsg.) ROLs(3) 15.976 11/1/30 4,371,185 12,110,000 NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs(3) 12.545 5/1/49 11,798,410 17,005,000 NYC Municipal Water Finance Authority DRIVERS 13.182 6/15/39 19,635,844 14,425,000 NYC Municipal Water Finance Authority DRIVERS 17.277 6/15/26 15,835,477 14,950,000 NYC Municipal Water Finance Authority DRIVERS 13.576 6/15/32 15,839,376 3,910,000 NYC Municipal Water Finance Authority DRIVERS 13.189 6/15/32 4,116,683 15,815,000 NYC Municipal Water Finance Authority DRIVERS 13.198 6/15/34 17,465,453 6,005,000 NYC Municipal Water Finance Authority DRIVERS 13.189 6/15/38 6,600,276 6,875,000 NYC Municipal Water Finance Authority ROLs 17.638 6/15/31 8,465,875 10,025,000 NYC Municipal Water Finance Authority ROLs 17.638 6/15/37 12,114,010 7,875,000 NYC Municipal Water Finance Authority ROLs 17.638 6/15/39 9,171,698 4,935,000 NYC Municipal Water Finance Authority ROLs 17.638 6/15/39 5,747,597 4,500,000 NYC Municipal Water Finance Authority ROLs 17.658 6/15/39 5,381,460 10,470,000 NYC Municipal Water Finance Authority ROLs(3) 12.855 6/15/34 10,992,244 8,205,000 NYS DA (Memorial Sloan-Kettering) DRIVERS 10.275 7/1/35 8,987,757 5,265,000 NYS DA (Vassar College) DRIVERS 10.272 7/1/46 5,909,225 2,830,000 NYS DA ROLs(3) 22.233 7/1/28 2,951,775 3,410,000 NYS HFA ROLs(3) 14.454 11/1/45 3,556,323 3,750,000 Port Authority NY/NJ ROLs(3) 21.173 9/15/28 5,418,375 4,895,000 Port Authority NY/NJ, 11588th Series ROLs 15.885 10/15/27 5,514,952 3,580,000 Port Authority NY/NJ, 11588th Series ROLs 14.957 10/15/28 3,686,362 5,500,000 Port Authority NY/NJ, 11588th Series ROLs 15.893 10/15/32 6,119,245 9,090,000 Port Authority NY/NJ, 11589th Series ROLs 11.752 9/1/29 8,492,605 11,880,000 Port Authority NY/NJ, 136th Series DRIVERS 8.175 11/1/28 12,778,484 11,430,000 Port Authority NY/NJ, 136th Series DRIVERS 10.155 11/1/29 12,689,356 7,680,000 Port Authority NY/NJ, 136th Series DRIVERS 12.786 5/1/34 8,460,595 13,000,000 Port Authority NY/NJ, 138th Series DRIVERS 8.639 12/1/34 13,524,030 24,005,000 Port Authority NY/NJ, 151st Series DRIVERS 15.519 3/15/35 31,128,724 4,570,000 Port Authority NY/NJ, 152nd Series DRIVERS 14.009 5/1/38 5,255,317 20,000,000 Port Authority NY/NJ, 3090th Series DRIVERS 9.478 11/1/35 22,086,400 26,670,000 Port Authority NY/NJ, 3094th Series DRIVERS 13.198 3/15/39 30,677,434 7,500,000 Port Authority NY/NJ, 3114th Series DRIVERS 15.174 11/1/30 9,702,300 30,970,000 Port Authority NY/NJ, 3114th Series DRIVERS 9.478 11/1/35 34,200,790 3,335,000 Port Authority NY/NJ, 3115th Series DRIVERS 15.167 3/15/35 4,324,695 25,330,000 Port Authority NY/NJ, 37th Series DRIVERS 9.651 7/15/34 27,355,134 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs(3) 17.685 7/1/47 5,286,940 15,000,000 Puerto Rico Aqueduct & Sewer Authority ROLs 9.422 7/1/47 15,847,800 92,150,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 13.739 8/1/57 104,028,135 23,815,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 20.366 8/1/57 32,476,992 18,135,000 SONYMA ROLs(3) 7.521 10/1/34 17,455,844 5,660,000 SONYMA ROLs(3) 13.904 4/1/29 5,713,147
33 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited 3,385,000 SONYMA ROLs(3) 13.998 4/1/29 3,431,307 3,655,000 SONYMA ROLs(3) 14.303 4/1/29 3,689,320 7,635,000 SONYMA ROLs(3) 13.848 4/1/34 7,448,095 7,965,000 SONYMA ROLs(3) 14.000 10/1/28 8,031,428 4,960,000 SONYMA ROLs(3) 13.238 10/1/26 4,947,699 5,850,000 SONYMA ROLs(3) 8.873 10/1/37 5,252,891 11,720,000 SONYMA ROLs(3) 8.471 10/1/31 9,963,289 11,470,000 SONYMA ROLs(3) 8.570 10/1/37 9,207,772 1,685,000 SONYMA, Series 145 DRIVERS 13.050 10/1/37 1,665,370 1,665,000 SONYMA, Series 148 DRIVERS 13.161 10/1/27 1,730,351 2,125,000 SONYMA, Series 148 DRIVERS 13.291 10/1/32 2,178,975 ------------ $945,565,600 ============
(1.) For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 29 and 30 of the Statement of Investments. (2.) Represents the current interest rate for a variable rate bond known as an "inverse floater." (3.) Security is subject to a shortfall and forbearance agreement. The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes 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, 2009, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at $630,605,000. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of September 30, 2009 is as follows: Cost $10,160,518 Market Value $ 6,288,544 Market Value as a % of Net Assets 0.07%
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, 2009, securities with an aggregate market value of $1,806,958, representing 0.02% of the Fund's net assets, were subject to these forbearance agreements. No Interest and principal payments are contractually owed to the Fund. 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, 2009, 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 34 | Rochester Fund Municipals Rochester Fund Municipals STATEMENT OF INVESTMENTS September 30, 2009 / Unaudited 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. 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, 2009 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 $11,199,445,106 =============== Gross unrealized appreciation $ 439,930,365 Gross unrealized depreciation (1,040,863,323) --------------- Net unrealized depreciation $ (600,932,958) =============== 35 | 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 09/30/2009, 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: 11/10/2009 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: 11/10/2009 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/10/2009 EX-99.CERT 2 p15566exv99wcert.txt EX-99.CERT EXHIBIT 99.CERT 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: 11/10/2009 EXHIBIT 99.CERT 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: 11/10/2009 -----END PRIVACY-ENHANCED MESSAGE-----