N-Q 1 p17279nvq.txt FORM 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: 03/31/2010 ITEM 1. SCHEDULE OF INVESTMENTS. ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- MUNICIPAL BONDS AND NOTES--116.5% NEW YORK--81.7% $ 1,035,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.375% 12/01/2024 $ 995,815 1,700,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.625 12/01/2034 1,607,877 605,000 Albany County, NY IDA (Wildwood Programs)(1) 4.900 07/01/2021 501,751 1,420,000 Albany, NY Hsg. Authority (Lark Drive)(1) 5.500 12/01/2028 1,438,943 1,420,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2019 1,415,981 2,460,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2029 2,242,413 215,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse)(1) 7.500 05/01/2012 215,011 790,000 Albany, NY IDA (Albany Rehabilitation)(1) 8.375 06/01/2023 791,864 3,125,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2027 2,716,594 1,350,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2032 1,118,853 900,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2037 723,438 7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 5,499,135 900,000 Albany, NY IDA (New Covenant Charter School) 7.000(2) 05/01/2025 359,982 1,185,000 Albany, NY IDA (Sage Colleges)(1) 5.250 04/01/2019 1,056,250 1,760,000 Albany, NY IDA (Sage Colleges)(1) 5.300 04/01/2029 1,408,950 895,000 Albany, NY Parking Authority(1) 5.625 07/15/2025 907,458 1,770,000 Albany, NY Parking Authority 7.052(3) 11/01/2017 1,230,239 790,000 Amherst, NY IDA (Asbury Pointe)(1) 5.800 02/01/2015 790,008 45,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2023 41,296 3,000,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2029 2,605,500 5,350,000 Amherst, NY IDA (Beechwood Health Care Center)(1) 5.200 01/01/2040 3,726,971 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)(1) 5.250 08/01/2031 20,522 975,000 Blauvelt, NY Volunteer Fire Company(1) 6.250 10/15/2017 936,536 2,735,000 Brookhaven, NY IDA (Enecon Corp.)(1) 6.300 01/01/2033 2,236,081 2,285,000 Brookhaven, NY IDA (Stony Brook Foundation)(1) 6.500 11/01/2020 2,269,348 15,700,000 Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)(1) 6.375 07/15/2043 16,252,640 1,650,000 Broome County, NY IDA (Good Shepard Village)(1) 6.750 07/01/2028 1,418,324 1,550,000 Broome County, NY IDA (Good Shepard Village)(1) 6.875 07/01/2040 1,281,292 95,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2025 72,348 3,030,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2036 2,052,098 1,000,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2030 724,370 1,250,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2036 860,288 3,000,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2030 2,203,380 4,450,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2036 3,111,485 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)(1) 5.750 11/01/2030 2,623,560 915,000 Canton, NY Human Services Initiatives(1) 5.700 09/01/2024 892,152 1,155,000 Canton, NY Human Services Initiatives(1) 5.750 09/01/2032 1,083,147 1,465,000 Cattaraugus County, NY IDA (St. Bonaventure University)(1) 5.450 09/15/2019 1,429,078
1 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 10,515,000 Cayuga County, NY COP (Auburn Memorial Hospital)(1) 6.000% 01/01/2021 $ 10,513,949 1,800,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown)(1) 6.400 11/15/2029 1,590,678 95,000 Chautauqua, NY Utility District(1) 5.000 06/01/2023 97,332 105,000 Chautauqua, NY Utility District(1) 5.000 06/01/2025 107,124 1,045,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 4.850 07/01/2023 1,008,362 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 5.000 07/01/2033 1,444,810 3,835,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 3,140,136 4,000,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 3,275,280 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 3,888,229 600,000 Clifton Springs, NY Hospital & Clinic(1) 7.650 01/01/2012 600,396 2,200,000 Clifton Springs, NY Hospital & Clinic(1) 8.000 01/01/2020 2,201,540 35,000 Cohoes, NY GO(1) 6.200 03/15/2012 35,025 25,000 Cohoes, NY GO 6.200 03/15/2013 25,011 25,000 Cohoes, NY GO(1) 6.250 03/15/2014 25,010 25,000 Cohoes, NY GO(1) 6.250 03/15/2015 25,001 25,000 Cohoes, NY GO(1) 6.250 03/15/2016 24,987 1,100,000 Columbia County, NY IDA (Berkshire Farms)(1) 7.500 12/15/2014 1,030,986 3,300,000 Corinth, NY IDA (International Paper Company)(1) 5.750 02/01/2022 3,257,958 40,000 Corinth, NY IDA (International Paper Company)(1) 5.850 12/01/2020 40,001 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital)(1) 5.250 07/01/2032 4,952,590 2,300,000 Dutchess County, NY IDA (Elant Fishkill)(1) 5.250 01/01/2037 1,682,151 800,000 Dutchess County, NY IDA (St. Francis Hospital)(1) 7.500 03/01/2029 792,752 1,000,000 Dutchess County, NY Water & Wastewater Authority 5.400(3) 06/01/2027 473,720 3,155,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)(1) 7.750 10/01/2032 3,095,844 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.)(1) 6.125 04/20/2043 1,435,744 2,345,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments)(1) 6.750 03/01/2030 2,131,863 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village)(1) 5.500 08/01/2033 1,420,588 3,275,000 Elmira, NY Hsg. Authority (Eastgate Apartments)(1) 6.250 06/01/2044 2,616,725 1,925,000 Erie County, NY IDA (Air Cargo)(1) 8.500 10/01/2015 1,926,097 4,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.750 06/01/2025 3,826,120 7,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.875 06/01/2035 6,542,200 1,960,000 Erie County, NY IDA (DePaul Properties)(1) 5.750 09/01/2028 1,408,299 2,255,000 Erie County, NY IDA (DePaul Properties)(1) 6.500 09/01/2018 1,939,954 1,775,000 Erie County, NY IDA (Global Concepts Charter School)(1) 6.250 10/01/2037 1,527,352 11,310,000 Erie County, NY IDA (Medaille College)(1) 7.625 04/01/2035 11,536,766
2 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 3,515,000 Erie County, NY IDA (Medaille College)(1) 8.250% 11/01/2026 $ 3,640,239 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 8,335,800 9,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 7,059,415 5,470,000 Erie County, NY IDA (The Episcopal Church Home)(1) 6.000 02/01/2028 5,469,945 25,290,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2038 20,581,508 72,595,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2045 57,768,923 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140(3) 06/01/2047 3,578,640 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488(3) 06/01/2050 3,306,335 194,300,000 Erie County, NY Tobacco Asset Securitization Corp. 7.196(3) 06/01/2055 2,172,274 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650(3) 06/01/2060 6,963,200 1,410,000 Essex County, NY IDA (International Paper Company)(1) 4.600 03/01/2027 1,179,493 2,300,000 Essex County, NY IDA (International Paper Company)(1) 6.450 11/15/2023 2,312,765 1,500,000 Essex County, NY IDA (International Paper Company)(1) 6.625 09/01/2032 1,547,160 30,000 Essex County, NY IDA (Moses Ludington Nursing Home)(1) 6.200 02/01/2030 30,434 975,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 906,428 320,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 297,494 1,235,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 1,117,984 410,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 371,153 1,100,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.300 06/01/2035 941,039 9,300,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 12/01/2023 8,901,030 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 03/01/2028 4,012,384 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 08/15/2022 1,785,528 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 10/01/2026 1,530,913 5,680,000 Franklin County, NY IDA (Adirondack Medical Center)(1) 5.500 12/01/2029 5,632,345 900,000 Franklin County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 814,725 3,555,000 Glen Cove, NY IDA (SLCD)(1) 7.375 07/01/2023 3,561,115 1,125,000 Green Island, NY Power Authority(1) 5.125 12/15/2024 1,101,600 2,370,000 Green Island, NY Power Authority(1) 6.000 12/15/2020 2,427,259 1,695,000 Green Island, NY Power Authority(1) 6.000 12/15/2025 1,722,256 150,000 Hempstead, NY IDA (Dentaco Corp.)(1) 7.250 11/01/2012 148,725 1,270,000 Hempstead, NY IDA (Dentaco Corp.)(1) 8.250 11/01/2025 1,265,072
3 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 8,675,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 6.375% 11/01/2018 $ 8,724,187 8,035,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 7.750 11/01/2022 8,403,565 25,260,000 Hempstead, NY IDA (Lynbrook Facilities)(1) 6.500 11/01/2042 19,279,695 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center)(1) 6.500 11/01/2038 3,147,062 5,920,000 Hempstead, NY IDA (South Shore YJCC)(1) 6.750 11/01/2024 4,279,450 850,000 Herkimer County, NY IDA (Folts Adult Home)(1) 5.500 03/20/2040 899,700 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.250 08/01/2034 971,920 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.400 11/01/2020 1,255,818 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.500 11/01/2030 1,811,100 95,000 Herkimer, NY Hsg. Authority(1) 7.150 03/01/2011 95,427 67,340,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 64,434,952 455,970,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 436,299,454 145,000 Huntington, NY Hsg. Authority (GJSR)(1) 5.875 05/01/2019 132,494 1,000,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2029 852,950 8,500,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2039 6,905,910 710,000 Islip, NY IDA (Leeway School)(1) 9.000 08/01/2021 714,075 16,025,000 Islip, NY IDA (Southside Hospital Civic Facilities)(1) 7.750 12/01/2022 15,971,316 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 8,377,934 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 972,169 60,000 L.I., NY Power Authority, Series A(1) 5.125 09/01/2029 60,400 5,300,000 Madison County, NY IDA (Commons II Student Hsg.)(1) 5.000 06/01/2040 4,846,214 850,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2028 819,468 1,100,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2032 1,033,978 1,320,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.300 02/01/2021 1,275,582 5,500,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.350 02/01/2031 4,868,820 570,000 Middletown, NY IDA (Flanagan Design & Display)(1) 7.500 11/01/2018 515,668 2,970,000 Middletown, NY IDA (Southwinds Retirement Home)(4) 6.375 03/01/2018 1,889,217 1,255,000 Middletown, NY IDA (YMCA)(1) 7.000 11/01/2019 1,252,352 55,000 Monroe County, NY COP(1) 8.050 01/01/2011 54,750 50,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.750 05/01/2023 47,906 165,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 190,540 860,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 822,005
4 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 3,885,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.875% 02/01/2028 $ 2,851,435 4,925,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.950 08/01/2028 4,228,113 4,025,000 Monroe County, NY IDA (DePaul Properties)(1) 6.150 09/01/2021 3,248,336 2,490,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.)(1) 6.500 12/01/2042 2,163,437 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology)(1) 5.375 04/01/2029 2,659,234 2,210,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.250 06/01/2026 2,101,202 3,210,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.375 06/01/2024 3,209,936 2,175,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.375 07/01/2032 1,701,263 3,660,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.500 07/01/2027 2,972,798 735,000 Monroe County, NY IDA (Volunteers of America)(1) 5.700 08/01/2018 676,229 2,765,000 Monroe County, NY IDA (Volunteers of America)(1) 5.750 08/01/2028 2,279,632 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701(3) 06/01/2061 4,004,000 580,000 Monroe, NY Newpower Corp(1) 5.625 01/01/2026 553,430 2,265,000 Monroe, NY Newpower Corp.(1) 5.500 01/01/2034 2,086,677 600,000 Mount Vernon, NY IDA (Kings Court)(1) 5.200 12/01/2033 604,080 3,275,000 Mount Vernon, NY IDA (Macedonia Towers)(1) 5.200 12/01/2033 2,904,696 2,295,000 Mount Vernon, NY IDA (Meadowview)(1) 6.150 06/01/2019 2,243,018 2,600,000 Mount Vernon, NY IDA (Meadowview)(1) 6.200 06/01/2029 2,387,138 802,824 Municipal Assistance Corp. for Troy, NY 5.733(3) 07/15/2021 499,886 1,218,573 Municipal Assistance Corp. for Troy, NY 5.741(3) 01/15/2022 733,630 710,000 Nassau County, NY IDA (ACDS)(1) 5.950 11/01/2022 635,301 590,000 Nassau County, NY IDA (ALIA-ACDS)(1) 7.500 06/01/2015 598,472 2,975,000 Nassau County, NY IDA (ALIA-ACLD)(1) 6.250 09/01/2022 2,737,298 180,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.125 06/01/2017 181,255 255,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.500 06/01/2015 258,662 4,190,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.000 11/01/2016 4,212,333 2,650,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.125 06/01/2017 2,668,471 1,280,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.500 06/01/2015 1,298,381 150,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2012 152,393 1,575,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.500 06/01/2015 1,597,617 4,030,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.150 06/01/2030 4,083,398 6,165,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.250 06/01/2032 6,267,524 710,000 Nassau County, NY IDA (ALIA-HH)(1) 7.125 06/01/2017 714,949 545,000 Nassau County, NY IDA (ALIA-HHS)(1) 7.125 06/01/2017 548,799 150,000 Nassau County, NY IDA (ALIA-LVH)(1) 7.500 06/01/2015 152,154 12,500,000 Nassau County, NY IDA (Amsterdam at Harborside)(1) 6.700 01/01/2043 11,583,375 385,000 Nassau County, NY IDA (CNGCS)(1) 7.500 06/01/2030 390,529 2,245,000 Nassau County, NY IDA (CNGCS)(1) 8.150 06/01/2030 2,274,746 5,000,000 Nassau County, NY IDA (CSMR)(1) 5.950 11/01/2022 4,473,950
5 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 600,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.)(1) 5.950% 11/01/2022 $ 536,874 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center)(1) 6.500 11/01/2037 1,427,766 3,150,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center)(1) 5.250 06/01/2027 3,025,796 640,000 Nassau County, NY IDA (Life's WORCA)(1) 5.950 11/01/2022 572,666 3,615,000 Nassau County, NY IDA (Little Village School)(1) 7.500 12/01/2031 3,603,324 1,000,000 Nassau County, NY IDA (New York Institute of Technology)(1) 4.750 03/01/2026 977,030 3,535,000 Nassau County, NY IDA (New York Water Service Corp.)(1) 5.000 12/01/2035 3,288,611 2,205,000 Nassau County, NY IDA (North Shore CFGA)(1) 6.750 05/01/2024 2,102,512 1,300,000 Nassau County, NY IDA (PLUS Group Home)(1) 6.150 11/01/2022 1,184,586 1,555,000 Nassau County, NY IDA (United Cerebral Palsy)(1) 6.250 11/01/2014 1,531,768 645,000 Nassau County, NY IDA (United Veteran's Beacon House)(1) 6.500 11/01/2037 554,765 655,000 Nassau County, NY IDA, Series A-A(1) 6.000 07/02/2021 598,323 6,915,000 Nassau County, NY IDA, Series A-B(1) 6.000 07/01/2021 6,316,645 695,000 Nassau County, NY IDA, Series A-C(1) 6.000 07/01/2021 634,862 790,000 Nassau County, NY IDA, Series A-D(1) 6.000 07/01/2021 721,641 122,875,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.125 06/01/2046 99,729,036 9,000,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.250 06/01/2026 8,529,660 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820(3) 06/01/2046 999,000 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221(3) 06/01/2046 4,450,950 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537(3) 06/01/2060 10,225,033 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351(3) 06/01/2060 272,000 22,780,000 Nassau County, NY Tobacco Settlement Corp. (TASC)(1) 5.000 06/01/2035 18,815,824 13,010,000 New Rochelle, NY IDA (College of New Rochelle)(1) 5.250 07/01/2027 13,033,808 3,670,000 New Rochelle, NY IDA (Soundview Apartments)(1) 5.375 04/01/2036 3,637,007 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company)(1) 5.550 11/15/2024 3,338,544 3,020,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.750 06/01/2018 2,844,931 1,500,000 Niagara County, NY IDA (Niagara University)(1) 5.350 11/01/2023 1,514,670 5,400,000 Niagara County, NY IDA (Niagara University)(1) 5.400 11/01/2031 5,407,452 2,600,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.550 11/15/2024 2,677,298 7,250,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.625 11/15/2024 7,465,180 20,000 Niagara County, NY Tobacco Asset Securitization Corp. 5.750 05/15/2022 20,011 1,480,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2034 1,457,238 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2040 6,103,695 125,000 Niagara Falls, NY Public Water Authority(1) 5.500 07/15/2034 126,244
6 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 355,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.000% 04/01/2028 $ 331,038 1,610,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.625 04/01/2029 1,612,399 3,000,000 North Tonawanda, NY HDC (Bishop Gibbons Associates)(1) 7.375 12/15/2021 3,544,410 25,000 Nunda, NY GO(1) 8.000 05/01/2010 25,119 500,000 NY Carnegie Redevel. Corp. 7.000 09/01/2021 413,140 8,480,000 NY Counties Tobacco Trust I(1) 6.250 06/01/2028 8,481,442 6,235,000 NY Counties Tobacco Trust I 6.500 06/01/2035 6,239,801 19,230,000 NY Counties Tobacco Trust I 6.625 06/01/2042 19,255,384 29,800,000 NY Counties Tobacco Trust II (TASC)(1) 5.625 06/01/2035 26,705,866 53,880,000 NY Counties Tobacco Trust II (TASC)(1) 5.750 06/01/2043 48,435,965 245,000 NY Counties Tobacco Trust III(1) 6.000 06/01/2043 228,543 7,000,000 NY Counties Tobacco Trust IV(1) 5.000 06/01/2038 5,696,740 131,335,000 NY Counties Tobacco Trust IV 5.920(3) 06/01/2050 3,884,889 304,690,000 NY Counties Tobacco Trust IV 6.395(3) 06/01/2055 4,686,132 608,700,000 NY Counties Tobacco Trust IV 6.816(3) 06/01/2060 4,139,160 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 0.000(5) 06/01/2041 76,277,850 52,535,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2042 42,074,231 38,275,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2045 30,458,097 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 6.650(6) 06/01/2041 913,275 239,280,000 NY Counties Tobacco Trust V 6.074(3) 06/01/2038 23,191,018 605,930,000 NY Counties Tobacco Trust V 6.209(3) 06/01/2050 19,959,334 643,195,000 NY Counties Tobacco Trust V 6.850(3) 06/01/2055 9,892,339 3,845,000,000 NY Counties Tobacco Trust V 7.846(3) 06/01/2060 26,146,000 68,000,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(7) 5.250 10/01/2035 68,866,041 2,199,995 NY Liberty Devel. Corp. (National Sports Museum)(4,8) 6.125 02/15/2019 22 51,560,000 NY MTA, Series A(7) 5.000 11/15/2030 52,333,745 20,000 NY MTA, Series A(1) 5.000 11/15/2032 20,157 25,000 NY MTA, Series B(1) 5.000 01/01/2031 25,284 1,625,000 NY Newark-Wayne Community Hospital(1) 7.600 09/01/2015 1,625,195 20,220,000 NY Seneca Nation Indians Capital Improvements(1) 5.000 12/01/2023 16,848,719 25,000 NY Triborough Bridge & Tunnel Authority(1) 5.000 01/01/2032 25,282 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A(7) 5.000 01/01/2027 34,012,560 13,950,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2026 12,857,018 251,510,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2034 209,550,587 337,515,000 NY TSASC, Inc. (TFABs)(1) 5.125 06/01/2042 275,982,640 15,000 NYC GO(1) 5.000 06/01/2020 15,980 25,000 NYC GO(1) 5.000 03/01/2025 25,681 6,280,000 NYC GO(1) 5.000 08/01/2026 6,694,229 20,000,000 NYC GO(7) 5.000 04/01/2030 20,630,963 46,000,000 NYC GO(7) 5.000 06/01/2030 47,496,311
7 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 10,920,000 NYC GO(7) 5.000% 08/01/2030 $ 11,285,547 27,400,000 NYC GO(7) 5.000 06/01/2033 28,097,878 12,455,000 NYC GO(7) 5.000 12/01/2033 12,731,383 30,150,000 NYC GO(7) 5.000 11/01/2034 30,779,590 19,405,000 NYC GO(7) 5.000 04/01/2035 19,834,849 5,400,000 NYC GO(7) 5.000 08/01/2035 5,526,311 45,000 NYC GO(1) 5.100 11/01/2019 48,598 15,000 NYC GO(1) 5.100 11/01/2019 15,982 100,000 NYC GO(1) 5.250 09/15/2013 100,849 20,000,000 NYC GO(7) 5.250 03/01/2021 22,218,600 5,000 NYC GO(1) 5.250 08/01/2021 5,006 25,530,000 NYC GO(7) 5.250 06/01/2027 26,147,766 9,500,000 NYC GO(1) 5.250 04/01/2028 10,270,735 12,765,000 NYC GO(7) 5.300 03/01/2035 13,043,001 5,000 NYC GO(1) 5.375 12/01/2026 5,108 5,000 NYC GO(1) 5.375 03/01/2027 5,613 37,945,000 NYC GO(7) 5.375 06/01/2032 38,793,135 40,000 NYC GO(1) 5.500 08/01/2022 40,053 5,000 NYC GO(1) 5.500 12/01/2031 5,104 5,000 NYC GO(1) 5.950 08/01/2014 5,047 40,000 NYC GO 6.154(3) 10/01/2012 38,543 2,000,000 NYC GO(1) 6.250 12/15/2031 2,323,140 15,000 NYC GO(1) 7.250 08/15/2024 15,072 5,000 NYC GO(1) 7.750 08/15/2028 5,086 837,000 NYC GO RIBS 11.145(9) 08/12/2010 867,383 837,000 NYC GO RIBS 11.145(9) 09/01/2011 844,115 1,475,000 NYC GO ROLs(10) 17.674(9) 05/15/2031 1,760,944 5,395,000 NYC GO ROLs(10) 17.684(9) 05/15/2036 6,177,707 875,000 NYC GO ROLs(10) 17.688(9) 05/15/2033 1,021,073 40,399 NYC HDC (Beekman) 6.500 10/15/2017 40,487 272,465 NYC HDC (Bridgeview III) 6.500 12/15/2017 273,732 794,060 NYC HDC (Cadman Towers) 6.500 11/15/2018 797,752 51,123 NYC HDC (Essex Terrace) 6.500 07/15/2018 51,297 112,012 NYC HDC (Keith Plaza) 6.500 02/15/2018 112,394 5,000,000 NYC HDC (Multifamily Hsg.)(1) 4.700 11/01/2040 4,583,350 7,500,000 NYC HDC (Multifamily Hsg.)(1) 4.950 11/01/2039 7,565,250 3,500,000 NYC HDC (Multifamily Hsg.)(7) 5.000 11/01/2037 3,463,780 60,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2023 60,539 4,685,000 NYC HDC (Multifamily Hsg.)(7) 5.050 11/01/2039 4,642,272 2,435,000 NYC HDC (Multifamily Hsg.)(7) 5.100 11/01/2027 2,466,590 3,000,000 NYC HDC (Multifamily Hsg.)(7) 5.125 11/01/2032 3,007,830 5,100,000 NYC HDC (Multifamily Hsg.)(1) 5.150 11/01/2037 5,137,383 8,035,000 NYC HDC (Multifamily Hsg.)(7) 5.200 11/01/2040 8,053,546 14,110,000 NYC HDC (Multifamily Hsg.)(7) 5.250 11/01/2030 14,439,689
8 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 7,205,000 NYC HDC (Multifamily Hsg.)(1) 5.250% 11/01/2045 $ 7,221,572 5,140,000 NYC HDC (Multifamily Hsg.)(1) 5.350 11/01/2037 5,210,058 15,000 NYC HDC (Multifamily Hsg.)(1) 5.400 11/01/2033 15,069 3,735,000 NYC HDC (Multifamily Hsg.)(1) 5.450 11/01/2040 3,802,081 4,785,000 NYC HDC (Multifamily Hsg.)(1) 5.500 11/01/2028 4,930,416 3,090,000 NYC HDC (Multifamily Hsg.)(7) 5.500 11/01/2034 3,200,097 2,840,000 NYC HDC (Multifamily Hsg.)(7) 5.550 11/01/2039 2,938,122 10,910,000 NYC HDC (Multifamily Hsg.)(7) 5.700 11/01/2046 11,327,199 74,406 NYC HDC (Multifamily Hsg.)(1) 6.500 02/15/2018 70,883 10,470,000 NYC HDC (Multifamily Hsg.), Series A(7) 5.600 11/01/2042 10,594,384 31,675,000 NYC HDC (Multifamily Hsg.), Series B(7) 5.350 05/01/2049 31,693,911 11,250,000 NYC HDC (Multifamily Hsg.), Series C(7) 5.050 11/01/2036 10,972,891 8,365,000 NYC HDC (Multifamily Hsg.), Series C(7) 5.125 05/01/2040 8,328,200 385,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.700 05/01/2031 386,378 1,000,000 NYC HDC (Multifamily Hsg.), Series E(1) 5.200 11/01/2033 1,002,540 2,155,000 NYC HDC (Multifamily Hsg.), Series F(1) 5.200 11/01/2032 2,161,099 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1(7) 4.875 11/01/2039 12,855,352 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.200 11/01/2038 1,348,201 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.250 05/01/2046 3,405,032 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2(7) 5.200 11/01/2038 15,127,959 807,380 NYC HDC (Ruppert)(1) 6.500 11/15/2018 849,857 227,954 NYC HDC (St. Martin Tower) 6.500 11/15/2018 229,014 2,750,000 NYC HDC, Series C(7) 5.000 11/01/2026 2,771,280 970,000 NYC IDA (A Very Special Place)(1) 5.750 01/01/2029 784,536 3,480,000 NYC IDA (Acme Architectural Products)(1) 6.375 11/01/2019 3,112,512 42,995,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 5.500 07/01/2028 35,744,323 21,915,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 6.000 07/01/2027 19,396,967 195,000 NYC IDA (Allied Metal)(1) 6.375 12/01/2014 189,593 940,000 NYC IDA (Allied Metal)(1) 7.125 12/01/2027 877,011 2,955,000 NYC IDA (Amboy Properties)(1) 6.750 06/01/2020 2,500,610 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,274,237 32,580,000 NYC IDA (American Airlines) 5.400 07/01/2020 25,029,259 41,550,000 NYC IDA (American Airlines) 6.900 08/01/2024 34,942,304 540,000 NYC IDA (American Airlines)(1) 7.500 08/01/2016 540,670 18,200,000 NYC IDA (American Airlines)(1) 7.625 08/01/2025 18,437,328 69,350,000 NYC IDA (American Airlines)(1) 7.750 08/01/2031 70,206,473 44,860,000 NYC IDA (American Airlines)(1) 8.000 08/01/2028 46,355,632 338,060,000 NYC IDA (American Airlines)(1) 8.500 08/01/2028 347,782,606 3,530,000 NYC IDA (American National Red Cross)(1) 5.000 02/01/2036 3,136,758 4,075,000 NYC IDA (Atlantic Paste & Glue Company)(1) 6.625 11/01/2019 3,724,835 1,050,000 NYC IDA (Atlantic Veal & Lamb)(1) 8.375 12/01/2016 1,050,662 205,000 NYC IDA (Baco Enterprises)(1) 7.500 11/01/2011 205,789 1,685,000 NYC IDA (Baco Enterprises)(1) 8.500 11/01/2021 1,693,813 1,325,000 NYC IDA (Bark Frameworks)(1) 6.750 11/01/2019 1,242,280
9 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 9,715,000 NYC IDA (Berkeley Carroll School)(1) 6.100% 11/01/2028 $ 9,583,653 5,500,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 02/15/2022 4,851,110 1,035,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2027 934,222 4,220,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2034 3,756,095 52,750,000 NYC IDA (British Airways)(1) 5.250 12/01/2032 38,318,655 34,425,000 NYC IDA (British Airways)(1) 7.625 12/01/2032 34,053,899 97,120,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.650 10/01/2028 75,977,947 153,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.750 10/01/2036 118,101,520 22,255,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 6.200 10/01/2022 19,492,264 4,145,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 3,840,218 16,205,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 15,013,446 2,895,000 NYC IDA (Center for Elimination of Family Violence)(1) 7.375 11/01/2036 2,820,106 15,540,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 13,367,508 3,400,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 2,924,680 29,135,000 NYC IDA (Chapin School)(1) 5.000 11/01/2038 23,604,012 475,000 NYC IDA (Community Hospital of Brooklyn)(1) 6.875 11/01/2010 475,299 1,490,000 NYC IDA (Comprehensive Care Management)(1) 6.000 05/01/2026 1,307,505 3,145,000 NYC IDA (Comprehensive Care Management)(1) 6.125 11/01/2035 2,645,731 3,870,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 3,183,152 1,535,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 1,353,056 1,375,000 NYC IDA (Comprehensive Care Management)(1) 7.875 12/01/2016 1,375,729 430,000 NYC IDA (Comprehensive Care Management)(1) 8.000 12/01/2011 430,426 4,180,000 NYC IDA (Continental Airlines) 8.000 11/01/2012 4,152,788 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 4,604,980 1,465,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,253,615 1,315,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,125,259 5,685,000 NYC IDA (Cool Wind Ventilation)(1) 6.075 11/01/2027 4,384,670 475,000 NYC IDA (Eger Harbor House)(1) 5.875 05/20/2044 502,935 5,500,000 NYC IDA (Family Support Systems)(1) 7.500 11/01/2034 5,420,690 7,315,000 NYC IDA (Friends Seminary School)(1) 7.125 09/15/2031 7,302,711 13,780,000 NYC IDA (Gateway School of New York)(1) 5.550 06/01/2039 11,346,314 1,900,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,489,391 1,800,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,411,002 2,175,000 NYC IDA (Good Shepherd Services)(1) 5.875 06/01/2014 2,063,597 3,570,000 NYC IDA (Gourmet Boutique)(1) 5.750 05/01/2021 2,816,159 7,290,000 NYC IDA (Guttmacher Institute)(1) 5.750 12/01/2036 5,736,793 2,095,000 NYC IDA (Herbert G. Birch Childhood Project)(1) 8.375 02/01/2022 2,102,123 800,000 NYC IDA (Independent Living Assoc.)(1) 6.200 07/01/2020 749,192 9,000,000 NYC IDA (JFK International Airport)(1) 8.000 08/01/2012 9,190,440 610,000 NYC IDA (Just Bagels Manufacturing)(1) 8.500 11/01/2016 622,816
10 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 945,000 NYC IDA (Just Bagels Manufacturing)(1) 8.750% 11/01/2026 $ 952,069 230,000 NYC IDA (L&M Optical Disc)(1) 7.125 11/01/2010 229,989 19,700,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.250 03/01/2015 19,862,131 17,190,000 NYC IDA (Liberty-7 World Trade Center) 6.500 03/01/2035 17,260,651 12,000,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.750 03/01/2015 12,219,480 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.)(1) 5.000 09/01/2035 39,612,755 2,625,000 NYC IDA (Little Red Schoolhouse)(1) 6.750 11/01/2018 2,624,633 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company) 7.800 11/01/2024 2,994,461 23,000,000 NYC IDA (Magen David Yeshivah)(1) 5.700 06/15/2027 18,993,630 3,745,000 NYC IDA (Manhattan Community Access Corp.)(1) 6.000 12/01/2036 3,051,463 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 1,620,528 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 7,846,093 680,000 NYC IDA (Marymount School of New York)(1) 5.125 09/01/2021 689,853 4,010,000 NYC IDA (Marymount School of New York)(1) 5.250 09/01/2031 3,954,020 17,780,000 NYC IDA (MediSys Health Network)(1) 6.250 03/15/2024 15,124,557 325,000 NYC IDA (Mesorah Publications)(1) 6.450 02/01/2011 323,151 4,790,000 NYC IDA (Mesorah Publications)(1) 6.950 02/01/2021 4,523,101 8,405,000 NYC IDA (Metro Biofuels)(1) 6.000 11/01/2028 6,634,487 2,700,000 NYC IDA (Metropolitan College of New York)(1) 5.750 03/01/2020 2,549,718 2,005,000 NYC IDA (Morrisons Pastry)(1) 6.500 11/01/2019 1,865,512 25,000 NYC IDA (NYU)(1) 5.000 07/01/2041 25,146 40,000,000 NYC IDA (NYU)(7) 5.250 07/01/2048 42,117,076 3,240,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2017 3,200,828 875,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2018 847,149 10,065,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2027 9,333,677 2,240,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 2,004,778 1,910,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 1,709,431 900,000 NYC IDA (Precision Gear)(1) 7.625 11/01/2024 894,627 4,100,000 NYC IDA (PSCH)(1) 6.375 07/01/2033 3,543,261 17,910,000 NYC IDA (Queens Baseball Stadium)(1) 5.000 01/01/2046 15,169,054 6,800,000 NYC IDA (Reece School)(1) 7.500 12/01/2037 6,191,400 1,625,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.250 11/01/2014 1,516,661 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.750 11/01/2028 7,167,800 1,000,000 NYC IDA (Roundabout Theatre)(1) 5.000 10/01/2023 806,680 4,085,000 NYC IDA (Sahadi Fine Foods)(1) 6.750 11/01/2019 3,823,519 200,000 NYC IDA (Samaritan Aids Services)(1) 5.000 11/01/2024 203,750 875,000 NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group)(1) 5.000 07/01/2026 683,104 4,380,000 NYC IDA (Showman Fabricators)(1) 7.500 11/01/2028 3,402,340 3,100,000 NYC IDA (South Bronx Overall Economic Devel.)(1) 8.625 12/01/2025 2,591,042 1,625,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 4.750 07/01/2020 1,375,368
11 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 995,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 5.250% 07/01/2022 $ 836,546 2,620,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 6.650 07/01/2023 2,601,450 3,950,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 7.875 08/01/2025 3,950,316 5,760,000 NYC IDA (Stallion)(1) 5.500 11/01/2036 3,899,750 955,000 NYC IDA (Stallion)(1) 6.000 11/01/2027 750,745 10,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 9,924 1,440,000 NYC IDA (Staten Island University Hospital)(1) 6.450 07/01/2032 1,424,736 405,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 404,984 1,275,000 NYC IDA (Streamline Plastics)(1) 8.125 12/01/2025 1,250,762 6,808,500 NYC IDA (Studio School)(1) 7.000 11/01/2038 5,998,833 605,000 NYC IDA (Surprise Plastics)(1) 7.500 11/01/2013 531,614 2,480,000 NYC IDA (Surprise Plastics)(1) 8.500 11/01/2023 1,876,046 1,500,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2021 1,533,195 380,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2021 379,970 1,000,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2030 953,850 8,800,000 NYC IDA (The Child School)(1) 7.550 06/01/2033 8,723,440 145,000 NYC IDA (Therapy & Learning Center)(1) 7.500 10/01/2011 147,671 3,735,000 NYC IDA (Therapy & Learning Center)(1) 8.250 10/01/2031 3,763,162 8,955,000 NYC IDA (Tides Two Rivers Foundation)(1) 5.650 12/01/2039 6,793,711 3,765,000 NYC IDA (Ulano)(1) 6.900 11/01/2019 3,213,616 32,040,000 NYC IDA (Unicef)(1) 5.300 11/01/2038 23,883,898 9,690,000 NYC IDA (Urban Health Plan)(1) 7.050 09/15/2026 9,438,835 3,640,000 NYC IDA (Urban Resource Institute)(1) 7.375 11/01/2033 3,421,891 1,200,000 NYC IDA (Utleys)(1) 7.375 11/01/2023 1,170,348 3,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2021 3,307,520 1,330,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 1,043,452 3,235,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 2,538,019 900,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2031 682,695 1,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.250 12/01/2036 1,362,240 14,200,000 NYC IDA (Visy Paper)(1) 7.800 01/01/2016 13,639,384 70,500,000 NYC IDA (Visy Paper)(1) 7.950 01/01/2028 70,486,605 1,930,000 NYC IDA (Vocational Instruction) 7.750(2) 02/01/2033 1,159,409 100,000 NYC IDA (W & W Jewelers)(1) 7.250 02/01/2011 100,242 1,555,000 NYC IDA (W & W Jewelers)(1) 8.250 02/01/2021 1,571,188 2,900,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 2,637,260 5,930,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 5,426,128 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,738,765 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,457,144 1,465,000 NYC IDA (World Casing Corp.)(1) 6.700 11/01/2019 1,381,422 59,605,000 NYC IDA (Yankee Stadium)(1) 5.000 03/01/2046 55,482,718 16,500,000 NYC IDA (Yankee Stadium)(1) 7.000 03/01/2049 18,998,595 24,270,000 NYC IDA (Yeled Yalda Early Childhood)(1) 5.725 11/01/2037 18,750,031 57,700,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2026 59,026,235 50,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2029 51,149
12 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 27,500,000 NYC Municipal Water Finance Authority(7) 5.000% 06/15/2031 $ 28,387,563 11,720,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2032 11,811,963 31,400,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2034 31,624,267 47,440,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2034 48,307,769 40,100,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2037 41,187,312 22,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2038 22,596,595 18,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2038 18,313,401 29,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 29,786,421 18,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 18,488,070 31,500,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 32,204,183 19,740,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 20,181,288 44,840,000 NYC Municipal Water Finance Authority(7) 5.125 06/15/2032 45,256,657 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2032 30,279 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 30,812 25,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 25,677 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 80,278 14,360,000 NYS DA (Buena Vida Nursing Home)(1) 5.250 07/01/2028 14,387,715 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)(1) 5.000 07/01/2027 2,198,970 1,250,000 NYS DA (D'Youville College)(1) 5.250 07/01/2025 1,249,888 15,000 NYS DA (Dept. of Mental Hygiene)(1) 5.250 08/15/2031 15,094 20,000 NYS DA (Ellis Hospital)(1) 5.600 08/01/2025 20,012 3,255,000 NYS DA (L.I. University)(1) 5.125 09/01/2023 3,255,065 1,335,000 NYS DA (L.I. University)(1) 5.250 09/01/2028 1,314,815 16,800,000 NYS DA (Maimonides Medical Center)(1) 5.750 08/01/2029 17,725,512 3,865,000 NYS DA (Manhattan College)(1) 5.000 07/01/2041 3,487,544 3,260,000 NYS DA (Manhattan College)(1) 5.300 07/01/2037 3,115,060 18,230,000 NYS DA (Memorial Sloan-Kettering)(7) 5.000 07/01/2035 18,710,239 480,000 NYS DA (Menorah Home & Hospital)(1) 5.150 08/01/2038 480,749 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.375 07/01/2029 4,138,571 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.875 07/01/2025 6,975,111 2,500,000 NYS DA (Municipal Health Facilities)(1) 5.000 01/15/2028 2,586,175 2,265,000 NYS DA (New York Methodist Hospital)(1) 5.250 07/01/2033 2,115,057 2,000,000 NYS DA (Norwegian Christian Home & Health Center)(1) 6.100 08/01/2041 2,132,340 11,100,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 10,372,062 20,580,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 19,292,927 40,320,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2036 36,244,858 4,400,000 NYS DA (NYU Hospitals Center)(1) 5.250 07/01/2024 4,308,920 2,000,000 NYS DA (NYU Hospitals Center)(1) 5.625 07/01/2037 1,971,020 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home)(1) 5.000 11/01/2026 2,959,223 6,035,000 NYS DA (Providence Rest)(1) 5.000 07/01/2035 3,915,387 2,700,000 NYS DA (Providence Rest)(1) 5.125 07/01/2030 1,900,422
13 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 3,100,000 NYS DA (Providence Rest)(1) 5.250% 07/01/2025 $ 2,392,239 6,260,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2025 5,903,556 17,660,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2035 15,655,413 1,750,000 NYS DA (School District Bond Financing Program), Series C(1) 7.250 10/01/2028 2,077,303 2,645,000 NYS DA (School District Bond Financing Program), Series C(1) 7.375 10/01/2033 3,138,160 1,525,000 NYS DA (School District Bond Financing Program), Series C(1) 7.500 04/01/2039 1,813,149 50,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2022 54,476 25,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2029 26,675 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)(1) 5.100 07/01/2034 1,034,397 5,770,000 NYS DA (Smithtown Special Library District)(1) 6.000 07/01/2028 6,347,981 1,055,000 NYS DA (St. Catherine of Siena Medical Center)(1) 6.000 07/01/2030 1,061,942 1,505,000 NYS DA (St. Thomas Aquinas College)(1) 5.250 07/01/2028 1,466,939 10,000,000 NYS DA (State Personal Income Tax Authority)(1) 5.000 12/15/2031 10,504,400 5,240,000 NYS DA (The Bronx-Lebanon Hospital Center)(1) 6.250 02/15/2035 5,615,132 11,695,000 NYS DA (Vassar College)(7) 5.000 07/01/2046 12,045,070 2,365,000 NYS EFC (NYS Water Services)(1) 6.000 01/15/2031 2,408,398 50,000 NYS EFC (United Waterworks)(1) 5.150 03/01/2034 47,304 25,000 NYS ERDA (Brooklyn Union Gas Company)(1) 4.700 02/01/2024 24,574 15,000 NYS ERDA (Brooklyn Union Gas Company)(1) 5.500 01/01/2021 15,051 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 12.043(9) 04/01/2020 7,272,370 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 12.732(9) 07/01/2026 16,349,389 350,000 NYS ERDA (LILCO)(1) 5.300 10/01/2024 350,791 100,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 100,181 75,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 75,136 300,000 NYS ERDA (NYS Electric & Gas Corp.)(1) 5.350 12/01/2028 290,349 70,000 NYS ERDA (Rochester Gas & Electric)(1) 5.375 05/15/2032 70,025 14,500,000 NYS ERDA (Rochester Gas & Electric)(1) 5.950 09/01/2033 14,505,365 2,365,000 NYS HFA (Affordable Hsg.)(1) 5.250 11/01/2038 2,370,747 10,220,000 NYS HFA (Affordable Hsg.)(7) 5.450 11/01/2045 10,346,136 2,310,000 NYS HFA (Children's Rescue)(1) 7.625 05/01/2018 2,311,294 1,645,000 NYS HFA (Crotona Estates Apartments)(1) 4.950 08/15/2038 1,603,299 965,000 NYS HFA (Friendship)(1) 5.100 08/15/2041 960,445 1,390,000 NYS HFA (Golden Age Apartments)(1) 5.000 02/15/2037 1,371,708 1,645,000 NYS HFA (Kensico Terrace Apartments)(1) 4.900 02/15/2038 1,569,659 5,000 NYS HFA (Meadow Manor)(1) 7.750 11/01/2019 5,088 3,870,000 NYS HFA (Multifamily Hsg.)(1) 4.850 02/15/2038 3,717,793 6,580,000 NYS HFA (Multifamily Hsg.)(1) 4.850 11/01/2040 6,228,036 2,860,000 NYS HFA (Multifamily Hsg.)(1) 5.350 08/15/2031 2,866,578 2,080,000 NYS HFA (Multifamily Hsg.)(1) 5.375 02/15/2035 2,088,112
14 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 3,290,000 NYS HFA (Multifamily Hsg.)(1) 5.450% 08/15/2032 $ 3,321,058 2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,075,664 3,200,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 3,224,928 1,075,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 1,083,374 1,000,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2031 1,007,530 1,710,000 NYS HFA (Multifamily Hsg.)(1) 5.650 02/15/2034 1,717,370 2,120,000 NYS HFA (Multifamily Hsg.)(1) 5.700 08/15/2033 2,136,345 665,000 NYS HFA (Multifamily Hsg.)(1) 6.250 02/15/2031 670,998 1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,256,381 3,915,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 4,158,317 340,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 341,846 365,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 366,810 395,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2012 396,809 425,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2013 426,836 510,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2014 512,127 540,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2015 542,084 580,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2016 582,053 640,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 642,195 685,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2018 687,295 40,000,000 NYS IDA (Bronx Parking Devel. Company) 5.875 10/01/2046 30,656,000 125,000 NYS LGSC (SCSB) 7.250 12/15/2011 127,249 810,000 NYS LGSC (SCSB) 7.375 12/15/2016 810,859 980,000 NYS LGSC (SCSB) 7.750 12/15/2021 1,004,088 215,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 216,038 135,000 NYS Medcare (Hospital & Nursing Home)(1) 9.375 11/01/2016 135,971 20,000 NYS Medcare (M.G. Nursing Home)(1) 6.200 02/15/2015 20,077 400,000 NYS Power Authority(1) 5.250 11/15/2040 402,068 25,000 NYS UDC (Subordinated Lien)(1) 5.500 07/01/2016 25,092 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley)(1) 5.000 09/15/2035 649,483 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.300 03/15/2019 410,643 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.350 03/15/2029 669,581 3,975,000 Onondaga County, NY IDA (Air Cargo)(1) 6.125 01/01/2032 3,536,240 2,000,000 Onondaga County, NY IDA (Air Cargo)(1) 7.250 01/01/2032 1,839,660 1,060,000 Onondaga County, NY IDA (Community General Hospital)(1) 5.500 11/01/2018 959,904 5,390,000 Onondaga County, NY IDA (Community General Hospital)(1) 6.625 01/01/2018 5,025,906 1,185,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2030 1,188,389 1,115,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2037 1,074,760 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)(1) 6.250 12/01/2034 500,280 42,834,598 Onondaga County, NY Res Rec(1) 0.000(5) 05/01/2022 29,418,374 41,580,000 Onondaga County, NY Res Rec(1) 5.000 05/01/2015 38,564,203
15 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000% 08/01/2021 $ 2,372,500 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 2,092,919 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 1,881,376 2,280,000 Orange County, NY IDA (Glen Arden)(1) 5.625 01/01/2018 2,010,914 5,590,000 Orange County, NY IDA (Glen Arden)(1) 5.700 01/01/2028 4,403,187 135,000 Orange County, NY IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 135,703 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2021 1,700,954 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 5,987,610 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 2,114,109 12,010,000 Peekskill, NY IDA (Drum Hill)(1) 6.375 10/01/2028 9,510,719 500,000 Port Authority NY/NJ (Continental Airlines)(1) 9.000 12/01/2010 500,750 45,425,000 Port Authority NY/NJ (Continental Airlines)(1) 9.125 12/01/2015 45,497,680 16,420,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2022 16,418,522 31,720,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 31,716,511 18,625,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.900 12/01/2017 18,738,426 4,010,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2011 4,009,599 50,300,000 Port Authority NY/NJ (KIAC)(1,11) 6.750 10/01/2019 47,479,679 35,000 Port Authority NY/NJ, 122nd Series(1) 5.000 07/15/2026 35,010 240,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2030 241,802 50,000 Port Authority NY/NJ, 127th Series(1) 5.200 12/15/2027 50,642 70,000,000 Port Authority NY/NJ, 135th Series(7) 5.000 03/15/2039 72,046,685 33,025,000 Port Authority NY/NJ, 136th Series(7) 5.125 05/01/2034 33,272,507 19,175,000 Port Authority NY/NJ, 136th Series(7) 5.375 11/01/2028 19,726,470 22,855,000 Port Authority NY/NJ, 136th Series(7) 5.500 11/01/2029 23,603,665 26,000,000 Port Authority NY/NJ, 138th Series(7) 4.750 12/01/2034 25,590,500 27,255,000 Port Authority NY/NJ, 141st Series(7) 4.500 09/01/2029 25,996,671 47,910,000 Port Authority NY/NJ, 143rd Series(7) 5.000 10/01/2030 48,107,150 12,840,000 Port Authority NY/NJ, 146th Series(7) 4.500 12/01/2034 12,186,347 10,000 Port Authority NY/NJ, 146th Series(1) 4.500 12/01/2034 9,485 26,100,000 Port Authority NY/NJ, 146th Series(7) 4.750 12/01/2027 26,044,094 10,000 Port Authority NY/NJ, 146th Series(1) 4.750 12/01/2027 9,988 13,005,000 Port Authority NY/NJ, 147th Series(7) 4.750 10/15/2028 12,769,257 17,790,000 Port Authority NY/NJ, 147th Series(7) 5.000 10/15/2027 17,894,410 20,000,000 Port Authority NY/NJ, 147th Series(7) 5.000 10/15/2032 20,058,410 82,000,000 Port Authority NY/NJ, 151st Series(7) 5.750 03/15/2035 86,711,776 15,000,000 Port Authority NY/NJ, 151st Series(7) 6.000 09/15/2028 16,127,100
16 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 101,940,000 Port Authority NY/NJ, 152nd Series(7) 5.250% 11/01/2035 $ 103,817,225 13,715,000 Port Authority NY/NJ, 152nd Series(7) 5.250 05/01/2038 13,894,601 22,500,000 Port Authority NY/NJ, 152nd Series(7) 5.750 11/01/2030 23,917,200 50,660,000 Port Authority NY/NJ, 37th Series(7) 5.250 07/15/2034 51,386,971 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)(1) 6.000 08/01/2032 2,760,923 1,500,000 Rensselaer County, NY IDA (Franciscan Heights)(1) 5.375 12/01/2036 1,475,865 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.625 06/01/2035 5,722,045 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.750 06/01/2043 6,562,408 2,020,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.350 09/01/2047 2,052,744 1,365,000 Riverhead, NY IDA (Michael Reilly Design)(1) 8.875 08/01/2021 1,395,194 6,790,000 Rochester, NY Museum & Science Center(1) 6.125 12/01/2015 6,582,837 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 991,061 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.625 08/15/2035 8,264,124 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.750 08/15/2043 9,073,386 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875(3) 08/15/2045 1,350,900 486,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.668(3) 08/15/2060 3,236,760 20,000 Sanford Town, NY GO(1) 5.250 04/15/2015 21,565 20,000 Sanford Town, NY GO(1) 5.250 04/15/2016 21,442 25,000 Sanford Town, NY GO(1) 5.250 04/15/2017 26,433 25,000 Sanford Town, NY GO(1) 5.250 04/15/2018 26,045 25,000 Sanford Town, NY GO(1) 5.250 04/15/2019 25,728 25,000 Sanford Town, NY GO(1) 5.250 04/15/2020 25,596 30,000 Sanford Town, NY GO(1) 5.250 04/15/2021 30,506 30,000 Sanford Town, NY GO(1) 5.250 04/15/2022 30,506 30,000 Sanford Town, NY GO(1) 5.250 04/15/2023 30,424 30,000 Sanford Town, NY GO(1) 5.250 04/15/2024 30,392 35,000 Sanford Town, NY GO(1) 5.250 04/15/2025 35,349 35,000 Sanford Town, NY GO(1) 5.250 04/15/2026 35,215 40,000 Sanford Town, NY GO(1) 5.250 04/15/2027 40,122 40,000 Sanford Town, NY GO(1) 5.250 04/15/2028 39,860 40,000 Sanford Town, NY GO(1) 5.250 04/15/2029 39,478 45,000 Sanford Town, NY GO(1) 5.250 04/15/2030 44,125 45,000 Sanford Town, NY GO(1) 5.250 04/15/2031 43,880 50,000 Sanford Town, NY GO(1) 5.250 04/15/2032 48,290 50,000 Sanford Town, NY GO(1) 5.250 04/15/2033 47,874 55,000 Sanford Town, NY GO(1) 5.250 04/15/2034 52,194
17 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 60,000 Sanford Town, NY GO(1) 5.250% 04/15/2035 $ 56,497 60,000 Sanford Town, NY GO(1) 5.250 04/15/2036 56,204 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)(1) 5.125 12/01/2033 2,817,900 2,650,000 Seneca County, NY IDA (New York Chiropractic College)(1) 5.000 10/01/2027 2,357,387 22,885,000 SONYMA, Series 106(7) 5.250 04/01/2034 22,792,387 30,225,000 SONYMA, Series 109(7) 4.950 10/01/2034 29,676,960 4,450,000 SONYMA, Series 130(1) 4.800 10/01/2037 4,246,190 14,865,000 SONYMA, Series 133(7) 5.050 10/01/2026 14,922,387 23,045,000 SONYMA, Series 137(7) 4.700 10/01/2031 22,046,935 21,935,000 SONYMA, Series 140(7) 4.750 10/01/2037 20,020,521 11,480,000 SONYMA, Series 143(7) 4.900 10/01/2037 10,978,864 5,045,000 SONYMA, Series 145(7) 5.125 10/01/2037 5,054,453 5,000,000 SONYMA, Series 148(7) 5.150 10/01/2027 5,071,329 6,370,000 SONYMA, Series 148(7) 5.200 10/01/2032 6,433,091 820,000 SONYMA, Series 152(1) 5.375 04/01/2023 852,021 25,000 SONYMA, Series 67 5.700 10/01/2017 25,028 890,000 SONYMA, Series 69(1) 5.500 10/01/2028 890,338 26,945,000 SONYMA, Series 71(7) 5.400 04/01/2029 26,970,546 30,000 SONYMA, Series 71(1) 5.400 04/01/2029 30,029 30,000 SONYMA, Series 73 5.250 10/01/2017 30,113 330,000 SONYMA, Series 73(1) 5.300 10/01/2028 330,465 23,875,000 SONYMA, Series 73-A(7) 5.300 10/01/2028 23,908,851 305,000 SONYMA, Series 77(1) 5.150 04/01/2029 305,375 9,680,000 SONYMA, Series 79(7) 5.300 04/01/2029 9,709,587 350,000 SONYMA, Series 82(1) 5.650 04/01/2030 350,154 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy)(1) 7.250 12/01/2029 3,488,480 985,000 Suffolk County, NY IDA (ACLD)(1) 6.000 12/01/2019 914,573 420,000 Suffolk County, NY IDA (ALIA-ACDS)(1) 7.125 06/01/2017 422,927 2,110,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 5.950 10/01/2021 1,915,711 215,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.375 06/01/2014 213,011 510,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.500 03/01/2018 495,190 520,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 7.500 09/01/2015 526,562 180,000 Suffolk County, NY IDA (ALIA-ADD)(1) 6.950 12/01/2014 181,391 380,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.125 06/01/2017 382,649 235,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.500 09/01/2015 237,966 845,000 Suffolk County, NY IDA (ALIA-Adelante)(1) 6.500 11/01/2037 726,785 1,300,000 Suffolk County, NY IDA (ALIA-Civic Facility)(1) 5.950 11/01/2022 1,163,227 2,800,000 Suffolk County, NY IDA (ALIA-DDI)(1) 5.950 10/01/2021 2,542,176 815,000 Suffolk County, NY IDA (ALIA-DDI)(1) 6.375 06/01/2014 807,461 100,000 Suffolk County, NY IDA (ALIA-DDI)(1) 7.500 09/01/2015 101,262
18 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 805,000 Suffolk County, NY IDA (ALIA-FREE)(1) 5.950% 10/01/2021 $ 730,876 475,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.375 06/01/2014 470,606 1,100,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.950 12/01/2014 1,108,503 2,955,000 Suffolk County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2017 2,975,596 575,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 10/01/2021 522,054 730,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 11/01/2022 653,197 380,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.000 10/01/2031 318,318 380,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.375 06/01/2014 376,485 375,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.950 12/01/2014 377,899 885,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.125 06/01/2017 891,168 1,945,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.250 12/01/2033 1,871,460 160,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.500 09/01/2015 162,019 2,000,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 5.950 11/01/2022 1,789,580 225,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.375 06/01/2014 222,919 445,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.950 12/01/2014 448,440 155,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 7.500 09/01/2015 156,956 375,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.375 06/01/2014 371,531 1,010,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.950 12/01/2014 1,017,807 1,080,000 Suffolk County, NY IDA (ALIA-MCH)(1) 7.125 06/01/2017 1,087,528 800,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 5.950 11/01/2022 715,832 580,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 7.500 09/01/2015 587,320 280,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center)(1) 8.375 06/01/2016 289,976 425,000 Suffolk County, NY IDA (ALIA-SMCFS)(1) 7.500 09/01/2015 430,364 480,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels)(1) 7.500 09/01/2015 486,058 1,930,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 5.950 10/01/2021 1,752,286 160,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.375 06/01/2014 158,520 655,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.950 12/01/2014 660,063 605,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.000 06/01/2016 607,886 335,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.500 09/01/2015 339,228 3,530,000 Suffolk County, NY IDA (ALIA-UVBH)(1) 6.500 11/01/2037 3,036,153 800,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 5.950 11/01/2022 715,832 230,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 6.950 12/01/2014 231,778 675,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.125 06/01/2017 679,705 395,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.500 09/01/2015 399,985 640,000 Suffolk County, NY IDA (Catholic Charities)(1) 6.000 10/01/2020 589,395 195,000 Suffolk County, NY IDA (DDI)(1) 6.000 12/01/2019 181,058 555,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 511,116 575,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 529,535 4,830,000 Suffolk County, NY IDA (DDI)(1) 7.250 03/01/2024 4,817,201 7,905,000 Suffolk County, NY IDA (DDI)(1) 8.750 03/01/2023 8,105,392 5,000,000 Suffolk County, NY IDA (Dowling College)(1) 5.000 06/01/2036 3,451,150 2,810,000 Suffolk County, NY IDA (Dowling College)(1) 6.700 12/01/2020 2,709,093
19 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 2,900,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.375% 01/01/2027 $ 2,268,699 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.500 01/01/2037 2,001,434 1,420,000 Suffolk County, NY IDA (Family Residences)(1) 6.000 12/01/2019 1,318,470 1,345,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2027 1,380,925 830,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2034 842,176 45,000 Suffolk County, NY IDA (Federation of Organizations)(1) 7.625 04/01/2010 45,000 2,195,000 Suffolk County, NY IDA (Federation of Organizations)(1) 8.125 04/01/2030 2,232,732 2,585,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II)(1) 6.700 05/01/2039 2,325,233 3,535,000 Suffolk County, NY IDA (Huntington First Aid Squad)(1) 6.650 11/01/2017 3,476,885 225,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 12/01/2019 208,913 1,115,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 10/01/2020 1,026,837 3,275,000 Suffolk County, NY IDA (Innovative Realty I)(1) 6.000 11/01/2037 2,378,665 8,600,000 Suffolk County, NY IDA (Jefferson's Ferry)(1) 5.000 11/01/2028 7,750,922 32,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center)(1) 5.250 06/01/2027 31,639,913 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services)(1) 7.550 02/01/2034 4,028,903 7,945,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living)(1) 6.375 01/01/2039 6,257,561 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 1,678,687 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 571,564 2,580,000 Suffolk County, NY IDA (New Interdisciplinary School)(1) 6.750 12/01/2019 2,529,587 2,000,000 Suffolk County, NY IDA (New York Institute of Technology)(1) 5.000 03/01/2026 1,997,740 6,145,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.300 01/01/2013 5,804,444 26,425,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.500 01/01/2023 22,121,425 900,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2020 922,590 2,850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2030 2,907,171 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.200 02/01/2035 4,325,136 50,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.625 04/01/2010 50,000 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 8.125 04/01/2030 2,588,061 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 781,898
20 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 55,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 7.000% 04/01/2010 $ 55,000 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 8.000 04/01/2030 2,619,860 510,000 Suffolk County, NY IDA (Suffolk Hotels)(1) 6.000 10/01/2020 469,674 1,780,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 6.000 12/01/2019 1,652,730 3,280,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 7.875 09/01/2041 3,236,966 830,000 Suffolk County, NY IDA (WORCA)(1) 6.000 10/01/2020 764,372 119,295,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 0.000(5) 06/01/2044 93,842,219 12,240,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 5.375 06/01/2028 11,159,820 29,915,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2048 26,814,310 287,265,000 Suffolk, NY Tobacco Asset Securitization Corp. 8.000(3) 06/01/2048 10,126,091 3,716,000 Sullivan County, NY Community College COP 5.750 08/15/2025 3,052,583 3,050,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.625 06/01/2013 2,961,306 13,305,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.875 07/01/2022 10,860,073 5,600,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 06/01/2019 5,151,720 13,840,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 07/01/2037 11,100,787 4,600,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.500 06/01/2025 4,146,578 4,465,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.950 02/01/2035 3,858,028 850,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.250 02/01/2012 847,510 9,965,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.750 02/01/2027 9,997,386 7,935,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility)(1) 7.250 06/01/2027 7,647,515 6,862,500 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)(1) 8.500 11/01/2031 6,293,530 2,405,000 Syracuse, NY Hsg. Authority (Pavilion on James)(1) 7.500 11/01/2042 2,204,303 168,000,000 Syracuse, NY IDA (Carousel Center)(1) 5.000 01/01/2036 118,970,880 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital)(1) 5.375 01/01/2023 886,540 9,710,000 Syracuse, NY IDA (James Square) 7.197(3) 08/01/2025 3,525,410 725,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2021 725,776 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2031 1,944,507 75,000 Taconic Hills, NY (Central School District at Craryville)(1) 5.000 06/15/2026 75,869 45,000 Tompkins, NY Health Care Corp. (Reconstruction Home)(1) 10.800 02/01/2028 48,149 1,595,000 Ulster County, NY IDA (Brooklyn Bottling)(1) 8.600 06/30/2022 1,595,718 185,000 Ulster County, NY Res Rec(1) 5.000 03/01/2020 187,068 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 0.000(5) 06/01/2040 2,597,823 3,080,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2040 2,839,144
21 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- NEW YORK CONTINUED $ 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.250% 06/01/2025 $ 2,176,979 3,550,000 Utica, NY IDA (Utica College Civic Facility)(1) 6.850 12/01/2031 3,551,491 1,985,000 Wayne County, NY IDA (ARC)(1) 8.375 03/01/2018 1,986,806 20,000 Westchester County, NY GO(1) 5.375 12/15/2014 20,114 4,300,000 Westchester County, NY Healthcare Corp., Series A(1) 5.875 11/01/2025 4,247,110 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital)(1) 8.375 12/01/2025 1,871,889 90,000 Westchester County, NY IDA (Children's Village)(1) 5.375 03/15/2019 80,221 3,750,000 Westchester County, NY IDA (Children's Village)(1) 6.000 06/01/2022 3,380,438 1,215,000 Westchester County, NY IDA (Clearview School)(1) 7.250 01/01/2035 1,163,763 3,305,000 Westchester County, NY IDA (Field Home)(1) 6.000 08/15/2017 3,128,645 3,335,000 Westchester County, NY IDA (Field Home)(1) 6.500 08/15/2022 3,136,901 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind)(1) 5.375 08/01/2024 1,305,083 1,375,000 Westchester County, NY IDA (JDAM)(1) 6.750 04/01/2016 1,378,273 3,325,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.000 01/01/2028 3,049,557 685,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.125 01/01/2018 685,021 1,475,000 Westchester County, NY IDA (Rippowam-Cisqua School)(1) 5.750 06/01/2029 1,468,082 1,000,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2013 1,032,300 1,710,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2033 1,526,654 160,000 Westchester County, NY IDA (Westchester Airport Assoc.)(1) 5.950 08/01/2024 160,064 2,590,000 Westchester County, NY IDA (Winward School)(1) 5.250 10/01/2031 2,480,624 4,475,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2026 4,124,384 59,900,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2038 49,715,203 52,770,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2045 42,902,538 4,130,000 Yonkers, NY IDA (Hudson Scenic Studio)(1) 6.625 11/01/2019 3,887,941 1,560,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,120,626 2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.)(1) 5.000 10/01/2037 2,217,633 1,635,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 8.500 12/30/2013 1,638,483 2,855,000 Yonkers, NY IDA (Westchester School)(1) 8.750 12/30/2023 2,857,541 800,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2018 758,232 1,215,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2024 1,102,527 -------------- 7,010,213,008 -------------- U.S. POSSESSIONS--34.8% 825,000 Guam Education Financing Foundation COP(1) 5.000 10/01/2023 798,262 505,000 Guam GO(1) 5.250 11/15/2037 467,211 6,000,000 Guam GO(1) 6.750 11/15/2029 6,415,320 10,000,000 Guam GO(1) 7.000 11/15/2039 10,734,900
22 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- U.S. POSSESSIONS CONTINUED $ 300,000 Guam Hsg. Corp. (Single Family Mtg.)(1) 5.750% 09/01/2031 $ 327,693 290,000 Guam Power Authority, Series A(1) 5.250 10/01/2023 279,783 20,000,000 Guam Power Authority, Series A(1) 5.250 10/01/2034 18,595,400 2,000,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 10/01/2022 1,667,720 35,090,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 06/01/2030 26,121,698 8,670,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 6,243,354 16,800,000 Northern Mariana Islands Ports Authority, Series A(1) 6.600 03/15/2028 15,033,648 55,650,000 Puerto Rico Aqueduct & Sewer Authority(1) 0.000(5) 07/01/2024 54,460,203 49,000,000 Puerto Rico Aqueduct & Sewer Authority(7) 5.125 07/01/2047 48,888,770 88,365,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2038 91,789,144 123,015,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 127,615,761 5,000,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 5,187,000 56,685,000 Puerto Rico Children's Trust Fund (TASC)(1) 5.625 05/15/2043 49,553,460 268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617(3) 05/15/2050 10,041,900 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165(3) 05/15/2055 14,274,200 3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625(3) 05/15/2057 56,599,670 3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375(3) 05/15/2057 40,820,928 20,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2026 20,010 9,625,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2029 9,267,239 10,400,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2031 9,914,944 16,850,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2033 15,940,774 12,230,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2034 11,524,696 2,240,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2035 2,105,354 7,480,000 Puerto Rico Commonwealth GO(1) 5.125 07/01/2031 7,248,793 4,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 4,010,280 5,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2027 5,012,750 2,920,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2030 2,887,471 14,500,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2031 14,279,745 10,230,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2034 9,982,434 43,385,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2037 42,037,028 5,000,000 Puerto Rico Commonwealth GO(1) 5.375 07/01/2033 4,976,550 7,850,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2029 8,027,724 79,300,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2032 79,709,981 18,985,000 Puerto Rico Commonwealth GO(1) 6.000 07/01/2038 19,784,648 17,650,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2037 16,963,415 60,000,000 Puerto Rico Electric Power Authority, Series UU(1) 0.688(6) 07/01/2029 43,395,000 106,500,000 Puerto Rico Electric Power Authority, Series UU(1) 0.848(6) 07/01/2025 80,540,625 182,100,000 Puerto Rico Electric Power Authority, Series UU(1) 0.860(6) 07/01/2031 128,790,225 55,000 Puerto Rico HFC(1) 5.100 12/01/2018 55,816 9,515,000 Puerto Rico Highway & Transportation Authority(1) 5.000 07/01/2028 9,215,373 4,845,000 Puerto Rico Highway & Transportation Authority(1) 5.250 07/01/2030 4,791,027 4,000,000 Puerto Rico Highway & Transportation Authority(1) 5.500 07/01/2029 4,090,560 270,000 Puerto Rico Highway & Transportation Authority(1) 5.750 07/01/2020 276,998
23 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- U.S. POSSESSIONS CONTINUED $ 11,585,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000% 07/01/2033 $ 10,959,873 28,570,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2042 26,462,105 10,000,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2025 9,800,700 14,725,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2026 14,387,650 6,500,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2027 6,352,580 3,145,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2030 3,013,382 2,600,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2023 2,634,502 17,205,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2030 17,013,336 6,795,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2041 6,454,910 92,120,000 Puerto Rico Highway & Transportation Authority, Series M(1) 5.000 07/01/2046 84,855,417 125,620,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.698(6) 07/01/2041 71,100,920 74,940,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.698(6) 07/01/2045 43,952,310 16,080,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2032 15,768,370 53,445,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2039 51,658,334 3,650,000 Puerto Rico Infrastructure(1) 5.000 07/01/2025 3,499,292 26,755,000 Puerto Rico Infrastructure(1) 5.000 07/01/2031 24,929,774 6,000,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 5,507,160 34,490,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 31,656,991 202,145,000 Puerto Rico Infrastructure(1) 5.000 07/01/2041 184,600,835 147,520,000 Puerto Rico Infrastructure(1) 5.000 07/01/2046 134,471,856 15,000,000 Puerto Rico Infrastructure(1) 5.500 07/01/2027 15,031,800 2,750,000 Puerto Rico Infrastructure(1) 5.500 07/01/2028 2,749,753 16,955,000 Puerto Rico Infrastructure 5.650(3) 07/01/2029 4,736,210 65,725,000 Puerto Rico Infrastructure 5.730(3) 07/01/2045 5,317,810 25,000,000 Puerto Rico Infrastructure 5.800(3) 07/01/2032 5,486,000 6,285,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.000 03/01/2036 5,240,622 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 12/01/2021 1,510,961 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2029 5,226,635 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.500 12/01/2031 5,770,268 38,000,000 Puerto Rico ITEMECF (Cogeneration Facilities)(1) 6.625 06/01/2026 38,345,040 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.600 05/01/2014 2,409,330 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.700 05/01/2024 4,436,355
24 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- -------------- U.S. POSSESSIONS CONTINUED $ 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)(1) 5.750% 06/01/2029 $ 3,487,540 500,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2021 500,515 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2031 7,624,080 4,990,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2025 5,003,423 4,975,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 3,862,441 6,395,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 5,127,895 90,855,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2036 85,415,511 7,500,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2037 7,023,150 23,585,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2029 23,385,471 126,570,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2033 123,570,291 120,000 Puerto Rico Public Buildings Authority(1) 5.375 07/01/2033 119,124 1,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2021 1,655,625 7,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2031 8,299,275 8,000,000 Puerto Rico Public Buildings Authority(1) 6.500 07/01/2030 8,657,520 7,500,000 Puerto Rico Public Buildings Authority(1) 6.750 07/01/2036 8,245,950 296,445,000 Puerto Rico Sales Tax Financing Corp., Series A(7) 5.250 08/01/2057 294,331,240 643,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.401(3) 08/01/2054 38,370,957 33,000,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 5.750 08/01/2037 35,180,310 221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.939(3) 08/01/2056 11,626,756 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500(3) 08/01/2042 4,210,800 7,300,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 6.500 08/01/2044 8,212,500 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504(3) 08/01/2043 10,499,200 35,000,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 0.000(5) 08/01/2032 26,818,050 95,245,000 Puerto Rico Sales Tax Financing Corp., Series C(7) 5.750 08/01/2057 100,434,765 24,875,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 6.000 08/01/2042 26,787,141 4,525,000 University of Puerto Rico(1) 5.000 06/01/2026 4,256,713 5,280,000 University of Puerto Rico, Series P(1) 5.000 06/01/2030 4,911,667 24,375,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2030 22,674,600 65,780,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2036 59,141,482 9,230,000 University of V.I., Series A(1) 5.375 06/01/2034 8,885,075 2,040,000 University of V.I., Series A(1) 6.250 12/01/2029 1,963,928 3,650,000 V.I. Government Refinery Facilities (Hovensa Coker)(1) 6.500 07/01/2021 3,701,648 10,000 V.I. HFA, Series A(1) 6.450 03/01/2016 10,014 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2031 17,304,019 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2033 504,477 27,733,000 V.I. Public Finance Authority (Hovensa Coker)(1) 6.500 07/01/2021 28,167,576 11,700,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 5.875 07/01/2022 11,743,173
25 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- --------- ---------- --------------- U.S. POSSESSIONS CONTINUED $ 8,000,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 6.125% 07/01/2022 $ 8,066,880 750,000 V.I. Public Finance Authority, Series A(1) 5.250 10/01/2024 753,839 11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300(3) 05/15/2035 1,384,503 --------------- 2,988,025,690 --------------- TOTAL INVESTMENTS, AT VALUE (COST $10,713,799,627)-116.5% 9,998,238,698 LIABILITIES IN EXCESS OF OTHER ASSETS-(16.5) (1,417,340,384) --------------- NET ASSETS-100.0% $ 8,580,898,314 ===============
Footnotes to Statement of Investments (1.) All or a portion of the security position has been segregated for collateral to cover borrowings. (2.) Subject to a forbearance agreement. Rate shown is current rate. See accompanying Notes. (3.) Zero coupon bond reflects effective yield on the date of purchase. (4.) Issue is in default. See accompanying Notes. (5.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (6.) Represents the current interest rate for a variable or increasing rate security. (7.) 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. (8.) Non-income producing security. (9.) Represents the current interest rate for a variable rate bond known as an "inverse floater." See accompanying Notes. (10.) Security is subject to a shortfall and forbearance agreement. See accompanying Notes. (11.) When-issued security or delayed delivery to be delivered and settled after March 31, 2010. 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 as of March 31, 2010 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED QUOTED OTHER SIGNIFICANT SIGNIFICANT PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ----------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: New York $-- $7,010,212,986 $22 $7,010,213,008 U.S. Possessions -- 2,988,025,690 -- 2,988,025,690 --- -------------- --- -------------- Total Assets $-- $9,998,238,676 $22 $9,998,238,698 === ============== === ==============
26 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (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 METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: ACDS Assoc. for Children with Down Syndrome ACLD Adults and Children with Learning and Developmental Disabilities ADD Aid to the Developmentally Disabled ALIA Alliance of Long Island Agencies ARC Assoc. of Retarded Citizens CCRC Continuing Care Retirement Community CFGA Child and Family Guidance Assoc. CHSLI Catholic Health Services of Long Island CNGCS Central Nassau Guidance and Counseling Services COP Certificates of Participation CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DRIVERS Derivative Inverse Tax Exempt Receipts 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 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. LVH Little Village House MCH Maryhaven Center of Hope MMC Mercy Medical Center MTA Metropolitan Transportation Authority NY/NJ New York/New Jersey NYC New York City NYS New York State NYU New York University PSCH Professional Service Centers for the Handicapped, Inc. RIBS Residual Interest Bonds ROLs Residual Option Longs Res Rec Resource Recovery Facility SCCC Sullivan County Community College 27 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) SCHRC St. Charles Hospital and Rehabilitation Center SCSB Schuyler Community Services Board 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 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 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 it is 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. U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and "money market-type" debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the "bid" and "asked" prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities. "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. 28 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) 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 of the Fund 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 may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ---------------------- Purchased securities $71,226
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 $1,494,425,000 as of March 31, 2010. Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the "municipal bond") to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the "sponsor") creates a trust (the "Trust") and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an "inverse floating rate security") to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund's repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities in the annual and semiannual reports. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust's liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the 29 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of Operations in the annual and semiannual reports. At March 31, 2010, municipal bond holdings with a value of $2,342,462,752 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $1,494,425,000 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 March 31, 2010, 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 11.325% 6/1/32 $ 14,488,135 8,935,000 NY Austin Trust Various States Inverse Certificates 11.298 6/1/27 9,552,766 23,960,000 NY Austin Trust Various States Inverse Certificates 6.629 11/1/38 22,976,202 16,400,000 NY Austin Trust Various States Inverse Certificates 9.776 7/1/48 18,517,076 36,040,000 NY Liberty Devel. Corp. ROLs(3) 10.066 10/1/35 36,906,041 10,770,000 NY MTA ROLs(3) 19.992 11/15/30 11,293,745 6,615,000 NY Triborough Bridge & Tunnel Authority ROLs(3) 20.888 1/1/27 7,567,560 15,660,000 NY/NJ Port Authority Austin Trust Inverse Certificates 6.232 12/1/27 15,604,094 7,700,000 NY/NJ Port Authority Austin Trust Inverse Certificates 5.873 12/1/34 7,046,347 23,955,000 NY/NJ Port Authority Austin Trust Inverse Certificates 7.675 10/1/30 24,152,150 12,330,000 NYC GO DRIVERS 8.398 6/1/33 13,027,878 5,605,000 NYC GO DRIVERS 8.397 12/1/33 5,881,383 5,460,000 NYC GO DRIVERS 7.698 8/1/30 5,825,547 2,430,000 NYC GO DRIVERS 8.449 8/1/35 2,556,311 8,735,000 NYC GO DRIVERS 8.447 4/1/35 9,164,849 5,745,000 NYC GO DRIVERS 8.448 3/1/35 6,023,001 7,540,000 NYC GO ROLs 17.832 11/1/34 8,169,590 4,480,000 NYC GO ROLs(3) 20.080 4/1/30 5,110,963 8,900,000 NYC GO ROLs(3) 21.738 6/1/30 11,801,311 5,000,000 NYC GO ROLs 15.540 3/1/21 7,218,600 3,490,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.637 11/1/42 3,614,384 920,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.433 11/1/26 941,280 810,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.745 11/1/27 841,590 1,000,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.791 11/1/32 1,007,830 1,165,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.479 11/1/37 1,128,780 1,560,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.606 11/1/39 1,517,272 2,790,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.785 5/1/40 2,753,200 775,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 16.002 11/1/34 885,097 710,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 16.224 11/1/39 808,122 2,730,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 16.729 11/1/46 3,147,199 2,680,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.980 11/1/40 2,698,546 3,955,000 NYC HDC (Multifamily Hsg.) ROLs(3) 16.105 11/1/30 4,284,689
30 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) 12,045,000 NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs(3) 12.674 5/1/49 12,063,911 17,005,000 NYC Municipal Water Finance Authority DRIVERS 11.077 6/15/39 18,388,017 14,425,000 NYC Municipal Water Finance Authority DRIVERS 14.476 6/15/26 15,751,235 14,950,000 NYC Municipal Water Finance Authority DRIVERS 11.414 6/15/32 15,366,657 3,910,000 NYC Municipal Water Finance Authority DRIVERS 11.083 6/15/32 4,001,963 15,815,000 NYC Municipal Water Finance Authority DRIVERS 11.090 6/15/34 16,682,769 6,005,000 NYC Municipal Water Finance Authority DRIVERS 11.083 6/15/38 6,318,401 6,875,000 NYC Municipal Water Finance Authority ROLs 17.818 6/15/31 7,762,563 10,025,000 NYC Municipal Water Finance Authority ROLs 17.818 6/15/37 11,112,312 7,875,000 NYC Municipal Water Finance Authority ROLs 17.818 6/15/39 8,579,183 4,935,000 NYC Municipal Water Finance Authority ROLs 17.818 6/15/39 5,376,288 4,500,000 NYC Municipal Water Finance Authority ROLs 17.838 6/15/39 4,988,070 10,470,000 NYC Municipal Water Finance Authority ROLs(3) 12.975 6/15/34 10,694,267 8,205,000 NYS DA (Memorial Sloan-Kettering) DRIVERS 8.448 7/1/35 8,685,239 5,265,000 NYS DA (Vassar College) DRIVERS 8.446 7/1/46 5,615,070 3,410,000 NYS HFA ROLs(3) 14.614 11/1/45 3,536,136 3,750,000 Port Authority NY/NJ ROLs(3) 21.443 9/15/28 4,877,100 4,895,000 Port Authority NY/NJ, 11588th Series ROLs 16.280 10/15/27 4,999,410 3,580,000 Port Authority NY/NJ, 11588th Series ROLs 15.352 10/15/28 3,344,257 5,500,000 Port Authority NY/NJ, 11588th Series ROLs 16.289 10/15/32 5,558,410 9,090,000 Port Authority NY/NJ, 11589th Series ROLs 12.051 9/1/29 7,831,671 11,880,000 Port Authority NY/NJ, 136th Series DRIVERS 6.856 11/1/28 12,431,470 11,430,000 Port Authority NY/NJ, 136th Series DRIVERS 8.463 11/1/29 12,178,665 11,015,000 Port Authority NY/NJ, 136th Series DRIVERS 10.985 5/1/34 11,262,507 13,000,000 Port Authority NY/NJ, 138th Series DRIVERS 7.165 12/1/34 12,590,500 24,005,000 Port Authority NY/NJ, 151st Series DRIVERS 12.825 3/15/35 28,142,022 4,570,000 Port Authority NY/NJ, 152nd Series DRIVERS 11.532 5/1/38 4,749,601 20,000,000 Port Authority NY/NJ, 3090th Series DRIVERS 8.040 11/1/35 20,736,600 23,340,000 Port Authority NY/NJ, 3094th Series DRIVERS 11.088 3/15/39 25,386,685 7,500,000 Port Authority NY/NJ, 3114th Series DRIVERS 12.840 11/1/30 8,917,200 30,970,000 Port Authority NY/NJ, 3114th Series DRIVERS 8.040 11/1/35 32,110,625 3,335,000 Port Authority NY/NJ, 3115th Series DRIVERS 12.834 3/15/35 3,909,754 25,330,000 Port Authority NY/NJ, 37th Series DRIVERS 8.031 7/15/34 26,056,971 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs(3) 18.255 7/1/47 4,706,870 15,000,000 Puerto Rico Aqueduct & Sewer Authority ROLs 7.998 7/1/47 14,931,900 74,115,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 15.239 8/1/57 72,001,240 23,815,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 20.516 8/1/57 29,004,765 18,135,000 SONYMA ROLs(3) 7.581 10/1/34 17,586,960 5,465,000 SONYMA ROLs(3) 14.084 4/1/29 5,480,521 3,230,000 SONYMA ROLs(3) 14.178 4/1/29 3,259,587 3,530,000 SONYMA ROLs(3) 14.470 4/1/29 3,540,025 7,635,000 SONYMA ROLs(3) 14.027 4/1/34 7,542,387 7,965,000 SONYMA ROLs(3) 14.180 10/1/28 7,998,851 4,960,000 SONYMA ROLs(3) 13.418 10/1/26 5,017,387 5,745,000 SONYMA ROLs(3) 8.963 10/1/37 5,243,864 11,525,000 SONYMA ROLs(3) 8.559 10/1/31 10,526,935
31 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2010 (Unaudited) 10,975,000 SONYMA ROLs(3) 8.659 10/1/37 9,060,521 1,685,000 SONYMA, Series 145 DRIVERS 11.051 10/1/37 1,694,453 1,665,000 SONYMA, Series 148 DRIVERS 11.146 10/1/27 1,736,329 2,125,000 SONYMA, Series 148 DRIVERS 11.258 10/1/32 2,188,090 ------------ $848,037,752 ============
(1.) For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 27 and 28 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 March 31, 2010, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at $645,840,000. 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 March 31, 2010 is as follows: Cost $2,970,000 Market Value $1,889,239 Market Value as a % of Net Assets 0.02%
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 March 31, 2010, securities with an aggregate market value of $1,519,391, representing 0.02% of the Fund's net assets, were subject to these forbearance agreements. Interest payments of $37,394 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements. CONCENTRATION RISK. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 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 $ 9,180,686,203(1) =============== Gross unrealized appreciation $ 333,682,785 Gross unrealized depreciation (1,113,340,720) --------------- Net unrealized depreciation $ (779,657,935) ===============
(1.) The Federal tax cost of securities does not include cost of $1,597,210,430, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above. 32 | ROCHESTER FUND MUNICIPALS ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2010, 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/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 05/11/2010 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/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 05/11/2010 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/11/2010