-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F3Feglxk1QPlsFuYpDoqN+cThBd7mPyO2w6+kiOFRPJfILRNMs36v9/Z6bkESLzq ITTkTJEj9f/T2H+Jh/zF5g== 0000950123-10-108302.txt : 20101123 0000950123-10-108302.hdr.sgml : 20101123 20101123172243 ACCESSION NUMBER: 0000950123-10-108302 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101123 DATE AS OF CHANGE: 20101123 EFFECTIVENESS DATE: 20101123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 101212442 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 0000093621 S000008503 ROCHESTER FUND MUNICIPALS C000023347 A C000023348 B C000023349 C C000023350 Y N-Q 1 g07105nvq.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 (Rochester Fund) (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: December 31 Date of reporting period: 09/30/2010 ITEM 1. SCHEDULE OF INVESTMENTS. ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- Municipal Bonds and Notes--114.5% New York--79.4% $ 1,035,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.375% 12/01/2024 $ 1,056,393 1,700,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.625 12/01/2034 1,723,460 605,000 Albany County, NY IDA (Wildwood Programs)(1) 4.900 07/01/2021 525,697 1,420,000 Albany, NY Hsg. Authority (Lark Drive)(1) 5.500 12/01/2028 1,436,032 1,315,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2019 1,318,209 2,460,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2029 2,357,369 150,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse)(1) 7.500 05/01/2012 150,426 760,000 Albany, NY IDA (Albany Rehabilitation)(1) 8.375 06/01/2023 765,480 3,125,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2027 3,002,781 1,350,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2032 1,247,873 900,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2037 815,535 7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 5,542,986 900,000 Albany, NY IDA (New Covenant Charter School)(2) 7.000 05/01/2025 359,991 1,185,000 Albany, NY IDA (Sage Colleges)(1) 5.250 04/01/2019 1,116,685 1,760,000 Albany, NY IDA (Sage Colleges)(1) 5.300 04/01/2029 1,510,872 895,000 Albany, NY Parking Authority(1) 5.625 07/15/2025 912,757 1,770,000 Albany, NY Parking Authority 7.052(3) 11/01/2017 1,289,587 790,000 Amherst, NY IDA (Asbury Pointe)(1) 5.800 02/01/2015 790,332 45,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2023 42,996 3,000,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2029 2,737,410 5,350,000 Amherst, NY IDA (Beechwood Health Care Center)(1) 5.200 01/01/2040 4,142,345 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)(1) 5.250 08/01/2031 25,054 975,000 Blauvelt, NY Volunteer Fire Company(1) 6.250 10/15/2017 962,871 2,735,000 Brookhaven, NY IDA (Enecon Corp.)(1) 6.300 01/01/2033 2,223,199 2,285,000 Brookhaven, NY IDA (Stony Brook Foundation)(1) 6.500 11/01/2020 2,311,209 15,700,000 Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)(1) 6.375 07/15/2043 17,190,872 1,650,000 Broome County, NY IDA (Good Shepard Village)(1) 6.750 07/01/2028 1,656,666 1,550,000 Broome County, NY IDA (Good Shepard Village)(1) 6.875 07/01/2040 1,521,480 95,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2025 85,400 3,030,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2036 2,493,811 1,000,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2030 871,220 1,250,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2036 1,044,475 3,000,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2030 2,647,530 4,450,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2036 3,774,134 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)(1) 5.750 11/01/2030 2,765,520 915,000 Canton, NY Human Services Initiatives(1) 5.700 09/01/2024 926,950 1,155,000 Canton, NY Human Services Initiatives(1) 5.750 09/01/2032 1,161,087 1,000,000 Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)(1) 5.000 05/01/2040 1,036,570
1 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,000,000 Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)(1) 5.000% 05/01/2045 $ 1,033,430 1,350,000 Cattaraugus County, NY IDA (St. Bonaventure University)(1) 5.450 09/15/2019 1,355,333 10,515,000 Cayuga County, NY COP (Auburn Memorial Hospital)(1) 6.000 01/01/2021 10,522,045 1,800,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown)(1) 6.400 11/15/2029 1,733,832 95,000 Chautauqua, NY Utility District(1) 5.000 06/01/2023 100,552 105,000 Chautauqua, NY Utility District(1) 5.000 06/01/2025 110,360 1,020,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 4.850 07/01/2023 1,037,167 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 5.000 07/01/2033 1,524,408 3,835,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 3,151,258 4,000,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 3,286,880 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 3,902,468 600,000 Clifton Springs, NY Hospital & Clinic(1) 7.650 01/01/2012 600,624 2,200,000 Clifton Springs, NY Hospital & Clinic(1) 8.000 01/01/2020 2,202,354 35,000 Cohoes, NY GO 6.200 03/15/2012 35,057 25,000 Cohoes, NY GO(1) 6.200 03/15/2013 25,035 25,000 Cohoes, NY GO(1) 6.250 03/15/2014 25,031 25,000 Cohoes, NY GO(1) 6.250 03/15/2015 25,024 25,000 Cohoes, NY GO(1) 6.250 03/15/2016 25,016 1,100,000 Columbia County, NY IDA (Berkshire Farms)(1) 7.500 12/15/2014 1,049,796 3,300,000 Corinth, NY IDA (International Paper Company)(1) 5.750 02/01/2022 3,344,979 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital)(1) 5.250 07/01/2032 5,273,931 2,300,000 Dutchess County, NY IDA (Elant Fishkill)(1) 5.250 01/01/2037 1,781,856 800,000 Dutchess County, NY IDA (St. Francis Hospital)(1) 7.500 03/01/2029 808,976 1,000,000 Dutchess County, NY Water & Wastewater Authority 5.400(3) 06/01/2027 544,510 3,105,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)(1) 7.750 10/01/2032 3,126,331 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.)(1) 6.125 04/20/2043 1,438,604 2,345,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments)(1) 6.750 03/01/2030 2,341,060 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village)(1) 5.500 08/01/2033 1,513,765 3,225,000 Elmira, NY Hsg. Authority (Eastgate Apartments)(1) 6.250 06/01/2044 2,752,860 1,665,000 Erie County, NY IDA (Air Cargo)(1) 8.500 10/01/2015 1,667,031 4,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.750 06/01/2025 3,961,000 7,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.875 06/01/2035 6,751,500 1,960,000 Erie County, NY IDA (DePaul Properties)(1) 5.750 09/01/2028 1,477,017 2,060,000 Erie County, NY IDA (DePaul Properties)(1) 6.500 09/01/2018 1,831,155
2 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,750,000 Erie County, NY IDA (Global Concepts Charter School)(1) 6.250% 10/01/2037 $ 1,566,583 11,310,000 Erie County, NY IDA (Medaille College)(1) 7.625 04/01/2035 12,026,941 3,515,000 Erie County, NY IDA (Medaille College)(1) 8.250 11/01/2026 3,625,793 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 9,222,147 6,860,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 5,896,101 1,415,000 Erie County, NY IDA (The Episcopal Church Home)(1) 6.000 02/01/2028 1,415,509 25,290,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2038 19,880,469 72,595,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2045 55,573,650 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140(3) 06/01/2047 3,583,290 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488(3) 06/01/2050 3,309,044 194,300,000 Erie County, NY Tobacco Asset Securitization Corp. 7.196(3) 06/01/2055 2,170,331 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650(3) 06/01/2060 6,912,000 1,410,000 Essex County, NY IDA (International Paper Company)(1) 4.600 03/01/2027 1,292,462 2,300,000 Essex County, NY IDA (International Paper Company)(1) 6.450 11/15/2023 2,325,576 1,500,000 Essex County, NY IDA (International Paper Company)(1) 6.625 09/01/2032 1,610,055 30,000 Essex County, NY IDA (Moses Ludington Nursing Home)(1) 6.200 02/01/2030 30,347 30,000 Essex County, NY IDA (Moses Ludington Nursing Home)(1) 6.375 02/01/2050 30,339 975,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 1,028,849 320,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 337,674 1,235,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 1,285,734 410,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 426,843 1,100,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.300 06/01/2035 1,113,508 9,300,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 12/01/2023 9,311,811 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 03/01/2028 4,379,794 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 08/15/2022 1,850,278 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 10/01/2026 1,630,493 5,680,000 Franklin County, NY IDA (Adirondack Medical Center)(1) 5.500 12/01/2029 5,720,442 900,000 Franklin County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 936,972 3,475,000 Glen Cove, NY IDA (SLCD)(1) 7.375 07/01/2023 3,513,990 1,125,000 Green Island, NY Power Authority(1) 5.125 12/15/2024 1,150,088
3 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 2,370,000 Green Island, NY Power Authority(1) 6.000% 12/15/2020 $ 2,426,003 1,695,000 Green Island, NY Power Authority(1) 6.000 12/15/2025 1,733,154 150,000 Hempstead, NY IDA (Dentaco Corp.)(1) 7.250 11/01/2012 149,954 1,270,000 Hempstead, NY IDA (Dentaco Corp.)(1) 8.250 11/01/2025 1,280,490 8,675,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 6.375 11/01/2018 8,748,911 7,850,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 7.750 11/01/2022 8,209,609 25,260,000 Hempstead, NY IDA (Lynbrook Facilities)(1) 6.500 11/01/2042 20,290,853 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center)(1) 6.500 11/01/2038 3,343,066 5,920,000 Hempstead, NY IDA (South Shore YJCC)(1) 6.750 11/01/2024 5,465,226 845,000 Herkimer County, NY IDA (Folts Adult Home)(1) 5.500 03/20/2040 904,784 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.250 08/01/2034 1,020,670 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.400 11/01/2020 1,312,319 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.500 11/01/2030 2,041,660 75,000 Herkimer, NY Hsg. Authority 7.150 03/01/2011 75,348 67,340,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 67,368,956 367,180,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 367,337,887 135,000 Huntington, NY Hsg. Authority (GJSR)(1) 5.875 05/01/2019 131,640 1,000,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2029 958,280 8,500,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2039 7,766,365 675,000 Islip, NY IDA (Leeway School)(1) 9.000 08/01/2021 680,690 16,025,000 Islip, NY IDA (Southside Hospital Civic Facilities)(1) 7.750 12/01/2022 16,294,060 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 8,873,252 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 1,029,645 60,000 L.I., NY Power Authority, Series A(1) 5.125 09/01/2029 61,220 5,300,000 Madison County, NY IDA (Commons II Student Hsg.)(1) 5.000 06/01/2040 5,329,839 850,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2028 867,595 1,100,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2032 1,113,453 1,320,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.300 02/01/2021 1,327,960 5,500,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.350 02/01/2031 5,193,705 570,000 Middletown, NY IDA (Flanagan Design & Display)(1) 7.500 11/01/2018 519,019 1,255,000 Middletown, NY IDA (YMCA)(1) 7.000 11/01/2019 1,263,245 50,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.750 05/01/2023 49,745 165,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 189,214
4 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 860,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875% 05/01/2033 $ 860,989 3,885,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.875 02/01/2028 2,988,070 4,780,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.950 08/01/2028 4,318,539 3,775,000 Monroe County, NY IDA (DePaul Properties)(1) 6.150 09/01/2021 3,167,867 2,480,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.)(1) 6.500 12/01/2042 2,333,928 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology)(1) 5.375 04/01/2029 2,891,763 2,260,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.250 06/01/2026 2,274,351 3,210,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.375 06/01/2024 3,225,569 2,175,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.375 07/01/2032 1,797,159 3,660,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.500 07/01/2027 3,129,410 670,000 Monroe County, NY IDA (Volunteers of America)(1) 5.700 08/01/2018 636,319 2,765,000 Monroe County, NY IDA (Volunteers of America)(1) 5.750 08/01/2028 2,412,877 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701(3) 06/01/2061 3,971,500 580,000 Monroe, NY Newpower Corp(1) 5.625 01/01/2026 584,843 2,265,000 Monroe, NY Newpower Corp.(1) 5.500 01/01/2034 2,213,086 600,000 Mount Vernon, NY IDA (Kings Court)(1) 5.200 12/01/2033 611,934 3,275,000 Mount Vernon, NY IDA (Macedonia Towers)(1) 5.200 12/01/2033 3,022,105 2,240,000 Mount Vernon, NY IDA (Meadowview)(1) 6.150 06/01/2019 2,241,366 2,600,000 Mount Vernon, NY IDA (Meadowview)(1) 6.200 06/01/2029 2,505,204 802,824 Municipal Assistance Corp. for Troy, NY 5.733(3) 07/15/2021 551,669 1,218,573 Municipal Assistance Corp. for Troy, NY 5.741(3) 01/15/2022 817,918 700,000 Nassau County, NY IDA (ACDS)(1) 5.950 11/01/2022 657,167 440,000 Nassau County, NY IDA (ALIA-ACDS)(1) 7.500 06/01/2015 449,319 2,975,000 Nassau County, NY IDA (ALIA-ACLD)(1) 6.250 09/01/2022 2,867,275 165,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.125 06/01/2017 168,378 220,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.500 06/01/2015 224,660 4,190,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.000 11/01/2016 4,275,937 2,395,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.125 06/01/2017 2,444,026 1,105,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.500 06/01/2015 1,128,404 95,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2012 97,259 1,360,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.500 06/01/2015 1,388,805 4,030,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.150 06/01/2030 4,114,348 6,065,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.250 06/01/2032 6,248,830 640,000 Nassau County, NY IDA (ALIA-HH)(1) 7.125 06/01/2017 653,101 490,000 Nassau County, NY IDA (ALIA-HHS)(1) 7.125 06/01/2017 500,030 120,000 Nassau County, NY IDA (ALIA-LVH)(1) 7.500 06/01/2015 122,542 12,500,000 Nassau County, NY IDA (Amsterdam at Harborside)(1) 6.700 01/01/2043 12,669,875 330,000 Nassau County, NY IDA (CNGCS)(1) 7.500 06/01/2030 336,989
5 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 2,245,000 Nassau County, NY IDA (CNGCS)(1) 8.150% 06/01/2030 $ 2,291,988 4,900,000 Nassau County, NY IDA (CSMR)(1) 5.950 11/01/2022 4,600,169 600,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.)(1) 5.950 11/01/2022 563,286 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center)(1) 6.500 11/01/2037 1,516,045 3,150,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center)(1) 5.250 06/01/2027 3,220,938 625,000 Nassau County, NY IDA (Life's WORCA)(1) 5.950 11/01/2022 586,756 3,615,000 Nassau County, NY IDA (Little Village School)(1) 7.500 12/01/2031 3,678,841 1,000,000 Nassau County, NY IDA (New York Institute of Technology)(1) 4.750 03/01/2026 1,033,340 3,535,000 Nassau County, NY IDA (New York Water Service Corp.)(1) 5.000 12/01/2035 3,502,266 2,115,000 Nassau County, NY IDA (North Shore CFGA)(1) 6.750 05/01/2024 2,113,435 1,300,000 Nassau County, NY IDA (PLUS Group Home)(1) 6.150 11/01/2022 1,241,669 1,555,000 Nassau County, NY IDA (United Cerebral Palsy)(1) 6.250 11/01/2014 1,555,109 645,000 Nassau County, NY IDA (United Veteran's Beacon House)(1) 6.500 11/01/2037 589,066 610,000 Nassau County, NY IDA, Series A-A(1) 6.000 07/02/2021 580,671 6,600,000 Nassau County, NY IDA, Series A-B(1) 6.000 07/01/2021 6,282,672 655,000 Nassau County, NY IDA, Series A-C(1) 6.000 07/01/2021 623,508 745,000 Nassau County, NY IDA, Series A-D(1) 6.000 07/01/2021 709,180 122,875,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.125 06/01/2046 97,971,924 9,000,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.250 06/01/2026 8,619,210 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820(3) 06/01/2046 999,200 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221(3) 06/01/2046 4,462,607 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537(3) 06/01/2060 10,108,960 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351(3) 06/01/2060 270,000 22,780,000 Nassau County, NY Tobacco Settlement Corp. (TASC)(1) 5.000 06/01/2035 19,321,313 13,010,000 New Rochelle, NY IDA (College of New Rochelle)(1) 5.250 07/01/2027 13,075,701 3,670,000 New Rochelle, NY IDA (Soundview Apartments)(1) 5.375 04/01/2036 3,734,482 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company)(1) 5.550 11/15/2024 3,337,686 2,810,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.750 06/01/2018 2,725,335 1,500,000 Niagara County, NY IDA (Niagara University)(1) 5.350 11/01/2023 1,532,895 5,400,000 Niagara County, NY IDA (Niagara University)(1) 5.400 11/01/2031 5,483,700 2,600,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.550 11/15/2024 2,668,120 7,250,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.625 11/15/2024 7,439,733 20,000 Niagara County, NY Tobacco Asset Securitization Corp. 5.750 05/15/2022 19,962 1,480,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2034 1,443,340
6 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250% 05/15/2040 $ 6,040,871 125,000 Niagara Falls, NY Public Water Authority(1) 5.500 07/15/2034 128,561 355,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.000 04/01/2028 354,975 1,875,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.625 04/01/2029 1,881,900 3,000,000 North Tonawanda, NY HDC (Bishop Gibbons Associates)(1) 7.375 12/15/2021 3,677,700 500,000 NY Carnegie Redevel. Corp. 7.000 09/01/2021 425,930 7,455,000 NY Counties Tobacco Trust I 6.250 06/01/2028 7,406,915 6,235,000 NY Counties Tobacco Trust I(1) 6.500 06/01/2035 6,234,252 19,230,000 NY Counties Tobacco Trust I(1) 6.625 06/01/2042 19,233,846 29,800,000 NY Counties Tobacco Trust II (TASC)(1) 5.625 06/01/2035 26,463,294 53,880,000 NY Counties Tobacco Trust II (TASC)(1) 5.750 06/01/2043 47,930,570 245,000 NY Counties Tobacco Trust III(1) 6.000 06/01/2043 226,135 7,000,000 NY Counties Tobacco Trust IV(1) 5.000 06/01/2038 5,502,700 131,335,000 NY Counties Tobacco Trust IV 5.920(3) 06/01/2050 3,877,009 304,690,000 NY Counties Tobacco Trust IV 6.395(3) 06/01/2055 4,661,757 608,700,000 NY Counties Tobacco Trust IV 6.816(3) 06/01/2060 4,108,725 52,535,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2042 40,518,144 38,275,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2045 29,300,661 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 6.250 06/01/2041 81,491,850 236,140,000 NY Counties Tobacco Trust V 6.070(3) 06/01/2038 23,101,576 599,175,000 NY Counties Tobacco Trust V 6.210(3) 06/01/2050 19,670,915 643,195,000 NY Counties Tobacco Trust V 6.850(3) 06/01/2055 9,840,884 3,845,000,000 NY Counties Tobacco Trust V 7.846(3) 06/01/2060 25,953,750 15,000,000 NY Liberty Devel. Corp. (Bank of America Tower)(1) 5.125 01/15/2044 15,394,800 62,345,000 NY Liberty Devel. Corp. (Bank of America Tower)(1) 5.625 01/15/2046 66,207,273 4,000,000 NY Liberty Devel. Corp. (Bank of America Tower)(1) 5.625 07/15/2047 4,172,800 68,000,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(4) 5.250 10/01/2035 72,147,483 14,390,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(1) 5.250 10/01/2035 15,266,207 2,199,995 NY Liberty Devel. Corp. (National Sports Museum)(2, 5) 6.125 02/15/2019 22 51,560,000 NY MTA, Series A(4) 5.000 11/15/2030 54,000,080 20,000 NY MTA, Series A(1) 5.000 11/15/2032 20,475 25,000 NY MTA, Series B(1) 5.000 01/01/2031 26,181 1,400,000 NY Newark-Wayne Community Hospital(1) 7.600 09/01/2015 1,400,686 20,220,000 NY Seneca Nation Indians Capital Improvements(1) 5.000 12/01/2023 16,859,638 25,000 NY Triborough Bridge & Tunnel Authority(1) 5.000 01/01/2032 25,907 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A(4) 5.000 01/01/2027 34,280,468 13,950,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2026 13,294,490 251,510,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2034 214,837,327
7 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 337,515,000 NY TSASC, Inc. (TFABs)(1) 5.125% 06/01/2042 $ 274,352,443 5,000,000 NYC Capital Resources Corp. (Albee Retail Devel.)(1) 7.250 11/01/2042 5,021,550 15,000 NYC GO(1) 5.000 06/01/2020 16,898 25,000 NYC GO(1) 5.000 03/01/2025 26,834 20,000,000 NYC GO(4) 5.000 04/01/2030 21,526,694 46,000,000 NYC GO(4) 5.000 06/01/2030 49,540,107 10,920,000 NYC GO(4) 5.000 08/01/2030 11,765,317 27,400,000 NYC GO(4) 5.000 06/01/2033 29,408,310 12,455,000 NYC GO(4) 5.000 12/01/2033 13,452,410 30,150,000 NYC GO(4) 5.000 11/01/2034 32,528,418 12,765,000 NYC GO(4) 5.000 03/01/2035 13,660,818 19,405,000 NYC GO(4) 5.000 04/01/2035 20,770,543 5,400,000 NYC GO(4) 5.000 08/01/2035 5,782,895 60,000 NYC GO(1) 5.100 11/01/2019 63,731 100,000 NYC GO 5.250 09/15/2013 100,367 5,000 NYC GO(1) 5.250 08/01/2021 5,017 25,530,000 NYC GO(4) 5.250 06/01/2027 26,877,934 20,000,000 NYC GO(4) 5.250 03/01/2032 23,512,800 5,000 NYC GO(1) 5.375 12/01/2026 5,206 5,000 NYC GO(1) 5.375 03/01/2027 5,585 37,945,000 NYC GO(4) 5.375 06/01/2032 39,990,318 40,000 NYC GO(1) 5.500 08/01/2022 40,144 5,000 NYC GO(1) 5.500 12/01/2031 5,229 5,000 NYC GO 5.950 08/01/2014 5,022 40,000 NYC GO 6.154(3) 10/01/2012 39,131 2,000,000 NYC GO(1) 6.250 12/15/2031 2,390,120 15,000 NYC GO 7.250 08/15/2024 15,076 5,000 NYC GO(1) 7.750 08/15/2028 5,110 1,475,000 NYC GO ROLs(6) 17.614(7) 05/15/2031 1,989,008 5,395,000 NYC GO ROLs(6) 17.624(7) 05/15/2036 6,979,619 875,000 NYC GO ROLs(6) 17.628(7) 05/15/2033 1,155,875 38,333 NYC HDC (Beekman) 6.500 10/15/2017 38,432 259,113 NYC HDC (Bridgeview III) 6.500 12/15/2017 260,313 760,507 NYC HDC (Cadman Towers) 6.500 11/15/2018 764,028 48,931 NYC HDC (Essex Terrace) 6.500 07/15/2018 49,097 106,862 NYC HDC (Keith Plaza) 6.500 02/15/2018 107,224 1,800,000 NYC HDC (Multifamily Hsg.)(1) 4.700 11/01/2040 1,738,638 3,500,000 NYC HDC (Multifamily Hsg.)(4) 5.000 11/01/2037 3,534,216 2,700,000 NYC HDC (Multifamily Hsg.)(1) 5.000 11/01/2042 2,761,830 60,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2023 60,887 4,685,000 NYC HDC (Multifamily Hsg.)(4) 5.050 11/01/2039 4,730,302 2,435,000 NYC HDC (Multifamily Hsg.)(4) 5.100 11/01/2027 2,513,027 3,000,000 NYC HDC (Multifamily Hsg.)(4) 5.125 11/01/2032 3,066,270 5,100,000 NYC HDC (Multifamily Hsg.)(1) 5.150 11/01/2037 5,219,799 8,035,000 NYC HDC (Multifamily Hsg.)(4) 5.200 11/01/2040 8,209,870
8 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued 14,110,000 NYC HDC (Multifamily Hsg.)(4) 5.250% 11/01/2030 $ 14,546,118 7,205,000 NYC HDC (Multifamily Hsg.)(1) 5.250 11/01/2045 7,365,527 5,140,000 NYC HDC (Multifamily Hsg.)(1) 5.350 11/01/2037 5,317,227 15,000 NYC HDC (Multifamily Hsg.)(1) 5.400 11/01/2033 15,098 3,735,000 NYC HDC (Multifamily Hsg.)(1) 5.450 11/01/2040 3,876,930 4,785,000 NYC HDC (Multifamily Hsg.)(1) 5.500 11/01/2028 5,021,379 3,090,000 NYC HDC (Multifamily Hsg.)(4) 5.500 11/01/2034 3,260,066 2,840,000 NYC HDC (Multifamily Hsg.)(4) 5.550 11/01/2039 2,992,394 10,910,000 NYC HDC (Multifamily Hsg.)(4) 5.700 11/01/2046 11,533,860 70,985 NYC HDC (Multifamily Hsg.)(1) 6.500 02/15/2018 74,581 10,470,000 NYC HDC (Multifamily Hsg.), Series A(4) 5.600 11/01/2042 10,611,973 31,485,000 NYC HDC (Multifamily Hsg.), Series B(4) 5.350 05/01/2049 32,326,483 11,250,000 NYC HDC (Multifamily Hsg.), Series C(4) 5.050 11/01/2036 11,349,208 8,365,000 NYC HDC (Multifamily Hsg.), Series C(4) 5.125 05/01/2040 8,485,026 385,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.700 05/01/2031 385,289 1,000,000 NYC HDC (Multifamily Hsg.), Series E(1) 5.200 11/01/2033 1,008,340 2,155,000 NYC HDC (Multifamily Hsg.), Series F(1) 5.200 11/01/2032 2,174,804 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1(4) 4.875 11/01/2039 13,296,228 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.200 11/01/2038 1,365,188 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.250 05/01/2046 3,449,470 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2(4) 5.200 11/01/2038 15,646,775 774,597 NYC HDC (Ruppert)(1) 6.500 11/15/2018 816,015 218,322 NYC HDC (St. Martin Tower) 6.500 11/15/2018 219,332 2,750,000 NYC HDC, Series C(4) 5.000 11/01/2026 2,812,266 970,000 NYC IDA (A Very Special Place)(1) 5.750 01/01/2029 823,802 3,480,000 NYC IDA (Acme Architectural Products)(1) 6.375 11/01/2019 3,272,766 43,020,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 5.500 07/01/2028 39,845,124 20,875,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 6.000 07/01/2027 20,690,048 195,000 NYC IDA (Allied Metal)(1) 6.375 12/01/2014 192,496 940,000 NYC IDA (Allied Metal)(1) 7.125 12/01/2027 930,337 2,830,000 NYC IDA (Amboy Properties)(1) 6.750 06/01/2020 2,472,062 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,479,824 32,580,000 NYC IDA (American Airlines) 5.400 07/01/2020 27,442,460 41,550,000 NYC IDA (American Airlines) 6.900 08/01/2024 38,644,824 540,000 NYC IDA (American Airlines)(1) 7.500 08/01/2016 567,680 18,200,000 NYC IDA (American Airlines)(1) 7.625 08/01/2025 19,182,072 69,350,000 NYC IDA (American Airlines)(1) 7.750 08/01/2031 73,523,483 44,860,000 NYC IDA (American Airlines)(1) 8.000 08/01/2028 48,090,369 338,060,000 NYC IDA (American Airlines)(1) 8.500 08/01/2028 351,234,198 3,530,000 NYC IDA (American National Red Cross)(1) 5.000 02/01/2036 3,455,305 4,075,000 NYC IDA (Atlantic Paste & Glue Company)(1) 6.625 11/01/2019 3,882,619 1,050,000 NYC IDA (Atlantic Veal & Lamb)(1) 8.375 12/01/2016 1,051,292 205,000 NYC IDA (Baco Enterprises)(1) 7.500 11/01/2011 206,296 1,685,000 NYC IDA (Baco Enterprises)(1) 8.500 11/01/2021 1,708,775
9 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,325,000 NYC IDA (Bark Frameworks)(1) 6.750% 11/01/2019 $ 1,286,045 5,500,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 02/15/2022 5,058,735 1,035,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2027 980,590 4,220,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2034 3,960,934 52,750,000 NYC IDA (British Airways)(1) 5.250 12/01/2032 42,613,033 34,450,000 NYC IDA (British Airways)(1) 7.625 12/01/2032 35,086,636 97,120,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.650 10/01/2028 79,486,893 153,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.750 10/01/2036 127,009,944 22,255,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 6.200 10/01/2022 20,506,425 16,205,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 14,829,682 4,145,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 3,793,214 2,895,000 NYC IDA (Center for Elimination of Family Violence)(1) 7.375 11/01/2036 2,944,939 3,400,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 3,081,080 15,540,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 14,082,348 29,135,000 NYC IDA (Chapin School)(1) 5.000 11/01/2038 25,584,026 475,000 NYC IDA (Community Hospital of Brooklyn)(1) 6.875 11/01/2010 475,508 1,490,000 NYC IDA (Comprehensive Care Management)(1) 6.000 05/01/2026 1,369,206 3,145,000 NYC IDA (Comprehensive Care Management)(1) 6.125 11/01/2035 2,794,301 3,870,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 3,334,353 1,535,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 1,422,070 1,375,000 NYC IDA (Comprehensive Care Management)(1) 7.875 12/01/2016 1,376,238 430,000 NYC IDA (Comprehensive Care Management)(1) 8.000 12/01/2011 430,585 4,180,000 NYC IDA (Continental Airlines) 8.000 11/01/2012 4,216,826 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 4,719,388 1,315,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,157,673 1,465,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,289,727 5,685,000 NYC IDA (Cool Wind Ventilation)(1) 6.075 11/01/2027 4,555,391 475,000 NYC IDA (Eger Harbor House)(1) 5.875 05/20/2044 510,711 5,500,000 NYC IDA (Family Support Systems)(2) 7.500 11/01/2034 4,393,730 7,315,000 NYC IDA (Friends Seminary School)(1) 7.125 09/15/2031 7,513,456 1,900,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,539,361 1,800,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,458,342 1,790,000 NYC IDA (Good Shepherd Services)(1) 5.875 06/01/2014 1,730,357 3,570,000 NYC IDA (Gourmet Boutique)(1) 5.750 05/01/2021 2,963,421 7,290,000 NYC IDA (Guttmacher Institute)(1) 5.750 12/01/2036 6,109,020 2,095,000 NYC IDA (Herbert G. Birch Childhood Project)(1) 8.375 02/01/2022 2,112,619 800,000 NYC IDA (Independent Living Assoc.)(1) 6.200 07/01/2020 780,176 9,000,000 NYC IDA (JFK International Airport)(1) 8.000 08/01/2012 9,217,980 575,000 NYC IDA (Just Bagels Manufacturing)(1) 8.500 11/01/2016 590,065 920,000 NYC IDA (Just Bagels Manufacturing)(1) 8.750 11/01/2026 948,529
10 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 115,000 NYC IDA (L&M Optical Disc)(1) 7.125% 11/01/2010 $ 115,030 19,700,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.250 03/01/2015 19,764,222 17,190,000 NYC IDA (Liberty-7 World Trade Center) 6.500 03/01/2035 17,214,238 12,000,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.750 03/01/2015 12,216,120 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.)(1) 5.000 09/01/2035 42,437,395 10,000 NYC IDA (Lighthouse International)(1) 4.500 07/01/2033 9,435 2,625,000 NYC IDA (Little Red Schoolhouse)(1) 6.750 11/01/2018 2,646,210 23,000,000 NYC IDA (Magen David Yeshivah)(1) 5.700 06/15/2027 16,784,020 3,745,000 NYC IDA (Manhattan Community Access Corp.)(1) 6.000 12/01/2036 3,245,941 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 1,712,739 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 8,292,549 680,000 NYC IDA (Marymount School of New York)(1) 5.125 09/01/2021 701,434 4,010,000 NYC IDA (Marymount School of New York)(1) 5.250 09/01/2031 4,064,977 17,780,000 NYC IDA (MediSys Health Network)(1) 6.250 03/15/2024 15,644,622 325,000 NYC IDA (Mesorah Publications)(1) 6.450 02/01/2011 324,610 4,790,000 NYC IDA (Mesorah Publications)(1) 6.950 02/01/2021 4,696,212 8,405,000 NYC IDA (Metro Biofuels)(1) 6.000 11/01/2028 6,894,706 2,700,000 NYC IDA (Metropolitan College of New York)(1) 5.750 03/01/2020 2,682,423 2,005,000 NYC IDA (Morrisons Pastry)(1) 6.500 11/01/2019 1,964,960 25,000 NYC IDA (NYU)(1) 5.000 07/01/2041 25,168 40,000,000 NYC IDA (NYU)(4) 5.250 07/01/2048 43,331,332 3,240,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2017 3,240,097 875,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2018 865,918 10,065,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2027 10,171,286 1,910,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 1,767,992 2,240,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 2,073,456 900,000 NYC IDA (Precision Gear)(1) 7.625 11/01/2024 904,833 4,100,000 NYC IDA (PSCH)(1) 6.375 07/01/2033 3,754,739 15,310,000 NYC IDA (Queens Baseball Stadium)(1) 5.000 01/01/2046 14,336,590 6,800,000 NYC IDA (Reece School)(1) 7.500 12/01/2037 6,600,148 1,625,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.250 11/01/2014 1,550,656 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.750 11/01/2028 7,498,106 1,000,000 NYC IDA (Roundabout Theatre)(1) 5.000 10/01/2023 851,720 4,085,000 NYC IDA (Sahadi Fine Foods)(1) 6.750 11/01/2019 4,003,423 200,000 NYC IDA (Samaritan Aids Services)(1) 5.000 11/01/2024 203,824 875,000 NYC IDA (SFTU/YAI/CRV Obligated Group)(1) 5.000 07/01/2026 724,141 4,380,000 NYC IDA (Showman Fabricators)(1) 7.500 11/01/2028 3,518,366 3,100,000 NYC IDA (South Bronx Overall Economic Devel.)(1) 8.625 12/01/2025 2,669,534 1,625,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 4.750 07/01/2020 1,430,276 995,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 880,147 2,415,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 6.650 07/01/2023 2,420,241
11 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 3,735,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 7.875% 08/01/2025 $ 3,745,421 5,760,000 NYC IDA (Stallion)(1) 5.500 11/01/2036 4,067,942 955,000 NYC IDA (Stallion)(1) 6.000 11/01/2027 779,672 10,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 10,110 1,420,000 NYC IDA (Staten Island University Hospital)(1) 6.450 07/01/2032 1,449,039 405,000 NYC IDA (Streamline Plastics)(1) 7.750 12/01/2015 405,101 1,275,000 NYC IDA (Streamline Plastics)(1) 8.125 12/01/2025 1,275,026 6,808,500 NYC IDA (Studio School)(1) 7.000 11/01/2038 6,358,730 605,000 NYC IDA (Surprise Plastics)(2) 7.500 11/01/2013 545,172 2,480,000 NYC IDA (Surprise Plastics)(2) 8.500 11/01/2023 1,932,193 1,500,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2021 1,594,590 380,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2021 390,002 1,000,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2030 1,009,210 8,800,000 NYC IDA (The Child School)(1) 7.550 06/01/2033 8,951,008 75,000 NYC IDA (Therapy & Learning Center)(1) 7.500 10/01/2011 76,526 3,735,000 NYC IDA (Therapy & Learning Center)(1) 8.250 10/01/2031 3,838,161 8,955,000 NYC IDA (Tides Two Rivers Foundation)(1) 5.650 12/01/2039 7,247,192 32,040,000 NYC IDA (Unicef)(1) 5.300 11/01/2038 25,524,346 9,550,000 NYC IDA (Urban Health Plan)(1) 7.050 09/15/2026 9,580,656 3,640,000 NYC IDA (Urban Resource Institute)(1) 7.375 11/01/2033 3,555,006 1,200,000 NYC IDA (Utleys)(1) 7.375 11/01/2023 1,200,648 3,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2021 3,528,680 1,330,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 1,159,973 3,235,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 2,821,438 900,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2031 766,026 1,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.250 12/01/2036 1,546,722 13,200,000 NYC IDA (Visy Paper)(1) 7.800 01/01/2016 13,216,632 70,500,000 NYC IDA (Visy Paper)(1) 7.950 01/01/2028 70,509,870 1,930,000 NYC IDA (Vocational Instruction)(8) 7.750 02/01/2033 1,157,267 100,000 NYC IDA (W & W Jewelers)(1) 7.250 02/01/2011 100,213 1,555,000 NYC IDA (W & W Jewelers)(1) 8.250 02/01/2021 1,585,338 5,930,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 5,712,903 2,900,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 2,793,831 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,787,118 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,602,089 1,465,000 NYC IDA (World Casing Corp.)(1) 6.700 11/01/2019 1,417,270 41,105,000 NYC IDA (Yankee Stadium)(1) 5.000 03/01/2046 40,994,839 16,500,000 NYC IDA (Yankee Stadium)(1) 7.000 03/01/2049 19,523,625 24,270,000 NYC IDA (Yeled Yalda Early Childhood)(1) 5.725 11/01/2037 19,976,152 50,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2029 51,159 27,500,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2031 29,374,675 11,720,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2032 11,979,129 31,400,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2034 32,038,251 42,440,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2034 45,096,744
12 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued 40,100,000 NYC Municipal Water Finance Authority(4) 5.000% 06/15/2037 $ 42,602,240 22,000,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2038 23,356,039 18,000,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2038 18,931,320 29,000,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2039 30,787,506 18,000,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2039 19,104,660 31,500,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2039 33,216,750 19,740,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2039 20,815,830 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2032 30,711 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 31,007 25,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 25,840 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 77,907 14,360,000 NYS DA (Buena Vida Nursing Home)(1) 5.250 07/01/2028 14,376,945 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)(1) 5.000 07/01/2027 2,292,953 1,250,000 NYS DA (D'Youville College)(1) 5.250 07/01/2025 1,273,600 15,000 NYS DA (Dept. of Mental Hygiene)(1) 5.250 08/15/2031 15,125 20,000 NYS DA (Ellis Hospital)(1) 5.600 08/01/2025 20,022 5,935,000 NYS DA (Interagency Council)(1) 7.000 07/01/2035 6,018,149 3,255,000 NYS DA (L.I. University)(1) 5.125 09/01/2023 3,277,362 1,335,000 NYS DA (L.I. University)(1) 5.250 09/01/2028 1,342,076 16,800,000 NYS DA (Maimonides Medical Center)(1) 5.750 08/01/2029 17,995,320 3,260,000 NYS DA (Manhattan College)(1) 5.300 07/01/2037 3,328,297 18,230,000 NYS DA (Memorial Sloan-Kettering)(4) 5.000 07/01/2035 19,047,054 480,000 NYS DA (Menorah Home & Hospital)(1) 5.150 08/01/2038 482,496 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.375 07/01/2029 4,184,070 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.875 07/01/2025 7,004,609 2,500,000 NYS DA (Municipal Health Facilities)(1) 5.000 01/15/2028 2,646,900 2,265,000 NYS DA (New York Methodist Hospital)(1) 5.250 07/01/2033 2,276,280 2,000,000 NYS DA (Norwegian Christian Home & Health Center)(1) 6.100 08/01/2041 2,128,640 20,580,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 21,238,560 40,320,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2036 40,707,878 2,000,000 NYS DA (NYU Hospitals Center)(1) 5.625 07/01/2037 2,089,360 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home)(1) 5.000 11/01/2026 2,996,516 6,035,000 NYS DA (Providence Rest)(1) 5.000 07/01/2035 4,134,579 2,700,000 NYS DA (Providence Rest)(1) 5.125 07/01/2030 2,001,942 3,100,000 NYS DA (Providence Rest)(1) 5.250 07/01/2025 2,507,032 6,260,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2025 6,277,090 17,660,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2035 16,669,451 1,750,000 NYS DA (School District Bond Financing Program), Series C(1) 7.250 10/01/2028 2,141,598 2,645,000 NYS DA (School District Bond Financing Program), Series C(1) 7.375 10/01/2033 3,204,788
13 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,525,000 NYS DA (School District Bond Financing Program), Series C(1) 7.500% 04/01/2039 $ 1,859,189 50,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2022 54,485 25,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2029 27,101 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)(1) 5.100 07/01/2034 1,089,190 5,770,000 NYS DA (Smithtown Special Library District)(1) 6.000 07/01/2028 6,565,279 1,055,000 NYS DA (St. Catherine of Siena Medical Center)(1) 6.000 07/01/2030 1,066,763 3,500,000 NYS DA (St. Joseph's College)(1) 5.250 07/01/2035 3,624,005 50,000,000 NYS DA (St. Mary's Hospital for Children)(1, 9) 7.875 11/15/2041 51,676,500 1,505,000 NYS DA (St. Thomas Aquinas College)(1) 5.250 07/01/2028 1,505,512 5,240,000 NYS DA (The Bronx-Lebanon Hospital Center)(1) 6.250 02/15/2035 5,766,148 11,695,000 NYS DA (Vassar College)(4) 5.000 07/01/2046 12,298,685 2,365,000 NYS EFC (NYS Water Services)(1) 6.000 01/15/2031 2,424,716 65,000 NYS EFC (United Waterworks)(1) 5.150 03/01/2034 65,012 25,000 NYS ERDA (Brooklyn Union Gas Company)(1) 4.700 02/01/2024 25,729 15,000 NYS ERDA (Brooklyn Union Gas Company)(1) 5.500 01/01/2021 15,054 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 11.671(7) 04/01/2020 7,262,360 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 13.016(7) 07/01/2026 16,367,482 350,000 NYS ERDA (LILCO)(1) 5.300 10/01/2024 351,467 100,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 100,390 75,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 75,293 400,000 NYS ERDA (NYS Electric & Gas Corp.)(1) 5.350 12/01/2028 404,336 70,000 NYS ERDA (Rochester Gas & Electric)(1) 5.375 05/15/2032 70,957 14,500,000 NYS ERDA (Rochester Gas & Electric)(1) 5.950 09/01/2033 14,508,265 2,000,000 NYS HFA (Affordable Hsg.)(1) 5.000 11/01/2042 2,041,160 2,365,000 NYS HFA (Affordable Hsg.)(1) 5.250 11/01/2038 2,411,118 10,220,000 NYS HFA (Affordable Hsg.)(4) 5.450 11/01/2045 10,522,092 2,205,000 NYS HFA (Children's Rescue)(1) 7.625 05/01/2018 2,207,403 1,620,000 NYS HFA (Crotona Estates Apartments)(1) 4.950 08/15/2038 1,630,579 960,000 NYS HFA (Friendship)(1) 5.100 08/15/2041 971,088 1,360,000 NYS HFA (Golden Age Apartments)(1) 5.000 02/15/2037 1,372,675 1,645,000 NYS HFA (Kensico Terrace Apartments)(1) 4.900 02/15/2038 1,639,983 5,000 NYS HFA (Meadow Manor)(1) 7.750 11/01/2019 5,086 3,835,000 NYS HFA (Multifamily Hsg.)(1) 4.850 02/15/2038 3,841,059 2,860,000 NYS HFA (Multifamily Hsg.)(1) 5.350 08/15/2031 2,866,092 2,080,000 NYS HFA (Multifamily Hsg.)(1) 5.375 02/15/2035 2,094,498 3,290,000 NYS HFA (Multifamily Hsg.)(1) 5.450 08/15/2032 3,330,303 2,075,000 NYS HFA (Multifamily Hsg.)(1) 5.500 08/15/2030 2,076,245 1,050,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 1,055,943 3,200,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 3,218,112 1,000,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2031 1,005,640
14 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,710,000 NYS HFA (Multifamily Hsg.)(1) 5.650% 02/15/2034 $ 1,714,891 2,120,000 NYS HFA (Multifamily Hsg.)(1) 5.700 08/15/2033 2,135,836 665,000 NYS HFA (Multifamily Hsg.)(1) 6.250 02/15/2031 672,002 1,255,000 NYS HFA (Multifamily Hsg.)(1) 6.400 11/15/2027 1,256,757 3,885,000 NYS HFA (Multifamily Hsg.)(1) 6.750 11/15/2036 4,233,446 340,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 341,816 365,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 366,807 395,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 396,864 425,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 426,904 510,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2014 512,285 540,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 542,290 580,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2016 582,274 640,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2017 642,368 685,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2018 687,528 125,000 NYS LGSC (SCSB) 7.250 12/15/2011 127,805 810,000 NYS LGSC (SCSB) 7.375 12/15/2016 812,171 980,000 NYS LGSC (SCSB) 7.750 12/15/2021 1,021,405 215,000 NYS Medcare (Hospital & Nursing Home)(1) 7.400 11/01/2016 216,060 135,000 NYS Medcare (Hospital & Nursing Home)(1) 9.375 11/01/2016 135,979 15,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 15,059 400,000 NYS Power Authority(1) 5.250 11/15/2040 400,632 25,000 NYS UDC (Subordinated Lien)(1) 5.500 07/01/2016 25,095 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley)(1) 5.000 09/15/2035 711,816 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.300 03/15/2019 424,625 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.350 03/15/2029 710,564 4,360,000 Onondaga County, NY IDA (Air Cargo)(1) 6.125 01/01/2032 4,119,851 2,000,000 Onondaga County, NY IDA (Air Cargo)(1) 7.250 01/01/2032 1,936,440 1,060,000 Onondaga County, NY IDA (Community General Hospital)(1) 5.500 11/01/2018 994,079 5,390,000 Onondaga County, NY IDA (Community General Hospital)(1) 6.625 01/01/2018 5,169,603 1,185,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2030 1,220,680 1,115,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2037 1,124,879 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)(1) 6.250 12/01/2034 500,545 42,834,598 Onondaga County, NY Res Rec(1) 0.000(10) 05/01/2022 31,279,108 37,870,000 Onondaga County, NY Res Rec(1) 5.000 05/01/2015 35,931,813 2,000,000 Onondaga, NY Civic Devel Corp. (Le Moyne College)(1) 5.375 07/01/2040 2,057,160 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2021 2,455,125 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 2,193,777
15 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000% 08/01/2031 $ 1,972,040 2,280,000 Orange County, NY IDA (Glen Arden)(1) 5.625 01/01/2018 2,075,849 5,590,000 Orange County, NY IDA (Glen Arden)(1) 5.700 01/01/2028 4,619,129 70,000 Orange County, NY IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 70,371 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2021 1,736,026 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 6,341,837 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 2,239,179 11,665,000 Peekskill, NY IDA (Drum Hill)(1) 6.375 10/01/2028 9,670,285 500,000 Port Authority NY/NJ (Continental Airlines)(1) 9.000 12/01/2010 500,945 45,690,000 Port Authority NY/NJ (Continental Airlines)(1) 9.125 12/01/2015 45,780,923 16,420,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2022 16,459,901 31,720,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2025 31,775,193 18,625,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.900 12/01/2017 18,729,859 2,110,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 2,109,916 50,300,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2019 49,467,032 35,000 Port Authority NY/NJ, 122nd Series(1) 5.000 07/15/2026 35,025 240,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2030 245,398 50,000 Port Authority NY/NJ, 127th Series(1) 5.200 12/15/2027 51,418 70,000,000 Port Authority NY/NJ, 135th Series(4) 5.000 03/15/2039 73,300,743 33,025,000 Port Authority NY/NJ, 136th Series(4) 5.125 05/01/2034 34,109,867 19,175,000 Port Authority NY/NJ, 136th Series(4) 5.375 11/01/2028 20,160,921 22,855,000 Port Authority NY/NJ, 136th Series(4) 5.500 11/01/2029 24,073,895 26,000,000 Port Authority NY/NJ, 138th Series(4) 4.750 12/01/2034 26,352,300 27,255,000 Port Authority NY/NJ, 141st Series(4) 4.500 09/01/2029 27,511,611 47,910,000 Port Authority NY/NJ, 143rd Series(4) 5.000 10/01/2030 49,597,390 12,840,000 Port Authority NY/NJ, 146th Series(4) 4.500 12/01/2034 12,842,618 10,000 Port Authority NY/NJ, 146th Series(1) 4.500 12/01/2034 10,002 26,100,000 Port Authority NY/NJ, 146th Series(4) 4.750 12/01/2027 26,856,691 10,000 Port Authority NY/NJ, 146th Series(1) 4.750 12/01/2027 10,293 13,005,000 Port Authority NY/NJ, 147th Series(4) 4.750 10/15/2028 13,353,764 17,790,000 Port Authority NY/NJ, 147th Series(4) 5.000 10/15/2029 18,641,975 20,000,000 Port Authority NY/NJ, 147th Series(4) 5.000 10/15/2032 20,656,810 82,000,000 Port Authority NY/NJ, 151st Series(4) 5.750 03/15/2035 91,164,915 15,000,000 Port Authority NY/NJ, 151st Series(4) 6.000 09/15/2028 17,239,950 101,940,000 Port Authority NY/NJ, 152nd Series(4) 5.250 11/01/2035 107,439,663 13,715,000 Port Authority NY/NJ, 152nd Series(4) 5.250 05/01/2038 14,391,589 22,500,000 Port Authority NY/NJ, 152nd Series(4) 5.750 11/01/2030 25,250,625
16 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued 50,660,000 Port Authority NY/NJ, 37th Series(4) 5.250% 07/15/2034 $ 52,601,798 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)(1) 6.000 08/01/2032 2,757,562 4,820,000 Rensselaer, NY City School District COP(1) 5.000 06/01/2036 4,693,909 1,500,000 Rensselaer County, NY IDA (Franciscan Heights)(1) 5.375 12/01/2036 1,521,675 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.625 06/01/2035 5,670,072 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.750 06/01/2043 6,493,934 2,020,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.350 09/01/2047 2,105,911 1,330,000 Riverhead, NY IDA (Michael Reilly Design)(1) 8.875 08/01/2021 1,372,001 6,790,000 Rochester, NY Museum & Science Center(1) 6.125 12/01/2015 6,740,773 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 1,038,359 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.625 08/15/2035 8,188,756 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.750 08/15/2043 8,978,493 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875(3) 08/15/2045 1,355,700 486,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.668(3) 08/15/2060 3,212,460 20,000 Sanford Town, NY GO(1) 5.250 04/15/2015 22,091 20,000 Sanford Town, NY GO(1) 5.250 04/15/2016 22,238 25,000 Sanford Town, NY GO(1) 5.250 04/15/2017 27,442 25,000 Sanford Town, NY GO(1) 5.250 04/15/2018 27,130 25,000 Sanford Town, NY GO(1) 5.250 04/15/2019 26,733 25,000 Sanford Town, NY GO(1) 5.250 04/15/2020 26,532 30,000 Sanford Town, NY GO(1) 5.250 04/15/2021 31,711 30,000 Sanford Town, NY GO(1) 5.250 04/15/2022 31,564 30,000 Sanford Town, NY GO(1) 5.250 04/15/2023 31,453 30,000 Sanford Town, NY GO(1) 5.250 04/15/2024 31,367 35,000 Sanford Town, NY GO(1) 5.250 04/15/2025 36,443 35,000 Sanford Town, NY GO(1) 5.250 04/15/2026 36,257 40,000 Sanford Town, NY GO(1) 5.250 04/15/2027 41,258 40,000 Sanford Town, NY GO(1) 5.250 04/15/2028 41,022 40,000 Sanford Town, NY GO(1) 5.250 04/15/2029 40,846 45,000 Sanford Town, NY GO(1) 5.250 04/15/2030 45,755 45,000 Sanford Town, NY GO(1) 5.250 04/15/2031 45,625 50,000 Sanford Town, NY GO(1) 5.250 04/15/2032 50,405 50,000 Sanford Town, NY GO(1) 5.250 04/15/2033 50,285 55,000 Sanford Town, NY GO(1) 5.250 04/15/2034 55,129 60,000 Sanford Town, NY GO(1) 5.250 04/15/2035 59,916 60,000 Sanford Town, NY GO(1) 5.250 04/15/2036 59,581
17 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)(1) 5.125% 12/01/2033 $ 2,997,750 2,650,000 Seneca County, NY IDA (New York Chiropractic College)(1) 5.000 10/01/2027 2,720,835 22,885,000 SONYMA, Series 106(4) 5.250 04/01/2034 22,970,207 30,225,000 SONYMA, Series 109(4) 4.950 10/01/2034 30,358,836 9,510,000 SONYMA, Series 133(4) 5.050 10/01/2026 9,674,783 23,000,000 SONYMA, Series 137(4) 4.700 10/01/2031 23,010,124 21,700,000 SONYMA, Series 140(4) 4.750 10/01/2037 20,776,031 11,335,000 SONYMA, Series 143(4) 4.900 10/01/2037 11,335,000 5,045,000 SONYMA, Series 145(4) 5.125 10/01/2037 5,135,838 1,955,000 SONYMA, Series 148(4) 5.150 10/01/2027 2,022,119 6,370,000 SONYMA, Series 148(4) 5.200 10/01/2032 6,554,493 25,000 SONYMA, Series 67(1) 5.700 10/01/2017 25,039 890,000 SONYMA, Series 69(1) 5.500 10/01/2028 890,579 26,945,000 SONYMA, Series 71(4) 5.400 04/01/2029 26,960,111 30,000 SONYMA, Series 71(1) 5.400 04/01/2029 30,017 30,000 SONYMA, Series 73(1) 5.250 10/01/2017 30,036 330,000 SONYMA, Series 73 5.300 10/01/2028 330,165 23,875,000 SONYMA, Series 73-A(4) 5.300 10/01/2028 23,886,948 6,585,000 SONYMA, Series 77(1) 5.150 04/01/2029 6,591,717 9,535,000 SONYMA, Series 79(4) 5.300 04/01/2029 9,560,990 345,000 SONYMA, Series 82(1) 5.650 04/01/2030 345,248 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy)(1) 7.250 12/01/2029 3,612,565 985,000 Suffolk County, NY IDA (ACLD)(1) 6.000 12/01/2019 951,865 380,000 Suffolk County, NY IDA (ALIA-ACDS)(1) 7.125 06/01/2017 387,779 2,035,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 5.950 10/01/2021 1,926,758 175,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.375 06/01/2014 175,774 510,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.500 03/01/2018 509,153 435,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 7.500 09/01/2015 442,456 180,000 Suffolk County, NY IDA (ALIA-ADD)(1) 6.950 12/01/2014 183,494 345,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.125 06/01/2017 352,062 175,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.500 09/01/2015 178,000 845,000 Suffolk County, NY IDA (ALIA-Adelante)(1) 6.500 11/01/2037 771,722 1,295,000 Suffolk County, NY IDA (ALIA-Civic Facility)(1) 5.950 11/01/2022 1,215,759 2,700,000 Suffolk County, NY IDA (ALIA-DDI)(1) 5.950 10/01/2021 2,556,387 655,000 Suffolk County, NY IDA (ALIA-DDI)(1) 6.375 06/01/2014 657,895 100,000 Suffolk County, NY IDA (ALIA-DDI)(1) 7.500 09/01/2015 101,714 780,000 Suffolk County, NY IDA (ALIA-FREE)(1) 5.950 10/01/2021 738,512 390,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.375 06/01/2014 391,724 1,100,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.950 12/01/2014 1,121,351 2,600,000 Suffolk County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2017 2,653,222
18 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 555,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950% 10/01/2021 $ 525,480 720,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 11/01/2022 675,943 375,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.000 10/01/2031 333,071 310,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.375 06/01/2014 311,370 375,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.950 12/01/2014 382,279 800,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.125 06/01/2017 816,376 1,945,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.250 12/01/2033 1,957,215 125,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.500 09/01/2015 127,143 2,000,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 5.950 11/01/2022 1,877,620 185,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.375 06/01/2014 185,818 445,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.950 12/01/2014 453,637 120,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 7.500 09/01/2015 122,057 310,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.375 06/01/2014 311,370 1,010,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.950 12/01/2014 1,029,604 975,000 Suffolk County, NY IDA (ALIA-MCH)(1) 7.125 06/01/2017 994,958 800,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 5.950 11/01/2022 751,048 485,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 7.500 09/01/2015 493,313 240,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center)(1) 8.375 06/01/2016 248,014 360,000 Suffolk County, NY IDA (ALIA-SMCFS)(1) 7.500 09/01/2015 366,170 390,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels)(1) 7.500 09/01/2015 396,685 1,870,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 5.950 10/01/2021 1,770,535 130,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.375 06/01/2014 130,575 655,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.950 12/01/2014 667,714 535,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.000 06/01/2016 544,988 275,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.500 09/01/2015 279,714 3,530,000 Suffolk County, NY IDA (ALIA-UVBH)(1) 6.500 11/01/2037 3,223,878 800,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 5.950 11/01/2022 751,048 230,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 6.950 12/01/2014 234,464 610,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.125 06/01/2017 622,487 320,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.500 09/01/2015 325,485 575,000 Suffolk County, NY IDA (Catholic Charities)(1) 6.000 10/01/2020 552,178 195,000 Suffolk County, NY IDA (DDI)(1) 6.000 12/01/2019 188,440 500,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 480,155 515,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 494,560 4,830,000 Suffolk County, NY IDA (DDI)(1) 7.250 03/01/2024 4,976,880 7,905,000 Suffolk County, NY IDA (DDI)(1) 8.750 03/01/2023 8,048,001 5,000,000 Suffolk County, NY IDA (Dowling College)(1) 5.000 06/01/2036 3,829,750 2,810,000 Suffolk County, NY IDA (Dowling College)(1) 6.700 12/01/2020 2,810,506 2,900,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.375 01/01/2027 2,380,552 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.500 01/01/2037 2,113,458 1,420,000 Suffolk County, NY IDA (Family Residences)(1) 6.000 12/01/2019 1,372,231
19 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,345,000 Suffolk County, NY IDA (Family Services League)(1) 5.000% 11/01/2027 $ 1,388,282 930,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2034 941,430 2,195,000 Suffolk County, NY IDA (Federation of Organizations)(1) 8.125 04/01/2030 2,262,957 2,560,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II)(1) 6.700 05/01/2039 2,560,026 3,535,000 Suffolk County, NY IDA (Huntington First Aid Squad)(1) 6.650 11/01/2017 3,543,908 225,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 12/01/2019 217,431 995,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 10/01/2020 955,508 3,275,000 Suffolk County, NY IDA (Innovative Realty I)(1) 6.000 11/01/2037 2,478,651 8,600,000 Suffolk County, NY IDA (Jefferson's Ferry)(1) 5.000 11/01/2028 8,549,002 32,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center)(1) 5.250 06/01/2027 33,066,178 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services)(1) 7.550 02/01/2034 4,252,437 7,945,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living)(1) 6.375 01/01/2039 6,589,583 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 1,779,993 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 606,057 2,580,000 Suffolk County, NY IDA (New Interdisciplinary School)(1) 6.750 12/01/2019 2,612,689 2,000,000 Suffolk County, NY IDA (New York Institute of Technology)(1) 5.000 03/01/2026 2,051,280 6,145,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.300 01/01/2013 6,026,463 26,425,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.500 01/01/2023 24,381,291 850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2020 867,910 2,870,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2030 2,929,725 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.200 02/01/2035 4,541,856 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 8.125 04/01/2030 2,607,276 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 822,650 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 8.000 04/01/2030 2,650,922 475,000 Suffolk County, NY IDA (Suffolk Hotels)(1) 6.000 10/01/2020 456,147 1,780,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 6.000 12/01/2019 1,720,121 3,255,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 7.875 09/01/2041 3,319,579 740,000 Suffolk County, NY IDA (WORCA)(1) 6.000 10/01/2020 710,629
20 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 119,295,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 0.000%(10) 06/01/2044 $ 103,605,322 12,095,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 5.375 06/01/2028 11,019,513 29,915,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2048 27,896,336 287,265,000 Suffolk, NY Tobacco Asset Securitization Corp. 8.000(3) 06/01/2048 10,128,964 3,181,000 Sullivan County, NY Community College COP 5.750 08/15/2025 2,710,276 2,325,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.625 06/01/2013 2,291,729 13,000,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.875 07/01/2022 11,053,510 5,200,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 06/01/2019 4,942,184 13,840,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 07/01/2037 11,731,199 4,500,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.500 06/01/2025 4,231,530 4,465,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.950 02/01/2035 4,052,523 850,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.250 02/01/2012 852,873 9,965,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.750 02/01/2027 10,122,945 7,705,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility)(1) 7.250 06/01/2027 7,743,910 6,805,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)(1) 8.500 11/01/2031 6,509,187 2,405,000 Syracuse, NY Hsg. Authority (Pavilion on James)(1) 7.500 11/01/2042 2,320,200 189,865,000 Syracuse, NY IDA (Carousel Center)(1) 5.000 01/01/2036 161,905,480 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital)(1) 5.375 01/01/2023 924,790 8,965,000 Syracuse, NY IDA (James Square) 7.197(3) 08/01/2025 3,410,286 725,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2021 732,656 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2031 2,035,937 75,000 Taconic Hills, NY (Central School District at Craryville)(1) 5.000 06/15/2026 76,471 45,000 Tompkins, NY Health Care Corp. (Reconstruction Home)(1) 10.800 02/01/2028 48,267 12,150,000 Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)(1) 5.000 09/01/2030 12,740,369 7,400,000 Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)(1) 5.125 09/01/2040 7,694,372 1,530,000 Ulster County, NY IDA (Brooklyn Bottling)(1) 8.600 06/30/2022 1,532,004 185,000 Ulster County, NY Res Rec(1) 5.000 03/01/2020 193,993 3,080,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2040 2,810,746 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.250 06/01/2025 2,168,780 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.450 06/01/2040 2,740,169 3,550,000 Utica, NY IDA (Utica College Civic Facility)(1) 6.850 12/01/2031 3,610,670 1,985,000 Wayne County, NY IDA (ARC)(1) 8.375 03/01/2018 1,987,561 20,000 Westchester County, NY GO(1) 5.375 12/15/2014 20,156 4,300,000 Westchester County, NY Healthcare Corp., Series A(1) 5.875 11/01/2025 4,301,333
21 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- New York Continued $ 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital)(1) 8.375% 12/01/2025 $ 1,873,310 90,000 Westchester County, NY IDA (Children's Village)(1) 5.375 03/15/2019 83,588 3,550,000 Westchester County, NY IDA (Children's Village)(1) 6.000 06/01/2022 3,353,898 1,215,000 Westchester County, NY IDA (Clearview School)(1) 7.250 01/01/2035 1,221,512 3,130,000 Westchester County, NY IDA (Field Home)(1) 6.000 08/15/2017 3,048,964 3,335,000 Westchester County, NY IDA (Field Home)(1) 6.500 08/15/2022 3,281,907 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind)(1) 5.375 08/01/2024 1,354,340 1,375,000 Westchester County, NY IDA (JDAM)(1) 6.750 04/01/2016 1,384,556 3,325,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.000 01/01/2028 3,245,898 685,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.125 01/01/2018 685,459 1,430,000 Westchester County, NY IDA (Rippowam-Cisqua School)(1) 5.750 06/01/2029 1,434,519 1,000,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2013 1,042,050 1,710,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2033 1,608,683 160,000 Westchester County, NY IDA (Westchester Airport Assoc.)(1) 5.950 08/01/2024 160,171 2,590,000 Westchester County, NY IDA (Winward School)(1) 5.250 10/01/2031 2,599,764 4,475,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2026 4,109,393 59,900,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2038 48,663,359 52,770,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2045 42,153,731 4,130,000 Yonkers, NY IDA (Hudson Scenic Studio)(1) 6.625 11/01/2019 4,018,242 1,560,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,139,299 2,700,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 6.150 03/01/2015 2,278,800 1,635,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 8.500 12/30/2013 1,640,265 4,300,000 Yonkers, NY IDA (St. Joseph's Hospital), Series 98-A(1) 6.150 03/01/2015 3,629,200 1,100,000 Yonkers, NY IDA (St. Joseph's Hospital), Series 98-B(1) 6.150 03/01/2015 928,400 2,855,000 Yonkers, NY IDA (Westchester School)(1) 8.750 12/30/2023 2,858,426 800,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2018 799,424 1,215,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2024 1,140,387 --------------- 7,092,484,237 --------------- U.S. Possessions--35.1% 825,000 Guam Education Financing Foundation COP(1) 5.000 10/01/2023 830,264 505,000 Guam GO(1) 5.250 11/15/2037 490,259 6,000,000 Guam GO(1) 6.750 11/15/2029 6,604,320 10,000,000 Guam GO(1) 7.000 11/15/2039 11,183,600 300,000 Guam Hsg. Corp. (Single Family Mtg.)(1) 5.750 09/01/2031 341,214 290,000 Guam Power Authority, Series A(1) 5.250 10/01/2023 290,000 20,000,000 Guam Power Authority, Series A(1) 5.250 10/01/2034 19,865,000
22 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- U.S. Possessions Continued $ 5,200,000 Guam Power Authority, Series A(1) 5.500% 10/01/2030 $ 5,474,664 7,700,000 Guam Power Authority, Series A(1) 5.500 10/01/2040 8,022,938 2,000,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 10/01/2022 1,802,840 34,875,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 06/01/2030 29,799,990 8,670,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 6,398,807 16,800,000 Northern Mariana Islands Ports Authority, Series A(1) 6.600 03/15/2028 16,022,496 55,650,000 Puerto Rico Aqueduct & Sewer Authority(1) 0.000(10) 07/01/2024 59,728,589 49,000,000 Puerto Rico Aqueduct & Sewer Authority(4) 5.125 07/01/2047 50,458,240 88,365,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2038 95,749,663 123,015,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 132,797,153 5,000,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 5,397,600 56,685,000 Puerto Rico Children's Trust Fund (TASC)(1) 5.625 05/15/2043 52,812,281 268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617(3) 05/15/2050 9,440,460 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165(3) 05/15/2055 13,864,450 3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625(3) 05/15/2057 54,804,532 3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375(3) 05/15/2057 39,612,832 20,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2026 20,016 10,850,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2033 10,918,464 11,230,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2034 11,320,851 5,000,000 Puerto Rico Commonwealth GO(1) 5.125 07/01/2031 5,018,850 2,200,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 2,312,706 5,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2027 5,193,000 2,920,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2030 3,022,229 14,500,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2031 15,040,705 10,230,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2034 10,515,826 43,385,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2037 44,395,871 5,000,000 Puerto Rico Commonwealth GO(1) 5.375 07/01/2033 5,200,300 1,000,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2021 1,101,930 7,850,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2029 8,858,019 81,300,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2032 85,586,949 18,985,000 Puerto Rico Commonwealth GO(1) 6.000 07/01/2038 20,456,527 28,360,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2022 31,622,251 10,920,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2023 12,096,412 11,490,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2024 12,668,989 12,095,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2025 13,294,945 9,975,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2026 10,947,762 31,665,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2027 34,406,872 52,670,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2028 56,923,629 18,070,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2029 19,335,261 19,025,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2030 20,201,887 20,025,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2031 21,214,886 17,650,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2037 18,023,827 60,000,000 Puerto Rico Electric Power Authority, Series UU(1) 0.877(11) 07/01/2029 46,705,200 50,000 Puerto Rico HFC(1) 5.100 12/01/2018 51,007
23 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- U.S. Possessions Continued $ 9,515,000 Puerto Rico Highway & Transportation Authority(1) 5.000% 07/01/2028 $ 9,641,169 4,845,000 Puerto Rico Highway & Transportation Authority(1) 5.250 07/01/2030 5,283,521 3,100,000 Puerto Rico Highway & Transportation Authority 5.300 07/01/2035 3,226,697 4,000,000 Puerto Rico Highway & Transportation Authority(1) 5.500 07/01/2029 4,513,640 270,000 Puerto Rico Highway & Transportation Authority(1) 5.750 07/01/2020 280,754 11,585,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2033 11,658,101 28,570,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2042 28,655,139 3,885,000 Puerto Rico Highway & Transportation Authority, Series H(1) 5.450 07/01/2035 4,088,807 6,500,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2027 6,642,805 3,145,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2030 3,204,661 2,600,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2023 2,817,724 17,205,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2030 18,762,225 6,795,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2041 7,203,923 92,120,000 Puerto Rico Highway & Transportation Authority, Series M(1) 5.000 07/01/2046 92,737,204 125,620,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.887(11) 07/01/2041 69,112,355 74,940,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.887(11) 07/01/2045 39,924,285 16,080,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2032 17,367,204 53,445,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2039 56,565,654 26,755,000 Puerto Rico Infrastructure(1) 5.000 07/01/2031 27,072,849 6,000,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 6,032,280 32,490,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 32,697,286 202,145,000 Puerto Rico Infrastructure(1) 5.000 07/01/2041 202,892,937 134,520,000 Puerto Rico Infrastructure(1) 5.000 07/01/2046 134,549,594 3,130,000 Puerto Rico Infrastructure(1) 5.500 07/01/2025 3,468,134 1,295,000 Puerto Rico Infrastructure(1) 5.500 07/01/2026 1,430,638 15,000,000 Puerto Rico Infrastructure(1) 5.500 07/01/2027 16,563,750 2,750,000 Puerto Rico Infrastructure(1) 5.500 07/01/2028 3,037,238 16,955,000 Puerto Rico Infrastructure 5.650(3) 07/01/2029 5,748,254 65,725,000 Puerto Rico Infrastructure 5.730(3) 07/01/2045 6,986,568 25,000,000 Puerto Rico Infrastructure 5.800(3) 07/01/2032 6,532,250 6,285,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.000 03/01/2036 5,873,521 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 12/01/2021 1,603,082 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2029 5,751,495
24 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- U.S. Possessions Continued $ 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.500% 12/01/2031 $ 6,341,776 38,000,000 Puerto Rico ITEMECF (Cogeneration Facilities)(1) 6.625 06/01/2026 38,312,360 2,025,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.600 05/01/2014 2,022,732 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.700 05/01/2024 4,619,213 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)(1) 5.750 06/01/2029 3,507,840 500,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2021 504,355 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2031 8,024,560 4,990,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2025 5,155,119 4,975,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 4,312,032 6,395,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 5,663,668 90,855,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2036 91,186,621 7,500,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2037 7,537,800 23,585,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2029 24,106,229 126,570,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2033 128,364,763 120,000 Puerto Rico Public Buildings Authority(1) 5.375 07/01/2033 121,076 1,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2021 1,732,800 7,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2031 8,929,350 8,000,000 Puerto Rico Public Buildings Authority(1) 6.500 07/01/2030 9,022,880 7,500,000 Puerto Rico Public Buildings Authority(1) 6.750 07/01/2036 8,554,650 296,445,000 Puerto Rico Sales Tax Financing Corp., Series A(4) 5.250 08/01/2057 310,790,699 643,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.401(3) 08/01/2054 43,462,624 33,000,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 5.750 08/01/2037 35,727,780 221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.939(3) 08/01/2056 13,232,588 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500(3) 08/01/2042 4,650,900 7,300,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 6.500 08/01/2044 8,394,489 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504(3) 08/01/2043 11,530,400 35,000,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 0.000(10) 08/01/2032 30,243,500 2,500,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 5.250 08/01/2041 2,629,275 4,000,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 5.375 08/01/2036 4,259,080 95,245,000 Puerto Rico Sales Tax Financing Corp., Series C(4) 5.750 08/01/2057 105,370,185 24,875,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 6.000 08/01/2042 27,607,270 4,525,000 University of Puerto Rico(1) 5.000 06/01/2026 4,602,830 5,280,000 University of Puerto Rico, Series P(1) 5.000 06/01/2030 5,323,718 24,375,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2030 24,576,825 65,780,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2036 65,775,395 9,230,000 University of V.I., Series A(1) 5.375 06/01/2034 9,365,035 2,040,000 University of V.I., Series A(1) 6.250 12/01/2029 2,050,710 3,650,000 V.I. Government Refinery Facilities (Hovensa Coker)(1) 6.500 07/01/2021 3,724,022 10,000 V.I. HFA, Series A(1) 6.450 03/01/2016 10,019
25 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited)
Principal Amount Coupon Maturity Value - --------------- ------ ---------- --------------- U.S. Possessions Continued $ 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000% 10/01/2031 $ 18,915,998 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2033 553,366 27,733,000 V.I. Public Finance Authority (Hovensa Coker)(1) 6.500 07/01/2021 28,310,124 11,700,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 5.875 07/01/2022 11,877,489 8,000,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 6.125 07/01/2022 8,132,000 750,000 V.I. Public Finance Authority, Series A(1) 5.250 10/01/2024 778,455 11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300(3) 05/15/2035 1,402,334 --------------- 3,131,490,041 --------------- TOTAL INVESTMENTS, AT VALUE (COST $10,560,508,497)-114.5% 10,223,974,278 LIABILITIES IN EXCESS OF OTHER ASSETS-(14.5) (1,297,174,788) --------------- NET ASSETS-100.0% $ 8,926,799,490 ===============
Footnotes to Statement of Investments (1.) All or a portion of the security position has been segregated for collateral to cover borrowings. (2.) Issue is in default. See accompanying Notes. (3.) Zero coupon bond reflects effective yield on the date of purchase. (4.) Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently transferred to a trust. See accompanying Notes. (5.) Non-income producing security. (6.) Security is subject to a shortfall and forbearance agreement. See accompanying Notes. (7.) Represents the current interest rate for a variable rate bond known as an "inverse floater." See accompanying Notes. (8.) Subject to a forbearance agreement. Rate shown is current rate. See accompanying Notes. (9.) When-issued security or delayed delivery to be delivered and settled after September 30, 2010. See accompanying Notes. (10.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (11.) Represents the current interest rate for a variable or increasing rate security. 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 September 30, 2010 based on valuation input level:
LEVEL 3-- LEVEL 1-- LEVEL 2-- SIGNIFICANT UNADJUSTED OTHER SIGNIFICANT UNOBSERVABLE QUOTED PRICES OBSERVABLE INPUTS INPUTS VALUE ------------- ----------------- ------------ --------------- ASSETS TABLE INVESTMENTS, AT VALUE: Municipal Bonds and Notes New York $-- $ 7,092,484,215 $22 $ 7,092,484,237 U.S. Possessions -- 3,131,490,041 -- 3,131,490,041 --- --------------- --- --------------- Total Assets $-- $10,223,974,256 $22 $10,223,974,278 === =============== === ===============
26 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 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 27 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) SCCC Sullivan County Community College 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 SUNY State University of New York 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 September 30, 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 September 30, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ---------------------- Purchased securities $36,000,000
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 $1,363,790,000 as of September 30, 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 interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of 29 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) Operations in the annual and semiannual reports. At September 30, 2010, municipal bond holdings with a value of $2,229,065,520 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $1,363,790,000 in short-term floating rate notes issued and outstanding at that date. The Fund's investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls. At September 30, 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 13.526% 6/1/32 $ 15,685,318 8,935,000 NY Austin Trust Various States Inverse Certificates 13.508 6/1/27 10,282,934 23,960,000 NY Austin Trust Various States Inverse Certificates 7.862 11/1/38 24,312,212 16,400,000 NY Austin Trust Various States Inverse Certificates 11.659 7/1/48 19,731,332 36,040,000 NY Liberty Devel. Corp. ROLs(3) 8.987 10/1/35 40,187,483 10,770,000 NY MTA ROLs(3) 20.108 11/15/30 12,960,080 6,615,000 NY Triborough Bridge & Tunnel Authority ROLs(3) 20.968 1/1/27 7,835,468 15,660,000 NY/NJ Port Authority Austin Trust Inverse Certificates 7.392 12/1/27 16,416,691 7,700,000 NY/NJ Port Authority Austin Trust Inverse Certificates 6.973 12/1/34 7,702,618 23,955,000 NY/NJ Port Authority Austin Trust Inverse Certificates 9.143 10/1/30 25,642,390 12,330,000 NYC GO DRIVERS 10.016 6/1/33 14,338,310 5,605,000 NYC GO DRIVERS 10.016 12/1/33 6,602,410 5,460,000 NYC GO DRIVERS 9.152 8/1/30 6,305,317 2,430,000 NYC GO DRIVERS 10.066 8/1/35 2,812,895 8,735,000 NYC GO DRIVERS 10.063 4/1/35 10,100,543 5,745,000 NYC GO DRIVERS 10.065 3/1/35 6,640,818 7,540,000 NYC GO ROLs 17.922 11/1/34 9,918,418 4,480,000 NYC GO ROLs(3) 18.880 4/1/30 6,006,694 8,900,000 NYC GO ROLs(3) 22.290 6/1/30 13,845,107 5,000,000 NYC GO ROLs 18.642 3/1/21 8,512,800 3,490,000 NYC HDC (Multifamily Hsg.) DRIVERS 15.084 11/1/42 3,631,973 920,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.738 11/1/26 982,266 810,000 NYC HDC (Multifamily Hsg.) DRIVERS 13.108 11/1/27 888,027 1,000,000 NYC HDC (Multifamily Hsg.) DRIVERS 13.159 11/1/32 1,066,270 1,165,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.796 11/1/37 1,199,216 1,560,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.944 11/1/39 1,605,302 2,790,000 NYC HDC (Multifamily Hsg.) DRIVERS 13.152 5/1/40 2,910,026 775,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 19.359 11/1/34 945,066 710,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 19.621 11/1/39 862,394 2,730,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 20.210 11/1/46 3,353,860 2,680,000 NYC HDC (Multifamily Hsg.) DRIVERS 13.379 11/1/40 2,854,870 3,955,000 NYC HDC (Multifamily Hsg.) ROLs(3) 16.156 11/1/30 4,391,118 11,975,000 NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs(3) 12.720 5/1/49 12,816,483
30 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) 17,005,000 NYC Municipal Water Finance Authority DRIVERS 13.262 6/15/39 20,148,544 6,875,000 NYC Municipal Water Finance Authority ROLs 17.908 6/15/31 8,749,675 10,025,000 NYC Municipal Water Finance Authority ROLs 17.908 6/15/37 12,527,240 7,875,000 NYC Municipal Water Finance Authority ROLs 17.908 6/15/39 9,591,750 4,935,000 NYC Municipal Water Finance Authority ROLs 17.908 6/15/39 6,010,830 4,500,000 NYC Municipal Water Finance Authority ROLs 17.928 6/15/39 5,604,660 10,470,000 NYC Municipal Water Finance Authority ROLs(3) 13.035 6/15/34 11,108,251 8,205,000 NYS DA (Memorial Sloan-Kettering) DRIVERS 10.064 7/1/35 9,022,054 5,265,000 NYS DA (Vassar College) DRIVERS 10.062 7/1/46 5,868,685 3,410,000 NYS HFA ROLs(3) 14.674 11/1/45 3,712,092 3,750,000 Port Authority NY/NJ ROLs(3) 21.503 9/15/28 5,989,950 4,895,000 Port Authority NY/NJ, 11588th Series ROLs 16.333 10/15/27 5,746,975 3,580,000 Port Authority NY/NJ, 11588th Series ROLs 15.405 10/15/28 3,928,764 5,500,000 Port Authority NY/NJ, 11588th Series ROLs 16.342 10/15/32 6,156,810 9,090,000 Port Authority NY/NJ, 11589th Series ROLs 12.091 9/1/29 9,346,611 11,880,000 Port Authority NY/NJ, 136th Series DRIVERS 8.122 11/1/28 12,865,921 11,430,000 Port Authority NY/NJ, 136th Series DRIVERS 10.071 11/1/29 12,648,895 11,015,000 Port Authority NY/NJ, 136th Series DRIVERS 13.351 5/1/34 12,099,867 13,000,000 Port Authority NY/NJ, 138th Series DRIVERS 8.557 12/1/34 13,352,300 24,005,000 Port Authority NY/NJ, 151st Series DRIVERS 15.356 3/15/35 32,051,956 4,570,000 Port Authority NY/NJ, 152nd Series DRIVERS 13.847 5/1/38 5,246,589 20,000,000 Port Authority NY/NJ, 3090th Series DRIVERS 9.578 11/1/35 22,158,000 23,340,000 Port Authority NY/NJ, 3094th Series DRIVERS 13.276 3/15/39 26,640,743 7,500,000 Port Authority NY/NJ, 3114th Series DRIVERS 15.374 11/1/30 10,250,625 30,970,000 Port Authority NY/NJ, 3114th Series DRIVERS 9.578 11/1/35 34,311,663 3,335,000 Port Authority NY/NJ, 3115th Series DRIVERS 15.367 3/15/35 4,452,959 25,330,000 Port Authority NY/NJ, 37th Series DRIVERS 9.568 7/15/34 27,271,798 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs(3) 18.315 7/1/47 5,315,440 15,000,000 Puerto Rico Aqueduct & Sewer Authority ROLs 9.502 7/1/47 15,892,800 74,115,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 18.491 8/1/57 88,460,699 23,815,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 20.636 8/1/57 33,940,185 18,135,000 SONYMA ROLs(3) 7.601 10/1/34 18,268,836 5,465,000 SONYMA ROLs(3) 14.123 4/1/29 5,474,181 3,185,000 SONYMA ROLs(3) 14.217 4/1/29 3,210,990 3,530,000 SONYMA ROLs(3) 14.503 4/1/29 3,535,930 7,635,000 SONYMA ROLs(3) 14.087 4/1/34 7,720,207 7,965,000 SONYMA ROLs(3) 14.220 10/1/28 7,976,948 3,175,000 SONYMA ROLs(3) 13.451 10/1/26 3,339,783 5,675,000 SONYMA ROLs(3) 8.979 10/1/37 5,675,000 11,505,000 SONYMA ROLs(3) 8.589 10/1/31 11,515,124 10,860,000 SONYMA ROLs(3) 8.687 10/1/37 9,936,031 1,685,000 SONYMA, Series 145 DRIVERS 13.414 10/1/37 1,775,838 650,000 SONYMA, Series 148 DRIVERS 13.547 10/1/27 717,119 2,125,000 SONYMA, Series 148 DRIVERS 13.656 10/1/32 2,309,493 ------------ $865,275,520 ============
(1.) For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 27-28 of the Statement of Investments. 31 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS September 30, 2010 (Unaudited) (2.) Represents the current interest rate for a variable rate bond known as an "inverse floater." (3.) Security is subject to a shortfall and forbearance agreement. The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund's potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund's investment in such inverse floating rate securities, if it deems it appropriate to do so. As of September 30, 2010, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at $641,830,000. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of September 30, 2010 is as follows: Cost $9,464,634 Market Value $7,231,108 Market Value as a % of Net Assets 0.08%
The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of September 30, 2010, securities with an aggregate market value of $1,157,267, representing 0.01% 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 September 30, 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 $9,225,782,105(1) ============== Gross unrealized appreciation $ 443,554,192 Gross unrealized depreciation (844,185,417) -------------- Net unrealized depreciation $ (400,631,225) ==============
(1.) The Federal tax cost of securities does not include cost of $1,398,823,398, 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. 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 09/30/2010, 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 (Rochester Fund) By: /s/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 11/09/2010 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: 11/09/2010 By: /s/ Brian W. Wixted ---------------------------------- Brian W. Wixted Principal Financial Officer Date: 11/09/2010 EX-99.CERT 2 g07105exv99wcert.txt EX-99.CERT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, William F. Glavin, Jr., certify that: 1. I have reviewed this report on Form N-Q of Rochester Fund Municipals (Rochester Fund); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ William F. Glavin, Jr. - ------------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 11/09/2010 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Rochester Fund Municipals (Rochester Fund); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ---------------------------- Brian W. Wixted Principal Financial Officer Date: 11/09/2010 -----END PRIVACY-ENHANCED MESSAGE-----