N-Q 1 g58632nvq.txt FORM N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-3614 Rochester Fund Municipals (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: December 31 Date of reporting period: 03/31/2011 ITEM 1. SCHEDULE OF INVESTMENTS. ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- MUNICIPAL BONDS AND NOTES--115.5% NEW YORK--79.8% $ 1,035,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.375% 12/01/2024 $ 982,557 1,700,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.625 12/01/2034 1,523,234 605,000 Albany County, NY IDA (Wildwood Programs)(1) 4.900 07/01/2021 494,860 1,420,000 Albany, NY Hsg. Authority (Lark Drive)(1) 5.500 12/01/2028 1,422,741 150,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse)(1) 7.500 05/01/2012 150,407 760,000 Albany, NY IDA (Albany Rehabilitation)(1) 8.375 06/01/2023 735,794 3,125,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2027 2,539,469 1,350,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2032 1,035,693 900,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2037 662,877 7,005,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 4,484,881 900,000 Albany, NY IDA (New Covenant Charter School)(2) 7.000 05/01/2025 269,919 1,080,000 Albany, NY IDA (Sage Colleges)(1) 5.250 04/01/2019 977,389 1,760,000 Albany, NY IDA (Sage Colleges)(1) 5.300 04/01/2029 1,380,914 895,000 Albany, NY Parking Authority(1) 5.625 07/15/2025 899,108 1,770,000 Albany, NY Parking Authority 7.052(3) 11/01/2017 1,291,427 650,000 Amherst, NY IDA (Asbury Pointe)(1) 5.800 02/01/2015 631,079 45,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2023 39,281 3,000,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2029 2,402,430 5,350,000 Amherst, NY IDA (Beechwood Health Care Center)(1) 5.200 01/01/2040 3,669,619 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)(1) 5.250 08/01/2031 22,261 875,000 Blauvelt, NY Volunteer Fire Company(1) 6.250 10/15/2017 836,369 2,735,000 Brookhaven, NY IDA (Enecon Corp.)(1) 6.300 11/01/2033 2,228,150 2,135,000 Brookhaven, NY IDA (Stony Brook Foundation)(1) 6.500 11/01/2020 2,140,359 3,700,000 Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)(1) 6.375 07/15/2043 3,652,159 95,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2025 80,493 3,030,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2036 2,283,681 1,000,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2030 812,070 1,250,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2036 956,700 3,000,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2030 2,468,040 4,450,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2036 3,457,739 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)(1) 5.750 11/01/2030 2,580,510 915,000 Canton, NY Human Services Initiatives(1) 5.700 09/01/2024 868,893 1,155,000 Canton, NY Human Services Initiatives(1) 5.750 09/01/2032 1,028,678 1,000,000 Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)(1) 5.000 05/01/2040 874,900 1,000,000 Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)(1) 5.000 05/01/2045 861,280 1,350,000 Cattaraugus County, NY IDA (St. Bonaventure University)(1) 5.450 09/15/2019 1,327,563
1 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 9,775,000 Cayuga County, NY COP (Auburn Memorial Hospital)(1) 6.000% 01/01/2021 $ 9,738,344 95,000 Chautauqua, NY Utility District(1) 5.000 06/01/2023 96,514 105,000 Chautauqua, NY Utility District(1) 5.000 06/01/2025 105,753 990,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 4.850 07/01/2023 944,401 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 5.000 07/01/2033 1,353,168 3,835,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 3,140,136 4,000,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 3,275,280 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 3,888,229 300,000 Clifton Springs, NY Hospital & Clinic(1) 7.650 01/01/2012 300,042 2,050,000 Clifton Springs, NY Hospital & Clinic(1) 8.000 01/01/2020 2,050,287 35,000 Cohoes, NY GO 6.200 03/15/2012 35,138 25,000 Cohoes, NY GO 6.200 03/15/2013 25,090 25,000 Cohoes, NY GO(1) 6.250 03/15/2014 25,083 25,000 Cohoes, NY GO(1) 6.250 03/15/2015 25,076 25,000 Cohoes, NY GO(1) 6.250 03/15/2016 25,067 1,100,000 Columbia County, NY IDA (Berkshire Farms)(1) 7.500 12/30/2014 1,025,079 3,300,000 Corinth, NY IDA (International Paper Company)(1) 5.750 02/01/2022 3,315,576 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital)(1) 5.250 07/01/2032 4,748,369 2,200,000 Dutchess County, NY IDA (Elant Fishkill)(1) 5.250 01/01/2037 1,521,388 800,000 Dutchess County, NY IDA (St. Francis Hospital)(1) 7.500 03/01/2029 754,944 3,250,000 Dutchess County, NY Local Devel. Corp. (Anderson Center Services)(1) 6.000 10/01/2030 3,001,050 650,000 Dutchess County, NY Local Devel. Corp. (Health Quest System)(1) 5.750 07/01/2040 622,479 1,000,000 Dutchess County, NY Water & Wastewater Authority 5.400(3) 06/01/2027 445,810 3,105,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)(1) 7.750 10/01/2032 2,845,484 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.)(1) 6.125 04/20/2043 1,354,946 2,280,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments)(1) 6.750 03/01/2030 2,077,445 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village)(1) 5.500 08/01/2033 1,327,938 3,170,000 Elmira, NY Hsg. Authority (Eastgate Apartments)(1) 6.250 06/01/2044 2,345,673 1,665,000 Erie County, NY IDA (Air Cargo)(1) 8.500 10/01/2015 1,656,342 7,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.875 06/01/2035 6,571,040 1,960,000 Erie County, NY IDA (DePaul Properties)(1) 5.750 09/01/2028 1,330,899 2,060,000 Erie County, NY IDA (DePaul Properties)(1) 6.500 09/01/2018 1,733,078 1,750,000 Erie County, NY IDA (Global Concepts Charter School)(1) 6.250 10/01/2037 1,487,448 11,310,000 Erie County, NY IDA (Medaille College)(1) 7.625 04/01/2035 11,549,320 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 8,089,785
2 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 6,860,000 Erie County, NY IDA (Orchard Park CCRC) 6.000% 11/15/2036 $ 5,091,904 1,415,000 Erie County, NY IDA (The Episcopal Church Home)(1) 6.000 02/01/2028 1,303,710 25,290,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2038 17,732,084 72,595,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2045 49,058,249 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140(3) 06/01/2047 2,304,540 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488(3) 06/01/2050 2,050,713 194,300,000 Erie County, NY Tobacco Asset Securitization Corp. 7.196(3) 06/01/2055 1,404,789 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650(3) 06/01/2060 4,229,120 1,410,000 Essex County, NY IDA (International Paper Company)(1) 4.600 03/01/2027 1,217,140 2,300,000 Essex County, NY IDA (International Paper Company)(1) 6.450 11/15/2023 2,310,143 1,500,000 Essex County, NY IDA (International Paper Company)(1) 6.625 09/01/2032 1,547,220 975,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 1,000,730 320,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 328,445 410,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 412,563 1,235,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 1,242,719 1,100,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.300 06/01/2035 1,008,876 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 08/15/2022 1,780,292 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 10/01/2026 1,553,208 5,680,000 Franklin County, NY IDA (Adirondack Medical Center)(1) 5.500 12/01/2029 5,375,325 900,000 Franklin County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 905,625 1,075,000 Green Island, NY Power Authority(1) 5.125 12/15/2024 1,030,269 2,210,000 Green Island, NY Power Authority(1) 6.000 12/15/2020 2,246,222 1,695,000 Green Island, NY Power Authority(1) 6.000 12/15/2025 1,703,526 105,000 Hempstead, NY IDA (Dentaco Corp.)(1) 7.250 11/01/2012 103,537 1,270,000 Hempstead, NY IDA (Dentaco Corp.)(1) 8.250 11/01/2025 1,207,453 7,930,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 6.375 11/01/2018 7,754,271 7,660,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 7.750 11/01/2021 7,803,855 25,260,000 Hempstead, NY IDA (Lynbrook Facilities)(1) 6.500 11/01/2042 17,880,291 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center)(1) 6.500 11/01/2038 3,026,044 5,680,000 Hempstead, NY IDA (South Shore YJCC)(1) 6.750 11/01/2024 4,885,482 840,000 Herkimer County, NY IDA (Folts Adult Home)(1) 5.500 03/20/2040 849,500 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.250 08/01/2034 959,660
3 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.400% 11/01/2020 $ 1,298,505 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.500 11/01/2030 2,000,160 67,340,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 55,257,857 337,580,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 277,011,396 135,000 Huntington, NY Hsg. Authority (GJSR)(1) 5.875 05/01/2019 130,383 840,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2029 750,884 8,500,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2039 7,134,985 675,000 Islip, NY IDA (Leeway School)(1) 9.000 08/01/2021 678,726 15,265,000 Islip, NY IDA (Southside Hospital Civic Facilities)(1) 7.750 12/01/2022 14,479,158 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 8,099,397 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 939,848 60,000 L.I., NY Power Authority, Series A(1) 5.125 09/01/2029 59,538 5,300,000 Madison County, NY IDA (Commons II Student Hsg.)(1) 5.000 06/01/2040 4,360,787 850,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2028 752,947 1,100,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2032 953,623 1,320,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.300 02/01/2021 1,279,595 5,500,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.350 02/01/2031 4,734,290 570,000 Middletown, NY IDA (Flanagan Design & Display)(1, 2) 7.500 11/01/2018 491,232 1,165,000 Middletown, NY IDA (YMCA)(1) 7.000 11/01/2019 1,148,958 50,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.750 05/01/2023 45,535 165,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 184,269 860,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 768,659 3,760,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.875 02/01/2028 2,610,794 4,780,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.950 08/01/2028 3,830,979 2,470,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.)(1) 6.500 12/01/2042 2,067,118 2,915,000 Monroe County, NY IDA (Rochester Institute of Technology)(1) 5.375 04/01/2029 2,586,975 2,260,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.250 06/01/2026 2,073,573 3,210,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.375 06/01/2024 3,122,720 2,175,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.375 07/01/2032 1,527,742 3,660,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.500 07/01/2027 2,816,187 670,000 Monroe County, NY IDA (Volunteers of America)(1) 5.700 08/01/2018 607,121 2,765,000 Monroe County, NY IDA (Volunteers of America)(1) 5.750 08/01/2028 2,217,254
4 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 15,000,000 Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)(1) 5.750% 08/15/2035 $ 15,974,250 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701(3) 06/01/2061 2,405,000 580,000 Monroe, NY Newpower Corp(1) 5.625 01/01/2026 545,867 2,265,000 Monroe, NY Newpower Corp.(1) 5.500 01/01/2034 1,967,923 600,000 Mount Vernon, NY IDA (Kings Court)(1) 5.200 12/01/2033 572,310 3,275,000 Mount Vernon, NY IDA (Macedonia Towers)(1) 5.200 12/01/2033 2,736,066 2,240,000 Mount Vernon, NY IDA (Meadowview)(1) 6.150 06/01/2019 2,106,899 2,600,000 Mount Vernon, NY IDA (Meadowview)(1) 6.200 06/01/2029 2,230,592 802,824 Municipal Assistance Corp. for Troy, NY 5.733(3) 07/15/2021 515,927 1,218,573 Municipal Assistance Corp. for Troy, NY 5.741(3) 01/15/2022 759,293 700,000 Nassau County, NY IDA (ACDS)(1) 5.950 11/01/2022 614,404 440,000 Nassau County, NY IDA (ALIA-ACDS)(1) 7.500 06/01/2015 443,700 2,975,000 Nassau County, NY IDA (ALIA-ACLD)(1) 6.250 09/01/2022 2,682,230 165,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.125 06/01/2017 164,033 220,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.500 06/01/2015 221,850 3,705,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.000 11/01/2016 3,685,734 2,395,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.125 06/01/2017 2,380,965 1,105,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.500 06/01/2015 1,114,293 95,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2012 95,690 1,360,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.500 06/01/2015 1,371,438 4,030,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.150 06/01/2030 4,051,883 6,065,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.250 06/01/2032 6,151,911 640,000 Nassau County, NY IDA (ALIA-HH)(1) 7.125 06/01/2017 636,250 490,000 Nassau County, NY IDA (ALIA-HHS)(1) 7.125 06/01/2017 487,129 120,000 Nassau County, NY IDA (ALIA-LVH)(1) 7.500 06/01/2015 121,009 12,500,000 Nassau County, NY IDA (Amsterdam at Harborside)(1) 6.700 01/01/2043 11,422,125 330,000 Nassau County, NY IDA (CNGCS)(1) 7.500 06/01/2015 332,775 2,245,000 Nassau County, NY IDA (CNGCS)(1) 8.150 06/01/2030 2,257,190 4,900,000 Nassau County, NY IDA (CSMR)(1) 5.950 11/01/2022 4,300,828 600,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.)(1) 5.950 11/01/2022 526,632 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center)(1) 6.500 11/01/2037 1,373,733 3,150,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center)(1) 5.250 06/01/2027 3,134,502 610,000 Nassau County, NY IDA (Life's WORCA)(1) 5.950 11/01/2022 535,409 3,545,000 Nassau County, NY IDA (Little Village School)(1) 7.500 12/01/2031 3,463,217 1,000,000 Nassau County, NY IDA (New York Institute of Technology)(1) 4.750 03/01/2026 944,230 3,535,000 Nassau County, NY IDA (New York Water Service Corp.)(1) 5.000 12/01/2035 2,980,677 2,115,000 Nassau County, NY IDA (North Shore CFGA)(1) 6.750 05/01/2024 1,965,385
5 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,255,000 Nassau County, NY IDA (PLUS Group Home)(1) 6.150% 11/01/2022 $ 1,120,627 1,280,000 Nassau County, NY IDA (United Cerebral Palsy)(1) 6.250 11/01/2014 1,251,392 645,000 Nassau County, NY IDA (United Veteran's Beacon House)(1) 6.500 11/01/2037 533,770 610,000 Nassau County, NY IDA, Series A-A(1) 6.000 07/02/2021 546,023 6,600,000 Nassau County, NY IDA, Series A-B(1) 6.000 07/01/2021 5,907,792 655,000 Nassau County, NY IDA, Series A-C(1) 6.000 07/01/2021 586,304 745,000 Nassau County, NY IDA, Series A-D(1) 6.000 07/01/2021 666,864 122,875,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.125 06/01/2046 80,895,985 9,000,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.250 06/01/2026 7,706,970 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820(3) 06/01/2046 613,000 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221(3) 06/01/2046 2,909,014 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537(3) 06/01/2060 5,476,566 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351(3) 06/01/2060 165,200 22,780,000 Nassau County, NY Tobacco Settlement Corp. (TASC)(1) 5.000 06/01/2035 16,057,394 13,010,000 New Rochelle, NY IDA (College of New Rochelle)(1) 5.250 07/01/2027 12,758,126 3,670,000 New Rochelle, NY IDA (Soundview Apartments)(1) 5.375 04/01/2036 3,363,849 2,810,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.750 06/01/2018 2,658,906 1,500,000 Niagara County, NY IDA (Niagara University)(1) 5.350 11/01/2023 1,503,525 5,400,000 Niagara County, NY IDA (Niagara University)(1) 5.400 11/01/2031 5,167,098 20,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 5.750 05/15/2022 18,790 1,480,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2034 1,305,286 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2040 5,420,687 125,000 Niagara Falls, NY Public Water Authority(1) 5.500 07/15/2034 119,233 355,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.000 04/01/2028 318,712 1,875,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.625 04/01/2029 1,825,388 2,835,000 North Tonawanda, NY HDC (Bishop Gibbons Associates)(1) 7.375 12/15/2021 3,360,155 500,000 NY Carnegie Redevel. Corp. 7.000 09/01/2021 402,475 7,455,000 NY Counties Tobacco Trust I(1) 6.250 06/01/2028 6,858,675 6,235,000 NY Counties Tobacco Trust I(1) 6.500 06/01/2035 5,632,637 19,230,000 NY Counties Tobacco Trust I(1) 6.625 06/01/2042 17,347,768 29,800,000 NY Counties Tobacco Trust II (TASC)(1) 5.625 06/01/2035 22,979,376 53,880,000 NY Counties Tobacco Trust II (TASC)(1) 5.750 06/01/2043 39,551,692 245,000 NY Counties Tobacco Trust III(1) 6.000 06/01/2043 202,201 7,000,000 NY Counties Tobacco Trust IV(1) 5.000 06/01/2038 4,789,050 131,335,000 NY Counties Tobacco Trust IV 5.920(3) 06/01/2050 2,394,237 304,690,000 NY Counties Tobacco Trust IV 6.395(3) 06/01/2055 2,702,600 608,700,000 NY Counties Tobacco Trust IV 6.816(3) 06/01/2060 2,513,931
6 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 52,535,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000% 06/01/2042 $ 35,319,281 38,275,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2045 25,026,492 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 6.250 06/01/2041 73,953,000 236,140,000 NY Counties Tobacco Trust V 6.070(3) 06/01/2038 15,991,401 599,098,613 NY Counties Tobacco Trust V 6.210(3) 06/01/2050 12,125,756 643,195,000 NY Counties Tobacco Trust V 6.850(3) 06/01/2055 5,705,140 3,845,000,000 NY Counties Tobacco Trust V 7.846(3) 06/01/2060 15,879,850 15,000,000 NY Liberty Devel. Corp. (Bank of America Tower)(4) 5.125 01/15/2044 13,642,800 62,345,000 NY Liberty Devel. Corp. (Bank of America Tower)(4) 5.625 01/15/2046 61,264,475 3,000,000 NY Liberty Devel. Corp. (Bank of America Tower)(1) 5.625 07/15/2047 2,776,080 2,199,995 NY Liberty Devel. Corp. (National Sports Museum)(2) 6.125 02/15/2019 22 51,560,000 NY MTA, Series A(4) 5.000 11/15/2030 49,978,023 20,000 NY MTA, Series A(1) 5.000 11/15/2032 18,835 25,000 NY MTA, Series B(1) 5.000 01/01/2031 23,968 1,400,000 NY Newark-Wayne Community Hospital(1) 7.600 09/01/2015 1,386,490 29,720,000 NY Seneca Nation Indians Capital Improvements(1) 5.000 12/01/2023 23,831,874 25,000 NY Triborough Bridge & Tunnel Authority(1) 5.000 01/01/2032 25,010 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A(4) 5.000 01/01/2027 33,155,256 13,950,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2026 12,585,272 251,510,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2034 181,580,160 337,515,000 NY TSASC, Inc. (TFABs)(1) 5.125 06/01/2042 225,044,877 5,000,000 NYC Capital Resources Corp. (Albee Retail Devel.)(1) 7.250 11/01/2042 4,904,150 15,000 NYC GO(1) 5.000 06/01/2020 15,647 25,000 NYC GO(1) 5.000 03/01/2025 25,491 10,920,000 NYC GO(4) 5.000 08/01/2030 10,946,645 12,455,000 NYC GO(4) 5.000 12/01/2033 12,312,745 12,765,000 NYC GO(4) 5.000 03/01/2035 12,511,703 5,400,000 NYC GO(4) 5.000 08/01/2035 5,291,719 60,000 NYC GO(1) 5.100 11/01/2019 62,264 100,000 NYC GO 5.250 09/15/2013 100,386 20,000,000 NYC GO(4) 5.250 03/01/2021 21,918,800 5,000 NYC GO(1) 5.250 08/01/2021 5,015 3,110,000 NYC GO(4) 5.250 06/01/2027 3,129,886 22,420,000 NYC GO(4) 5.250 06/01/2027 22,563,357 5,000 NYC GO(1) 5.375 12/01/2026 5,091 5,000 NYC GO(1) 5.375 03/01/2027 5,455 140,000 NYC GO(4) 5.375 06/01/2032 140,215 37,805,000 NYC GO(4) 5.375 06/01/2032 37,863,164 40,000 NYC GO(1) 5.500 08/01/2022 40,119 5,000 NYC GO(1) 5.500 12/01/2031 5,075 5,000 NYC GO(1) 5.950 08/01/2014 5,021 40,000 NYC GO 6.154(3) 10/01/2012 39,353 2,000,000 NYC GO(1) 6.250 12/15/2031 2,201,680
7 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 15,000 NYC GO(1) 7.250% 08/15/2024 $ 15,067 5,000 NYC GO(1) 7.750 08/15/2028 5,095 1,475,000 NYC GO ROLs(5) 14.929(6) 05/15/2031 1,507,922 5,395,000 NYC GO ROLs(5) 14.938(6) 05/15/2036 4,895,855 875,000 NYC GO ROLs(5) 14.941(6) 05/15/2033 835,555 36,191 NYC HDC (Beekman)(1) 6.500 10/15/2017 36,275 245,270 NYC HDC (Bridgeview III) 6.500 12/15/2017 246,406 725,720 NYC HDC (Cadman Towers) 6.500 11/15/2018 729,080 46,649 NYC HDC (Essex Terrace) 6.500 07/15/2018 46,807 101,498 NYC HDC (Keith Plaza) 6.500 02/15/2018 101,842 1,800,000 NYC HDC (Multifamily Hsg.)(1) 4.700 11/01/2040 1,556,406 780,000 NYC HDC (Multifamily Hsg.)(1) 5.000 11/01/2030 715,174 3,500,000 NYC HDC (Multifamily Hsg.)(4) 5.000 11/01/2037 3,222,916 2,700,000 NYC HDC (Multifamily Hsg.)(1) 5.000 11/01/2042 2,552,661 60,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2023 60,124 4,685,000 NYC HDC (Multifamily Hsg.)(4) 5.050 11/01/2039 4,285,796 2,435,000 NYC HDC (Multifamily Hsg.)(4) 5.100 11/01/2027 2,395,658 3,000,000 NYC HDC (Multifamily Hsg.)(4) 5.125 11/01/2032 2,861,280 5,100,000 NYC HDC (Multifamily Hsg.)(1) 5.150 11/01/2037 4,845,102 1,675,000 NYC HDC (Multifamily Hsg.)(1) 5.200 11/01/2035 1,523,764 8,035,000 NYC HDC (Multifamily Hsg.)(4) 5.200 11/01/2040 7,561,364 14,110,000 NYC HDC (Multifamily Hsg.)(4) 5.250 11/01/2030 14,145,120 7,205,000 NYC HDC (Multifamily Hsg.)(1) 5.250 11/01/2045 6,758,434 5,140,000 NYC HDC (Multifamily Hsg.)(1) 5.350 11/01/2037 4,956,245 1,215,000 NYC HDC (Multifamily Hsg.)(1) 5.350 05/01/2041 1,085,469 15,000 NYC HDC (Multifamily Hsg.)(1) 5.400 11/01/2033 14,706 3,735,000 NYC HDC (Multifamily Hsg.)(1) 5.450 11/01/2040 3,643,754 2,670,000 NYC HDC (Multifamily Hsg.)(1) 5.450 11/01/2046 2,374,618 4,785,000 NYC HDC (Multifamily Hsg.)(1) 5.500 11/01/2028 4,793,948 3,090,000 NYC HDC (Multifamily Hsg.)(4) 5.500 11/01/2034 3,114,986 2,840,000 NYC HDC (Multifamily Hsg.)(4) 5.550 11/01/2039 2,887,911 10,910,000 NYC HDC (Multifamily Hsg.)(4) 5.700 11/01/2046 10,981,744 67,424 NYC HDC (Multifamily Hsg.)(1) 6.500 02/15/2018 70,070 10,470,000 NYC HDC (Multifamily Hsg.), Series A(4) 5.600 11/01/2042 10,490,102 31,300,000 NYC HDC (Multifamily Hsg.), Series B(4) 5.350 05/01/2049 29,694,611 11,250,000 NYC HDC (Multifamily Hsg.), Series C(4) 5.050 11/01/2036 10,234,227 8,365,000 NYC HDC (Multifamily Hsg.), Series C(4) 5.125 05/01/2040 7,785,712 385,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.700 05/01/2031 385,031 1,000,000 NYC HDC (Multifamily Hsg.), Series E(1) 5.200 11/01/2033 954,830 2,155,000 NYC HDC (Multifamily Hsg.), Series F(1) 5.200 11/01/2032 2,065,912 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1(4) 4.875 11/01/2039 11,989,966 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.200 11/01/2038 1,275,221 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.250 05/01/2046 3,187,296 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2(4) 5.200 11/01/2038 14,109,588
8 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 836,766 NYC HDC (Ruppert)(1) 6.500% 11/15/2018 $ 880,964 208,335 NYC HDC (St. Martin Tower) 6.500 11/15/2018 209,300 2,750,000 NYC HDC, Series C(4) 5.000 11/01/2026 2,700,679 870,000 NYC IDA (A Very Special Place)(1) 5.750 01/01/2029 688,770 3,215,000 NYC IDA (Acme Architectural Products)(1) 6.375 11/01/2019 2,854,759 43,020,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 5.500 07/01/2028 36,400,082 20,875,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 6.000 07/01/2027 18,960,971 160,000 NYC IDA (Allied Metal)(1) 6.375 12/01/2014 153,512 940,000 NYC IDA (Allied Metal)(1) 7.125 12/01/2027 852,138 2,830,000 NYC IDA (Amboy Properties)(1) 6.750 06/01/2020 2,436,545 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,348,460 32,580,000 NYC IDA (American Airlines) 5.400 07/01/2020 25,838,546 41,550,000 NYC IDA (American Airlines) 6.900 08/01/2024 35,708,486 540,000 NYC IDA (American Airlines)(1) 7.500 08/01/2016 549,374 18,200,000 NYC IDA (American Airlines)(1) 7.625 08/01/2025 18,320,666 59,350,000 NYC IDA (American Airlines)(1) 7.750 08/01/2031 59,900,175 39,860,000 NYC IDA (American Airlines)(1) 8.000 08/01/2028 40,955,353 338,060,000 NYC IDA (American Airlines)(1) 8.500 08/01/2028 345,409,377 3,530,000 NYC IDA (American National Red Cross)(1) 5.000 02/01/2036 2,930,465 3,775,000 NYC IDA (Atlantic Paste & Glue Company)(1) 6.625 11/01/2019 3,397,236 935,000 NYC IDA (Atlantic Veal & Lamb)(1) 8.375 12/01/2016 929,820 105,000 NYC IDA (Baco Enterprises)(1) 7.500 11/01/2011 104,807 1,685,000 NYC IDA (Baco Enterprises)(1) 8.500 11/01/2021 1,640,364 1,230,000 NYC IDA (Bark Frameworks)(1) 6.750 11/01/2019 1,126,803 5,500,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 02/15/2022 4,652,395 1,035,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2027 874,389 4,220,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2034 3,496,312 34,450,000 NYC IDA (British Airways)(1) 7.625 12/01/2032 34,559,207 97,120,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.650 10/01/2028 74,067,597 153,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.750 10/01/2036 111,789,274 22,255,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 6.200 10/01/2022 20,029,500 16,205,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 13,621,437 4,145,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 3,439,148 2,895,000 NYC IDA (Center for Elimination of Family Violence)(1) 7.375 11/01/2036 2,708,938 15,300,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 12,314,817 3,400,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 2,736,626 29,135,000 NYC IDA (Chapin School)(1) 5.000 11/01/2038 23,046,659 1,490,000 NYC IDA (Comprehensive Care Management)(1) 6.000 05/01/2026 1,232,513 3,145,000 NYC IDA (Comprehensive Care Management)(1) 6.125 11/01/2035 2,457,786 1,490,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 1,225,570 3,760,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 2,908,962
9 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,375,000 NYC IDA (Comprehensive Care Management)(1) 7.875% 12/01/2016 $ 1,374,986 430,000 NYC IDA (Comprehensive Care Management)(1) 8.000 12/01/2011 430,206 1,310,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,104,867 1,180,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 995,224 5,685,000 NYC IDA (Cool Wind Ventilation)(1) 6.075 11/01/2027 4,189,106 475,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 483,303 5,500,000 NYC IDA (Family Support Systems)(2) 7.500 11/01/2034 3,505,590 1,790,000 NYC IDA (Good Shepherd Services)(1) 5.875 06/01/2014 1,689,474 3,270,000 NYC IDA (Gourmet Boutique)(1) 5.750 05/01/2021 2,557,107 7,290,000 NYC IDA (Guttmacher Institute)(1) 5.750 12/01/2036 5,529,757 1,985,000 NYC IDA (Herbert G. Birch Childhood Project)(1) 8.375 02/01/2022 1,995,918 800,000 NYC IDA (Independent Living Assoc.)(1) 6.200 07/01/2020 736,600 540,000 NYC IDA (Just Bagels Manufacturing)(1) 8.500 11/01/2016 541,960 920,000 NYC IDA (Just Bagels Manufacturing)(1) 8.750 05/01/2026 929,964 5,000,000 NYC IDA (Liberty-7 World Trade Center) 6.500 03/01/2035 4,894,050 12,000,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.750 03/01/2015 12,006,960 10,000 NYC IDA (Lighthouse International)(1) 4.500 07/01/2033 8,239 2,405,000 NYC IDA (Little Red Schoolhouse)(1) 6.750 11/01/2018 2,395,813 23,000,000 NYC IDA (Magen David Yeshivah)(1) 5.700 06/15/2027 11,499,310 3,745,000 NYC IDA (Manhattan Community Access Corp.)(1) 6.000 12/01/2036 2,938,964 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 1,498,812 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 7,256,783 680,000 NYC IDA (Marymount School of New York)(1) 5.125 09/01/2021 691,002 4,010,000 NYC IDA (Marymount School of New York)(1) 5.250 09/01/2031 3,807,615 17,075,000 NYC IDA (MediSys Health Network)(1) 6.250 03/15/2024 13,958,130 4,790,000 NYC IDA (Mesorah Publications)(1) 6.950 02/01/2021 4,403,543 8,405,000 NYC IDA (Metro Biofuels)(1) 6.000 11/01/2028 6,320,728 2,540,000 NYC IDA (Metropolitan College of New York)(1) 5.750 03/01/2020 2,469,210 1,855,000 NYC IDA (Morrisons Pastry)(1) 6.500 11/01/2019 1,713,946 25,000 NYC IDA (NYU)(1) 5.000 07/01/2041 24,019 40,000,000 NYC IDA (NYU)(4) 5.250 07/01/2048 38,726,212 2,935,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2017 2,822,032 805,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2018 757,425 10,065,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2027 9,520,785 1,830,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 1,733,285 2,145,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 2,031,637 865,000 NYC IDA (Precision Gear)(1) 7.625 11/01/2024 869,559 1,750,000 NYC IDA (PSCH)(1) 6.375 07/01/2033 1,459,938 6,800,000 NYC IDA (Reece School)(1) 7.500 12/01/2037 5,912,396 1,340,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.250 11/01/2014 1,243,292 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.750 11/01/2028 6,749,396 1,000,000 NYC IDA (Roundabout Theatre)(1) 5.000 10/01/2023 760,300
10 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 3,785,000 NYC IDA (Sahadi Fine Foods)(1) 6.750% 11/01/2019 $ 3,497,756 200,000 NYC IDA (Samaritan Aids Services)(1) 5.000 11/01/2024 200,986 875,000 NYC IDA (SFTU/YAI/CRV Obligated Group)(1) 5.000 07/01/2026 668,325 4,380,000 NYC IDA (Showman Fabricators)(1) 7.500 11/01/2028 3,269,451 3,005,000 NYC IDA (South Bronx Overall Economic Devel.)(1) 8.625 12/01/2025 2,774,667 1,625,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 4.750 07/01/2020 1,352,423 995,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 824,636 2,415,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 6.650 07/01/2023 2,310,938 3,735,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 7.875 08/01/2025 3,577,159 5,760,000 NYC IDA (Stallion)(1) 5.500 11/01/2036 3,685,190 955,000 NYC IDA (Stallion)(1) 6.000 11/01/2027 716,947 10,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 9,532 1,420,000 NYC IDA (Staten Island University Hospital)(1) 6.450 07/01/2032 1,362,064 350,000 NYC IDA (Streamline Plastics)(1) 7.750 12/01/2015 342,850 1,275,000 NYC IDA (Streamline Plastics)(1) 8.125 12/01/2025 1,194,140 6,808,500 NYC IDA (Studio School)(1) 7.000 11/01/2038 5,775,923 605,000 NYC IDA (Surprise Plastics)(2) 7.500 11/01/2013 542,510 2,480,000 NYC IDA (Surprise Plastics)(2) 8.500 11/01/2023 1,827,264 1,500,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2021 1,536,330 380,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2021 377,522 1,000,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2030 907,560 8,800,000 NYC IDA (The Child School)(1) 7.550 06/01/2033 8,421,864 75,000 NYC IDA (Therapy & Learning Center)(1) 7.500 10/01/2011 75,437 3,735,000 NYC IDA (Therapy & Learning Center)(1) 8.250 10/01/2031 3,751,808 8,845,000 NYC IDA (Tides Two Rivers Foundation)(1) 5.650 12/01/2039 6,459,327 32,040,000 NYC IDA (Unicef)(1) 5.300 11/01/2038 22,983,574 9,405,000 NYC IDA (Urban Health Plan)(1) 7.050 09/15/2026 8,628,805 3,640,000 NYC IDA (Urban Resource Institute)(1) 7.375 11/01/2033 3,231,374 1,150,000 NYC IDA (Utleys)(1) 7.375 11/01/2023 1,071,720 3,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2021 3,398,378 1,330,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 1,092,967 3,235,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 2,658,458 900,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2031 722,349 1,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.250 12/01/2036 1,433,970 12,200,000 NYC IDA (Visy Paper)(1) 7.800 01/01/2016 12,204,514 70,500,000 NYC IDA (Visy Paper)(1) 7.950 01/01/2028 68,052,240 1,930,000 NYC IDA (Vocational Instruction) 7.750(7) 02/01/2033 1,090,354 1,555,000 NYC IDA (W & W Jewelers)(1) 8.250 02/01/2021 1,530,104 5,930,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 5,154,712 2,900,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 2,520,854 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 12/31/2011 1,956,780 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 4,312,616 1,360,000 NYC IDA (World Casing Corp.)(1) 6.700 11/01/2019 1,241,326 41,105,000 NYC IDA (Yankee Stadium)(1) 5.000 03/01/2046 34,161,132
11 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 16,500,000 NYC IDA (Yankee Stadium)(1) 7.000% 03/01/2049 $ 17,729,745 24,270,000 NYC IDA (Yeled Yalda Early Childhood)(1) 5.725 11/01/2037 18,074,597 50,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2029 49,994 19,740,000 NYC Municipal Water Finance Authority(4) 5.000 06/15/2039 19,086,803 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2032 30,003 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 30,029 25,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 25,024 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art) 6.125 07/01/2030 79,778 14,360,000 NYS DA (Buena Vida Nursing Home)(1) 5.250 07/01/2028 14,362,872 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)(1) 5.000 07/01/2027 2,160,315 1,250,000 NYS DA (D'Youville College)(1) 5.250 07/01/2025 1,209,700 15,000 NYS DA (Dept. of Mental Hygiene)(1) 5.250 08/15/2031 15,001 20,000 NYS DA (Ellis Hospital)(1) 5.600 08/01/2025 20,011 5,935,000 NYS DA (Interagency Council)(1) 7.000 07/01/2035 5,512,013 3,255,000 NYS DA (L.I. University)(1) 5.125 09/01/2023 3,183,260 1,335,000 NYS DA (L.I. University)(1) 5.250 09/01/2028 1,257,890 3,260,000 NYS DA (Manhattan College)(1) 5.300 07/01/2037 2,847,545 18,230,000 NYS DA (Memorial Sloan-Kettering)(4) 5.000 07/01/2035 17,656,553 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.375 07/01/2029 4,039,654 2,500,000 NYS DA (Municipal Health Facilities)(1) 5.000 01/15/2028 2,488,575 1,000,000 NYS DA (New School University)(1) 5.750 07/01/2050 971,860 2,265,000 NYS DA (New York Methodist Hospital)(1) 5.250 07/01/2033 2,065,408 20,580,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 19,535,359 40,320,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2036 35,390,880 2,000,000 NYS DA (NYU Hospitals Center)(1) 5.625 07/01/2037 1,924,260 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home)(1) 5.000 11/01/2026 2,334,911 7,300,000 NYS DA (Personal Income Tax)(1) 5.000 03/15/2038 7,115,237 6,035,000 NYS DA (Providence Rest)(1) 5.000 07/01/2035 3,641,157 2,700,000 NYS DA (Providence Rest)(1) 5.125 07/01/2030 1,785,105 3,100,000 NYS DA (Providence Rest)(1) 5.250 07/01/2025 2,276,020 6,260,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2025 5,655,660 17,660,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2035 14,442,878 1,750,000 NYS DA (School District Bond Financing Program), Series C(1) 7.250 10/01/2028 2,007,898 2,645,000 NYS DA (School District Bond Financing Program), Series C(1) 7.375 10/01/2033 3,000,303 1,525,000 NYS DA (School District Bond Financing Program), Series C(1) 7.500 04/01/2039 1,718,370 50,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2022 52,615 25,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2029 26,102
12 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)(1) 5.100% 07/01/2034 $ 997,600 5,770,000 NYS DA (Smithtown Special Library District)(1) 6.000 07/01/2028 6,138,415 1,055,000 NYS DA (St. Catherine of Siena Medical Center)(1) 6.000 07/01/2030 1,056,055 3,500,000 NYS DA (St. Joseph's College)(1) 5.250 07/01/2035 3,276,630 50,000,000 NYS DA (St. Mary's Hospital for Children)(1) 7.875 11/15/2041 46,083,500 1,505,000 NYS DA (St. Thomas Aquinas College)(1) 5.250 07/01/2028 1,395,255 5,240,000 NYS DA (The Bronx-Lebanon Hospital Center)(1) 6.250 02/15/2035 5,464,167 11,695,000 NYS DA (Vassar College)(4) 5.000 07/01/2046 11,254,214 2,365,000 NYS EFC (NYS Water Services)(1) 6.000 01/15/2031 2,374,862 65,000 NYS EFC (United Waterworks)(1) 5.150 03/01/2034 55,960 25,000 NYS ERDA (Brooklyn Union Gas Company)(1) 4.700 02/01/2024 24,578 15,000 NYS ERDA (Brooklyn Union Gas Company)(1) 5.500 01/01/2021 15,049 350,000 NYS ERDA (LILCO)(1) 5.300 10/01/2024 341,765 100,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 96,252 75,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 72,189 400,000 NYS ERDA (NYS Electric & Gas Corp.)(1) 5.350 12/01/2028 370,648 70,000 NYS ERDA (Rochester Gas & Electric)(1) 5.375 05/15/2032 64,441 16,300,000 NYS ERDA BUG RIBS 11.756(6) 07/01/2026 16,335,208 7,000,000 NYS ERDA BUG RIBS 11.976(6) 04/01/2020 7,244,580 2,000,000 NYS HFA (Affordable Hsg.)(1) 5.000 11/01/2042 1,882,180 2,365,000 NYS HFA (Affordable Hsg.)(1) 5.250 11/01/2038 2,211,559 10,220,000 NYS HFA (Affordable Hsg.)(4) 5.450 11/01/2045 9,716,786 2,095,000 NYS HFA (Children's Rescue)(1) 7.625 05/01/2018 2,096,048 1,595,000 NYS HFA (Crotona Estates Apartments)(1) 4.950 08/15/2038 1,456,825 955,000 NYS HFA (Friendship)(1) 5.100 08/15/2041 877,788 1,330,000 NYS HFA (Golden Age Apartments)(1) 5.000 02/15/2037 1,225,981 1,645,000 NYS HFA (Kensico Terrace Apartments)(1) 4.900 02/15/2038 1,471,222 5,000 NYS HFA (Meadow Manor)(1) 7.750 11/01/2019 5,081 3,800,000 NYS HFA (Multifamily Hsg.)(1) 4.850 02/15/2038 3,420,798 2,860,000 NYS HFA (Multifamily Hsg.)(1) 5.350 08/15/2031 2,793,934 2,080,000 NYS HFA (Multifamily Hsg.)(1) 5.375 02/15/2035 2,013,315 3,290,000 NYS HFA (Multifamily Hsg.)(1) 5.450 08/15/2032 3,240,782 2,075,000 NYS HFA (Multifamily Hsg.)(1) 5.500 08/15/2030 2,074,855 1,050,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 1,050,347 3,200,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 3,201,056 1,000,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2031 1,000,340 1,710,000 NYS HFA (Multifamily Hsg.)(1) 5.650 02/15/2034 1,709,880 2,120,000 NYS HFA (Multifamily Hsg.)(1) 5.700 08/15/2033 2,120,572 650,000 NYS HFA (Multifamily Hsg.)(1) 6.250 02/15/2031 650,592 1,255,000 NYS HFA (Multifamily Hsg.)(1) 6.400 11/15/2027 1,255,941 3,855,000 NYS HFA (Multifamily Hsg.)(1) 6.750 11/15/2036 3,851,338 365,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 366,814 395,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 396,845
13 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 425,000 NYS HFA (Nonprofit Hsg.) 8.400% 11/01/2013 $ 426,828 510,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2014 512,122 540,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2015 542,128 580,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2016 582,216 640,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2017 642,221 685,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2018 687,267 65,000 NYS LGSC (SCSB) 7.250 12/15/2011 65,480 715,000 NYS LGSC (SCSB) 7.375 12/15/2016 715,651 980,000 NYS LGSC (SCSB) 7.750 12/15/2021 992,877 185,000 NYS Medcare (Hospital & Nursing Home)(1) 7.400 11/01/2016 185,886 110,000 NYS Medcare (Hospital & Nursing Home)(1) 9.375 11/01/2016 110,777 10,000 NYS Medcare (M.G. Nursing Home) 6.200 02/15/2015 10,038 400,000 NYS Power Authority(1) 5.250 11/15/2040 399,976 25,000 NYS UDC (Subordinated Lien)(1) 5.500 07/01/2016 25,094 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley)(1) 5.000 09/15/2035 610,017 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.300 03/15/2019 403,538 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.350 03/15/2029 654,385 4,355,000 Onondaga County, NY IDA (Air Cargo)(1) 6.125 01/01/2032 3,747,565 2,000,000 Onondaga County, NY IDA (Air Cargo)(1) 7.250 01/01/2032 1,785,320 965,000 Onondaga County, NY IDA (Community General Hospital)(1) 5.500 11/01/2018 852,790 4,765,000 Onondaga County, NY IDA (Community General Hospital)(1) 6.625 01/01/2018 4,332,815 1,185,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2030 1,123,759 1,115,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2037 1,002,296 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)(1) 6.250 12/01/2034 500,155 42,834,598 Onondaga County, NY Res Rec(1) 0.000(8) 05/01/2022 31,275,253 30,165,000 Onondaga County, NY Res Rec(1) 5.000 05/01/2015 27,754,817 2,000,000 Onondaga, NY Civic Devel Corp. (Le Moyne College)(1) 5.375 07/01/2040 1,856,940 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2021 2,272,200 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 1,958,441 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 1,760,491 2,045,000 Orange County, NY IDA (Glen Arden)(1) 5.625 01/01/2018 1,772,013 5,590,000 Orange County, NY IDA (Glen Arden)(1) 5.700 01/01/2028 4,112,675 70,000 Orange County, NY IDA (Orange Mental Retardation Properties) 7.800 07/01/2011 70,385 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2021 1,703,201
14 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375% 12/01/2026 $ 5,841,134 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 2,062,391 11,665,000 Peekskill, NY IDA (Drum Hill)(1) 6.375 10/01/2028 8,711,422 42,570,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 43,102,125 16,420,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2022 15,628,063 31,720,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 29,773,978 18,625,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.900 12/01/2017 18,582,721 2,110,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 2,103,733 50,300,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2019 46,443,499 35,000 Port Authority NY/NJ, 122nd Series(1) 5.000 07/15/2026 34,465 240,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2030 238,810 50,000 Port Authority NY/NJ, 127th Series(1) 5.200 12/15/2027 50,123 33,025,000 Port Authority NY/NJ, 136th Series(4) 5.125 05/01/2034 32,194,249 19,175,000 Port Authority NY/NJ, 136th Series(4) 5.375 11/01/2028 19,359,378 22,855,000 Port Authority NY/NJ, 136th Series(4) 5.500 11/01/2029 23,151,723 26,000,000 Port Authority NY/NJ, 138th Series(4) 4.750 12/01/2034 23,934,560 27,255,000 Port Authority NY/NJ, 141st Series(4) 4.500 09/01/2029 24,813,244 47,910,000 Port Authority NY/NJ, 143rd Series(4) 5.000 10/01/2030 46,945,572 12,840,000 Port Authority NY/NJ, 146th Series(4) 4.500 12/01/2034 11,406,953 10,000 Port Authority NY/NJ, 146th Series(1) 4.500 12/01/2034 8,872 26,100,000 Port Authority NY/NJ, 146th Series(4) 4.750 12/01/2027 24,551,696 10,000 Port Authority NY/NJ, 146th Series(1) 4.750 12/01/2027 9,401 13,005,000 Port Authority NY/NJ, 147th Series(4) 4.750 10/15/2028 12,020,070 17,790,000 Port Authority NY/NJ, 147th Series(4) 5.000 10/15/2027 17,197,754 20,000,000 Port Authority NY/NJ, 147th Series(4) 5.000 10/15/2032 18,856,550 82,000,000 Port Authority NY/NJ, 151st Series(4) 5.750 03/15/2035 83,596,109 15,000,000 Port Authority NY/NJ, 151st Series(4) 6.000 09/15/2028 15,603,750 101,940,000 Port Authority NY/NJ, 152nd Series(4) 5.250 11/01/2035 98,856,315 13,715,000 Port Authority NY/NJ, 152nd Series(4) 5.250 05/01/2038 13,132,188 22,500,000 Port Authority NY/NJ, 152nd Series(4) 5.750 11/01/2030 23,237,775 15,000,000 Port Authority NY/NJ, 166th Series(4) 5.250 07/15/2036 15,095,850 50,660,000 Port Authority NY/NJ, 37th Series(4) 5.250 07/15/2034 50,218,751 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)(1) 6.000 08/01/2032 2,755,138 1,500,000 Rensselaer County, NY IDA (Franciscan Heights)(1) 5.375 12/01/2036 1,364,220 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.625 06/01/2035 5,114,257 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.750 06/01/2043 5,802,770 4,820,000 Rensselaer, NY City School District COP(1) 5.000 06/01/2036 3,999,491
15 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,290,000 Riverhead, NY IDA (Michael Reilly Design)(1) 8.875% 08/01/2021 $ 1,291,922 6,790,000 Rochester, NY Museum & Science Center(1) 6.125 12/01/2015 6,519,962 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 977,450 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.625 08/15/2035 7,383,506 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.750 08/15/2043 8,021,487 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875(3) 08/15/2045 893,100 486,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.668(3) 08/15/2060 1,963,440 20,000 Sanford Town, NY GO(1) 5.250 04/15/2015 21,600 20,000 Sanford Town, NY GO(1) 5.250 04/15/2016 21,599 25,000 Sanford Town, NY GO(1) 5.250 04/15/2017 26,600 25,000 Sanford Town, NY GO(1) 5.250 04/15/2018 26,245 25,000 Sanford Town, NY GO(1) 5.250 04/15/2019 25,760 25,000 Sanford Town, NY GO(1) 5.250 04/15/2020 25,554 30,000 Sanford Town, NY GO(1) 5.250 04/15/2021 30,471 30,000 Sanford Town, NY GO(1) 5.250 04/15/2022 30,322 30,000 Sanford Town, NY GO(1) 5.250 04/15/2023 30,159 30,000 Sanford Town, NY GO(1) 5.250 04/15/2024 30,069 35,000 Sanford Town, NY GO(1) 5.250 04/15/2025 34,725 35,000 Sanford Town, NY GO(1) 5.250 04/15/2026 34,428 40,000 Sanford Town, NY GO(1) 5.250 04/15/2027 38,942 40,000 Sanford Town, NY GO(1) 5.250 04/15/2028 38,390 40,000 Sanford Town, NY GO(1) 5.250 04/15/2029 38,073 45,000 Sanford Town, NY GO(1) 5.250 04/15/2030 42,465 45,000 Sanford Town, NY GO(1) 5.250 04/15/2031 42,342 50,000 Sanford Town, NY GO(1) 5.250 04/15/2032 46,912 50,000 Sanford Town, NY GO(1) 5.250 04/15/2033 46,602 55,000 Sanford Town, NY GO(1) 5.250 04/15/2034 50,786 60,000 Sanford Town, NY GO(1) 5.250 04/15/2035 54,735 60,000 Sanford Town, NY GO(1) 5.250 04/15/2036 54,062 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)(1) 5.125 12/01/2033 2,697,360 2,650,000 Seneca County, NY IDA (New York Chiropractic College)(1) 5.000 10/01/2027 2,464,023 22,885,000 SONYMA, Series 106(4) 5.250 04/01/2034 21,406,253 30,225,000 SONYMA, Series 109(4) 4.950 10/01/2034 28,042,453 9,510,000 SONYMA, Series 133(4) 5.050 10/01/2026 9,245,681 23,000,000 SONYMA, Series 137(4) 4.700 10/01/2031 20,911,612 21,155,000 SONYMA, Series 140(4) 4.750 10/01/2037 18,137,909 11,335,000 SONYMA, Series 143(4) 4.900 10/01/2037 10,143,931
16 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 5,045,000 SONYMA, Series 145(4) 5.125% 10/01/2037 $ 4,715,465 1,955,000 SONYMA, Series 148(4) 5.150 10/01/2027 1,922,045 6,370,000 SONYMA, Series 148(4) 5.200 10/01/2032 6,115,064 25,000 SONYMA, Series 67(1) 5.700 10/01/2017 25,028 890,000 SONYMA, Series 69(1) 5.500 10/01/2028 890,000 26,645,000 SONYMA, Series 71(4) 5.400 04/01/2029 26,523,584 30,000 SONYMA, Series 71(1) 5.400 04/01/2029 29,864 25,000 SONYMA, Series 73(1) 5.250 10/01/2017 25,019 330,000 SONYMA, Series 73 5.300 10/01/2028 327,142 23,875,000 SONYMA, Series 73-A(4) 5.300 10/01/2028 23,668,069 3,585,000 SONYMA, Series 77(1) 5.150 04/01/2029 3,512,942 9,535,000 SONYMA, Series 79(4) 5.300 04/01/2029 9,382,693 345,000 SONYMA, Series 82(1) 5.650 04/01/2030 345,014 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy)(1) 7.250 12/01/2029 3,340,022 2,210,000 St. Lawrence County, NY IDA (Edwards John Noble Hospital)(1) 5.250 10/01/2020 2,125,291 5,440,000 St. Lawrence County, NY IDA (Edwards John Noble Hospital)(1) 6.250 10/01/2040 4,877,994 4,280,000 Suffolk County, NY Economic Devel. Corp., Series A(1) 7.375 12/01/2040 4,067,840 910,000 Suffolk County, NY IDA (ACLD)(1) 6.000 12/01/2019 832,650 380,000 Suffolk County, NY IDA (ALIA-ACDS)(1) 7.125 06/01/2017 377,773 2,035,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 5.950 10/01/2021 1,809,237 175,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.375 06/01/2014 172,191 460,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.500 03/01/2018 438,260 435,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 7.500 09/01/2015 440,533 150,000 Suffolk County, NY IDA (ALIA-ADD)(1) 6.950 12/01/2014 150,258 345,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.125 06/01/2017 342,978 175,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.500 09/01/2015 177,226 845,000 Suffolk County, NY IDA (ALIA-Adelante)(1) 6.500 11/01/2037 699,280 1,245,000 Suffolk County, NY IDA (ALIA-Civic Facility)(1) 5.950 11/01/2022 1,092,761 2,700,000 Suffolk County, NY IDA (ALIA-DDI)(1) 5.950 10/01/2021 2,400,462 655,000 Suffolk County, NY IDA (ALIA-DDI)(1) 6.375 06/01/2014 644,487 100,000 Suffolk County, NY IDA (ALIA-DDI)(1) 7.500 09/01/2015 101,272 780,000 Suffolk County, NY IDA (ALIA-FREE)(1) 5.950 10/01/2021 693,467 390,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.375 06/01/2014 383,741 905,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.950 12/01/2014 906,557 2,600,000 Suffolk County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2017 2,584,764 555,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 10/01/2021 493,428 710,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 11/01/2022 623,181 375,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.000 10/01/2031 303,863 310,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.375 06/01/2014 305,025 310,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.950 12/01/2014 310,533 800,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.125 06/01/2017 795,312
17 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,945,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.250% 12/01/2033 $ 1,801,848 125,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.500 09/01/2015 126,590 1,970,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 5.950 11/01/2022 1,729,108 185,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.375 06/01/2014 182,031 365,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.950 12/01/2014 365,628 120,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 7.500 09/01/2015 121,526 310,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.375 06/01/2014 305,025 810,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.950 12/01/2014 811,393 975,000 Suffolk County, NY IDA (ALIA-MCH)(1) 7.125 06/01/2017 969,287 790,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 5.950 11/01/2022 693,399 485,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 7.500 09/01/2015 491,169 240,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center)(1) 8.375 06/01/2016 245,254 360,000 Suffolk County, NY IDA (ALIA-SMCFS)(1) 7.500 09/01/2015 364,579 390,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels)(1) 7.500 09/01/2015 394,961 1,870,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 5.950 10/01/2021 1,662,542 130,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.375 06/01/2014 127,914 540,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.950 12/01/2014 540,929 535,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.000 06/01/2016 533,053 275,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.500 09/01/2015 278,498 3,530,000 Suffolk County, NY IDA (ALIA-UVBH)(1) 6.500 11/01/2037 2,921,252 765,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 5.950 11/01/2022 671,456 190,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 6.950 12/01/2014 190,327 610,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.125 06/01/2017 606,425 320,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.500 09/01/2015 324,070 575,000 Suffolk County, NY IDA (Catholic Charities)(1) 6.000 10/01/2020 520,870 180,000 Suffolk County, NY IDA (DDI)(1) 6.000 12/01/2019 164,700 500,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 452,930 515,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 466,518 4,620,000 Suffolk County, NY IDA (DDI)(1) 7.250 03/01/2024 4,483,433 7,555,000 Suffolk County, NY IDA (DDI)(1) 8.750 03/01/2023 7,635,990 5,000,000 Suffolk County, NY IDA (Dowling College)(1) 5.000 06/01/2036 3,279,650 2,630,000 Suffolk County, NY IDA (Dowling College)(1) 6.700 12/01/2020 2,515,253 2,900,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.375 01/01/2027 2,201,245 3,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.500 01/01/2037 2,618,766 1,310,000 Suffolk County, NY IDA (Family Residences)(1) 6.000 12/01/2019 1,198,650 1,345,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2027 1,327,784 930,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2034 838,851 2,195,000 Suffolk County, NY IDA (Federation of Organizations)(1) 8.125 04/01/2030 2,219,035 2,560,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II)(1) 6.700 05/01/2039 2,378,035
18 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 3,185,000 Suffolk County, NY IDA (Huntington First Aid Squad)(1) 6.650% 11/01/2017 $ 3,084,736 210,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 12/01/2019 192,150 995,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 10/01/2020 901,331 3,275,000 Suffolk County, NY IDA (Innovative Realty I)(1) 6.000 11/01/2037 2,246,061 8,600,000 Suffolk County, NY IDA (Jefferson's Ferry)(1) 5.000 11/01/2028 7,604,808 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services)(1) 7.550 02/01/2034 3,877,888 7,875,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living)(1) 6.375 01/01/2039 5,751,664 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 1,614,456 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 549,694 2,390,000 Suffolk County, NY IDA (New Interdisciplinary School)(1) 6.750 12/01/2019 2,299,682 2,000,000 Suffolk County, NY IDA (New York Institute of Technology)(1) 5.000 03/01/2026 1,933,580 4,505,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.300 01/01/2013 4,381,743 26,425,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.500 01/01/2023 23,253,472 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.200 02/01/2035 4,018,464 2,490,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 8.125 04/01/2030 2,479,243 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 770,765 2,540,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 8.000 04/01/2030 2,567,610 475,000 Suffolk County, NY IDA (Suffolk Hotels)(1) 6.000 10/01/2020 430,284 1,645,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 6.000 12/01/2019 1,505,175 3,255,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 7.875 09/01/2041 3,083,299 740,000 Suffolk County, NY IDA (WORCA)(1) 6.000 10/01/2020 670,336 119,295,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 0.000(8) 06/01/2044 88,206,723 12,095,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 5.375 06/01/2028 9,856,095 29,915,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2048 23,177,843 287,265,000 Suffolk, NY Tobacco Asset Securitization Corp. 8.000(3) 06/01/2048 6,426,118 3,181,000 Sullivan County, NY Community College COP 5.750 08/15/2025 2,498,739 2,325,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.625 06/01/2013 2,249,345 12,600,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.875 07/01/2022 9,837,702 5,200,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 06/01/2019 4,626,752 13,840,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 07/01/2037 10,285,611 4,500,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.500 06/01/2025 3,842,100 4,395,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.950 02/01/2035 3,531,822
19 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 440,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.250% 01/01/2017 $ 437,241 9,965,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.750 02/01/2027 9,458,778 6,745,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)(1) 8.500 11/01/2031 5,823,566 2,385,000 Syracuse, NY Hsg. Authority (Pavilion on James)(1) 7.500 11/01/2042 2,022,647 189,865,000 Syracuse, NY IDA (Carousel Center)(1) 5.000 01/01/2036 139,275,471 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital)(1) 5.375 01/01/2023 875,910 8,235,000 Syracuse, NY IDA (James Square) 7.197(3) 08/01/2025 3,199,874 725,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2021 695,261 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2031 1,819,437 75,000 Taconic Hills, NY (Central School District at Craryville)(1) 5.000 06/15/2026 75,369 40,000 Tompkins, NY Health Care Corp. (Reconstruction Home)(1) 10.800 02/01/2028 42,340 11,425,000 Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)(1) 5.000 09/01/2030 10,878,885 1,530,000 Ulster County, NY IDA (Brooklyn Bottling)(1) 8.600 06/30/2022 1,489,623 185,000 Ulster County, NY Res Rec(1) 5.000 03/01/2020 187,144 3,080,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2040 2,523,198 2,175,000 Ulster County, NY Tobacco Asset Securitization Corp. 6.250 06/01/2025 2,024,273 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.450 06/01/2040 2,504,728 3,550,000 Utica, NY IDA (Utica College Civic Facility)(1) 6.850 12/01/2031 3,452,979 1,800,000 Wayne County, NY IDA (ARC)(1) 8.375 03/01/2018 1,800,648 20,000 Westchester County, NY GO(1) 5.375 12/15/2014 20,134 4,300,000 Westchester County, NY Healthcare Corp., Series A(1) 5.875 11/01/2025 4,249,217 1,810,000 Westchester County, NY IDA (Beth Abraham Hospital)(1) 8.375 12/01/2025 1,820,570 3,550,000 Westchester County, NY IDA (Children's Village)(1) 6.000 06/01/2022 3,142,247 1,215,000 Westchester County, NY IDA (Clearview School)(1) 7.250 01/01/2035 1,119,878 2,945,000 Westchester County, NY IDA (Field Home)(1) 6.000 08/15/2017 2,748,480 3,335,000 Westchester County, NY IDA (Field Home)(1) 6.500 08/15/2022 3,070,401 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind)(1) 5.375 08/01/2024 1,272,674 1,185,000 Westchester County, NY IDA (JDAM)(1) 6.750 04/01/2016 1,190,937 3,325,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.000 01/01/2028 2,960,281 615,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.125 01/01/2018 615,129 1,430,000 Westchester County, NY IDA (Rippowam-Cisqua School)(1) 5.750 06/01/2029 1,373,844 1,000,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2013 993,620
20 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- NEW YORK CONTINUED $ 1,710,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500% 11/01/2033 $ 1,424,310 160,000 Westchester County, NY IDA (Westchester Airport Assoc.)(1) 5.950 08/01/2024 160,035 2,660,000 Westchester County, NY IDA (Winward School)(1) 5.250 10/01/2031 2,406,130 4,475,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2026 3,887,925 59,900,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2038 42,382,245 52,770,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2045 35,946,396 850,000 Yonkers, NY EDC (Charter School of Educational Excellence)(1) 6.250 10/15/2040 755,463 3,825,000 Yonkers, NY IDA (Hudson Scenic Studio)(1) 6.625 11/01/2019 3,509,476 1,525,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,106,174 2,200,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 6.150 03/01/2015 1,850,420 1,275,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 8.500 12/30/2013 1,275,816 3,600,000 Yonkers, NY IDA (St. Joseph's Hospital), Series 98-A(1) 6.150 03/01/2015 3,027,960 900,000 Yonkers, NY IDA (St. Joseph's Hospital), Series 98-B(1) 6.150 03/01/2015 756,990 2,740,000 Yonkers, NY IDA (Westchester School)(1) 8.750 12/30/2023 2,741,096 800,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2018 769,192 1,215,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2024 1,052,737 --------------- 5,545,848,334 --------------- U.S. POSSESSIONS--35.7% 825,000 Guam Education Financing Foundation COP(1) 5.000 10/01/2023 781,919 505,000 Guam GO(1) 5.250 11/15/2037 422,145 6,000,000 Guam GO(1) 6.750 11/15/2029 6,073,560 10,000,000 Guam GO(1) 7.000 11/15/2039 10,285,200 300,000 Guam Hsg. Corp. (Single Family Mtg.)(1) 5.750 09/01/2031 310,614 290,000 Guam Power Authority, Series A(1) 5.250 10/01/2023 269,616 20,000,000 Guam Power Authority, Series A(1) 5.250 10/01/2034 17,984,000 5,200,000 Guam Power Authority, Series A(1) 5.500 10/01/2030 4,892,108 7,700,000 Guam Power Authority, Series A(1) 5.500 10/01/2040 7,051,737 2,000,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 10/01/2022 1,634,760 34,875,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 06/01/2030 26,225,303 8,400,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 5,799,864 16,280,000 Northern Mariana Islands Ports Authority, Series A(1) 6.600 03/15/2028 14,389,404 55,650,000 Puerto Rico Aqueduct & Sewer Authority(1) 0.000(8) 07/01/2024 56,276,619 49,000,000 Puerto Rico Aqueduct & Sewer Authority(4) 5.125 07/01/2047 43,660,470 53,945,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2038 50,612,817 101,865,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 94,690,648 5,000,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 4,647,850 56,685,000 Puerto Rico Children's Trust Fund (TASC)(1) 5.625 05/15/2043 46,459,593 268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617(3) 05/15/2050 8,229,525 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165(3) 05/15/2055 11,122,850
21 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- U.S. POSSESSIONS CONTINUED $3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625%(3) 05/15/2057 $ 43,435,319 3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375(3) 05/15/2057 32,904,720 20,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2026 19,255 2,000,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2033 1,723,000 10,230,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2034 8,694,375 5,000,000 Puerto Rico Commonwealth GO(1) 5.125 07/01/2031 4,668,150 2,200,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 2,076,272 5,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2027 4,697,600 2,920,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2030 2,696,737 14,500,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2031 13,186,155 10,230,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2034 9,006,287 43,385,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2037 37,321,512 5,000,000 Puerto Rico Commonwealth GO(1) 5.375 07/01/2033 4,533,100 7,850,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2029 7,526,580 81,300,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2032 75,343,149 9,975,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2026 9,491,512 31,665,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2027 29,972,506 46,420,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2028 43,752,243 18,070,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2029 16,900,510 19,025,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2030 17,508,898 20,025,000 Puerto Rico Electric Power Authority, Series AAA(1) 5.250 07/01/2031 18,102,200 15,150,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2037 12,720,849 60,000,000 Puerto Rico Electric Power Authority, Series UU(1) 0.723(9) 07/01/2029 40,781,400 45,000 Puerto Rico HFC(1) 5.100 12/01/2018 45,625 9,515,000 Puerto Rico Highway & Transportation Authority(1) 5.000 07/01/2028 8,642,950 4,845,000 Puerto Rico Highway & Transportation Authority(1) 5.250 07/01/2030 4,474,551 3,100,000 Puerto Rico Highway & Transportation Authority 5.300 07/01/2035 2,720,436 4,000,000 Puerto Rico Highway & Transportation Authority(1) 5.500 07/01/2029 3,856,880 270,000 Puerto Rico Highway & Transportation Authority(1) 5.750 07/01/2020 273,119 11,585,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2033 9,980,478 28,570,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2042 23,255,694 3,885,000 Puerto Rico Highway & Transportation Authority, Series H(1) 5.450 07/01/2035 3,481,310 6,500,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2027 5,937,750 3,145,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2030 2,814,932 2,600,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2023 2,544,646 17,205,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2030 15,889,506 6,795,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2041 5,770,858
22 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- U.S. POSSESSIONS CONTINUED $ 92,120,000 Puerto Rico Highway & Transportation Authority, Series M(1) 5.000% 07/01/2046 $ 74,362,949 125,620,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.733(9) 07/01/2041 69,232,951 74,940,000 Puerto Rico Highway & Transportation Authority, Series N(1) 0.733(9) 07/01/2045 40,513,313 16,080,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2032 14,515,738 53,445,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2039 45,640,961 26,755,000 Puerto Rico Infrastructure(1) 5.000 07/01/2031 22,899,069 6,000,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 4,860,240 32,490,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 26,318,200 202,145,000 Puerto Rico Infrastructure(1) 5.000 07/01/2041 160,875,077 132,890,000 Puerto Rico Infrastructure(1) 5.000 07/01/2046 103,321,975 1,295,000 Puerto Rico Infrastructure(1) 5.500 07/01/2026 1,257,173 15,000,000 Puerto Rico Infrastructure(1) 5.500 07/01/2027 14,422,350 16,955,000 Puerto Rico Infrastructure 5.650(3) 07/01/2029 4,728,410 65,725,000 Puerto Rico Infrastructure 5.730(3) 07/01/2045 4,680,277 25,000,000 Puerto Rico Infrastructure 5.800(3) 07/01/2032 5,331,000 6,285,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.000 03/01/2036 4,836,559 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 12/01/2021 1,495,746 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2029 4,915,388 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.500 12/01/2031 5,385,369 38,000,000 Puerto Rico ITEMECF (Cogeneration Facilities)(1) 6.625 06/01/2026 38,041,420 2,025,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.600 05/01/2014 1,967,227 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.700 05/01/2024 4,245,518 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)(1) 5.750 06/01/2029 5,385,450 500,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2021 499,975 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2031 7,254,960 4,990,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2025 4,766,498 4,975,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 3,961,841 6,395,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 5,260,015 90,355,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2036 75,396,730 7,500,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2037 6,238,725 23,585,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2029 21,833,814 121,570,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2033 107,450,860 120,000 Puerto Rico Public Buildings Authority(1) 5.375 07/01/2033 107,857 1,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2021 1,601,040 7,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2031 7,690,575 8,000,000 Puerto Rico Public Buildings Authority(1) 6.500 07/01/2030 8,287,920
23 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED)
PRINCIPAL AMOUNT COUPON MATURITY VALUE -------------- ---------- ---------- --------------- U.S. POSSESSIONS CONTINUED $ 7,500,000 Puerto Rico Public Buildings Authority(1) 6.750% 07/01/2036 $ 7,885,800 296,445,000 Puerto Rico Sales Tax Financing Corp., Series A(4) 5.250 08/01/2057 276,745,233 643,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.401(3) 08/01/2054 31,972,579 221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.939(3) 08/01/2056 9,608,376 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500(3) 08/01/2042 3,644,400 3,800,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 6.500 08/01/2044 3,935,356 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504(3) 08/01/2043 9,044,000 35,000,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 0.000(8) 08/01/2032 28,059,150 2,500,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 5.250 08/01/2041 2,220,250 4,000,000 Puerto Rico Sales Tax Financing Corp., Series C(1) 5.375 08/01/2036 3,671,320 95,245,000 Puerto Rico Sales Tax Financing Corp., Series C(4) 5.750 08/01/2057 95,573,647 4,525,000 University of Puerto Rico(1) 5.000 06/01/2026 4,107,478 5,280,000 University of Puerto Rico, Series P(1) 5.000 06/01/2030 4,612,186 24,375,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2030 21,292,050 65,780,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2036 53,768,572 9,230,000 University of V.I., Series A(1) 5.375 06/01/2034 8,299,431 2,040,000 University of V.I., Series A(1) 6.250 12/01/2029 1,885,674 3,650,000 V.I. Government Refinery Facilities (Hovensa Coker)(1) 6.500 07/01/2021 3,648,978 10,000 V.I. HFA, Series A(1) 6.450 03/01/2016 10,016 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2031 16,690,565 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2033 472,280 22,733,000 V.I. Public Finance Authority (Hovensa Coker)(1) 6.500 07/01/2021 22,134,440 11,700,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 5.875 07/01/2022 10,796,526 8,000,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 6.125 07/01/2022 7,537,200 750,000 V.I. Public Finance Authority, Series A(1) 5.250 10/01/2024 750,000 11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300(3) 05/15/2035 1,250,304 --------------- 2,477,770,647 --------------- TOTAL INVESTMENTS, AT VALUE (COST $9,426,473,266)-115.5% 8,023,618,981 LIABILITIES IN EXCESS OF OTHER ASSETS-(15.5) (1,074,361,092) --------------- NET ASSETS-100.0% $ 6,949,257,889 ===============
FOOTNOTES TO STATEMENT OF INVESTMENTS (1.) All or a portion of the security position has been segregated for collateral to cover borrowings. (2.) This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. 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.) Security is subject to a shortfall and forbearance agreement. See accompanying Notes. (6.) Represents the current interest rate for a variable rate bond known as an "inverse floater." See accompanying Notes. (7.) Subject to a forbearance agreement. Rate shown is current rate. See accompanying Notes. (8.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (9.) Represents the current interest rate for a variable or increasing rate security. 24 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) 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 or liability (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 or liability). The table below categorizes amounts as of March 31, 2011 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED OTHER SIGNIFICANT SIGNIFICANT QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Municipal Bonds and Notes New York $-- $5,545,578,393 $269,941 $5,545,848,334 U.S. Possessions -- 2,477,770,647 -- 2,477,770,647 --- -------------- -------- -------------- Total Assets $-- $8,023,349,040 $269,941 $8,023,618,981 --- -------------- -------- --------------
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 BUG Brodelyn Union Gas 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 CRV Crystal Run Village CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DRIVERS Derivatives Inverse Tax Exempt Receipts EDC Economic Devel. Corp. EFC Environmental Facilities Corp. ERDA Energy Research and Devel. Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation 25 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) 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 SCHRC St. Charles Hospital and Rehabilitation Center SCSB Schuyler Community Services Board SFH St. Francis Hospital SFTU Services for the Underserved 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 YAI Young Adult Institute 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," observable market inputs other than unadjusted quoted prices 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 26 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) 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. In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, 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. In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, 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. 27 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2011, the Fund had sold securities issued on a when-issued or delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------ Sold securities $7,670,154
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 $1,088,435,000 as of March 31, 2011. Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the "municipal bond") to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the "sponsor") creates a trust (the "Trust") and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an "inverse floating rate security") to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund's repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities in the annual and semiannual reports. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust's liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of Operations in the annual and semiannual reports. At March 31, 2011, municipal bond holdings with a value of $1,669,987,612 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $1,088,435,000 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. 28 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) At March 31, 2011, 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 13.554% 6/1/32 $ 13,698,380 8,935,000 NY Austin Trust Various States Inverse Certificates 13.457 6/1/27 9,098,242 23,960,000 NY Austin Trust Various States Inverse Certificates 7.842 11/1/38 20,353,781 16,400,000 NY Austin Trust Various States Inverse Certificates 11.616 7/1/48 15,126,212 31,175,000 NY Liberty Devel. Corp. (One Bryant Park) ROLs(3) 10.570 1/15/46 30,094,475 7,500,000 NY Liberty Devel. Corp. ROLs(3) 0.000(4) 1/15/44 6,142,800 10,770,000 NY MTA ROLs(3) 16.260 11/15/30 8,938,023 6,615,000 NY Triborough Bridge & Tunnel Authority ROLs(3) 17.429 1/1/27 6,710,256 15,660,000 NY/NJ Port Authority Austin Trust Inverse Certificates 7.372 12/1/27 14,111,696 7,700,000 NY/NJ Port Authority Austin Trust Inverse Certificates 6.953 12/1/34 6,266,953 23,955,000 NY/NJ Port Authority Austin Trust Inverse Certificates 9.113 10/1/30 22,990,572 5,605,000 NYC GO DRIVERS 8.431 12/1/33 5,462,745 5,460,000 NYC GO DRIVERS 7.724 8/1/30 5,486,645 2,430,000 NYC GO DRIVERS 8.481 8/1/35 2,321,719 5,745,000 NYC GO DRIVERS 8.480 3/1/35 5,491,703 5,000,000 NYC GO ROLs 18.702 3/1/21 6,918,800 3,490,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.691 11/1/42 3,510,102 920,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.911 11/1/26 870,679 810,000 NYC HDC (Multifamily Hsg.) DRIVERS 11.228 11/1/27 770,658 1,000,000 NYC HDC (Multifamily Hsg.) DRIVERS 11.272 11/1/32 861,280 1,165,000 NYC HDC (Multifamily Hsg.) DRIVERS 10.961 11/1/37 887,916 1,560,000 NYC HDC (Multifamily Hsg.) DRIVERS 11.088 11/1/39 1,160,796 2,790,000 NYC HDC (Multifamily Hsg.) DRIVERS 11.266 5/1/40 2,210,712 775,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 16.243 11/1/34 799,986 710,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 16.466 11/1/39 757,911 2,730,000 NYC HDC (Multifamily Hsg.) DRIVERS(3) 16.971 11/1/46 2,801,744 2,680,000 NYC HDC (Multifamily Hsg.) DRIVERS 11.460 11/1/40 2,206,364 3,955,000 NYC HDC (Multifamily Hsg.) ROLs(3) 13.520 11/1/30 3,990,120 11,905,000 NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs(3) 10.715 5/1/49 10,299,611 4,935,000 NYC Municipal Water Finance Authority ROLs 15.071 6/15/39 4,281,803 8,205,000 NYS DA (Memorial Sloan-Kettering) DRIVERS 8.480 7/1/35 7,631,553 5,265,000 NYS DA (Vassar College) DRIVERS 8.478 7/1/46 4,824,214 3,410,000 NYS HFA ROLs(3) 12.348 11/1/45 2,906,786 3,750,000 Port Authority NY/NJ ROLs(3) 18.087 9/15/28 4,353,750 4,895,000 Port Authority NY/NJ, 11588th Series ROLs 13.754 10/15/27 4,302,754 3,580,000 Port Authority NY/NJ, 11588th Series ROLs 12.959 10/15/28 2,595,070 5,500,000 Port Authority NY/NJ, 11588th Series ROLs 13.761 10/15/32 4,356,550 9,090,000 Port Authority NY/NJ, 11589th Series ROLs 10.197 9/1/29 6,648,244 11,880,000 Port Authority NY/NJ, 136th Series DRIVERS 6.877 11/1/28 12,064,378 11,430,000 Port Authority NY/NJ, 136th Series DRIVERS 8.498 11/1/29 11,726,723 11,015,000 Port Authority NY/NJ, 136th Series DRIVERS 11.266 5/1/34 10,184,249 13,000,000 Port Authority NY/NJ, 138th Series DRIVERS 7.201 12/1/34 10,934,560 24,005,000 Port Authority NY/NJ, 151st Series DRIVERS 12.898 3/15/35 25,406,412
29 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) 4,570,000 Port Authority NY/NJ, 152nd Series DRIVERS 11.605 5/1/38 3,987,188 20,000,000 Port Authority NY/NJ, 3090th Series DRIVERS 8.077 11/1/35 18,790,000 7,500,000 Port Authority NY/NJ, 3114th Series DRIVERS 12.916 11/1/30 8,237,775 30,970,000 Port Authority NY/NJ, 3114th Series DRIVERS 8.077 11/1/35 29,096,315 3,335,000 Port Authority NY/NJ, 3115th Series DRIVERS 12.910 3/15/35 3,529,697 7,500,000 Port Authority NY/NJ, 3249th Series ROLs(3) 9.816 7/15/36 7,595,850 25,330,000 Port Authority NY/NJ, 37th Series DRIVERS 8.067 7/15/34 24,888,751 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs(3) 14.925 7/1/47 2,679,570 15,000,000 Puerto Rico Aqueduct & Sewer Authority ROLs 9.472 7/1/47 11,730,900 74,115,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 18.551 8/1/57 54,415,233 23,815,000 Puerto Rico Sales Tax Financing Corp. ROLs(3) 17.365 8/1/57 24,143,647 18,135,000 SONYMA ROLs(3) 7.615 10/1/34 15,952,453 5,405,000 SONYMA ROLs(3) 14.163 4/1/29 5,331,222 3,185,000 SONYMA ROLs(3) 14.243 4/1/29 3,032,693 3,490,000 SONYMA ROLs(3) 14.542 4/1/29 3,442,362 7,635,000 SONYMA ROLs(3) 14.127 4/1/34 6,156,253 7,965,000 SONYMA ROLs(3) 14.260 10/1/28 7,758,069 3,175,000 SONYMA ROLs(3) 13.491 10/1/26 2,910,681 5,675,000 SONYMA ROLs(3) 8.995 10/1/37 4,483,931 11,505,000 SONYMA ROLs(3) 8.607 10/1/31 9,416,612 10,590,000 SONYMA ROLs(3) 8.703 10/1/37 7,572,909 1,685,000 SONYMA, Series 145 DRIVERS 11.232 10/1/37 1,355,465 650,000 SONYMA, Series 148 DRIVERS 11.343 10/1/27 617,045 2,125,000 SONYMA, Series 148 DRIVERS 11.439 10/1/32 1,870,064 ------------ $581,552,612 ============
(1.) For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 25-26 of the Statement of Investments. (2.) Represents the current interest rate for a variable rate bond known as an "inverse floater." (3.) Security is subject to a shortfall and forbearance agreement. (4.) The inverse floater was created on a when-issued or delayed delivery basis. Therefore, the interest rate will be determined upon settlement. The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund's potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund's investment in such inverse floating rate securities, if it deems it appropriate to do so. As of March 31, 2011, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at $591,050,000. 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 that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2011 is as follows: 30 | ROCHESTER FUND MUNICIPALS ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS MARCH 31, 2011 (UNAUDITED) Cost $10,034,634 Market Value $ 6,636,537 Market Value as a % of Net Assets 0.10%
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 March 31, 2011, securities with an aggregate market value of $1,090,354, representing 0.02% of the Fund's net assets, were subject to these forbearance agreements. Interest payments of $37,394 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements. CONCENTRATION RISK. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. FEDERAL TAXES. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2011 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 $ 8,378,563,339(1) =============== Gross unrealized appreciation $ 93,310,691 Gross unrealized depreciation (1,560,247,757) --------------- Net unrealized depreciation $(1,466,937,066) ===============
(1.) The Federal tax cost of securities does not include cost of $1,111,992,708, 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. 31 | ROCHESTER FUND MUNICIPALS ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2011, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Rochester Fund Municipals By: /s/ William F. Glavin, Jr. ------------------------------------ William F. Glavin, Jr. Principal Executive Officer Date: 05/10/2011 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ William F. Glavin, Jr. ------------------------------------ William F. Glavin, Jr. Principal Executive Officer Date: 05/10/2011 By: /s/ Brian W. Wixted ------------------------------------ Brian W. Wixted Principal Financial Officer Date: 05/10/2011