0000950123-12-003408.txt : 20120228 0000950123-12-003408.hdr.sgml : 20120228 20120227174759 ACCESSION NUMBER: 0000950123-12-003408 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20111230 FILED AS OF DATE: 20120228 DATE AS OF CHANGE: 20120227 EFFECTIVENESS DATE: 20120228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 12643677 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 0000093621 S000008503 ROCHESTER FUND MUNICIPALS C000023347 A C000023348 B C000023349 C C000023350 Y N-CSR 1 g60121nvcsr.htm FORM N-CSR nvcsr
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
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)
Arthur S. Gabinet
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: 12/30/2011
 
 

 

 

Item 1. Reports to Stockholders.
(ROCHESTER LOGO)
December 31, 2011
M A N A G E M E N T C O M M E N TA R Y
An Interview with Your Fund’s Portfolio Managers
A N N U A L R E P O RT
Listing of Top Holdings Fund Performance Discussion Financial Statements
“If you’re looking for guidance about current market conditions and fixed-income strategies, it seems likely that portfolio managers with a long and focused track record in municipal bond investing would have sharper insights than any new media personality.”
Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

 

 

TOP HOLDINGS AND ALLOCATIONS
Top Ten Categories
         
Tobacco-Master Settlement Agreement
     18.4 %
Sales Tax Revenue
     9.3  
Electric Utilities
     6.6  
Airlines
     6.4  
Marine/Aviation Facilities
     6.2  
General Obligation
     5.4  
Highways/Commuter Facilities
     5.4  
Hospital/Healthcare
     4.8  
Municipal Leases
     4.0  
Higher Education
     3.9  
Portfolio holdings are subject to change. Percentages are as of December 30, 2011, and are based on total assets.
Credit Allocation
         
Credit Rating Breakdown   NRSRO Only Total  
AAA
     1.1 %
AA
     27.8  
A
     8.7  
BBB
     33.5  
BB or lower
     8.9  
Unrated
     20.0  
 
      
Total
     100.0 %
The percentages above are based on the market value of the Fund’s securities as of December 30, 2011, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.
For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.
10 | ROCHESTER FUND MUNICIPALS

 

 

FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion of the Fund’s performance during the reporting period ended December 30, 2011, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.1
Management Discussion of Fund Performance. In a 12-month period characterized by challenging conditions and low new issuance at the outset and a very strong rally at the end, the Class A shares of Rochester Fund Municipals produced an annual total return of 11.50% at net asset value (6.21% with sales charge), with tax-free income providing nearly two-thirds of the total return.
     Rochester Fund Municipals distributed $1.034 per Class A share during this reporting period, including a small amount of taxable income; the Fund’s distributions may have increased an investor’s exposure to AMT, for investors subject to that tax.
     The charts on pages 15 to 18 show the Fund’s performance. We encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income, and we believe that this Fund’s investments offer structural advantages over the long term.
     Securities of the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 32.2% of the Fund’s net assets at the end of this reporting period. Most of the Fund’s investments in the securities issued by Puerto Rico issuers are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education.
     During this reporting period, the market continued to react favorably to the fiscal improvements that have been championed by first-term governor Luis Fortuño. His administration has proposed another deficit budget for the next fiscal year, beginning July 1, 2012, but has lowered the size of the deficit relative to spending considerably in recent years. Puerto Rico’s ability to access the credit markets was evident in June, when it issued its first new-money general obligation bonds in nearly 3 years. Late in the year, the Commonwealth was able to borrow more than $1 billion. The muni market has also reacted well to the new leadership at the Commonwealth’s financing arm, the Government Development Bank (GDB). Juan Carlos Batlle became the GDB’s president in March and José Otero-Freiria became the GDB’s debt-financing chief. The Commonwealth, its agencies and the GDB retained their investment-grade ratings from Standard & Poor’s, Fitch Ratings and Moody’s Investor Service this reporting period.
 
1.   December 30, 2011, was the last business (trading) day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements.
11 | ROCHESTER FUND MUNICIPALS

 

 

FUND PERFORMANCE DISCUSSION
     This reporting period, the Fund remained invested in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 18.4% of the Fund’s total assets and comprised the Fund’s largest industry sector.2
     As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. Our long-term view of the sector remains bullish and, given attractive valuations, we will likely continue to hold a greater percentage of tobacco bond in our portfolios than our peers. We are confident that this sector will continue to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors. In this reporting period, tobacco bonds contributed positively to the Fund’s performance.
     As of December 30, 2011, the Fund’s holdings in the sales tax revenue sector represented 9.3% of the Fund’s total assets. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. An investment in this sector requires Fund managers to consider the economic conditions that a municipality has experienced and will likely experience as well as the aggregate face value of the sales tax revenue bonds being issued relative to the municipality’s historic and likely sales tax balances. This sector contributed positively to the Fund’s total return this reporting period.
     The Fund continued to be invested in the electric utilities sector, constituting 6.6% of the Fund’s total assets at the end of this reporting period. Our holdings in this sector consist of securities in the mid-range of the credit spectrum. The overall fundamentals in this sector also remained stable this reporting period, contributing to positive results.
     The Fund’s airline holdings represented 6.4% of total assets as of December 30, 2011. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors valuable collateral. In late November 2011, AMR Corporation, the
 
2.   Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.
12 | ROCHESTER FUND MUNICIPALS

 

 

parent company of American Airlines, filed for bankruptcy protection. As a result, prices of AMR’s equity and bond offerings declined. American Airlines’ debt obligations have varied structures. We anticipate that many of these obligations will be maintained through the bankruptcy period, and many of them will either be restructured or resolved at prices that are currently reflected by the market and already incorporated into the Fund’s net asset values. Investors should also know that we would not expect this bankruptcy to be resolved in the short term. These proceedings—as exemplified by past filings, most notably Northwest Airlines in 2005—can take 2 years or more to be fully resolved. The news developments related to AMR caused this sector to be a detractor from performance in this reporting period.
     Rochester Fund Municipals was also invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that, like some airline sector securities, are backed by the valuable collateral of the terminals, maintenance facilities and other on-site projects whose construction they finance. At the end of the reporting period, 6.2% of the Fund’s total assets were invested in the marine/aviation facilities sector, which contributed positively to the Fund’s total return.
     General obligation debt, which is backed by the full faith and taxing authority of the state and local governments, constituted 5.4% of the Fund’s total assets as of December 30, 2011. While many municipalities faced budget challenges this reporting period, New York State officials consistently safeguarded the debt service payments on the state’s general obligation bonds. This sector also contributed positively to the Fund’s total return this reporting period.
     As of December 30, 2011, the hospital/health care sector represented 4.8% of the Fund’s total assets. Our holdings in this sector consist of securities across the credit spectrum. The sector remained in the news this reporting period as politicians, lobbyists, activists and others argued about the viability of the Affordable Care Act of 2010; the debates have not changed our perspective that our disciplined, security-specific approach to credit research can uncover many potentially advantageous opportunities for the Fund in this and other sectors. The hospital/health care sector was a positive contributor to performance this reporting period.
13 | ROCHESTER FUND MUNICIPALS

 

 

FUND PERFORMANCE DISCUSSION
     During this reporting period, the Fund remained invested in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they face greater price volatility, too. During this reporting period, inverse floaters provided attractive levels of tax-free income and contributed favorably to the Fund’s total return. This outcome illustrates why we continue to believe that inverse floaters belong in our fund portfolios.
     Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment objectives or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and sector composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles.
Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until December 30, 2011. Performance is measured over a 10-fiscal-year period for all Classes. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.
     The Fund’s performance is compared to the performance of that of the Barclays Capital Municipal Bond Index and the Consumer Price Index. The Barclays Capital Municipal Bond Index is an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the performance of the general municipal bond market. The Consumer Price Index is a non-securities index that measures changes in the inflation rate. Performance of the securities index includes reinvestment of income but does not reflect transaction costs, fees, expenses or taxes. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the securities comprising the indices.
14 | ROCHESTER FUND MUNICIPALS

 

 

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
(GRAPHIC)
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 19 for further information.
 
1.   December 30, 2011 was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through December 31, 2011.
15 | ROCHESTER FUND MUNICIPALS

 

 

FUND PERFORMANCE DISCUSSION
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
(GRAPHIC)
16 | ROCHESTER FUND MUNICIPALS

 

 

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
(GRAPHIC)
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 19 for further information.
 
1.   December 30, 2011 was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through December 31, 2011.
17 | ROCHESTER FUND MUNICIPALS

 

 

FUND PERFORMANCE DISCUSSION
Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
(GRAPHIC)
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 19 for further information.
 
1.   December 30, 2011 was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through December 31, 2011.
18 | ROCHESTER FUND MUNICIPALS

 

 

NOTES
Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.
This annual report must be preceded or accompanied by the current prospectus of Rochester Fund Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.
The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.
Class A shares of the Fund were first publicly offered on 5/15/86. Unless otherwise noted, the Class A returns includes the maximum initial sales charge of 4.75%.
Class B shares of the Fund were first publicly offered on 3/17/97. Unless otherwise noted, the Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 3/17/97. Unless otherwise noted, the Class C returns include the applicable 1% contingent deferred sales charge for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.
Class Y shares of the Fund were first publicly offered on 4/28/00. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.
An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.
19 | ROCHESTER FUND MUNICIPALS

 

 

FUND EXPENSES
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 30, 2011.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
20 | ROCHESTER FUND MUNICIPALS

 

 

                         
    Beginning     Ending     Expenses  
    Account     Account     Paid During  
    Value     Value     6 Months Ended  
Actual   July 1, 2011     December 30, 2011     December 30, 2011  
Class A
   $ 1,000.00     $ 1,069.70     $ 4.68  
Class B
     1,000.00       1,064.00       9.67  
Class C
     1,000.00       1,064.50       9.20  
Class Y
     1,000.00       1,070.40       3.95  
 
                        
Hypothetical
                        
(5% return before expenses)
                        
 
Class A
     1,000.00       1,020.56       4.57  
Class B
     1,000.00       1,015.74       9.44  
Class C
     1,000.00       1,016.19       8.99  
Class Y
     1,000.00       1,021.26       3.86  
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended December 30, 2011 are as follows:
         
Class   Expense Ratios  
Class A
     0.90 %
Class B
     1.86  
Class C
     1.77  
Class Y
     0.76  
The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
21 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS December 30, 2011*
                                 
Principal                        
Amount         Coupon     Maturity     Value  
Municipal Bonds and Notes—112.5%                        
New York—78.1%                        
$ 1,035,000    
Albany County, NY IDA (Albany College of Pharmacy)1
     5.375 %     12/01/2024     $ 1,055,224  
  1,700,000    
Albany County, NY IDA (Albany College of Pharmacy)1
     5.625       12/01/2034       1,716,966  
  605,000    
Albany County, NY IDA (Wildwood Programs)1
     4.900       07/01/2021       541,687  
  1,525,000    
Albany, NY Capital Resource Corp. (College Saint Rose)1
     5.375       07/01/2026       1,586,564  
  1,315,000    
Albany, NY Capital Resource Corp. (College Saint Rose)1
     5.625       07/01/2031       1,364,470  
  3,670,000    
Albany, NY Capital Resource Corp. (College Saint Rose)1
     5.875       07/01/2041       3,837,095  
  1,420,000    
Albany, NY Hsg. Authority (Lark Drive)1
     5.500       12/01/2028       1,427,895  
  80,000    
Albany, NY IDA (Albany Municipal Golf Course Clubhouse)1
     7.500       05/01/2012       80,951  
  725,000    
Albany, NY IDA (Albany Rehabilitation)1
     8.375       06/01/2023       725,370  
  3,125,000    
Albany, NY IDA (Brighter Choice Charter School)1
     5.000       04/01/2027       2,823,969  
  1,350,000    
Albany, NY IDA (Brighter Choice Charter School)1
     5.000       04/01/2032       1,171,463  
  900,000    
Albany, NY IDA (Brighter Choice Charter School)1
     5.000       04/01/2037       752,976  
  7,005,000    
Albany, NY IDA (Charitable Leadership)
     5.750       07/01/2026       4,158,098  
  900,000    
Albany, NY IDA (New Covenant Charter School)2
     7.000       05/01/2025       207,018  
  1,080,000    
Albany, NY IDA (Sage Colleges)1
     5.250       04/01/2019       1,034,046  
  1,760,000    
Albany, NY IDA (Sage Colleges)1
     5.300       04/01/2029       1,510,010  
  1,770,000    
Albany, NY Parking Authority
     7.052 3     11/01/2017       1,367,024  
  650,000    
Amherst, NY IDA (Asbury Pointe)1
     5.800       02/01/2015       649,981  
  45,000    
Amherst, NY IDA (Asbury Pointe)1
     6.000       02/01/2023       42,192  
  3,000,000    
Amherst, NY IDA (Asbury Pointe)1
     6.000       02/01/2029       2,666,880  
  5,380,000    
Amherst, NY IDA (Beechwood Health Care Center)1
     5.200       01/01/2040       4,378,459  
  50,000    
Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)1
     5.250       08/01/2031       50,032  
  770,000    
Blauvelt, NY Volunteer Fire Company1
     6.250       10/15/2017       764,394  
  2,735,000    
Brookhaven, NY IDA (Enecon Corp.)1
     6.300       11/01/2033       2,514,915  
  1,975,000    
Brookhaven, NY IDA (Stony Brook Foundation)1
     6.500       11/01/2020       1,996,646  
  95,000    
Broome County, NY IDA (University Plaza)1
     5.000       08/01/2025       83,911  
  3,030,000    
Broome County, NY IDA (University Plaza)1
     5.000       08/01/2036       2,403,941  
  1,000,000    
Broome County, NY IDA (University Plaza)1
     5.100       08/01/2030       846,340  
  1,250,000    
Broome County, NY IDA (University Plaza)1
     5.100       08/01/2036       1,006,650  
  3,000,000    
Broome County, NY IDA (University Plaza)1
     5.200       08/01/2030       2,571,000  
  4,450,000    
Broome County, NY IDA (University Plaza)1
     5.200       08/01/2036       3,636,807  
  1,770,000    
Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1
     5.375       10/01/2041       1,874,342  
  870,000    
Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1
     6.000       10/01/2031       987,902  
  3,000,000    
Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1
     5.750       11/01/2030       2,780,280  
  915,000    
Canton, NY Human Services Initiatives1
     5.700       09/01/2024       922,732  
  1,155,000    
Canton, NY Human Services Initiatives1
     5.750       09/01/2032       1,154,896  
  1,000,000    
Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1
     5.000       05/01/2040       1,008,410  
22 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 1,000,000    
Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1
     5.000 %     05/01/2045     $ 1,007,050  
  1,230,000    
Cattaraugus County, NY IDA (St. Bonaventure University)1
     5.450       09/15/2019       1,230,480  
  8,990,000    
Cayuga County, NY COP (Auburn Memorial Hospital)1
     6.000       01/01/2021       8,997,552  
  95,000    
Chautauqua, NY Utility District1
     5.000       06/01/2023       101,964  
  105,000    
Chautauqua, NY Utility District1
     5.000       06/01/2025       111,328  
  930,000    
Chemung County, NY IDA (Hathorn Redevel. Company)1
     4.850       07/01/2023       955,789  
  1,515,000    
Chemung County, NY IDA (Hathorn Redevel. Company)1
     5.000       07/01/2033       1,529,711  
  300,000    
Clifton Springs, NY Hospital & Clinic1
     7.650       01/01/2012       300,003  
  1,885,000    
Clifton Springs, NY Hospital & Clinic1
     8.000       01/01/2020       1,885,452  
  35,000    
Cohoes, NY GO
     6.200       03/15/2012       35,145  
  25,000    
Cohoes, NY GO
     6.200       03/15/2013       25,099  
  25,000    
Cohoes, NY GO1
     6.250       03/15/2014       25,097  
  25,000    
Cohoes, NY GO1
     6.250       03/15/2015       25,093  
  25,000    
Cohoes, NY GO1
     6.250       03/15/2016       25,089  
  710,000    
Columbia County, NY IDA (Berkshire Farms)1
     7.500       12/30/2014       681,131  
  3,300,000    
Corinth, NY IDA (International Paper Company)1
     5.750       02/01/2022       3,335,211  
  5,370,000    
Cortland County, NY IDA (Cortland Memorial Hospital)1
     5.250       07/01/2032       4,925,149  
  7,000,000    
Dutchess County, NY IDA (Bard College)1
     5.000       08/01/2046       7,035,210  
  2,200,000    
Dutchess County, NY IDA (Elant Fishkill)1
     5.250       01/01/2037       1,671,780  
  800,000    
Dutchess County, NY IDA (St. Francis Hospital)1
     7.500       03/01/2029       800,384  
  3,250,000    
Dutchess County, NY Local Devel. Corp. (Anderson Center Services)1
     6.000       10/01/2030       3,277,138  
  650,000    
Dutchess County, NY Local Devel. Corp. (Health Quest System)1
     5.750       07/01/2040       676,806  
  1,000,000    
Dutchess County, NY Water & Wastewater Authority
     5.400 3     06/01/2027       543,390  
  3,055,000    
East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)1
     7.750       10/01/2032       2,986,751  
  1,355,000    
East Rochester, NY Hsg. Authority (Gates Senior Hsg.)1
     6.125       04/20/2043       1,397,994  
  2,280,000    
East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1
     6.750       03/01/2030       2,279,795  
  1,700,000    
East Rochester, NY Hsg. Authority (Woodland Village)1
     5.500       08/01/2033       1,449,913  
  3,060,000    
Elmira, NY Hsg. Authority (Eastgate Apartments)1
     6.250       06/01/2044       2,642,585  
  1,385,000    
Erie County, NY IDA (Air Cargo)1
     8.500       10/01/2015       1,386,967  
  1,735,000    
Erie County, NY IDA (Buffalo City School District)1
     5.250       05/01/2030       1,936,139  
  1,465,000    
Erie County, NY IDA (Buffalo City School District)1
     5.250       05/01/2031       1,623,894  
  865,000    
Erie County, NY IDA (Buffalo City School District)1
     5.250       05/01/2032       953,818  
  7,000,000    
Erie County, NY IDA (Charter School Applied Tech)1
     6.875       06/01/2035       7,110,460  
  1,960,000    
Erie County, NY IDA (DePaul Properties)1
     5.750       09/01/2028       1,809,629  
  1,850,000    
Erie County, NY IDA (DePaul Properties)1
     6.500       09/01/2018       1,863,690  
  1,720,000    
Erie County, NY IDA (Global Concepts Charter School)1
     6.250       10/01/2037       1,574,436  
  11,310,000    
Erie County, NY IDA (Medaille College)1
     7.625       04/01/2035       11,895,858  
23 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 9,900,000    
Erie County, NY IDA (Orchard Park CCRC)
     6.000 %     11/15/2026     $ 8,925,345  
  6,860,000    
Erie County, NY IDA (Orchard Park CCRC)
     6.000       11/15/2036       5,760,822  
  1,415,000    
Erie County, NY IDA (The Episcopal Church Home)1
     6.000       02/01/2028       1,414,915  
  25,330,000    
Erie County, NY Tobacco Asset Securitization Corp.1
     5.000       06/01/2038       18,700,379  
  72,595,000    
Erie County, NY Tobacco Asset Securitization Corp.1
     5.000       06/01/2045       51,698,529  
  93,000,000    
Erie County, NY Tobacco Asset Securitization Corp.
     6.140 3     06/01/2047       3,050,400  
  135,450,000    
Erie County, NY Tobacco Asset Securitization Corp.
     6.488 3     06/01/2050       3,035,435  
  194,300,000    
Erie County, NY Tobacco Asset Securitization Corp.
     7.196 3     06/01/2055       1,620,462  
  1,024,000,000    
Erie County, NY Tobacco Asset Securitization Corp.
     7.650 3     06/01/2060       4,915,200  
  1,410,000    
Essex County, NY IDA (International Paper Company)1
     4.600       03/01/2027       1,293,421  
  2,300,000    
Essex County, NY IDA (International Paper Company)1
     6.450       11/15/2023       2,302,599  
  1,500,000    
Essex County, NY IDA (International Paper Company)1
     6.625       09/01/2032       1,606,395  
  975,000    
Essex County, NY IDA (North Country Community College Foundation)1
     5.000       06/01/2020       1,036,045  
  320,000    
Essex County, NY IDA (North Country Community College Foundation)1
     5.000       06/01/2020       340,035  
  1,235,000    
Essex County, NY IDA (North Country Community College Foundation)1
     5.200       06/01/2025       1,288,908  
  410,000    
Essex County, NY IDA (North Country Community College Foundation)1
     5.200       06/01/2025       427,897  
  1,100,000    
Essex County, NY IDA (North Country Community College Foundation)1
     5.300       06/01/2035       1,120,757  
  1,850,000    
Essex County, NY IDA Solid Waste Disposal (International Paper Company)1
     5.500       08/15/2022       1,850,426  
  1,625,000    
Essex County, NY IDA Solid Waste Disposal (International Paper Company)1
     5.500       10/01/2026       1,626,804  
  5,680,000    
Franklin County, NY IDA (Adirondack Medical Center)1
     5.500       12/01/2029       5,681,647  
  900,000    
Franklin County, NY IDA (North Country Community College Foundation)1
     5.200       06/01/2025       939,285  
  1,250,000    
Geneva, NY IDA (Hobart & William Smith Colleges)1
     5.375       02/01/2033       1,292,350  
  100,000    
Glens Falls, NY GO1
     6.000       02/01/2040       111,706  
  1,020,000    
Green Island, NY Power Authority1
     5.125       12/15/2024       1,048,254  
  2,045,000    
Green Island, NY Power Authority1
     6.000       12/15/2020       2,085,000  
  1,695,000    
Green Island, NY Power Authority1
     6.000       12/15/2025       1,716,798  
  55,000    
Hempstead, NY IDA (Dentaco Corp.)1
     7.250       11/01/2012       54,859  
  1,270,000    
Hempstead, NY IDA (Dentaco Corp.)1
     8.250       11/01/2025       1,270,064  
  25,260,000    
Hempstead, NY IDA (Lynbrook Facilities)1
     6.500       11/01/2042       19,023,559  
  3,665,000    
Hempstead, NY IDA (Peninsula Counseling Center)1
     6.500       11/01/2038       3,270,536  
  5,425,000    
Hempstead, NY IDA (South Shore Y JCC)1
     6.750       11/01/2024       4,948,956  
  835,000    
Herkimer County, NY IDA (Folts Adult Home)1
     5.500       03/20/2040       891,371  
  1,000,000    
Herkimer County, NY IDA (Herkimer County College Foundation)1
     6.250       08/01/2034       1,007,410  
24 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 1,150,000    
Herkimer County, NY IDA (Herkimer County College Foundation)1
     6.400 %     11/01/2020     $ 1,162,846  
  2,000,000    
Herkimer County, NY IDA (Herkimer County College Foundation)1
     6.500       11/01/2030       2,013,500  
  69,340,000    
Hudson Yards, NY Infrastructure Corp.1
     5.000       02/15/2047       69,662,431  
  38,120,000    
Hudson Yards, NY Infrastructure Corp.1
     5.000       02/15/2047       38,297,258  
  34,400,000    
Hudson Yards, NY Infrastructure Corp.1
     5.750       02/15/2047       37,278,936  
  120,000    
Huntington, NY Hsg. Authority (GJSR)1
     5.875       05/01/2019       120,019  
  840,000    
Huntington, NY Hsg. Authority (GJSR)1
     6.000       05/01/2029       811,331  
  8,500,000    
Huntington, NY Hsg. Authority (GJSR)1
     6.000       05/01/2039       7,918,090  
  635,000    
Islip, NY IDA (Leeway School)1
     9.000       08/01/2021       636,207  
  9,695,000    
Islip, NY IDA (United Cerebral Palsy Assoc.)1
     6.250       12/01/2031       8,709,794  
  1,125,000    
Islip, NY IDA (United Cerebral Palsy Assoc.)1
     6.250       12/01/2031       1,010,678  
  3,400,000    
L.I., NY Power Authority, Series A1
     5.000       05/01/2036       3,633,852  
  21,000,000    
L.I., NY Power Authority, Series A1
     5.000       05/01/2038       22,160,670  
  4,875,000    
L.I., NY Power Authority, Series A1
     5.125       09/01/2029       4,888,358  
  60,000    
L.I., NY Power Authority, Series A1
     5.125       09/01/2029       60,164  
  7,000,000    
L.I., NY Power Authority, Series A1
     5.750       04/01/2039       7,822,500  
  1,900,000    
L.I., NY Power Authority, Series B1
     5.750       04/01/2033       2,141,167  
  5,300,000    
Madison County, NY IDA (Commons II Student Hsg.)1
     5.000       06/01/2040       5,045,229  
  850,000    
Madison County, NY IDA (Morrisville State College Foundation)1
     5.000       06/01/2028       836,876  
  1,100,000    
Madison County, NY IDA (Morrisville State College Foundation)1
     5.000       06/01/2032       1,057,760  
  1,320,000    
Madison County, NY IDA (Oneida Healthcare Center)1
     5.300       02/01/2021       1,327,432  
  5,500,000    
Madison County, NY IDA (Oneida Healthcare Center)1
     5.350       02/01/2031       5,201,130  
  570,000    
Middletown, NY IDA (Flanagan Design & Display)2
     7.500       11/01/2018       495,974  
  1,065,000    
Middletown, NY IDA (YMCA)1
     7.000       11/01/2019       1,065,341  
  50,000    
Monroe County, NY IDA (Cloverwood Senior Living)1
     6.750       05/01/2023       49,257  
  165,000    
Monroe County, NY IDA (Cloverwood Senior Living)1
     6.875       05/01/2033       178,471  
  860,000    
Monroe County, NY IDA (Cloverwood Senior Living)1
     6.875       05/01/2033       832,557  
  3,760,000    
Monroe County, NY IDA (DePaul Community Facilities)1
     5.875       02/01/2028       3,523,872  
  2,450,000    
Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1
     6.500       12/01/2042       2,272,449  
  2,980,000    
Monroe County, NY IDA (Rochester Institute of Technology)1
     5.375       04/01/2029       2,893,342  
  1,750,000    
Monroe County, NY IDA (St. John Fisher College)1
     5.250       06/01/2026       1,760,850  
  3,210,000    
Monroe County, NY IDA (St. John Fisher College)1
     5.375       06/01/2024       3,220,368  
  2,175,000    
Monroe County, NY IDA (Summit at Brighton)1
     5.375       07/01/2032       1,474,824  
  3,660,000    
Monroe County, NY IDA (Summit at Brighton)1
     5.500       07/01/2027       2,713,451  
  600,000    
Monroe County, NY IDA (Volunteers of America)1
     5.700       08/01/2018       572,568  
  2,765,000    
Monroe County, NY IDA (Volunteers of America)1
     5.750       08/01/2028       2,482,500  
25 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 850,000    
Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1
     5.000 %     10/01/2026     $ 889,687  
  500,000    
Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1
     5.250       10/01/2031       518,705  
  1,825,000    
Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1
     5.500       10/01/2041       1,905,355  
  850,000    
Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1
     5.625       06/01/2026       899,963  
  1,495,000    
Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1
     6.000       06/01/2034       1,585,388  
  15,000,000    
Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1
     5.750       08/15/2035       17,368,650  
  650,000,000    
Monroe County, NY Tobacco Asset Securitization Corp. (TASC)
     7.701 3     06/01/2061       2,795,000  
  580,000    
Monroe, NY Newpower Corp1
     5.625       01/01/2026       582,935  
  2,265,000    
Monroe, NY Newpower Corp.1
     5.500       01/01/2034       2,160,063  
  600,000    
Mount Vernon, NY IDA (Kings Court)1
     5.200       12/01/2033       608,994  
  2,065,000    
Mount Vernon, NY IDA (Meadowview)1
     6.150       06/01/2019       2,045,527  
  2,600,000    
Mount Vernon, NY IDA (Meadowview)1
     6.200       06/01/2029       2,439,450  
  802,824    
Municipal Assistance Corp. for Troy, NY
     5.733 3     07/15/2021       595,302  
  1,218,573    
Municipal Assistance Corp. for Troy, NY
     5.741 3     01/15/2022       874,801  
  660,000    
Nassau County, NY IDA (ACDS)1
     5.950       11/01/2022       613,034  
  365,000    
Nassau County, NY IDA (ALIA-ACDS)1
     7.500       06/01/2015       367,186  
  2,600,000    
Nassau County, NY IDA (ALIA-ACLD)1
     6.250       09/01/2022       2,475,304  
  145,000    
Nassau County, NY IDA (ALIA-ACLD)1
     7.125       06/01/2017       146,756  
  180,000    
Nassau County, NY IDA (ALIA-ACLD)1
     7.500       06/01/2015       181,078  
  3,185,000    
Nassau County, NY IDA (ALIA-CSMR)1
     7.000       11/01/2016       3,217,328  
  2,120,000    
Nassau County, NY IDA (ALIA-CSMR)1
     7.125       06/01/2017       2,145,673  
  915,000    
Nassau County, NY IDA (ALIA-CSMR)1
     7.500       06/01/2015       920,481  
  40,000    
Nassau County, NY IDA (ALIA-FREE)1
     7.125       06/01/2012       40,222  
  1,125,000    
Nassau County, NY IDA (ALIA-FREE)1
     7.500       06/01/2015       1,131,739  
  4,030,000    
Nassau County, NY IDA (ALIA-FREE)1
     8.150       06/01/2030       4,048,820  
  5,960,000    
Nassau County, NY IDA (ALIA-FREE)1
     8.250       06/01/2032       6,046,301  
  565,000    
Nassau County, NY IDA (ALIA-HH)1
     7.125       06/01/2017       571,842  
  435,000    
Nassau County, NY IDA (ALIA-HHS)1
     7.125       06/01/2017       440,268  
  90,000    
Nassau County, NY IDA (ALIA-LVH)1
     7.500       06/01/2015       90,539  
  7,765,000    
Nassau County, NY IDA (Amsterdam at Harborside)1
     6.700       01/01/2043       5,984,330  
  270,000    
Nassau County, NY IDA (CNGCS)1
     7.500       06/01/2015       271,617  
  2,245,000    
Nassau County, NY IDA (CNGCS)1
     8.150       06/01/2030       2,255,484  
  4,735,000    
Nassau County, NY IDA (CSMR)1
     5.950       11/01/2022       4,398,057  
  600,000    
Nassau County, NY IDA (Epilepsy Foundation of L.I.)1
     5.950       11/01/2022       557,304  
  1,660,000    
Nassau County, NY IDA (Hispanic Counseling Center)1
     6.500       11/01/2037       1,483,708  
26 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 3,150,000    
Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1
     5.250 %     06/01/2027     $ 3,207,834  
  600,000    
Nassau County, NY IDA (Life’s WORCA)1
     5.950       11/01/2022       557,304  
  3,470,000    
Nassau County, NY IDA (Little Village School)1
     7.500       12/01/2031       3,496,511  
  3,535,000    
Nassau County, NY IDA (New York Water Service Corp.)1
     5.000       12/01/2035       3,539,207  
  2,020,000    
Nassau County, NY IDA (North Shore CFGA)1
     6.750       05/01/2024       1,986,165  
  1,150,000    
Nassau County, NY IDA (PLUS Group Home)1
     6.150       11/01/2022       1,085,451  
  990,000    
Nassau County, NY IDA (United Cerebral Palsy)1
     6.250       11/01/2014       989,871  
  645,000    
Nassau County, NY IDA (United Veteran’s Beacon House)1
     6.500       11/01/2037       576,501  
  565,000    
Nassau County, NY IDA, Series A-A1
     6.000       07/02/2021       532,716  
  6,200,000    
Nassau County, NY IDA, Series A-B1
     6.000       07/01/2021       5,845,732  
  610,000    
Nassau County, NY IDA, Series A-C1
     6.000       07/01/2021       575,145  
  680,000    
Nassau County, NY IDA, Series A-D1
     6.000       07/01/2021       641,145  
  122,875,000    
Nassau County, NY Tobacco Settlement Corp.1
     5.125       06/01/2046       77,362,100  
  9,000,000    
Nassau County, NY Tobacco Settlement Corp.1
     5.250       06/01/2026       8,038,260  
  20,000,000    
Nassau County, NY Tobacco Settlement Corp.
     5.820 3     06/01/2046       692,200  
  105,975,000    
Nassau County, NY Tobacco Settlement Corp.
     6.221 3     06/01/2046       3,292,643  
  1,055,215,000    
Nassau County, NY Tobacco Settlement Corp.
     6.537 3     06/01/2060       6,341,842  
  40,000,000    
Nassau County, NY Tobacco Settlement Corp.
     7.351 3     06/01/2060       192,000  
  22,780,000    
Nassau County, NY Tobacco Settlement Corp. (TASC)1
     5.000       06/01/2035       16,889,320  
  3,670,000    
New Rochelle, NY IDA (Soundview Apartments)1
     5.375       04/01/2036       3,739,767  
  2,500,000    
Niagara County, NY IDA (Niagara Falls Memorial Medical Center)
     5.750       06/01/2018       2,472,300  
  1,500,000    
Niagara County, NY IDA (Niagara University)1
     5.350       11/01/2023       1,515,420  
  20,000    
Niagara County, NY Tobacco Asset Securitization Corp.1
     5.750       05/15/2022       19,441  
  1,480,000    
Niagara County, NY Tobacco Asset Securitization Corp.1
     6.250       05/15/2034       1,369,414  
  6,295,000    
Niagara County, NY Tobacco Asset Securitization Corp.1
     6.250       05/15/2040       5,704,907  
  125,000    
Niagara Falls, NY Public Water Authority1
     5.500       07/15/2034       128,533  
  355,000    
Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1
     5.000       04/01/2028       331,357  
  2,025,000    
Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1
     5.625       04/01/2029       1,992,337  
  2,660,000    
North Tonawanda, NY HDC (Bishop Gibbons Associates)1
     7.375       12/15/2021       3,311,248  
  6,750,000    
NY Counties Tobacco Trust I1
     6.250       06/01/2028       6,478,988  
  6,235,000    
NY Counties Tobacco Trust I1
     6.500       06/01/2035       5,908,910  
  19,230,000    
NY Counties Tobacco Trust I1
     6.625       06/01/2042       18,256,193  
  29,840,000    
NY Counties Tobacco Trust II (TASC)1
     5.625       06/01/2035       24,197,256  
  53,880,000    
NY Counties Tobacco Trust II (TASC)1
     5.750       06/01/2043       41,630,382  
  245,000    
NY Counties Tobacco Trust III1
     6.000       06/01/2043       213,182  
  7,000,000    
NY Counties Tobacco Trust IV1
     5.000       06/01/2038       5,040,210  
  131,335,000    
NY Counties Tobacco Trust IV
     5.920 3     06/01/2050       2,943,217  
27 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 304,690,000    
NY Counties Tobacco Trust IV
     6.395 %3     06/01/2055     $ 4,165,112  
  608,700,000    
NY Counties Tobacco Trust IV
     6.816 3     06/01/2060       2,921,760  
  52,535,000    
NY Counties Tobacco Trust IV (TASC)1
     5.000       06/01/2042       35,490,019  
  38,275,000    
NY Counties Tobacco Trust IV (TASC)1
     5.000       06/01/2045       24,339,073  
  82,500,000    
NY Counties Tobacco Trust IV (TASC)1
     6.250       06/01/2041       82,693,050  
  236,140,000    
NY Counties Tobacco Trust V
     6.070 3     06/01/2038       17,861,630  
  598,653,613    
NY Counties Tobacco Trust V
     6.210 3     06/01/2050       14,804,704  
  643,195,000    
NY Counties Tobacco Trust V
     6.850 3     06/01/2055       6,560,589  
  3,845,000,000    
NY Counties Tobacco Trust V
     7.846 3     06/01/2060       18,456,000  
  15,000,000    
NY Liberty Devel. Corp. (Bank of America Tower)4
     5.125       01/15/2044       15,286,650  
  62,345,000    
NY Liberty Devel. Corp. (Bank of America Tower)4
     5.625       01/15/2046       65,805,113  
  8,775,000    
NY Liberty Devel. Corp. (Goldman Sachs Headquarters)5
     5.250       10/01/2035       9,033,950  
  2,199,995    
NY Liberty Devel. Corp. (National Sports Museum)2
     6.125       02/15/2019       22  
  5,075,000    
NY MTA Service Contract, Series A1
     5.125       01/01/2029       5,164,117  
  2,800,000    
NY MTA, Series 2008C1
     6.500       11/15/2028       3,342,220  
  41,560,000    
NY MTA, Series A4
     5.000       11/15/2030       42,684,720  
  14,550,000    
NY MTA, Series A1
     5.000       11/15/2030       14,937,903  
  20,000    
NY MTA, Series A1
     5.000       11/15/2032       20,828  
  4,250,000    
NY MTA, Series A1
     5.000       11/15/2041       4,478,353  
  15,400,000    
NY MTA, Series A1
     5.125       11/15/2031       15,827,196  
  6,800,000    
NY MTA, Series A1
     5.250       11/15/2038       7,351,956  
  18,280,000    
NY MTA, Series A1
     5.750       11/15/2032       18,968,790  
  25,000    
NY MTA, Series B1
     5.000       01/01/2031       25,398  
  16,745,000    
NY MTA, Series B-21
     5.000       11/15/2033       18,220,402  
  10,000,000    
NY MTA, Series D1
     5.000       11/15/2036       10,537,300  
  33,190,000    
NY MTA, Series D1
     5.250       11/15/2040       35,659,004  
  6,000,000    
NY MTA, Series F1
     5.000       11/15/2031       6,162,120  
  29,720,000    
NY Seneca Nation Indians Capital Improvements1
     5.000       12/01/2023       25,000,464  
  6,000,000    
NY Triborough Bridge & Tunnel Authority1
     5.000       11/15/2025       6,219,120  
  6,470,000    
NY Triborough Bridge & Tunnel Authority1
     5.000       11/15/2037       6,995,041  
  5,000,000    
NY Triborough Bridge & Tunnel Authority1
     5.250       11/15/2030       5,280,500  
  30,000    
NY Triborough Bridge & Tunnel Authority, Series B1
     5.125       11/15/2029       30,896  
  13,950,000    
NY TSASC, Inc. (TFABs)1
     5.000       06/01/2026       13,056,642  
  250,510,000    
NY TSASC, Inc. (TFABs)1
     5.000       06/01/2034       193,641,725  
  322,515,000    
NY TSASC, Inc. (TFABs)1
     5.125       06/01/2042       230,214,432  
  5,000,000    
NYC Capital Resources Corp. (Albee Retail Devel.)1
     7.250       11/01/2042       5,000,350  
  15,000    
NYC GO1
     5.000       06/01/2020       16,658  
  25,000    
NYC GO1
     5.000       03/01/2025       26,098  
  10,920,000    
NYC GO4
     5.000       08/01/2030       11,869,385  
  12,455,000    
NYC GO4
     5.000       12/01/2033       12,917,581  
  10,000,000    
NYC GO1
     5.000       10/01/2034       10,905,900  
28 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 12,765,000    
NYC GO4
     5.000 %     03/01/2035     $ 13,246,201  
  5,400,000    
NYC GO4
     5.000       08/01/2035       5,628,712  
  3,800,000    
NYC GO1
     5.000       08/01/2035       4,133,108  
  8,405,000    
NYC GO1
     5.000       05/15/2036       8,983,936  
  20,000,000    
NYC GO4
     5.250       03/01/2021       24,069,000  
  5,000    
NYC GO
     5.250       08/01/2021       5,017  
  3,110,000    
NYC GO1
     5.250       06/01/2027       3,175,932  
  22,420,000    
NYC GO1
     5.250       06/01/2027       22,807,866  
  5,000    
NYC GO1
     5.375       12/01/2026       5,016  
  5,000    
NYC GO1
     5.375       03/01/2027       5,300  
  140,000    
NYC GO1
     5.375       06/01/2032       143,041  
  37,805,000    
NYC GO1
     5.375       06/01/2032       38,478,685  
  40,000    
NYC GO1
     5.500       08/01/2022       40,148  
  5,000    
NYC GO1
     5.500       12/01/2031       5,017  
  5,000    
NYC GO1
     5.950       08/01/2014       5,023  
  40,000    
NYC GO
     6.154 3     10/01/2012       39,884  
  2,000,000    
NYC GO1
     6.250       12/15/2031       2,388,120  
  15,000    
NYC GO1
     7.250       08/15/2024       15,078  
  5,000    
NYC GO1
     7.750       08/15/2028       5,038  
  1,475,000    
NYC GO ROLs6
     15.424 7     05/15/2031       1,987,710  
  5,395,000    
NYC GO ROLs6
     15.433 7     05/15/2036       6,881,430  
  875,000    
NYC GO ROLs6
     15.436 7     05/15/2033       1,139,285  
  32,829    
NYC HDC (Beekman)1
     6.500       10/15/2017       32,930  
  223,545    
NYC HDC (Bridgeview III)
     6.500       12/15/2017       224,602  
  671,122    
NYC HDC (Cadman Towers)
     6.500       11/15/2018       674,297  
  43,048    
NYC HDC (Essex Terrace)
     6.500       07/15/2018       43,198  
  780,000    
NYC HDC (Multifamily Hsg.)1
     5.000       11/01/2030       781,069  
  3,500,000    
NYC HDC (Multifamily Hsg.)4
     5.000       11/01/2037       3,523,382  
  60,000    
NYC HDC (Multifamily Hsg.)1
     5.050       11/01/2023       60,384  
  4,685,000    
NYC HDC (Multifamily Hsg.)4
     5.050       11/01/2039       4,714,671  
  2,435,000    
NYC HDC (Multifamily Hsg.)4
     5.100       11/01/2027       2,496,139  
  3,000,000    
NYC HDC (Multifamily Hsg.)4
     5.125       11/01/2032       3,055,410  
  5,100,000    
NYC HDC (Multifamily Hsg.)1
     5.150       11/01/2037       5,179,203  
  1,675,000    
NYC HDC (Multifamily Hsg.)1
     5.200       11/01/2035       1,681,868  
  8,035,000    
NYC HDC (Multifamily Hsg.)4
     5.200       11/01/2040       8,175,539  
  14,110,000    
NYC HDC (Multifamily Hsg.)4
     5.250       11/01/2030       14,388,551  
  7,205,000    
NYC HDC (Multifamily Hsg.)1
     5.250       11/01/2045       7,313,219  
  5,140,000    
NYC HDC (Multifamily Hsg.)1
     5.350       11/01/2037       5,270,248  
  1,215,000    
NYC HDC (Multifamily Hsg.)1
     5.350       05/01/2041       1,207,248  
  3,735,000    
NYC HDC (Multifamily Hsg.)1
     5.450       11/01/2040       3,843,054  
  2,670,000    
NYC HDC (Multifamily Hsg.)1
     5.450       11/01/2046       2,661,109  
29 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 3,090,000    
NYC HDC (Multifamily Hsg.)4
     5.500 %     11/01/2034     $ 3,256,904  
  2,840,000    
NYC HDC (Multifamily Hsg.)4
     5.550       11/01/2039       3,004,379  
  10,910,000    
NYC HDC (Multifamily Hsg.)4
     5.700       11/01/2046       11,543,469  
  8,000,000    
NYC HDC (Multifamily Hsg.), Series A
     5.500       11/01/2034       8,100,880  
  200,000    
NYC HDC (Multifamily Hsg.), Series A4
     5.600       11/01/2042       200,579  
  30,845,000    
NYC HDC (Multifamily Hsg.), Series B4
     5.350       05/01/2049       31,480,685  
  11,250,000    
NYC HDC (Multifamily Hsg.), Series C4
     5.050       11/01/2036       11,331,661  
  8,365,000    
NYC HDC (Multifamily Hsg.), Series C4
     5.125       05/01/2040       8,453,471  
  1,000,000    
NYC HDC (Multifamily Hsg.), Series E1
     5.200       11/01/2033       1,003,430  
  2,155,000    
NYC HDC (Multifamily Hsg.), Series F1
     5.200       11/01/2032       2,162,456  
  13,180,000    
NYC HDC (Multifamily Hsg.), Series G-14
     4.875       11/01/2039       13,275,671  
  1,345,000    
NYC HDC (Multifamily Hsg.), Series H-21
     5.200       11/01/2038       1,358,410  
  3,400,000    
NYC HDC (Multifamily Hsg.), Series H-21
     5.250       05/01/2046       3,428,492  
  15,510,000    
NYC HDC (Multifamily Hsg.), Series I-24
     5.200       11/01/2038       15,622,584  
  775,886    
NYC HDC (Ruppert)1
     6.500       11/15/2018       817,698  
  192,662    
NYC HDC (St. Martin Tower)
     6.500       11/15/2018       193,573  
  2,750,000    
NYC HDC, Series C4
     5.000       11/01/2026       2,801,364  
  870,000    
NYC IDA (A Very Special Place)1
     5.750       01/01/2029       749,705  
  43,345,000    
NYC IDA (AIRIS JFK I/JFK International Airport)1
     5.500       07/01/2028       38,017,466  
  19,915,000    
NYC IDA (AIRIS JFK I/JFK International Airport)1
     6.000       07/01/2027       18,981,186  
  125,000    
NYC IDA (Allied Metal)1
     6.375       12/01/2014       122,864  
  940,000    
NYC IDA (Allied Metal)1
     7.125       12/01/2027       903,349  
  2,685,000    
NYC IDA (Amboy Properties)1
     6.750       06/01/2020       2,430,462  
  2,905,000    
NYC IDA (American Airlines)2
     5.400       07/01/2019       610,951  
  32,580,000    
NYC IDA (American Airlines)2
     5.400       07/01/2020       6,852,551  
  40,810,000    
NYC IDA (American Airlines)2
     6.900       08/01/2024       8,581,527  
  540,000    
NYC IDA (American Airlines)
     7.500       08/01/2016       478,148  
  18,200,000    
NYC IDA (American Airlines)
     7.625       08/01/2025       16,092,258  
  59,350,000    
NYC IDA (American Airlines)
     7.750       08/01/2031       52,510,506  
  39,860,000    
NYC IDA (American Airlines)
     8.000       08/01/2028       35,254,177  
  338,060,000    
NYC IDA (American Airlines)
     8.500       08/01/2028       298,932,901  
  3,530,000    
NYC IDA (American National Red Cross)1
     5.000       02/01/2036       3,372,844  
  3,455,000    
NYC IDA (Atlantic Paste & Glue Company)1
     6.625       11/01/2019       3,440,040  
  810,000    
NYC IDA (Atlantic Veal & Lamb)1
     8.375       12/01/2016       801,212  
  1,685,000    
NYC IDA (Baco Enterprises)1
     8.500       11/01/2021       1,691,235  
  1,125,000    
NYC IDA (Bark Frameworks)1
     6.750       11/01/2019       1,075,849  
  5,500,000    
NYC IDA (Beth Abraham Health Services)1
     6.500       02/15/2022       5,179,680  
  1,035,000    
NYC IDA (Beth Abraham Health Services)1
     6.500       11/15/2027       982,743  
  4,220,000    
NYC IDA (Beth Abraham Health Services)1
     6.500       11/15/2034       3,841,424  
  24,450,000    
NYC IDA (British Airways)1
     7.625       12/01/2032       24,283,496  
  97,130,000    
NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1
     5.650       10/01/2028       79,426,115  
30 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 153,620,000    
NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1
     5.750 %     10/01/2036     $ 118,504,004  
  22,255,000    
NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1
     6.200       10/01/2022       21,133,125  
  16,205,000    
NYC IDA (Calhoun School)1
     6.625       12/01/2034       16,666,843  
  4,145,000    
NYC IDA (Calhoun School)1
     6.625       12/01/2034       4,294,510  
  2,895,000    
NYC IDA (Center for Elimination of Family Violence)1
     7.375       11/01/2036       2,906,030  
  15,100,000    
NYC IDA (Center for Nursing/Rehabilitation)1
     5.375       08/01/2027       13,116,162  
  3,400,000    
NYC IDA (Center for Nursing/Rehabilitation)1
     5.375       08/01/2027       2,953,308  
  29,135,000    
NYC IDA (Chapin School)1
     5.000       11/01/2038       27,020,090  
  1,490,000    
NYC IDA (Comprehensive Care Management)1
     6.000       05/01/2026       1,453,480  
  3,145,000    
NYC IDA (Comprehensive Care Management)1
     6.125       11/01/2035       2,963,219  
  1,445,000    
NYC IDA (Comprehensive Care Management)1
     6.375       11/01/2028       1,437,920  
  3,645,000    
NYC IDA (Comprehensive Care Management)1
     6.375       11/01/2028       3,627,358  
  1,055,000    
NYC IDA (Comprehensive Care Management)
     7.875       12/01/2016       1,055,095  
  1,150,000    
NYC IDA (Cool Wind Ventilation)1
     5.450       11/01/2017       1,042,590  
  1,035,000    
NYC IDA (Cool Wind Ventilation)1
     5.450       11/01/2017       938,331  
  5,685,000    
NYC IDA (Cool Wind Ventilation)1
     6.075       11/01/2027       4,821,107  
  475,000    
NYC IDA (Eger Harbor House)1
     5.875       05/20/2044       503,453  
  5,500,000    
NYC IDA (Family Support Systems)2
     7.500       11/01/2034       3,406,095  
  1,385,000    
NYC IDA (Good Shepherd Services)1
     5.875       06/01/2014       1,386,676  
  2,970,000    
NYC IDA (Gourmet Boutique)1
     5.750       05/01/2021       2,291,682  
  7,290,000    
NYC IDA (Guttmacher Institute)1
     5.750       12/01/2036       7,177,661  
  1,985,000    
NYC IDA (Herbert G. Birch Childhood Project)1
     8.375       02/01/2022       1,988,791  
  800,000    
NYC IDA (Independent Living Assoc.)1
     6.200       07/01/2020       773,336  
  5,000,000    
NYC IDA (Liberty-7 World Trade Center)
     6.500       03/01/2035       4,999,950  
  12,000,000    
NYC IDA (Liberty-7 World Trade Center)1
     6.750       03/01/2015       12,021,120  
  2,170,000    
NYC IDA (Little Red Schoolhouse)1
     6.750       11/01/2018       2,173,884  
  3,745,000    
NYC IDA (Manhattan Community Access Corp.)1
     6.000       12/01/2036       3,462,889  
  1,895,000    
NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1
     6.375       11/01/2038       1,711,242  
  9,175,000    
NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1
     6.375       11/01/2038       8,285,300  
  680,000    
NYC IDA (Marymount School of New York)1
     5.125       09/01/2021       694,620  
  4,010,000    
NYC IDA (Marymount School of New York)1
     5.250       09/01/2031       4,059,844  
  17,075,000    
NYC IDA (MediSys Health Network)1
     6.250       03/15/2024       14,771,583  
  8,405,000    
NYC IDA (Metro Biofuels)1
     6.000       11/01/2028       7,021,117  
  2,540,000    
NYC IDA (Metropolitan College of New York)1
     5.750       03/01/2020       2,603,221  
  25,000    
NYC IDA (NYU)1
     5.000       07/01/2041       25,067  
  40,000,000    
NYC IDA (NYU)4
     5.250       07/01/2048       43,017,108  
  2,935,000    
NYC IDA (Petrocelli Electric)1
     8.000       11/01/2017       2,906,648  
  805,000    
NYC IDA (Petrocelli Electric)1
     8.000       11/01/2018       786,050  
  1,750,000    
NYC IDA (PSCH)1
     6.375       07/01/2033       1,594,530  
  6,800,000    
NYC IDA (Reece School)1
     7.500       12/01/2037       6,839,984  
31 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 1,000,000    
NYC IDA (Roundabout Theatre)1
     5.000 %     10/01/2023     $ 782,660  
  3,465,000    
NYC IDA (Sahadi Fine Foods)1
     6.750       11/01/2019       3,342,062  
  200,000    
NYC IDA (Samaritan Aids Services)1
     5.000       11/01/2024       200,344  
  875,000    
NYC IDA (SFTU/YAI/CRV Obligated Group)1
     5.000       07/01/2026       717,588  
  4,380,000    
NYC IDA (Showman Fabricators)1
     7.500       11/01/2028       3,457,178  
  2,900,000    
NYC IDA (South Bronx Overall Economic Devel.)1
     8.625       12/01/2025       2,815,378  
  1,625,000    
NYC IDA (Special Needs Facilities Pooled Program)1
     4.750       07/01/2020       1,475,191  
  995,000    
NYC IDA (Special Needs Facilities Pooled Program)1
     5.250       07/01/2022       875,311  
  2,200,000    
NYC IDA (Special Needs Facilities Pooled Program)1
     6.650       07/01/2023       2,201,298  
  520,000    
NYC IDA (Special Needs Facilities Pooled Program)1
     7.875       08/01/2025       519,932  
  5,760,000    
NYC IDA (Stallion)1
     5.500       11/01/2036       3,956,429  
  955,000    
NYC IDA (Stallion)1
     6.000       11/01/2027       764,038  
  10,000    
NYC IDA (Staten Island University Hospital)1
     6.375       07/01/2031       10,288  
  290,000    
NYC IDA (Streamline Plastics)1
     7.750       12/01/2015       290,000  
  1,275,000    
NYC IDA (Streamline Plastics)1
     8.125       12/01/2025       1,257,354  
  6,808,500    
NYC IDA (Studio School)2
     7.000       11/01/2038       4,428,861  
  605,000    
NYC IDA (Surprise Plastics)2
     7.500       11/01/2013       564,465  
  2,480,000    
NYC IDA (Surprise Plastics)2
     8.500       11/01/2023       1,919,346  
  1,500,000    
NYC IDA (Terminal One Group Assoc.)1
     5.500       01/01/2021       1,598,730  
  380,000    
NYC IDA (The Bank Street College)1
     5.250       12/01/2021       387,763  
  1,000,000    
NYC IDA (The Bank Street College)1
     5.250       12/01/2030       1,003,030  
  8,800,000    
NYC IDA (The Child School)1
     7.550       06/01/2033       8,863,360  
  3,735,000    
NYC IDA (Therapy & Learning Center)1
     8.250       09/01/2031       3,785,086  
  8,730,000    
NYC IDA (Tides Two Rivers Foundation)1
     5.650       12/01/2039       6,607,388  
  32,040,000    
NYC IDA (Unicef)1
     5.300       11/01/2038       29,825,075  
  3,640,000    
NYC IDA (Urban Resource Institute)1
     7.375       11/01/2033       3,445,697  
  1,100,000    
NYC IDA (Utleys)1
     7.375       11/01/2023       1,077,461  
  3,800,000    
NYC IDA (Vaughn College Aeronautics)1
     5.000       12/01/2021       3,656,056  
  3,235,000    
NYC IDA (Vaughn College Aeronautics)1
     5.000       12/01/2028       2,913,053  
  1,330,000    
NYC IDA (Vaughn College Aeronautics)1
     5.000       12/01/2028       1,197,638  
  900,000    
NYC IDA (Vaughn College Aeronautics)1
     5.000       12/01/2031       796,158  
  1,800,000    
NYC IDA (Vaughn College Aeronautics)1
     5.250       12/01/2036       1,598,886  
  10,200,000    
NYC IDA (Visy Paper)1
     7.800       01/01/2016       10,210,200  
  70,500,000    
NYC IDA (Visy Paper)1
     7.950       01/01/2028       70,502,820  
  1,930,000    
NYC IDA (Vocational Instruction)2
     7.750       02/01/2033       1,064,434  
  1,555,000    
NYC IDA (W & W Jewelers)1
     8.250       02/01/2021       1,565,869  
  5,930,000    
NYC IDA (Weizmann Institute)1
     5.900       11/01/2034       5,583,451  
  2,900,000    
NYC IDA (Weizmann Institute)1
     5.900       11/01/2034       2,730,524  
  6,160,000    
NYC IDA (Westchester Square Medical Center)
     8.375       11/01/2015       4,299,064  
  1,245,000    
NYC IDA (World Casing Corp.)1
     6.700       11/01/2019       1,187,058  
  36,110,000    
NYC IDA (Yankee Stadium)1
     5.000       03/01/2046       36,129,861  
32 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 16,500,000    
NYC IDA (Yankee Stadium)1
     7.000 %     03/01/2049     $ 19,051,725  
  24,270,000    
NYC IDA (Yeled Yalda Early Childhood)1
     5.725       11/01/2037       21,587,922  
  10,755,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2029       12,173,907  
  8,950,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2031       9,908,187  
  10,000,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2032       11,042,000  
  4,820,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2034       5,019,837  
  9,000,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2035       9,373,140  
  300,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2035       320,811  
  10,000,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2038       10,414,600  
  6,500,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2038       6,886,035  
  19,740,000    
NYC Municipal Water Finance Authority4
     5.000       06/15/2039       21,072,055  
  10,000,000    
NYC Municipal Water Finance Authority1
     5.000       06/15/2043       10,752,400  
  100,000    
NYC Municipal Water Finance Authority1
     5.125       06/15/2034       101,694  
  31,750,000    
NYC Municipal Water Finance Authority1
     5.500       06/15/2043       35,699,700  
  2,650,000    
NYC Municipal Water Finance Authority1
     5.750       06/15/2040       3,027,307  
  3,090,000    
NYC Transitional Finance Authority1
     5.000       11/01/2039       3,335,840  
  3,000,000    
NYC Transitional Finance Authority1
     5.125       01/15/2034       3,221,460  
  7,685,000    
NYC Transitional Finance Authority (Building Aid)1
     5.000       07/15/2033       8,324,392  
  7,910,000    
NYC Transitional Finance Authority (Building Aid)1
     5.000       07/15/2040       8,502,934  
  15,000,000    
NYC Transitional Finance Authority (Building Aid)1
     5.250       07/15/2037       16,481,100  
  20,000,000    
NYC Transitional Finance Authority (Future Tax)1
     5.250       11/01/2027       23,062,200  
  4,000,000    
NYS DA (Buena Vida Nursing Home)1
     5.250       07/01/2028       4,063,800  
  2,250,000    
NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)1
     5.000       07/01/2027       2,281,388  
  1,075,000    
NYS DA (D’Youville College)1
     5.250       07/01/2025       1,086,427  
  15,000    
NYS DA (Dept. of Mental Hygiene)1
     5.250       08/15/2031       15,017  
  20,000    
NYS DA (Ellis Hospital)1
     5.600       08/01/2025       20,033  
  5,300,000    
NYS DA (Interagency Council Pooled Loan Program)1
     7.000       07/01/2031       5,425,398  
  5,825,000    
NYS DA (Interagency Council)1
     7.000       07/01/2035       5,827,272  
  3,255,000    
NYS DA (L.I. University)1
     5.125       09/01/2023       3,257,148  
  1,335,000    
NYS DA (L.I. University)1
     5.250       09/01/2028       1,335,334  
  3,260,000    
NYS DA (Manhattan College)1
     5.300       07/01/2037       3,263,064  
  18,230,000    
NYS DA (Memorial Sloan-Kettering)4
     5.000       07/01/2035       19,000,450  
  10,390,000    
NYS DA (Mental Health Services Facilities)1
     5.000       02/15/2030       10,851,836  
  11,820,000    
NYS DA (Mental Health Services Facilities)1
     5.000       02/15/2035       12,239,019  
  4,125,000    
NYS DA (Miriam Osborn Memorial Home Assoc.)1
     6.375       07/01/2029       4,140,015  
  1,000,000    
NYS DA (New School University)1
     5.750       07/01/2050       1,093,790  
  2,800,000    
NYS DA (North Shore L.I. Jewish Obligated Group)1
     5.000       05/01/2041       2,865,912  
  11,500,000    
NYS DA (North Shore L.I. Jewish Obligated Group)1
     5.250       05/01/2034       12,173,325  
  22,725,000    
NYS DA (NYU Hospitals Center)1
     5.000       07/01/2036       22,709,093  
  2,000,000    
NYS DA (NYU Hospitals Center)1
     5.625       07/01/2037       2,057,060  
33 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 2,925,000    
NYS DA (Ozanam Hall of Queens Nursing Home)1
     5.000 %     11/01/2026     $ 2,473,965  
  6,035,000    
NYS DA (Providence Rest)1
     5.000       07/01/2035       4,343,450  
  2,700,000    
NYS DA (Providence Rest)1
     5.125       07/01/2030       2,104,434  
  3,100,000    
NYS DA (Providence Rest)1
     5.250       07/01/2025       2,602,357  
  6,260,000    
NYS DA (Rochester General Hospital)1
     5.000       12/01/2025       6,240,469  
  17,660,000    
NYS DA (Rochester General Hospital)1
     5.000       12/01/2035       16,370,643  
  1,750,000    
NYS DA (School District Bond Financing Program), Series C1
     7.250       10/01/2028       2,125,655  
  2,645,000    
NYS DA (School District Bond Financing Program), Series C1
     7.375       10/01/2033       3,174,529  
  1,525,000    
NYS DA (School District Bond Financing Program), Series C1
     7.500       04/01/2039       1,828,506  
  350,000    
NYS DA (School District Financing)1
     5.750       10/01/2018       361,932  
  50,000    
NYS DA (School Districts Financing Program), Series B1
     6.000       10/01/2022       51,800  
  25,000    
NYS DA (School Districts Financing Program), Series B1
     6.000       10/01/2029       25,780  
  1,075,000    
NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1
     5.100       07/01/2034       1,085,417  
  5,770,000    
NYS DA (Smithtown Special Library District)1
     6.000       07/01/2028       6,529,044  
  35,000    
NYS DA (St. Barnabas Hospital)1
     5.450       08/01/2035       35,033  
  1,055,000    
NYS DA (St. Catherine of Siena Medical Center)1
     6.000       07/01/2030       1,058,049  
  3,500,000    
NYS DA (St. Joseph’s College)1
     5.250       07/01/2035       3,687,565  
  50,000,000    
NYS DA (St. Mary’s Hospital for Children)1
     7.875       11/15/2041       49,616,000  
  1,575,000    
NYS DA (St. Thomas Aquinas College)1
     5.250       07/01/2028       1,575,205  
  15,915,000    
NYS DA (State Personal Income Tax Authority)1
     5.000       03/15/2034       17,575,094  
  3,000,000    
NYS DA (State University of New York)1
     5.000       07/01/2035       3,246,330  
  3,000,000    
NYS DA (State University of New York)1
     5.000       07/01/2040       3,188,850  
  5,240,000    
NYS DA (The Bronx-Lebanon Hospital Center)1
     6.250       02/15/2035       5,828,766  
  4,395,000    
NYS DA (The New School)1
     5.000       07/01/2031       4,694,783  
  11,695,000    
NYS DA (Vassar College)4
     5.000       07/01/2046       12,270,149  
  2,360,000    
NYS DA (Yeshiva University)1
     5.000       11/01/2031       2,503,866  
  10,000,000    
NYS EFC (Clean Water & Drinking Revolving Funds)1
     5.000       06/15/2028       10,174,900  
  5,000,000    
NYS EFC (Clean Water & Drinking Revolving Funds)
     5.125       06/15/2038       5,479,400  
  430,000    
NYS EFC (NYC Municipal Water Finance Authority)1
     5.000       06/15/2034       460,147  
  2,365,000    
NYS EFC (NYS Water Services)1
     6.000       01/15/2031       2,391,086  
  65,000    
NYS EFC (United Waterworks)1
     5.150       03/01/2034       65,001  
  25,000    
NYS ERDA (Brooklyn Union Gas Company)1
     4.700       02/01/2024       26,162  
  15,000    
NYS ERDA (Brooklyn Union Gas Company)1
     5.500       01/01/2021       15,053  
  7,000,000    
NYS ERDA (Brooklyn Union Gas Company) RIBS
     11.210 7     04/01/2020       7,057,820  
  16,300,000    
NYS ERDA (Brooklyn Union Gas Company) RIBS
     13.371 7     07/01/2026       16,370,416  
  350,000    
NYS ERDA (LILCO)1
     5.300       10/01/2024       350,669  
  100,000    
NYS ERDA (LILCO)1
     5.300       08/01/2025       100,153  
  75,000    
NYS ERDA (LILCO)1
     5.300       08/01/2025       75,056  
  610,000    
NYS ERDA (NYS Electric & Gas Corp.)1
     5.350       12/01/2028       612,013  
34 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 170,000    
NYS ERDA (Rochester Gas & Electric)1
     5.375 %     05/15/2032     $ 171,166  
  2,000,000    
NYS HFA (Affordable Hsg.)1
     5.000       11/01/2042       2,045,020  
  2,365,000    
NYS HFA (Affordable Hsg.)1
     5.250       11/01/2038       2,397,188  
  10,220,000    
NYS HFA (Affordable Hsg.)4
     5.450       11/01/2045       10,435,751  
  150,000    
NYS HFA (Affordable Hsg.)1
     6.750       11/01/2038       164,756  
  1,865,000    
NYS HFA (Children’s Rescue)1
     7.625       05/01/2018       1,867,052  
  950,000    
NYS HFA (Friendship)1
     5.100       08/15/2041       956,973  
  1,305,000    
NYS HFA (Golden Age Apartments)1
     5.000       02/15/2037       1,314,344  
  3,765,000    
NYS HFA (Multifamily Hsg.)1
     4.850       02/15/2038       3,762,590  
  2,080,000    
NYS HFA (Multifamily Hsg.)1
     5.375       02/15/2035       2,081,082  
  2,075,000    
NYS HFA (Multifamily Hsg.)1
     5.500       08/15/2030       2,076,121  
  1,020,000    
NYS HFA (Multifamily Hsg.)1
     5.650       08/15/2030       1,020,632  
  3,200,000    
NYS HFA (Multifamily Hsg.)1
     5.650       08/15/2030       3,201,984  
  1,000,000    
NYS HFA (Multifamily Hsg.)1
     5.650       08/15/2031       1,000,640  
  1,710,000    
NYS HFA (Multifamily Hsg.)1
     5.650       02/15/2034       1,711,026  
  2,120,000    
NYS HFA (Multifamily Hsg.)1
     5.700       08/15/2033       2,121,378  
  650,000    
NYS HFA (Multifamily Hsg.)1
     6.250       02/15/2031       650,611  
  1,255,000    
NYS HFA (Multifamily Hsg.)1
     6.400       11/15/2027       1,256,682  
  3,800,000    
NYS HFA (Multifamily Hsg.)1
     6.750       11/15/2036       4,025,188  
  395,000    
NYS HFA (Nonprofit Hsg.)
     8.400       11/01/2012       397,015  
  425,000    
NYS HFA (Nonprofit Hsg.)
     8.400       11/01/2013       427,044  
  510,000    
NYS HFA (Nonprofit Hsg.)
     8.400       11/01/2014       512,428  
  540,000    
NYS HFA (Nonprofit Hsg.)1
     8.400       11/01/2015       542,473  
  580,000    
NYS HFA (Nonprofit Hsg.)1
     8.400       11/01/2016       582,523  
  640,000    
NYS HFA (Nonprofit Hsg.)1
     8.400       11/01/2017       642,701  
  685,000    
NYS HFA (Nonprofit Hsg.)1
     8.400       11/01/2018       687,713  
  615,000    
NYS LGSC (SCSB)
     7.375       12/15/2016       618,229  
  980,000    
NYS LGSC (SCSB)
     7.750       12/15/2021       1,007,754  
  5,000,000    
NYS Liberty Devel. Corp. (4 World Trade Center)1
     5.000       11/15/2031       5,276,900  
  150,000    
NYS Medcare (Hospital & Nursing Home)
     7.400       11/01/2016       150,749  
  75,000    
NYS Medcare (Hospital & Nursing Home)
     9.375       11/01/2016       75,550  
  5,000    
NYS Medcare (M.G. Nursing Home)1
     6.200       02/15/2015       5,020  
  5,000,000    
NYS Power Authority1
     5.000       11/15/2038       5,483,500  
  5,540,000    
NYS Thruway Authority1
     5.000       04/01/2031       6,129,401  
  20,000    
NYS UDC (Subordinated Lien)1
     5.500       07/01/2016       20,080  
  830,000    
Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1
     5.000       09/15/2035       695,324  
  450,000    
Oneida County, NY IDA (Mohawk Valley Handicapped Services)1
     5.300       03/15/2019       433,269  
  840,000    
Oneida County, NY IDA (Mohawk Valley Handicapped Services)1
     5.350       03/15/2029       704,348  
  4,345,000    
Onondaga County, NY IDA (Air Cargo)1
     6.125       01/01/2032       3,709,153  
  2,000,000    
Onondaga County, NY IDA (Air Cargo)1
     7.250       01/01/2032       1,874,160  
35 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 1,185,000    
Onondaga County, NY IDA (Free Library)1
     5.125 %     03/01/2030     $ 1,239,700  
  1,115,000    
Onondaga County, NY IDA (Free Library)1
     5.125       03/01/2037       1,140,355  
  500,000    
Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)1
     6.250       12/01/2034       500,690  
  42,834,598    
Onondaga County, NY Res Rec1
     0.000 8     05/01/2022       34,125,468  
  30,165,000    
Onondaga County, NY Res Rec1
     5.000       05/01/2015       28,823,864  
  2,000,000    
Onondaga, NY Civic Devel Corp. (Le Moyne College)1
     5.375       07/01/2040       2,070,340  
  3,465,000    
Onondaga, NY Civic Devel Corp. (Upstate Properties)1
     5.250       12/01/2041       3,607,585  
  2,500,000    
Orange County, NY IDA (Arden Hill Life Care Center)1
     7.000       08/01/2021       2,266,300  
  2,325,000    
Orange County, NY IDA (Arden Hill Life Care Center)1
     7.000       08/01/2031       1,942,863  
  2,090,000    
Orange County, NY IDA (Arden Hill Life Care Center)1
     7.000       08/01/2031       1,746,488  
  1,800,000    
Orange County, NY IDA (Glen Arden)1
     5.625       01/01/2018       1,548,396  
  5,590,000    
Orange County, NY IDA (Glen Arden)1
     5.700       01/01/2028       4,056,328  
  1,715,000    
Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1
     5.375       12/01/2021       1,732,099  
  6,330,000    
Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1
     5.375       12/01/2026       6,340,951  
  2,235,000    
Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1
     5.375       12/01/2026       2,238,867  
  11,300,000    
Peekskill, NY IDA (Drum Hill)1
     6.375       10/01/2028       10,440,748  
  35,475,000    
Port Authority NY/NJ (Continental Airlines)
     9.125       12/01/2015       35,847,488  
  16,435,000    
Port Authority NY/NJ (JFK International Air Terminal)1
     5.750       12/01/2022       16,434,178  
  31,900,000    
Port Authority NY/NJ (JFK International Air Terminal)1
     5.750       12/01/2025       31,897,767  
  50,330,000    
Port Authority NY/NJ (KIAC)1
     6.750       10/01/2019       46,977,519  
  270,000    
Port Authority NY/NJ, 126th Series1
     5.125       11/15/2030       274,007  
  50,000    
Port Authority NY/NJ, 127th Series1
     5.200       12/15/2027       50,880  
  33,025,000    
Port Authority NY/NJ, 136th Series4
     5.125       05/01/2034       34,089,710  
  19,175,000    
Port Authority NY/NJ, 136th Series4
     5.375       11/01/2028       20,123,380  
  22,855,000    
Port Authority NY/NJ, 136th Series4
     5.500       11/01/2029       24,005,315  
  26,000,000    
Port Authority NY/NJ, 138th Series4
     4.750       12/01/2034       26,687,180  
  27,255,000    
Port Authority NY/NJ, 141st Series4
     4.500       09/01/2029       27,626,417  
  47,910,000    
Port Authority NY/NJ, 143rd Series4
     5.000       10/01/2030       49,602,660  
  17,500,000    
Port Authority NY/NJ, 144th Series1
     5.000       10/01/2035       19,056,625  
  12,840,000    
Port Authority NY/NJ, 146th Series4
     4.500       12/01/2034       12,942,718  
  10,000    
Port Authority NY/NJ, 146th Series1
     4.500       12/01/2034       10,081  
  26,100,000    
Port Authority NY/NJ, 146th Series4
     4.750       12/01/2027       27,291,569  
  10,000    
Port Authority NY/NJ, 146th Series1
     4.750       12/01/2027       10,461  
  13,005,000    
Port Authority NY/NJ, 147th Series4
     4.750       10/15/2028       13,587,824  
  17,790,000    
Port Authority NY/NJ, 147th Series4
     5.000       10/15/2027       18,833,027  
  20,000,000    
Port Authority NY/NJ, 147th Series4
     5.000       10/15/2032       20,792,770  
  82,000,000    
Port Authority NY/NJ, 151st Series4
     5.750       03/15/2035       90,265,976  
  15,000,000    
Port Authority NY/NJ, 151st Series4
     6.000       09/15/2028       17,129,250  
36 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 101,940,000    
Port Authority NY/NJ, 152nd Series4
     5.250 %     11/01/2035     $ 108,329,599  
  13,715,000    
Port Authority NY/NJ, 152nd Series4
     5.250       05/01/2038       14,449,308  
  22,500,000    
Port Authority NY/NJ, 152nd Series4
     5.750       11/01/2030       25,282,800  
  15,300,000    
Port Authority NY/NJ, 161st Series4
     5.000       10/15/2031       16,825,104  
  20,250,000    
Port Authority NY/NJ, 163rd Series4
     5.000       07/15/2039       21,908,273  
  21,515,000    
Port Authority NY/NJ, 166th Series4
     5.000       01/15/2041       23,328,831  
  15,000,000    
Port Authority NY/NJ, 166th Series4
     5.250       07/15/2036       16,742,100  
  50,660,000    
Port Authority NY/NJ, 37th Series4
     5.250       07/15/2034       52,714,263  
  2,755,000    
Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1
     6.000       08/01/2032       2,758,196  
  1,500,000    
Rensselaer County, NY IDA (Franciscan Heights)1
     5.375       12/01/2036       1,523,790  
  6,385,000    
Rensselaer County, NY Tobacco Asset Securitization Corp.1
     5.625       06/01/2035       5,380,767  
  7,300,000    
Rensselaer County, NY Tobacco Asset Securitization Corp.1
     5.750       06/01/2043       6,121,999  
  4,820,000    
Rensselaer, NY City School District COP1
     5.000       06/01/2036       4,802,937  
  1,250,000    
Riverhead, NY IDA (Michael Reilly Design)1
     8.875       08/01/2021       1,269,100  
  1,195,000    
Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group)1
     4.900       07/01/2021       1,036,674  
  9,225,000    
Rockland County, NY Tobacco Asset Securitization Corp.1
     5.625       08/15/2035       7,768,742  
  10,095,000    
Rockland County, NY Tobacco Asset Securitization Corp.1
     5.750       08/15/2043       8,462,739  
  30,000,000    
Rockland County, NY Tobacco Asset Securitization Corp.
     5.875 3     08/15/2045       1,080,000  
  486,000,000    
Rockland County, NY Tobacco Asset Securitization Corp.
     7.668 3     08/15/2060       2,284,200  
  20,000    
Sanford Town, NY GO1
     5.250       04/15/2015       21,857  
  20,000    
Sanford Town, NY GO1
     5.250       04/15/2016       22,235  
  25,000    
Sanford Town, NY GO1
     5.250       04/15/2017       27,664  
  25,000    
Sanford Town, NY GO1
     5.250       04/15/2018       27,496  
  25,000    
Sanford Town, NY GO1
     5.250       04/15/2019       27,243  
  25,000    
Sanford Town, NY GO1
     5.250       04/15/2020       27,047  
  30,000    
Sanford Town, NY GO1
     5.250       04/15/2021       32,253  
  30,000    
Sanford Town, NY GO1
     5.250       04/15/2022       32,036  
  30,000    
Sanford Town, NY GO1
     5.250       04/15/2023       31,821  
  30,000    
Sanford Town, NY GO1
     5.250       04/15/2024       31,651  
  35,000    
Sanford Town, NY GO1
     5.250       04/15/2025       36,700  
  35,000    
Sanford Town, NY GO1
     5.250       04/15/2026       36,602  
  40,000    
Sanford Town, NY GO1
     5.250       04/15/2027       41,639  
  40,000    
Sanford Town, NY GO1
     5.250       04/15/2028       41,496  
  40,000    
Sanford Town, NY GO1
     5.250       04/15/2029       41,353  
  45,000    
Sanford Town, NY GO1
     5.250       04/15/2030       46,469  
37 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 45,000    
Sanford Town, NY GO1
     5.250 %     04/15/2031     $ 46,398  
  50,000    
Sanford Town, NY GO1
     5.250       04/15/2032       51,534  
  50,000    
Sanford Town, NY GO1
     5.250       04/15/2033       51,495  
  55,000    
Sanford Town, NY GO1
     5.250       04/15/2034       56,558  
  60,000    
Sanford Town, NY GO1
     5.250       04/15/2035       61,534  
  60,000    
Sanford Town, NY GO1
     5.250       04/15/2036       61,417  
  2,650,000    
Seneca County, NY IDA (New York Chiropractic College)1
     5.000       10/01/2027       2,696,163  
  22,885,000    
SONYMA, Series 1064
     5.250       04/01/2034       22,896,453  
  30,225,000    
SONYMA, Series 1094
     4.950       10/01/2034       30,326,012  
  9,510,000    
SONYMA, Series 1334
     5.050       10/01/2026       9,638,016  
  22,990,000    
SONYMA, Series 1374
     4.700       10/01/2031       22,992,300  
  19,155,000    
SONYMA, Series 1404
     4.750       10/01/2037       18,342,495  
  10,875,000    
SONYMA, Series 1434
     4.900       10/01/2037       10,891,662  
  5,045,000    
SONYMA, Series 1454
     5.125       10/01/2037       5,114,254  
  1,955,000    
SONYMA, Series 1484
     5.150       10/01/2027       2,006,539  
  6,370,000    
SONYMA, Series 1484
     5.200       10/01/2032       6,510,824  
  820,000    
SONYMA, Series 691
     5.500       10/01/2028       820,467  
  25,500,000    
SONYMA, Series 714
     5.400       04/01/2029       25,517,636  
  765,000    
SONYMA, Series 711
     5.400       04/01/2029       765,528  
  30,000    
SONYMA, Series 711
     5.400       04/01/2029       30,014  
  270,000    
SONYMA, Series 731
     5.300       10/01/2028       270,116  
  19,435,000    
SONYMA, Series 73-A4
     5.300       10/01/2028       19,443,366  
  3,470,000    
SONYMA, Series 771
     5.150       04/01/2029       3,471,284  
  9,075,000    
SONYMA, Series 794
     5.300       04/01/2029       9,078,551  
  295,000    
SONYMA, Series 821
     5.650       04/01/2030       295,198  
  4,700,000    
St. Lawrence County, NY IDA (Clarkson University)1
     5.375       09/01/2041       5,086,340  
  520,000    
St. Lawrence County, NY IDA (Clarkson University)1
     6.000       09/01/2034       587,319  
  4,360,000    
St. Lawrence County, NY IDA (Curran Renewable Energy)1
     7.250       12/01/2029       3,543,198  
  2,115,000    
St. Lawrence County, NY IDA (Edwards John Noble Hospital)1
     5.250       10/01/2020       2,218,424  
  5,440,000    
St. Lawrence County, NY IDA (Edwards John Noble Hospital)1
     6.250       10/01/2040       5,484,880  
  11,850,000    
Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1
     5.000       07/01/2028       12,345,923  
  4,270,000    
Suffolk County, NY Economic Devel. Corp., Series A1
     7.375       12/01/2040       4,339,985  
  720,000    
Suffolk County, NY IDA (ACLD)1
     6.000       12/01/2019       690,811  
  335,000    
Suffolk County, NY IDA (ALIA-ACDS)1
     7.125       06/01/2017       339,057  
  1,880,000    
Suffolk County, NY IDA (ALIA-ACLD)1
     5.950       10/01/2021       1,762,914  
  135,000    
Suffolk County, NY IDA (ALIA-ACLD)1
     6.375       06/01/2014       135,073  
  460,000    
Suffolk County, NY IDA (ALIA-ACLD)1
     6.500       03/01/2018       455,299  
38 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 340,000    
Suffolk County, NY IDA (ALIA-ACLD)1
     7.500 %     09/01/2015     $ 343,658  
  115,000    
Suffolk County, NY IDA (ALIA-ADD)1
     6.950       12/01/2014       115,830  
  305,000    
Suffolk County, NY IDA (ALIA-ADD)1
     7.125       06/01/2017       308,694  
  175,000    
Suffolk County, NY IDA (ALIA-ADD)1
     7.500       09/01/2015       176,883  
  845,000    
Suffolk County, NY IDA (ALIA-Adelante)1
     6.500       11/01/2037       755,261  
  1,140,000    
Suffolk County, NY IDA (ALIA-Civic Facility)1
     5.950       11/01/2022       1,058,878  
  2,500,000    
Suffolk County, NY IDA (ALIA-DDI)1
     5.950       10/01/2021       2,344,300  
  485,000    
Suffolk County, NY IDA (ALIA-DDI)1
     6.375       06/01/2014       485,262  
  100,000    
Suffolk County, NY IDA (ALIA-DDI)1
     7.500       09/01/2015       101,076  
  730,000    
Suffolk County, NY IDA (ALIA-FREE)1
     5.950       10/01/2021       684,536  
  300,000    
Suffolk County, NY IDA (ALIA-FREE)1
     6.375       06/01/2014       300,162  
  700,000    
Suffolk County, NY IDA (ALIA-FREE)1
     6.950       12/01/2014       705,054  
  2,230,000    
Suffolk County, NY IDA (ALIA-FREE)1
     7.125       06/01/2017       2,257,005  
  520,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     5.950       10/01/2021       487,614  
  700,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     5.950       11/01/2022       650,188  
  365,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     6.000       10/01/2031       318,433  
  240,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     6.375       06/01/2014       240,130  
  240,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     6.950       12/01/2014       241,733  
  710,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     7.125       06/01/2017       718,598  
  1,945,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     7.250       12/01/2033       1,934,750  
  85,000    
Suffolk County, NY IDA (ALIA-IGHL)1
     7.500       09/01/2015       85,915  
  80,000    
Suffolk County, NY IDA (ALIA-LIHIA)1
     7.500       09/01/2015       80,939  
  240,000    
Suffolk County, NY IDA (ALIA-MCH)1
     6.375       06/01/2014       240,130  
  600,000    
Suffolk County, NY IDA (ALIA-MCH)1
     6.950       12/01/2014       604,332  
  865,000    
Suffolk County, NY IDA (ALIA-MCH)1
     7.125       06/01/2017       875,475  
  725,000    
Suffolk County, NY IDA (ALIA-NYS ARC)1
     5.950       11/01/2022       673,409  
  385,000    
Suffolk County, NY IDA (ALIA-NYS ARC)1
     7.500       09/01/2015       389,143  
  200,000    
Suffolk County, NY IDA (ALIA-Pederson-Krag Center)1
     8.375       06/01/2016       203,618  
  290,000    
Suffolk County, NY IDA (ALIA-SMCFS)1
     7.500       09/01/2015       293,120  
  295,000    
Suffolk County, NY IDA (ALIA-Suffolk Hostels)1
     7.500       09/01/2015       298,174  
  1,745,000    
Suffolk County, NY IDA (ALIA-UCPAGS)1
     5.950       10/01/2021       1,636,321  
  100,000    
Suffolk County, NY IDA (ALIA-UCPAGS)1
     6.375       06/01/2014       100,054  
  420,000    
Suffolk County, NY IDA (ALIA-UCPAGS)1
     6.950       12/01/2014       423,032  
  460,000    
Suffolk County, NY IDA (ALIA-UCPAGS)1
     7.000       06/01/2016       463,832  
  210,000    
Suffolk County, NY IDA (ALIA-UCPAGS)1
     7.500       09/01/2015       212,260  
  3,530,000    
Suffolk County, NY IDA (ALIA-UVBH)1
     6.500       11/01/2037       3,155,114  
  700,000    
Suffolk County, NY IDA (ALIA-WORCA)1
     5.950       11/01/2022       650,188  
  145,000    
Suffolk County, NY IDA (ALIA-WORCA)1
     6.950       12/01/2014       146,047  
  540,000    
Suffolk County, NY IDA (ALIA-WORCA)1
     7.125       06/01/2017       546,539  
  240,000    
Suffolk County, NY IDA (ALIA-WORCA)1
     7.500       09/01/2015       242,582  
  510,000    
Suffolk County, NY IDA (Catholic Charities)1
     6.000       10/01/2020       485,867  
39 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 130,000    
Suffolk County, NY IDA (DDI)1
     6.000 %     12/01/2019     $ 124,730  
  440,000    
Suffolk County, NY IDA (DDI)1
     6.000       10/01/2020       419,179  
  455,000    
Suffolk County, NY IDA (DDI)1
     6.000       10/01/2020       433,469  
  4,620,000    
Suffolk County, NY IDA (DDI)1
     7.250       03/01/2024       4,730,741  
  7,555,000    
Suffolk County, NY IDA (DDI)1
     8.750       03/01/2023       7,576,532  
  5,000,000    
Suffolk County, NY IDA (Dowling College)1
     5.000       06/01/2036       3,771,300  
  2,435,000    
Suffolk County, NY IDA (Dowling College)1
     6.700       12/01/2020       2,434,708  
  2,900,000    
Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1
     5.375       01/01/2027       2,476,194  
  3,745,000    
Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1
     5.500       01/01/2037       2,975,328  
  1,195,000    
Suffolk County, NY IDA (Family Residences)1
     6.000       12/01/2019       1,146,555  
  1,345,000    
Suffolk County, NY IDA (Family Services League)1
     5.000       11/01/2027       1,385,565  
  930,000    
Suffolk County, NY IDA (Family Services League)1
     5.000       11/01/2034       941,579  
  2,145,000    
Suffolk County, NY IDA (Federation of Organizations)1
     8.125       04/01/2030       2,176,918  
  2,530,000    
Suffolk County, NY IDA (Gurwin Jewish-Phase II)1
     6.700       05/01/2039       2,545,914  
  2,815,000    
Suffolk County, NY IDA (Huntington First Aid Squad)1
     6.650       11/01/2017       2,815,845  
  190,000    
Suffolk County, NY IDA (Independent Group Home Living)1
     6.000       12/01/2019       182,297  
  860,000    
Suffolk County, NY IDA (Independent Group Home Living)1
     6.000       10/01/2020       819,305  
  3,275,000    
Suffolk County, NY IDA (Innovative Realty I)1
     6.000       11/01/2037       2,407,125  
  8,600,000    
Suffolk County, NY IDA (Jefferson’s Ferry)1
     5.000       11/01/2028       8,393,858  
  4,065,000    
Suffolk County, NY IDA (L.I. Network Community Services)1
     7.550       02/01/2034       4,159,471  
  7,785,000    
Suffolk County, NY IDA (Medford Hamlet Assisted Living)1
     6.375       01/01/2039       6,777,154  
  1,865,000    
Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1
     6.750       11/01/2036       1,826,376  
  635,000    
Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1
     6.750       11/01/2036       621,849  
  2,190,000    
Suffolk County, NY IDA (New Interdisciplinary School)1
     6.750       12/01/2019       2,197,074  
  2,000,000    
Suffolk County, NY IDA (New York Institute of Technology)1
     5.000       03/01/2026       2,041,840  
  2,320,000    
Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1
     5.300       01/01/2013       2,319,884  
  26,425,000    
Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1
     5.500       01/01/2023       25,738,743  
  4,800,000    
Suffolk County, NY IDA (Pederson-Krager Center)1
     7.200       02/01/2035       4,336,368  
  2,490,000    
Suffolk County, NY IDA (Pederson-Krager Center)1
     8.125       04/01/2030       2,491,320  
  930,000    
Suffolk County, NY IDA (Special Needs Facilities Pooled Program)1
     5.250       07/01/2022       818,130  
40 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 2,540,000    
Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)1
     8.000 %     04/01/2030     $ 2,551,811  
  425,000    
Suffolk County, NY IDA (Suffolk Hotels)1
     6.000       10/01/2020       404,889  
  1,390,000    
Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1
     6.000       12/01/2019       1,333,649  
  3,230,000    
Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1
     7.875       09/01/2041       3,255,775  
  645,000    
Suffolk County, NY IDA (WORCA)1
     6.000       10/01/2020       614,479  
  119,295,000    
Suffolk, NY Tobacco Asset Securitization Corp.1
     0.000 8     06/01/2044       99,486,065  
  12,110,000    
Suffolk, NY Tobacco Asset Securitization Corp.1
     5.375       06/01/2028       10,201,222  
  29,915,000    
Suffolk, NY Tobacco Asset Securitization Corp.1
     6.000       06/01/2048       23,774,348  
  287,265,000    
Suffolk, NY Tobacco Asset Securitization Corp.
     8.000 3     06/01/2048       7,293,658  
  3,005,000    
Sullivan County, NY Community College COP
     5.750       08/15/2025       2,509,506  
  440,000    
Sullivan County, NY IDA (Center for Discovery)1
     7.250       02/01/2012       440,255  
  9,965,000    
Sullivan County, NY IDA (Center for Discovery)1
     7.750       02/01/2027       10,004,661  
  6,650,000    
Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)1
     8.500       11/01/2031       5,808,110  
  2,365,000    
Syracuse, NY Hsg. Authority (Pavilion on James)1
     7.500       11/01/2042       1,924,566  
  189,885,000    
Syracuse, NY IDA (Carousel Center)1
     5.000       01/01/2036       162,589,031  
  1,000,000    
Syracuse, NY IDA (Crouse Irving Health Hospital)1
     5.375       01/01/2023       948,260  
  7,540,000    
Syracuse, NY IDA (James Square)
     7.197 3     08/01/2025       3,124,274  
  725,000    
Syracuse, NY IDA (Jewish Home of Central New York)1
     7.375       03/01/2021       674,953  
  2,050,000    
Syracuse, NY IDA (Jewish Home of Central New York)1
     7.375       03/01/2031       1,777,986  
  75,000    
Taconic Hills, NY (Central School District at Craryville)1
     5.000       06/15/2026       75,578  
  40,000    
Tompkins, NY Health Care Corp. (Reconstruction Home)1
     10.800       02/01/2028       41,838  
  2,000,000    
Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1
     5.000       09/01/2030       2,089,260  
  1,460,000    
Ulster County, NY IDA (Brooklyn Bottling)1
     8.600       06/30/2022       1,461,664  
  185,000    
Ulster County, NY Res Rec1
     5.000       03/01/2020       198,148  
  3,180,000    
Ulster County, NY Tobacco Asset Securitization Corp.1
     6.000       06/01/2040       2,742,909  
  2,065,000    
Ulster County, NY Tobacco Asset Securitization Corp.1
     6.250       06/01/2025       1,996,896  
  3,005,000    
Ulster County, NY Tobacco Asset Securitization Corp.1
     6.450       06/01/2040       2,631,238  
  3,550,000    
Utica, NY IDA (Utica College Civic Facility)1
     6.850       12/01/2031       3,618,941  
  1,800,000    
Wayne County, NY IDA (ARC)1
     8.375       03/01/2018       1,799,874  
  20,000    
Westchester County, NY GO1
     5.375       12/15/2014       20,396  
  10,645,000    
Westchester County, NY Healthcare Corp., Series A1,5
     5.000       11/01/2030       10,797,117  
  1,700,000    
Westchester County, NY Healthcare Corp., Series B1
     5.125       11/01/2041       1,710,319  
  3,340,000    
Westchester County, NY IDA (Children’s Village)1
     6.000       06/01/2022       3,462,344  
  1,215,000    
Westchester County, NY IDA (Clearview School)1
     7.250       01/01/2035       1,203,737  
  2,755,000    
Westchester County, NY IDA (Field Home)1
     6.000       08/15/2017       2,675,987  
  3,335,000    
Westchester County, NY IDA (Field Home)1
     6.500       08/15/2022       3,237,451  
  1,300,000    
Westchester County, NY IDA (Guiding Eyes for the Blind)1
     5.375       08/01/2024       1,346,605  
41 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
New York Continued                        
$ 1,185,000    
Westchester County, NY IDA (JDAM)1
     6.750 %     04/01/2016     $ 1,189,361  
  3,325,000    
Westchester County, NY IDA (Lawrence Hospital)1
     5.000       01/01/2028       3,283,537  
  540,000    
Westchester County, NY IDA (Lawrence Hospital)1
     5.125       01/01/2018       540,745  
  1,385,000    
Westchester County, NY IDA (Rippowam-Cisqua School)1
     5.750       06/01/2029       1,385,360  
  1,000,000    
Westchester County, NY IDA (Schnurmacher Center)1
     6.500       11/01/2013       1,030,400  
  1,710,000    
Westchester County, NY IDA (Schnurmacher Center)1
     6.500       11/01/2033       1,663,197  
  160,000    
Westchester County, NY IDA (Westchester Airport Assoc.)1
     5.950       08/01/2024       160,235  
  2,660,000    
Westchester County, NY IDA (Winward School)1
     5.250       10/01/2031       2,660,027  
  4,475,000    
Westchester County, NY Tobacco Asset Securitization Corp.1
     5.000       06/01/2026       4,226,369  
  59,900,000    
Westchester County, NY Tobacco Asset Securitization Corp.1
     5.125       06/01/2038       44,012,124  
  52,815,000    
Westchester County, NY Tobacco Asset Securitization Corp.1
     5.125       06/01/2045       37,393,548  
  850,000    
Yonkers, NY EDC (Charter School of Educational Excellence)1
     6.250       10/15/2040       840,939  
  3,500,000    
Yonkers, NY IDA (Hudson Scenic Studio)1
     6.625       11/01/2019       3,353,770  
  1,490,000    
Yonkers, NY IDA (Philipsburgh Hall Associates)
     7.500       11/01/2030       1,188,096  
  2,200,000    
Yonkers, NY IDA (St. Joseph’s Hospital)1
     6.150       03/01/2015       2,189,902  
  885,000    
Yonkers, NY IDA (St. Joseph’s Hospital)1
     8.500       12/30/2013       886,628  
  3,600,000    
Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A1
     6.150       03/01/2015       3,583,476  
  900,000    
Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B1
     6.150       03/01/2015       895,869  
  800,000    
Yonkers, NY Parking Authority1
     6.000       06/15/2018       799,968  
  1,215,000    
Yonkers, NY Parking Authority1
     6.000       06/15/2024       1,114,094  
       
 
                      
       
 
                     5,814,230,768  
       
 
                      
       
 
                        
U.S. Possessions—34.4%                        
  825,000    
Guam Education Financing Foundation COP1
     5.000       10/01/2023       800,679  
  505,000    
Guam GO1
     5.250       11/15/2037       441,825  
  6,000,000    
Guam GO1
     6.750       11/15/2029       6,249,960  
  10,000,000    
Guam GO1
     7.000       11/15/2039       10,412,600  
  2,400,000    
Guam Government Business Privilege1
     5.000       01/01/2031       2,542,416  
  5,400,000    
Guam Government Business Privilege1
     5.250       01/01/2036       5,738,958  
  300,000    
Guam Hsg. Corp. (Single Family Mtg.)1
     5.750       09/01/2031       339,498  
  290,000    
Guam Power Authority, Series A1
     5.250       10/01/2023       286,076  
  20,000,000    
Guam Power Authority, Series A1
     5.250       10/01/2034       18,725,800  
  5,200,000    
Guam Power Authority, Series A1
     5.500       10/01/2030       5,173,064  
  7,700,000    
Guam Power Authority, Series A1
     5.500       10/01/2040       7,550,004  
  1,960,000    
Northern Mariana Islands Commonwealth, Series A1
     5.000       10/01/2022       1,642,892  
  33,725,000    
Northern Mariana Islands Commonwealth, Series A1
     5.000       06/01/2030       26,075,496  
42 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
U.S. Possessions Continued                        
$ 8,400,000    
Northern Mariana Islands Ports Authority, Series A
     6.250 %     03/15/2028     $ 5,948,292  
  16,280,000    
Northern Mariana Islands Ports Authority, Series A1
     6.600       03/15/2028       14,704,910  
  49,000,000    
Puerto Rico Aqueduct & Sewer Authority4
     5.125       07/01/2047       50,362,200  
  74,335,000    
Puerto Rico Aqueduct & Sewer Authority1
     6.000       07/01/2038       78,397,408  
  99,165,000    
Puerto Rico Aqueduct & Sewer Authority1
     6.000       07/01/2044       104,360,254  
  5,000,000    
Puerto Rico Aqueduct & Sewer Authority1
     6.000       07/01/2044       5,261,950  
  55,650,000    
Puerto Rico Aqueduct & Sewer Authority1
     6.125       07/01/2024       62,998,583  
  56,685,000    
Puerto Rico Children’s Trust Fund (TASC)1
     5.625       05/15/2043       48,312,626  
  168,500,000    
Puerto Rico Children’s Trust Fund (TASC)
     6.627 3     05/15/2050       9,543,840  
  745,000,000    
Puerto Rico Children’s Trust Fund (TASC)
     7.165 3     05/15/2055       20,018,150  
  3,519,880,000    
Puerto Rico Children’s Trust Fund (TASC)
     7.625 3     05/15/2057       49,665,507  
  3,179,200,000    
Puerto Rico Children’s Trust Fund (TASC)
     8.375 3     05/15/2057       37,705,312  
  20,000    
Puerto Rico Commonwealth GO1
     5.000       07/01/2026       20,011  
  2,000,000    
Puerto Rico Commonwealth GO1
     5.000       07/01/2033       2,001,000  
  3,000,000    
Puerto Rico Commonwealth GO1
     5.125       07/01/2031       3,000,390  
  2,200,000    
Puerto Rico Commonwealth GO1
     5.250       07/01/2026       2,276,472  
  2,920,000    
Puerto Rico Commonwealth GO1
     5.250       07/01/2030       2,970,866  
  14,500,000    
Puerto Rico Commonwealth GO1
     5.250       07/01/2031       14,766,655  
  10,230,000    
Puerto Rico Commonwealth GO1
     5.250       07/01/2034       10,364,013  
  43,385,000    
Puerto Rico Commonwealth GO1
     5.250       07/01/2037       43,890,869  
  5,000,000    
Puerto Rico Commonwealth GO1
     5.375       07/01/2033       5,112,750  
  7,850,000    
Puerto Rico Commonwealth GO1
     5.500       07/01/2029       8,578,794  
  76,300,000    
Puerto Rico Commonwealth GO1
     5.500       07/01/2032       78,544,746  
  30,000,000    
Puerto Rico Commonwealth GO1
     5.750       07/01/2036       31,673,700  
  2,420,000    
Puerto Rico Commonwealth GO1
     5.750       07/01/2041       2,555,012  
  2,700,000    
Puerto Rico Commonwealth GO1
     6.000       07/01/2035       2,918,160  
  1,000,000    
Puerto Rico Commonwealth GO1
     6.000       07/01/2040       1,076,870  
  6,000,000    
Puerto Rico Commonwealth GO1
     6.500       07/01/2037       6,638,280  
  5,675,000    
Puerto Rico Commonwealth GO1
     6.500       07/01/2040       6,397,371  
  33,580,000    
Puerto Rico Electric Power Authority, Series AAA1
     5.250       07/01/2028       35,501,112  
  10,105,000    
Puerto Rico Electric Power Authority, Series AAA1
     5.250       07/01/2029       10,646,527  
  3,550,000    
Puerto Rico Electric Power Authority, Series TT1
     5.000       07/01/2037       3,576,306  
  60,000,000    
Puerto Rico Electric Power Authority, Series UU1
     0.769 9     07/01/2029       38,931,000  
  170,000    
Puerto Rico Electric Power Authority, Series WW1
     5.500       07/01/2038       176,436  
  35,000    
Puerto Rico HFC1
     5.100       12/01/2018       35,243  
  9,515,000    
Puerto Rico Highway & Transportation Authority1
     5.000       07/01/2028       9,567,618  
  4,845,000    
Puerto Rico Highway & Transportation Authority1
     5.250       07/01/2030       5,101,204  
  3,100,000    
Puerto Rico Highway & Transportation Authority
     5.300       07/01/2035       3,166,991  
  4,000,000    
Puerto Rico Highway & Transportation Authority1
     5.500       07/01/2029       4,371,360  
  270,000    
Puerto Rico Highway & Transportation Authority1
     5.750       07/01/2020       282,272  
43 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
U.S. Possessions Continued                        
$ 105,000    
Puerto Rico Highway & Transportation Authority, Series G1
     5.000 %     07/01/2033     $ 112,238  
  11,480,000    
Puerto Rico Highway & Transportation Authority, Series G1
     5.000       07/01/2033       11,485,740  
  80,000    
Puerto Rico Highway & Transportation Authority, Series G1
     5.000       07/01/2042       85,514  
  28,790,000    
Puerto Rico Highway & Transportation Authority, Series G1
     5.000       07/01/2042       28,633,670  
  1,120,000    
Puerto Rico Highway & Transportation Authority, Series H1
     5.450       07/01/2035       1,154,955  
  6,500,000    
Puerto Rico Highway & Transportation Authority, Series K1
     5.000       07/01/2027       6,580,080  
  1,145,000    
Puerto Rico Highway & Transportation Authority, Series K1
     5.000       07/01/2030       1,151,756  
  2,600,000    
Puerto Rico Highway & Transportation Authority, Series L1
     5.250       07/01/2023       2,808,806  
  915,000    
Puerto Rico Highway & Transportation Authority, Series L1
     5.250       07/01/2030       963,385  
  6,795,000    
Puerto Rico Highway & Transportation Authority, Series L1
     5.250       07/01/2041       7,050,220  
  10,000    
Puerto Rico Highway & Transportation Authority, Series M1
     5.000       07/01/2046       12,151  
  92,110,000    
Puerto Rico Highway & Transportation Authority, Series M1
     5.000       07/01/2046       91,286,537  
  3,190,000    
Puerto Rico Highway & Transportation Authority, Series N1
     5.250       07/01/2032       3,306,116  
  57,435,000    
Puerto Rico Highway & Transportation Authority, Series N1
     5.250       07/01/2039       59,437,184  
  25,255,000    
Puerto Rico Infrastructure1
     5.000       07/01/2031       25,330,512  
  675,000    
Puerto Rico Infrastructure1
     5.000       07/01/2037       671,625  
  20,490,000    
Puerto Rico Infrastructure1
     5.000       07/01/2037       20,387,550  
  158,985,000    
Puerto Rico Infrastructure1
     5.000       07/01/2041       157,170,981  
  124,890,000    
Puerto Rico Infrastructure1
     5.000       07/01/2046       122,553,308  
  1,295,000    
Puerto Rico Infrastructure1
     5.500       07/01/2026       1,388,227  
  15,000,000    
Puerto Rico Infrastructure1
     5.500       07/01/2027       16,096,350  
  16,955,000    
Puerto Rico Infrastructure
     5.650 3     07/01/2029       5,892,032  
  65,725,000    
Puerto Rico Infrastructure
     5.730 3     07/01/2045       6,818,312  
  25,000,000    
Puerto Rico Infrastructure
     5.800 3     07/01/2032       6,742,250  
  6,285,000    
Puerto Rico ITEMECF (Ana G. Mendez University)1
     5.000       03/01/2036       5,538,908  
  1,465,000    
Puerto Rico ITEMECF (Ana G. Mendez University)1
     5.375       12/01/2021       1,476,471  
  5,750,000    
Puerto Rico ITEMECF (Ana G. Mendez University)1
     5.375       02/01/2029       5,492,975  
  6,315,000    
Puerto Rico ITEMECF (Ana G. Mendez University)1
     5.500       12/01/2031       6,056,653  
  23,000,000    
Puerto Rico ITEMECF (Cogeneration Facilities)
     6.625       06/01/2026       23,000,460  
  5,000,000    
Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1
     6.250       07/01/2026       5,367,800  
44 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal                        
Amount         Coupon     Maturity     Value  
U.S. Possessions Continued                        
$ 1,565,000    
Puerto Rico ITEMECF (Ryder Memorial Hospital)1
     6.600 %     05/01/2014     $ 1,565,344  
  5,250,000    
Puerto Rico ITEMECF (Ryder Memorial Hospital)1
     6.700       05/01/2024       5,024,723  
  7,000,000    
Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)1
     5.750       06/01/2029       4,997,440  
  500,000    
Puerto Rico ITEMECF (University of the Sacred Heart)1
     5.250       09/01/2021       500,460  
  8,000,000    
Puerto Rico ITEMECF (University of the Sacred Heart)1
     5.250       09/01/2031       8,000,400  
  5,200,000    
Puerto Rico ITEMECF (University Plaza)1
     5.000       07/01/2033       5,096,000  
  4,990,000    
Puerto Rico Municipal Finance Agency, Series A1
     5.250       08/01/2025       5,098,383  
  4,975,000    
Puerto Rico Port Authority (American Airlines), Series A2
     6.250       06/01/2026       1,046,292  
  6,395,000    
Puerto Rico Port Authority (American Airlines), Series A2
     6.300       06/01/2023       1,344,932  
  90,355,000    
Puerto Rico Public Buildings Authority1
     5.000       07/01/2036       90,386,624  
  7,500,000    
Puerto Rico Public Buildings Authority1
     5.000       07/01/2037       7,505,325  
  18,585,000    
Puerto Rico Public Buildings Authority1
     5.250       07/01/2029       18,751,707  
  121,570,000    
Puerto Rico Public Buildings Authority1
     5.250       07/01/2033       122,489,069  
  120,000    
Puerto Rico Public Buildings Authority1
     5.375       07/01/2033       120,265  
  1,215,000    
Puerto Rico Public Buildings Authority1
     5.875       07/01/2039       1,256,650  
  15,440,000    
Puerto Rico Public Buildings Authority1
     6.000       07/01/2041       16,614,675  
  1,500,000    
Puerto Rico Public Buildings Authority1
     6.250       07/01/2021       1,730,640  
  7,500,000    
Puerto Rico Public Buildings Authority1
     6.250       07/01/2031       8,767,650  
  8,000,000    
Puerto Rico Public Buildings Authority1
     6.500       07/01/2030       9,001,120  
  7,500,000    
Puerto Rico Public Buildings Authority1
     6.750       07/01/2036       8,500,650  
  20,000,000    
Puerto Rico Public Finance Corp., Series B1
     5.500       08/01/2031       20,538,600  
  296,445,000    
Puerto Rico Sales Tax Financing Corp., Series A4
     5.250       08/01/2057       308,033,035  
  643,700,000    
Puerto Rico Sales Tax Financing Corp., Series A
     5.401 3     08/01/2054       45,168,429  
  221,800,000    
Puerto Rico Sales Tax Financing Corp., Series A
     5.939 3     08/01/2056       13,574,160  
  30,000,000    
Puerto Rico Sales Tax Financing Corp., Series A
     6.500 3     08/01/2042       4,705,800  
  5,775,000    
Puerto Rico Sales Tax Financing Corp., Series A1
     6.500       08/01/2044       6,652,280  
  80,000,000    
Puerto Rico Sales Tax Financing Corp., Series A
     6.504 3     08/01/2043       11,796,800  
  35,000,000    
Puerto Rico Sales Tax Financing Corp., Series C1
     0.000 8     08/01/2032       33,060,650  
  2,500,000    
Puerto Rico Sales Tax Financing Corp., Series C1
     5.250       08/01/2041       2,618,600  
  4,000,000    
Puerto Rico Sales Tax Financing Corp., Series C1
     5.375       08/01/2036       4,239,520  
  95,245,000    
Puerto Rico Sales Tax Financing Corp., Series C4
     5.750       08/01/2057       103,773,628  
  1,450,000    
Puerto Rico Sales Tax Financing Corp., Series C1
     6.000       08/01/2039       1,606,151  
  4,525,000    
University of Puerto Rico1
     5.000       06/01/2026       4,586,540  
  5,280,000    
University of Puerto Rico, Series P1
     5.000       06/01/2030       5,289,134  
  24,375,000    
University of Puerto Rico, Series Q1
     5.000       06/01/2030       24,417,169  
  67,190,000    
University of Puerto Rico, Series Q1
     5.000       06/01/2036       65,114,501  
  9,230,000    
University of V.I., Series A1
     5.375       06/01/2034       10,467,558  
  3,650,000    
V.I. Government Refinery Facilities (Hovensa Coker)1
     6.500       07/01/2021       3,527,324  
  10,000    
V.I. HFA, Series A1
     6.450       03/01/2016       10,021  
  19,233,000    
V.I. Public Finance Authority (Hovensa Coker)1
     6.500       07/01/2021       18,709,670  
45 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
                                 
Principal                        
Amount         Coupon     Maturity     Value  
U.S. Possessions Continued                        
$ 11,700,000    
V.I. Public Finance Authority (Hovensa Refinery)1
     5.875 %     07/01/2022     $ 10,736,505  
  8,000,000    
V.I. Public Finance Authority (Hovensa Refinery)1
     6.125       07/01/2022       7,488,240  
  750,000    
V.I. Public Finance Authority, Series A1
     5.250       10/01/2024       769,080  
  11,100,000    
V.I. Tobacco Settlement Financing Corp.
     7.300 3     05/15/2035       1,381,839  
       
 
                     2,557,516,677  
Total Investments, at Value (Cost $9,099,967,086)—112.5%                     8,371,747,445  
Liabilities in Excess of Other Assets—(12.5)                     (930,583,592 )
       
 
                      
 
Net Assets—100.0%                   $ 7,441,163,853  
       
 
                      
 
Footnotes to Statement of Investments
*   December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.
 
1.   All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of the accompanying Notes.
 
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 Note 1 of the accompanying Notes.
 
3.   Zero coupon bond reflects effective yield on the date of purchase.
 
4.   Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.
 
5.   When-issued security or delayed delivery to be delivered and settled after December 30, 2011. See Note 1 of the accompanying Notes.
 
6.   Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See Note 1 of the accompanying Notes.
 
7.   Represents the current interest rate for an inverse floating rate security. See Note 1 of the 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.
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).
46 | ROCHESTER FUND MUNICIPALS

 

 

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of December 30, 2011 based on valuation input level:
                                 
                    Level 3—        
    Level 1—     Level 2—     Significant        
    Unadjusted     Other Significant     Unobservable        
    Quoted Prices     Observable Inputs     Inputs     Value  
Assets Table
                                
Investments, at Value:
                                
Municipal Bonds and Notes
                                
New York
   $ —     $ 5,814,023,728     $ 207,040     $ 5,814,230,768  
U.S. Possessions
     —       2,557,516,677       —       2,557,516,677  
 
      
Total Assets
   $ —     $ 8,371,540,405     $ 207,040     $ 8,371,747,445  
 
      
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.
To simplify the listings of securities, abbreviations are used per the table below:
     
ACDS
  Assoc. for Children with Down Syndrome
ACLD
  Adults and Children with Learning and Developmental Disabilities
ADD
  Aid to the Developmentally Disabled
ALIA
  Alliance of Long Island Agencies
ARC
  Assoc. of Retarded Citizens
CCRC
  Continuing Care Retirement Community
CFGA
  Child and Family Guidance Assoc.
CHSLI
  Catholic Health Services of Long Island
CNGCS
  Central Nassau Guidance and Counseling Services
COP
  Certificates of Participation
CRV
  Crystal Run Village
CSMR
  Community Services for the Mentally Retarded
DA
  Dormitory Authority
DDI
  Developmental Disabilities Institute
DRIVERs
  Derivative 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
GSHMC
  Good Samaritan Hospital Medical Center
HDC
  Housing Devel. Corp.
HFA
  Housing Finance Agency
HFC
  Housing Finance Corp.
HH
  Harmony Heights, Inc.
HHS
  Harmony Heights School
IDA
  Industrial Devel. Agency
IGHL
  Independent Group Home for Living
ITEMECF
  Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JCC
  Jewish Community Center
JDAM
  Julia Dyckman Andrus Memorial
JFK
  John Fitzgerald Kennedy
L.I.
  Long Island
LGSC
  Local Government Services Corp.
LIHIA
  Long Island Head Injury Assoc.
LILCO
  Long Island Lighting Corp.
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
47 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments Continued
To simplify the listings of securities, abbreviations are used per the table below Continued
     
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.
See accompanying Notes to Financial Statements.
48 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF ASSETS AND LIABILITIES December 30, 20111
         
Assets
        
Investments, at value (cost $9,099,967,086)—see accompanying statement of investments
   $ 8,371,747,445  
Cash
     1,474,047  
Receivables and other assets:
        
Interest
     131,163,612  
Investments sold
     21,107,790  
Shares of beneficial interest sold
     6,508,779  
Other
     610,636  
 
      
Total assets
     8,532,612,309  
 
        
Liabilities
        
Payables and other liabilities:
        
Payable for short-term floating rate notes issued (See Note 1)
     1,004,515,000  
Payable on borrowings (See Note 5)
     55,200,000  
Investments purchased (including $11,525,009 purchased on a when-issued or delayed delivery basis)
     19,267,974  
Shares of beneficial interest redeemed
     8,882,925  
Trustees’ compensation
     1,799,605  
Distribution and service plan fees
     990,513  
Transfer and shareholder servicing agent fees
     247,822  
Shareholder communications
     162,234  
Interest expense on borrowings
     10,970  
Dividends
     290  
Other
     371,123  
 
      
Total liabilities
     1,091,448,456  
 
        
Net Assets
   $ 7,441,163,853  
 
      
 
        
Composition of Net Assets
        
Paid-in capital
   $ 9,007,490,076  
Accumulated net investment income
     74,005,661  
 
      
Accumulated net realized loss on investments
     (912,112,243 )
 
      
Net unrealized depreciation on investments
     (728,219,641 )
 
      
Net Assets
   $ 7,441,163,853  
 
      
49 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF ASSETS AND LIABILITIES Continued
         
Net Asset Value Per Share
        
Class A Shares:
        
Net asset value and redemption price per share (based on net assets of $6,114,779,487 and 382,583,094 shares of beneficial interest outstanding)
   $ 15.98  
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)
   $ 16.78  
Class B Shares:
        
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $133,164,278 and 8,341,047 shares of beneficial interest outstanding)
   $ 15.96  
Class C Shares:
        
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,068,713,284 and 66,986,133 shares of beneficial interest outstanding)
   $ 15.95  
Class Y Shares:
        
Net asset value, redemption price and offering price per share (based on net assets of $124,506,804 and 7,790,047 shares of beneficial interest outstanding)
   $ 15.98  
 
1.   December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
50 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF OPERATIONS For the Year Ended December 30, 20111
         
Investment Income
        
Interest
   $ 546,372,423  
 
      
Other income
     3,682  
 
      
Total investment income
     546,376,105  
Expenses
        
Management fees
     33,390,157  
 
      
Distribution and service plan fees:
        
Class A
     8,757,958  
Class B
     1,461,905  
Class C
     10,392,435  
 
      
Transfer and shareholder servicing agent fees:
        
Class A
     2,033,060  
Class B
     191,236  
Class C
     569,913  
Class Y
     56,148  
 
      
Shareholder communications:
        
Class A
     227,253  
Class B
     20,188  
Class C
     55,791  
Class Y
     4,820  
 
      
Interest expense and fees on short-term floating rate notes issued (See Note 1)
     11,105,125  
 
      
Borrowing fees
     4,553,954  
 
      
Accounting service fees
     2,172,633  
 
      
Trustees’ compensation
     171,675  
 
      
Interest expense on borrowings
     141,659  
 
      
Custodian fees and expenses
     77,224  
 
      
Administration service fees
     1,500  
 
      
Other
     446,713  
 
      
Total expenses
     75,831,347  
Less waivers and reimbursements of expenses
     (19,610 )
 
      
Net expenses
     75,811,737  
Net Investment Income
     470,564,368  
Realized and Unrealized Gain (Loss)
        
Net realized loss on investments
     (109,625,221 )
 
      
Net change in unrealized appreciation/depreciation on investments
     405,876,063  
Net Increase in Net Assets Resulting from Operations
   $ 766,815,210  
 
      
 
1.   December 30, 2011 represents the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
51 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENTS OF CHANGES IN NET ASSETS
                 
    Year Ended     Year Ended  
    December 30,     December 31,  
    20111     2010  
 
            
Operations
                
Net investment income
   $ 470,564,368     $ 503,957,876  
 
            
Net realized gain (loss)
     (109,625,221 )     107,406,478  
Net change in unrealized appreciation/depreciation
     405,876,063       (289,610,448 )
 
            
 
            
Net increase in net assets resulting from operations
     766,815,210       321,753,906  
 
                
Dividends and/or Distributions to Shareholders
                
Dividends from net investment income:
                
Class A
     (401,880,868 )     (418,716,525 )
Class B
     (8,602,319 )     (11,118,280 )
Class C
     (61,413,238 )     (64,982,829 )
Class Y
     (7,453,011 )     (6,054,918 )
 
            
 
     (479,349,436 )     (500,872,552 )
 
                
Beneficial Interest Transactions
                
Net increase (decrease) in net assets resulting from
                
beneficial interest transactions:
                
Class A
     (416,883,434 )     (470,847,309 )
Class B
     (52,614,675 )     (62,951,925 )
Class C
     (91,659,670 )     (103,907,672 )
Class Y
     18,161,642       39,395,133  
 
            
 
     (542,996,137 )     (598,311,773 )
 
                
Net Assets
                
Total decrease
     (255,530,363 )     (777,430,419 )
 
            
Beginning of period
     7,696,694,216       8,474,124,635  
 
            
End of period (including accumulated net investment income of $74,005,661 and $79,569,190, respectively)
   $ 7,441,163,853     $ 7,696,694,216  
 
            
 
1.   December 30, 2011 represents the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
52 | ROCHESTER FUND MUNICIPALS

 

 

STATEMENT OF CASH FLOWS
         
For the Year Ended December 30, 20111
        
Cash Flows from Operating Activities
        
Net increase in net assets from operations
   $ 766,815,210  
 
      
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
        
Purchase of investment securities
     (865,121,926 )
Proceeds from disposition of investment securities
     1,869,920,388  
Short-term investment securities, net
     124,672,129  
Premium amortization
     7,306,677  
Discount accretion
     (70,207,567 )
Net realized loss on investments
     109,625,221  
Net change in unrealized appreciation/depreciation on investments
     (405,876,063 )
Change in assets:
        
Decrease in interest receivable
     20,525,676  
Increase in other assets
     (247,014 )
Increase in receivable for securities sold
     (15,592,790 )
Change in liabilities:
        
Decrease in other liabilities
     (3,035,008 )
Decrease in payable for securities purchased
     (16,835,019 )
 
      
Net cash provided by operating activities
     1,521,949,914  
 
        
Cash Flows from Financing Activities
        
Proceeds from bank borrowings
     897,100,000  
Payments on bank borrowings
     (1,069,700,000 )
Payments on short-term floating rate notes issued
     (311,380,000 )
Proceeds from shares sold
     596,833,469  
Payments on shares redeemed
     (1,517,836,936 )
Cash distributions paid
     (121,825,584 )
 
      
Net cash used in financing activities
     (1,526,809,051 )
 
      
Net decrease in cash
     (4,859,137 )
 
      
Cash, beginning balance
     6,333,184  
 
      
Cash, ending balance
   $ 1,474,047  
 
      
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $357,526,057.
Cash paid for interest on bank borrowings—$164,625.
Cash paid for interest on short-term floating rate notes issued—$11,105,125.
 
1.   December 30, 2011 represents the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
53 | ROCHESTER FUND MUNICIPALS

 

 

FINANCIAL HIGHLIGHTS
                                         
    Year Ended                        
    December 30,                     Year Ended December 31,  
Class A   20111     2010     2009     2008     2007  
 
Per Share Operating Data
                                        
Net asset value, beginning of period
   $ 15.33     $ 15.70     $ 11.54     $ 17.67     $ 18.82  
 
Income (loss) from investment operations:
                                        
Net investment income2
     1.02       .98       .98       .94       .88  
Net realized and unrealized gain (loss)
     .66       (.38 )     4.09       (6.19 )     (1.17 )
 
                              
Total from investment operations
     1.68       .60       5.07       (5.25 )     (.29 )
 
Dividends and/or distributions to shareholders:
                                        
Dividends from net investment income
     (1.03 )     (.97 )     (.91 )     (.88 )     (.86 )
 
Net asset value, end of period
   $ 15.98     $ 15.33     $ 15.70     $ 11.54     $ 17.67  
 
                              
 
                                        
Total Return, at Net Asset Value3
     11.50 %     3.63 %     45.07 %     (30.84 )%     (1.59 )%
 
                                        
Ratios/Supplemental Data
                                        
Net assets, end of period (in millions)
   $ 6,115     $ 6,295     $ 6,913     $ 5,158     $ 8,541  
 
Average net assets (in millions)
   $ 5,937     $ 7,013     $ 6,360     $ 7,688     $ 8,598  
 
Ratios to average net assets:4
                                        
Net investment income
     6.65 %     6.01 %     6.96 %     5.96 %     4.78 %
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings
     0.69 %     0.67 %     0.70 %     0.70 %     0.67 %
Interest and fees from borrowings
     0.06 %     0.08 %     0.45 %     0.22 %     0.05 %
Interest and fees on short-term floating rate notes issued5
     0.15 %     0.18 %     0.27 %     0.68 %     0.71 %
 
                              
Total expenses
     0.90 %     0.93 %     1.42 %     1.60 %     1.43 %
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses
     0.90 %     0.93 %     1.42 %     1.60 %     1.43 %
 
                              
Portfolio turnover rate
     11 %     7 %     8 %     23 %     28 %
 
1.   December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.
 
2.   Per share amounts calculated based on the average shares outstanding during the period.
 
3.   Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
 
4.   Annualized for periods less than one full year.
 
5.   Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
54 | ROCHESTER FUND MUNICIPALS

 

 

                                         
    Year Ended                        
    December 30,                     Year Ended December 31,  
Class B
   20111     2010     2009     2008     2007  
 
Per Share Operating Data
                                        
Net asset value, beginning of period
   $ 15.31     $ 15.68     $ 11.53     $ 17.66     $ 18.80  
 
Income (loss) from investment operations:
                                        
Net investment income2
     .87       .82       .85       .80       .72  
Net realized and unrealized gain (loss)
     .67       (.37 )     4.07       (6.19 )     (1.16 )
 
    
Total from investment operations
     1.54       .45       4.92       (5.39 )     (.44 )
 
Dividends and/or distributions to shareholders:
                                        
Dividends from net investment income
     (.89 )     (.82 )     (.77 )     (.74 )     (.70 )
 
Net asset value, end of period
   $ 15.96     $ 15.31     $ 15.68     $ 11.53     $ 17.66  
 
    
 
                                        
Total Return, at Net Asset Value3
     10.47 %     2.67 %     43.66 %     (31.50 )%     (2.41 )%
 
                                        
Ratios/Supplemental Data
                                        
Net assets, end of period (in millions)
   $ 133     $ 181     $ 246     $ 237     $ 591  
 
Average net assets (in millions)
   $ 146     $ 220     $ 248     $ 424     $ 745  
 
Ratios to average net assets:4
                                        
Net investment income
     5.72 %     5.07 %     6.05 %     4.99 %     3.88 %
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings
     1.65 %     1.62 %     1.67 %     1.58 %     1.57 %
Interest and fees from borrowings
     0.06 %     0.08 %     0.45 %     0.22 %     0.05 %
Interest and fees on short-term floating rate notes issued5
     0.15 %     0.18 %     0.27 %     0.68 %     0.71 %
 
    
Total expenses
     1.86 %     1.88 %     2.39 %     2.48 %     2.33 %
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses
     1.86 %     1.88 %     2.39 %     2.48 %     2.33 %
 
Portfolio turnover rate
     11 %     7 %     8 %     23 %     28 %
 
1.   December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.
 
2.   Per share amounts calculated based on the average shares outstanding during the period.
 
3.   Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
 
4.   Annualized for periods less than one full year.
 
5.   Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
55 | ROCHESTER FUND MUNICIPALS

 

 

FINANCIAL HIGHLIGHTS Continued
                                         
    Year Ended                        
    December 30,                     Year Ended December 31,  
Class C
   20111     2010     2009     2008     2007  
 
Per Share Operating Data
                                        
Net asset value, beginning of period
   $ 15.30     $ 15.67     $ 11.52     $ 17.65     $ 18.79  
 
Income (loss) from investment operations:
                                        
Net investment income2
     .88       .83       .86       .80       .71  
Net realized and unrealized gain (loss)
     .67       (.37 )     4.07       (6.19 )     (1.15 )
 
    
Total from investment operations
     1.55       .46       4.93       (5.39 )     (.44 )
 
Dividends and/or distributions to shareholders:
                                        
Dividends from net investment income
     (.90 )     (.83 )     (.78 )     (.74 )     (.70 )
 
Net asset value, end of period
   $ 15.95     $ 15.30     $ 15.67     $ 11.52     $ 17.65  
 
    
 
                                        
Total Return, at Net Asset Value3
     10.56 %     2.75 %     43.82 %     (31.49 )%     (2.39 )%
 
                                        
Ratios/Supplemental Data
                                        
Net assets, end of period (in millions)
   $ 1,069     $ 1,120     $ 1,250     $ 905     $ 1,514  
 
Average net assets (in millions)
   $ 1,039     $ 1,271     $ 1,131     $ 1,350     $ 1,492  
 
Ratios to average net assets:4
                                        
Net investment income
     5.77 %     5.14 %     6.09 %     5.09 %     3.90 %
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings
     1.57 %     1.54 %     1.57 %     1.57 %     1.54 %
Interest and fees from borrowings
     0.06 %     0.08 %     0.45 %     0.22 %     0.05 %
Interest and fees on short-term floating rate notes issued5
     0.15 %     0.18 %     0.27 %     0.68 %     0.71 %
 
    
Total expenses
     1.78 %     1.80 %     2.29 %     2.47 %     2.30 %
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses
     1.78 %     1.80 %     2.29 %     2.47 %     2.30 %
 
Portfolio turnover rate
     11 %     7 %     8 %     23 %     28 %
 
1.   December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.
 
2.   Per share amounts calculated based on the average shares outstanding during the period.
 
3.   Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
 
4.   Annualized for periods less than one full year.
 
5.   Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
56 | ROCHESTER FUND MUNICIPALS

 

 

                                         
    Year Ended                        
    December 30,                     Year Ended December 31,  
Class Y
   20111     2010     2009     2008     2007  
 
Per Share Operating Data
                                        
Net asset value, beginning of period
   $ 15.33     $ 15.69     $ 11.54     $ 17.67     $ 18.82  
 
Income (loss) from investment operations:
                                        
Net investment income2
     1.04       .99       1.00       .96       .89  
Net realized and unrealized gain (loss)
     .66       (.36 )     4.08       (6.19 )     (1.15 )
 
    
Total from investment operations
     1.70       .63       5.08       (5.23 )     (.26 )
 
Dividends and/or distributions to shareholders:
                                        
Dividends from net investment income
     (1.05 )     (.99 )     (.93 )     (.90 )     (.89 )
 
Net asset value, end of period
   $ 15.98     $ 15.33     $ 15.69     $ 11.54     $ 17.67  
 
    
 
                                        
Total Return, at Net Asset Value3
     11.64 %     3.84 %     45.18 %     (30.74 )%     (1.44 )%
 
                                        
Ratios/Supplemental Data
                                        
Net assets, end of period (in millions)
   $ 124     $ 101     $ 65     $ 44     $ 56  
 
Average net assets (in millions)
   $ 109     $ 100     $ 57     $ 61     $ 44  
 
Ratios to average net assets:4
                                        
Net investment income
     6.76 %     6.14 %     7.09 %     6.14 %     4.91 %
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings
     0.56 %     0.54 %     0.55 %     0.57 %     0.51 %
Interest and fees from borrowings
     0.06 %     0.08 %     0.45 %     0.22 %     0.05 %
Interest and fees on short-term floating rate notes issued5
     0.15 %     0.18 %     0.27 %     0.68 %     0.71 %
 
    
Total expenses
     0.77 %     0.80 %     1.27 %     1.47 %     1.27 %
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses
     0.77 %     0.80 %     1.27 %     1.47 %     1.27 %
 
Portfolio turnover rate
     11 %     7 %     8 %     23 %     28 %
 
1.   December 30, 2011 represents the last business day of the Fund’s 2011 fiscal year. See Note 1 of the accompanying Notes.
 
2.   Per share amounts calculated based on the average shares outstanding during the period.
 
3.   Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
 
4.   Annualized for periods less than one full year.
 
5.   Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.
See accompanying Notes to Financial Statements.
57 | ROCHESTER FUND MUNICIPALS

 

 

NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies

Rochester Fund Municipals (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund’s investment objective is to seek to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders’ capital. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).
     The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.
     The following is a summary of significant accounting policies consistently followed by the Fund.
Fiscal Year End. Since December 30, 2011 represents the last day during the Fund’s 2011 fiscal year on which the New York Stock Exchange was open for trading, the Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.
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 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.
58 | ROCHESTER FUND MUNICIPALS

 

 

     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® 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.
59 | ROCHESTER FUND MUNICIPALS

 

 

NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
     There have been no significant changes to the fair valuation methodologies of the Fund during the period.
Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.
As of December 30, 2011, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:
         
    When-Issued or Delayed  
    Delivery Basis Transactions  
Purchased securities
   $ 11,525,009  
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. These securities entail leverage, and their interest rate varies inversely at a multiple of the change in short-term interest rates. As short term interest rates rise, inverse floating rate securities produce less current income. The value of such securities is also more volatile than comparable fixed rate securities.
     An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund purchases and subsequently transfers a fixed rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”)
60 | ROCHESTER FUND MUNICIPALS

 

 

periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.
     Because holders of the short term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are f irst used to pay the Trust’s administrative expenses and accrued interest to holders of the short term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying bond paid to the Fund is inversely related the rate of interest on the short term floating rate securities.
     Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short term floating rate securities. Through the exercise of either of these rights, the Fund can terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.
     The Fund’s investments in inverse floating rate securities involve certain risks. The value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate municipal bond having a similar credit quality and maturity, and should be
61 | ROCHESTER FUND MUNICIPALS

 

 

NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued

expected to be more volatile than a direct investment in the related underlying municipal bond because of the effect of leverage provided by the related short term floating rate securities. An inverse floating rate security can be expected to underperform fixed rate municipal bonds when the difference between long term and short term interest rates is decreasing (or is already small) or when long term interest rates are rising, but can be expected to outperform fixed rate municipal bonds when the difference between long term and short term interest rates is increasing (or is already large) or when long term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security generally receiving the proceeds of such sale only after the holders of the short term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.
     Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement may effectively make the Fund liable for the amount of the difference between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. 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 related inverse floating rate securities, if it deems it appropriate to do so. As of December 30, 2011, the Fund’s maximum exposure under such agreements is estimated at $536,370,000.
62 | ROCHESTER FUND MUNICIPALS

 

 

     When the Fund creates an inverse floating rate security in a tender option bond transaction by purchasing and subsequently transferring an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short term floating rate securities is recorded as interest expense. At December 30, 2011, municipal bond holdings with a value of $1,742,112,379 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $1,004,515,000 in short-term floating rate securities issued and outstanding at that date.
At December 30, 2011, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:
                                 
Principal         Coupon     Maturity        
Amount     Inverse Floater1   Rate2     Date     Value  
 
$ 23,960,000    
NY Austin Trust Various States Inverse Certificates
     6.723 %     11/1/38     $ 24,249,916  
  16,400,000    
NY Austin Trust Various States Inverse Certificates
     9.977       7/1/48       19,417,108  
  31,175,000    
NY Liberty Devel. Corp. (One Bryant Park) ROLs3
     9.091       1/15/46       34,635,113  
  7,500,000    
NY Liberty Devel. Corp. ROLs3
     8.311       1/15/44       7,786,650  
  8,770,000    
NY MTA ROLs3
     17.442       11/15/30       9,644,720  
  15,660,000    
NY/NJ Port Authority Austin Trust Inverse Certificates
     6.325       12/1/27       16,851,569  
  7,700,000    
NY/NJ Port Authority Austin Trust Inverse Certificates
     5.967       12/1/34       7,802,718  
  23,955,000    
NY/NJ Port Authority Austin Trust Inverse Certificates
     7.815       10/1/30       25,647,660  
  5,605,000    
NYC GO DRIVERS
     8.683       12/1/33       6,067,581  
  5,460,000    
NYC GO DRIVERS
     7.891       8/1/30       6,409,385  
  2,430,000    
NYC GO DRIVERS
     8.683       8/1/35       2,658,712  
  5,745,000    
NYC GO DRIVERS
     8.682       3/1/35       6,226,201  
  5,000,000    
NYC GO ROLs
     15.959       3/1/21       9,069,000  
  65,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     0.400       11/1/42       65,579  
  920,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.232       11/1/26       971,364  
  810,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.552       11/1/27       871,139  
  1,000,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.595       11/1/32       1,055,410  
  1,165,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.285       11/1/37       1,188,382  
  1,560,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.411       11/1/39       1,589,671  
  2,790,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.589       5/1/40       2,878,471  
  775,000    
NYC HDC (Multifamily Hsg.) DRIVERS3
     16.724       11/1/34       941,904  
63 | ROCHESTER FUND MUNICIPALS

 

 

NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
                                 
Principal         Coupon     Maturity        
Amount     Inverse Floater1   Rate2     Date     Value  
 
$ 710,000    
NYC HDC (Multifamily Hsg.) DRIVERS3
     16.949 %     11/1/39     $ 874,379  
  2,730,000    
NYC HDC (Multifamily Hsg.) DRIVERS3
     17.454       11/1/46       3,363,469  
  2,680,000    
NYC HDC (Multifamily Hsg.) DRIVERS
     11.784       11/1/40       2,820,539  
  3,955,000    
NYC HDC (Multifamily Hsg.) ROLs3
     14.435       11/1/30       4,233,551  
  11,735,000    
NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs3
     10.989       5/1/49       12,370,685  
  4,935,000    
NYC Municipal Water Finance Authority ROLs
     15.566       6/15/39       6,267,055  
  8,205,000    
NYS DA (Memorial Sloan-Kettering) DRIVERS
     8.682       7/1/35       8,975,450  
  5,265,000    
NYS DA (Vassar College) DRIVERS
     8.680       7/1/46       5,840,149  
  3,410,000    
NYS HFA ROLs3
     12.684       11/1/45       3,625,751  
  3,750,000    
Port Authority NY/NJ ROLs3
     18.592       9/15/28       5,879,250  
  4,895,000    
Port Authority NY/NJ, 11588th Series ROLs
     14.216       10/15/27       5,938,027  
  3,580,000    
Port Authority NY/NJ, 11588th Series ROLs
     13.419       10/15/28       4,162,824  
  5,500,000    
Port Authority NY/NJ, 11588th Series ROLs
     14.224       10/15/32       6,292,770  
  9,090,000    
Port Authority NY/NJ, 11589th Series ROLs
     10.527       9/1/29       9,461,417  
  11,880,000    
Port Authority NY/NJ, 136th Series DRIVERS
     7.003       11/1/28       12,828,380  
  11,430,000    
Port Authority NY/NJ, 136th Series DRIVERS
     8.697       11/1/29       12,580,315  
  11,015,000    
Port Authority NY/NJ, 136th Series DRIVERS
     11.629       5/1/34       12,079,710  
  13,000,000    
Port Authority NY/NJ, 138th Series DRIVERS
     7.397       12/1/34       13,687,180  
  24,005,000    
Port Authority NY/NJ, 151st Series DRIVERS
     13.286       3/15/35       31,262,672  
  4,570,000    
Port Authority NY/NJ, 152nd Series DRIVERS
     11.992       5/1/38       5,304,308  
  10,755,000    
Port Authority NY/NJ, 166th Series
     9.250       1/15/41       12,568,831  
  20,000,000    
Port Authority NY/NJ, 3090th Series DRIVERS
     8.273       11/1/35       22,507,200  
  7,500,000    
Port Authority NY/NJ, 3114th Series DRIVERS
     13.302       11/1/30       10,282,800  
  30,970,000    
Port Authority NY/NJ, 3114th Series DRIVERS
     8.273       11/1/35       34,852,399  
  3,335,000    
Port Authority NY/NJ, 3115th Series DRIVERS
     13.296       3/15/35       4,343,304  
  7,500,000    
Port Authority NY/NJ, 3249th Series ROLs3
     8.399       7/15/36       9,242,100  
  7,650,000    
Port Authority NY/NJ, 3264th Series ROLs3
     7.964       10/15/31       9,175,104  
  10,125,000    
Port Authority NY/NJ, 3266th Series3
     7.974       7/15/39       11,783,273  
  25,330,000    
Port Authority NY/NJ, 37th Series DRIVERS
     8.265       7/15/34       27,384,263  
  4,750,000    
Puerto Rico Aqueduct & Sewer Authority ROLs3
     11.448       7/1/47       5,278,200  
  15,000,000    
Puerto Rico Aqueduct & Sewer Authority ROLs
     8.092       7/1/47       15,834,000  
  98,815,000    
Puerto Rico Sales Tax Financing Corp. ROLs3
     12.059       8/1/57       110,403,035  
  23,815,000    
Puerto Rico Sales Tax Financing Corp. ROLs3
     17.898       8/1/57       32,343,628  
  18,135,000    
SONYMA ROLs3
     6.672       10/1/34       18,236,012  
  5,175,000    
SONYMA ROLs3
     12.550       4/1/29       5,185,712  
  3,035,000    
SONYMA ROLs3
     12.266       4/1/29       3,038,551  
  3,345,000    
SONYMA ROLs3
     12.518       4/1/29       3,351,924  
  7,635,000    
SONYMA ROLs3
     12.183       4/1/34       7,646,453  
64 | ROCHESTER FUND MUNICIPALS

 

 

                                 
Principal         Coupon     Maturity        
Amount     Inverse Floater1   Rate2     Date     Value  
 
$ 6,485,000    
SONYMA ROLs3
     12.292 %     10/1/28     $ 6,493,366  
  3,175,000    
SONYMA ROLs3
     11.633       10/1/26       3,303,016  
  5,445,000    
SONYMA ROLs3
     7.749       10/1/37       5,461,662  
  11,500,000    
SONYMA ROLs3
     7.418       10/1/31       11,502,300  
  9,595,000    
SONYMA ROLs3
     7.495       10/1/37       8,782,495  
  1,685,000    
SONYMA, Series 145 DRIVERS
     11.594       10/1/37       1,754,254  
  650,000    
SONYMA, Series 148 DRIVERS
     11.708       10/1/27       701,539  
  2,125,000    
SONYMA, Series 148 DRIVERS
     11.802       10/1/32       2,265,824  
       
 
                      
       
 
                   $ 737,597,379  
       
 
                      
 
1.   For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.
 
2.   Represents the current interest rate for the inverse floating rate security.
 
3.   Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.
The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.
     The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short term floating rate securities that are related to the inverse floating rate securities from time to time held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $1,004,515,000 or 11.77% of its total assets as of December 30, 2011.
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 December 30, 2011 is as follows:
         
Cost
   $ 100,012,484  
Market Value
   $ 30,522,468  
Market Value as a % of Net Assets
     0.41 %
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.
65 | ROCHESTER FUND MUNICIPALS

 

 

NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.
The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
                         
                    Net Unrealized  
                    Depreciation Based  
                    on Cost of Securities  
Undistributed   Undistributed     Accumulated     and Other Investments  
Net Investment   Long-Term     Loss     for Federal Income  
Income   Gain     Carryforward1,2,3     Tax Purposes  
 
$86,808,195
   $ —     $ 904,172,887     $ 736,158,994  
 
1.   As of December 30, 2011, the Fund had $904,172,887 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.
         
Expiring        
 
2016
   $ 443,946,792  
2017
     324,022,087  
No expiration
     136,204,008  
 
      
Total
   $ 904,172,887  
 
      
 
2.   During the fiscal year ended December 30, 2011, the Fund did not utilize any capital loss carryforward.
 
3.   During the fiscal year ended December 31, 2010, the Fund utilized $82,464,272 of capital loss carryforward to offset capital gains realized in that fiscal year.
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during
66 | ROCHESTER FUND MUNICIPALS

 

 

the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
Accordingly, the following amounts have been reclassified for December 30, 2011. Net assets of the Fund were unaffected by the reclassifications.
         
Increase   Increase to  
to Accumulated   Accumulated Net  
Net Investment   Realized Loss  
Income   on Investments  
 
$3,221,539
   $ 3,221,539  
The tax character of distributions paid during the years ended December 30, 2011 and December 31, 2010 was as follows:
                 
    Year Ended     Year Ended  
    December 30, 2011     December 31, 2010  
 
Distributions paid from:
                
Exempt-interest dividends
   $ 476,498,302     $ 493,554,501  
Ordinary income
     2,851,134       7,318,051  
     
Total
   $ 479,349,436     $ 500,872,552  
     
The 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 December 30, 2011 are noted in the following table. 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 or tax realization of financial statement unrealized gain or loss.
         
Federal tax cost of securities
   $ 8,083,435,953 1
 
      
Gross unrealized appreciation
   $ 299,155,116  
Gross unrealized depreciation
     (1,035,314,110 )
 
      
Net unrealized depreciation
   $ (736,158,994 )
 
      
 
1.   The Federal tax cost of securities does not include cost of $1,024,470,486, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.
Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each
67 | ROCHESTER FUND MUNICIPALS

 

 

NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies

Continued elected a distribution method with respect to their benefits under the Plan. During the year ended December 30, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:
         
Projected Benefit Obligations Increased
   $ 46,099  
Payments Made to Retired Trustees
     142,226  
Accumulated Liability as of December 30, 2011
     1,428,795  
The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.
Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
68 | ROCHESTER FUND MUNICIPALS

 

 

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
                                 
    Year Ended December 30, 2011     Year Ended December 31, 2010  
    Shares     Amount     Shares     Amount  
 
Class A
                                
Sold
     28,638,626     $ 437,735,230       38,467,717     $ 625,354,867  
Dividends and/or distributions reinvested
     19,306,291       296,024,631       16,612,352       269,611,844  
Redeemed
     (76,009,015 )     (1,150,643,295 )     (84,858,562 )     (1,365,814,020 )
     
Net decrease
     (28,064,098 )   $ (416,883,434 )     (29,778,493 )   $ (470,847,309 )
     
 
                                
Class B
                                
Sold
     683,288     $ 10,511,513       1,128,811     $ 18,352,363  
Dividends and/or distributions reinvested
     453,438       6,915,756       484,918       7,859,585  
Redeemed
     (4,618,946 )     (70,041,944 )     (5,512,809 )     (89,163,873 )
     
Net decrease
     (3,482,220 )   $ (52,614,675 )     (3,899,080 )   $ (62,951,925 )
     
 
                                
Class C
                                
Sold
     5,560,243     $ 85,176,896       8,509,316     $ 138,036,770  
Dividends and/or distributions reinvested
     3,187,594       48,714,420       2,960,215       47,982,936  
Redeemed
     (14,937,413 )     (225,550,986 )     (18,070,599 )     (289,927,378 )
     
Net decrease
     (6,189,576 )   $ (91,659,670 )     (6,601,068 )   $ (103,907,672 )
     
 
                                
Class Y
                                
Sold
     4,268,663     $ 63,809,230       3,832,057     $ 61,864,893  
Dividends and/or distributions reinvested
     382,076       5,871,250       275,265       4,468,978  
Redeemed
     (3,425,062 )     (51,518,838 )     (1,673,355 )     (26,938,738 )
     
Net increase
     1,225,677     $ 18,161,642       2,433,967     $ 39,395,133  
     
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NOTES TO FINANCIAL STATEMENTS Continued
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended December 30, 2011, were as follows:
                 
    Purchases     Sales  
Investment securities
   $ 865,121,926     $ 1,869,920,388  
4. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
         
Fee Schedule        
Up to $100 million
     0.54 %
Next $150 million
     0.52  
Next $1.75 billion
     0.47  
Next $3 billion
     0.46  
Next $3 billion
     0.45  
Next $6 billion
     0.44  
Over $14 billion
     0.42  
Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the year ended December 30, 2011, the Fund paid $2,172,633 to the Manager for accounting services.
Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.
Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended December 30, 2011, the Fund paid $2,881,919 to OFS for services to the Fund.
     Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.
Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.15% of the daily net assets of Class A shares of the Fund.
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The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at December 30, 2011 were as follows:
         
Class B
   $ 32,737,137  
Class C
     34,331,320  
Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
                                 
            Class A     Class B     Class C  
    Class A     Contingent     Contingent     Contingent  
    Front-End     Deferred     Deferred     Deferred  
    Sales Charges     Sales Charges     Sales Charges     Sales Charges  
    Retained by     Retained by     Retained by     Retained by  
Year Ended   Distributor     Distributor     Distributor     Distributor  
December 30, 2011
   $ 784,327     $ 107,398     $ 302,758     $ 90,455  
Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.
     The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the
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NOTES TO FINANCIAL STATEMENTS Continued
4. Fees and Other Transactions with Affiliates Continued
“Pending Litigation” note which appears later in this report. During the year ended December 30, 2011, the Manager reimbursed the Fund $19,610 for legal costs and fees.
     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.
5. Borrowings
The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes.
     The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.
     The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.
     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.2653% as of December 30, 2011). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended December 30, 2011 equal 0.05% of the Fund’s average net assets on an annualized basis. The Fund has the right to
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prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.
As of December 30, 2011, the Fund had borrowings outstanding at an interest rate of 0.2653%. Details of the borrowings for the year ended December 30, 2011 are as follows:
         
Average Daily Loan Balance
   $ 57,669,315  
Average Daily Interest Rate
     0.219 %
Fees Paid
   $ 4,200,529  
Interest Paid
   $ 164,625  
6. Reverse Repurchase Agreements
The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.
     The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended December 30, 2011 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.
     The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any
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NOTES TO FINANCIAL STATEMENTS Continued
6. Reverse Repurchase Agreements Continued
outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.
     Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments. The Fund executed no transactions under the Facility during the year ended December 30, 2011.
7. Pending Litigation
Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds—including the Fund—advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain putative class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. On September 30, 2011, the court entered orders and final judgments approving the settlements as fair, reasonable and adequate. Those orders are not subject to further appeal. These settlements do not resolve other outstanding lawsuits relating to Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund, nor do the settlements affect certain other putative class action lawsuits pending in federal court against the Manager, the Distributor, the Fund and other Defendant Funds and their independent trustees.
     In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against the Manager and a subsidiary (but not against the Fund) on behalf of the New Mexico Education Plan Trust challenging a settlement reached in 2010 between the Manager, its subsidiary and the Distributor and the board of the New Mexico section 529 college savings plan. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses. On September 9, 2011, the court denied plaintiffs’ request for a hearing to determine the fairness of the settlement, finding that plaintiffs lacked standing to pursue derivative claims on behalf of the Trust. On October 27, 2011, the parties to
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these actions filed a joint motion to dismiss the lawsuits with prejudice, which the court granted on October 28, 2011.
     Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.
     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.
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NOTES TO FINANCIAL STATEMENTS Continued
7. Pending Litigation Continued
     The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Rochester Fund Municipals:
We have audited the accompanying statement of assets and liabilities of Rochester Fund Municipals, including the statement of investments, as of December 30, 2011, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 30, 2011, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
     In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Rochester Fund Municipals as of December 30, 2011, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
KPMG llp
Denver, Colorado
February 21, 2012
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CREDIT ALLOCATION Unaudited
This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.
     The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.
     The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used.
     The credit allocations below are as of December 30, 2011 and are subject to change. The percentages are based on total assets and the market value of the Fund’s securities as of December 30, 2011 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.
                         
            Unrated by        
            a NRSRO;        
            Internally        
            Rated by        
    NRSRO-Rated     the Manager     Total  
AAA
     1.1 %     0.1 %     1.2 %
AA
     27.8       0.7       28.5  
A
     8.7       0.4       9.1  
BBB
     33.5       5.4       38.9  
BB or lower
     8.9       13.4       22.3  
 
                  
Total
     80.0 %     20.0 %     100.0 %
 
                  
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FEDERAL INCOME TAX INFORMATION Unaudited
In early 2012, if applicable, shareholders of record received information regarding all taxable dividends and distributions paid to them by the Fund during calendar year 2011. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.
     None of the dividends paid by the Fund during the fiscal year ended December 30, 2011 are eligible for the corporate dividend-received deduction. 99.41% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 100% of the dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (71.9%), Northern Mariana Isles (0.6%), Puerto Rico (26.1%), Guam (0.6%), Virgin Islands (0.8%).
     During 2011, 29.0596% of this tax-exempt income was derived from “private activity bonds”. These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item.
     The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.
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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited
Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.
     The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.
     Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.
     Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.
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     The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, Troy Willis, Mark DeMitry, Charles Pulire, and Michael Camarella, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreement.
     Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load New York municipal debt funds. The Board noted that the Fund’s one-year, and ten-year performance was better than its peer group median although its three-year and five-year performance was below its peer group median.
     Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load New York municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s actual management fees were higher than its peer group median and average. The Fund’s contractual management fees were equal to its peer group median and competitive with its peer group average. The Fund’s total expenses were lower than its peer group median and average.
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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued
     Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.
     Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.
     Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.
     Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement through September 30, 2012. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.
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PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.
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TRUSTEES AND OFFICERS Unaudited
     
Name, Position(s) Held with the Fund, Length of Service, Age
  Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
 
    
INDEPENDENT
TRUSTEES
  The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
 
    
Brian F. Wruble,
Chairman of the Board of
Trustees (since 2007),
Trustee (since 2001)
Age: 68
  Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999- September 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
David K. Downes,
Trustee (since 2005)
Age: 71
  Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965- 1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
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Matthew P. Fink,
Trustee (since 2009)
Age: 70
  Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
Phillip A. Griffiths,
Trustee (since 2009)
Age: 73
  Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
Mary F. Miller,
Trustee (since 2009)
Age: 69
  Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
Joel W. Motley,
Trustee (since 2009)
Age: 59
  Board Member of Pulitzer center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately- held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
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TRUSTEES AND OFFICERS Unaudited / Continued
     
Mary Ann Tynan,
Trustee (since 2009)
Age: 66
  Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970- 1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
Joseph M. Wikler,
Trustee (since 2009)
Age: 70
  Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
Peter I. Wold,
Trustee (since 2009)
Age: 63
  Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the- Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
 
    
INTERESTED TRUSTEE
AND OFFICER
  The address of Mr. Glavin is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Glavin serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin is an Interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.
 
    
William F. Glavin, Jr.,
Trustee, President and
Principal Executive Officer
(since 2009)
Age: 53
  Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004- March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004- January 2005), President (January 2005-March 2006) and Chief Executive Officer
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William F. Glavin, Jr.,
Continued
  (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005- March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005- December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007- January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 63 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex.
 
    
OTHER OFFICERS OF
THE FUND
  The addresses of the Officers in the chart below are as follows: for Mr. Gabinet and Ms. Nasta, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
 
    
Daniel G. Loughran,
Vice President
(since 2005)
Age: 48
  Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager of the Manager (1999- 2001). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
 
    
Scott S. Cottier,
Vice President
(since 2005)
Age: 40
  Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
 
    
Troy E. Willis,
Vice President
(since 2005)
Age: 39
  Vice President of the Manager (since July 2009); Assistant Vice President of the Manager (July 2005-June 2009). Portfolio Manager of the Manager (June 2003- December 2005). Corporate Attorney for Southern Resource Group (1999-2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
 
    
Mark R. DeMitry,
Vice President
(since 2009)
Age: 35
  Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Manager (October 2006-June 2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
 
    
Michael L. Camarella,
Vice President
(since 2009)
Age: 35
  Vice President of the Manager (since January 2011); Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (April 2006- December 2007) and a credit analyst of the Manager (June 2003-March 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
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TRUSTEES AND OFFICERS Unaudited / Continued
     
Richard Stein,
Vice President
(since 2007)
Age: 54
  Director of the Rochester Credit Analysis team (since March 2004) and a Vice President of the Manager (since November 1997); headed Rochester’s Credit Analysis team (since May 1993).
 
    
Arthur S. Gabinet,
Secretary
(since 2011)
Age: 53
  Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex.
 
    
Christina M. Nasta,
Vice President and
Chief Business Officer
(since 2011)
Age: 38
  Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex.
 
    
Mark S. Vandehey,
Vice President and
Chief Compliance Officer
(since 2004)
Age: 61
  Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex.
 
    
Brian W. Wixted,
Treasurer and Principal
Financial & Accounting
Officer (since 1999)
Age: 52
  Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex.
The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).
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ROCHESTER FUND MUNICIPALS
A Series of Rochester Portfolio Series
     
Manager
  OppenheimerFunds, Inc.
 
    
Distributor
  OppenheimerFunds Distributor, Inc.
 
    
Transfer and Shareholder
Servicing Agent
  OppenheimerFunds Services
 
    
Independent
Registered Public
Accounting Firm
  KPMG llp
 
    
Legal Counsel
  Kramer Levin Naftalis & Frankel LLP
©2012 OppenheimerFunds, Inc. All rights reserved.
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PRIVACY POLICY NOTICE
As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.
Information Sources
We obtain nonpublic personal information about our shareholders from the following sources:
•   Applications or other forms
 
•   When you create a user ID and password for online account access
 
•   When you enroll in eDocs Direct, our electronic document delivery service
 
•   Your transactions with us, our affiliates or others
 
•   A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited
 
•   When you set up challenge questions to reset your password online
If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.
We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.
If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.
We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.
Disclosure of Information
We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.
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Internet Security and Encryption
In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.
As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.
We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.
•   All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.
 
•   Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.
 
•   You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.
How You Can Help
You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.525.7048.
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Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.
Item 4. Principal Accountant Fees and Services.
(a)   Audit Fees
The principal accountant for the audit of the registrant’s annual financial statements billed $51,600 in fiscal 2011 and 2010.
(b)   Audit-Related Fees
The principal accountant for the audit of the registrant’s annual financial statements billed $2,619 in fiscal 2011 and $2,895 in fiscal 2010.
The principal accountant for the audit of the registrant’s annual financial statements billed $414,870 in fiscal 2011 and $342,900 in fiscal 2010 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such services include: agreed upon procedures, internal control reviews, surprise exams, attestation and compliance procedures.
(c)   Tax Fees
The principal accountant for the audit of the registrant’s annual financial statements billed $900 in fiscal 2011 and $7,000 in fiscal 2010.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals,

 

 

tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d)   All Other Fees
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
(e)   (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.
 
    The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.
 
    Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.
  (2)   100%
(f)   Not applicable as less than 50%.
 
(g)   The principal accountant for the audit of the registrant’s annual financial statements billed $418,389 in fiscal 2011 and $352,795 in fiscal 2010 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.
 
(h)   The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved

 

 

    pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
1.   The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

 

 

2.   The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.
3.   The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:
  •   the name, address, and business, educational, and/or other pertinent background of the person being recommended;
 
  •   a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;
 
  •   any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and
 
  •   the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.
    The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.
 
4.   Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”
 
5.   Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual

 

 

    customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.
Item 11. Controls and Procedures.
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 12/30/2011, 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 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.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)   (1) Exhibit attached hereto.
 
    (2) Exhibits attached hereto.
 
    (3) Not applicable.
 
(b)   Exhibit 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: 2/9/2012
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: 2/9/2012
         
  By:   /s/ Brian W. Wixted    
    Brian W. Wixted   
    Principal Financial Officer   
Date: 2/9/2012

 

EX-99.CODE ETH 2 g60121exv99wcodeeth.htm EX-99.CODE ETH exv99wcodeeth
CODE OF ETHICS
FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS
OF THE OPPENHEIMER FUNDS
AND OPPENHEIMERFUNDS, INC.
          This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the “Code”) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as “OFI”) acts as investment adviser (individually, a “Fund” and collectively, the “Funds”), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.
          This Code applies to OFI’s and each Fund’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Covered Officers”). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.1
1.   Purpose of the Code
          This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:
  •   honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
  •   full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;
  •   compliance with applicable governmental laws, rules and regulations;
  •   the prompt internal reporting of violations of this Code to the Code Administrator identified below; and
  •   accountability for adherence to this Code.
          In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund’s financial statements and reports to
 
1   The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

 

 

its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds’ business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
          It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI’s fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.
2.   Prohibitions
          The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.
          No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.
          No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations.
          No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:
  (i)   employ any device, scheme or artifice to defraud a Fund or its shareholders;
  (ii)   intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public;
  (iii)   engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;
  (iv)   engage in any manipulative practice with respect to any Fund;
  (v)   use his or her personal influence or personal relationships to influence any

 

 

      business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders;
  (vi)   intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund;
  (vii)   intentionally mislead or omit to provide material information to the Fund’s independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters;
  (viii)   fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws;
  (ix)   retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or
  (x)   fails to acknowledge or certify compliance with this Code if requested to do so.
3.   Reports of Conflicts of Interests
          If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer’s reasonable belief, the appearance of one, he or she must immediately report the matter to the Code’s Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI’s Chief Executive Officer.
          Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund’s Board of Trustees/Directors.

 

 

4.   Waivers
          Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund.
          In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:
  (i)   is prohibited by this Code;
  (ii)   is consistent with honest and ethical conduct; and
  (iii)   will result in a conflict of interest between the Covered Officer’s personal and professional obligations to a Fund.
          In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund’s Board of Trustees/Directors.
5.   Reporting Requirements
          (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code.
          (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto.
          (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser.
          (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments.
          (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.

 

 

          (f) Any changes to or waivers of this Code, including “implicit” waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.2
6.   Annual Review
          At least annually, the Board of Trustees/Directors of each Fund shall review the Code and consider whether any amendments are necessary or desirable.
7.   Sanctions
          Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI.
8.   Administration and Construction
          (a) The administration of this Code of Ethics shall be the responsibility of OFI’s General Counsel or his designee as the “Code Administrator” of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds.
          (b) The duties of such Code Administrator will include:
  (i)   Continuous maintenance of a current list of the names of all Covered Officers;
  (ii)   Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations;
  (v)   Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.
          (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability
 
2   An “implicit waiver” is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI.

 

 

hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment.
9.   Required Records
          The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred):
  (a)   A copy of any Code which has been in effect during the period;
  (b)   A record of any violation of any such Code and of any action taken as a result of such violation, during the period;
  (c)   A copy of each annual report pursuant to the Code made by a Covered Officer during the period;
  (d)   A copy of each report made by the Code Administrator pursuant to this Code during the period;
  (e)   A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports;
  (f)   A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and
  (g)   A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision.
10.   Amendments and Modifications
          Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund.
11.   Confidentiality.
          This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process.
 
Dated as of: June 25, 2003, as revised August 30, 2006 and further revised as of March 5, 2010.

 

 

Exhibit A
Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*
Each Oppenheimer fund
President (Principal Executive Officer)
Treasurer (Principal Financial Officer)
OFI
President and Chief Executive Officer (Principal Executive Officer)
Chief Financial Officer and Treasurer (Principal Financial Officer)
 
*   There are no other positions with the Funds or OFI who perform similar functions to those listed above.

 

EX-99.CERT 3 g60121exv99wcert.htm EX-99.CERT exv99wcert
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, William F. Glavin, Jr., certify that:
1.   I have reviewed this report on Form N-CSR of Rochester Fund Municipals;
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.   The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):
  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 2/9/2012
         
  /s/ William F. Glavin, Jr.    
  William F. Glavin, Jr.   
  Principal Executive Officer   

 

 

         
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Brian W. Wixted, certify that:
1.   I have reviewed this report on Form N-CSR of Rochester Fund Municipals;
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.   The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):
  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 2/9/2012
         
  /s/ Brian W. Wixted    
  Brian W. Wixted   
  Principal Financial Officer   

 

EX-99.906CERT 4 g60121exv99w906cert.htm EX-99.906CERT exv99w906cert
         
EX-99.906CERT
Section 906 Certifications
CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Rochester Fund Municipals (the “Registrant”), each certify to the best of his knowledge that:
1.   The Registrant’s periodic report on Form N-CSR for the period ended 12/30/2011 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2.   The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.
       
Principal Executive Officer
  Principal Financial Officer  
 
      
Rochester Fund Municipals
  Rochester Fund Municipals  
 
      
/s/ William F. Glavin, Jr.
  /s/ Brian W. Wixted  
 
     
William F. Glavin, Jr.
  Brian W. Wixted  
 
      
Date: 2/9/2012
  Date: 2/9/2012  

 

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