Rochester Fund Municipals

0001193125-12-483840.txt : 20121128 0001193125-12-483840.hdr.sgml : 20121128 20121128161903 ACCESSION NUMBER: 0001193125-12-483840 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121128 DATE AS OF CHANGE: 20121128 EFFECTIVENESS DATE: 20121128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 121229308 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104

0000093621 S000008503 ROCHESTER FUND MUNICIPALS

C000023347 A

C000023348 B

C000023349 C

C000023350 Y

N-Q 1 d416746dnq.htm ROCHESTER FUND MUNICIPALS Rochester Fund Municipals

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

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: 9/28/2012

Item 1. Schedule of Investments.

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes–110.4%
*New York–78.7%*
$ 1,035,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.375	%		12/01/2024	$	1,073,047
1,700,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.625			12/01/2034		1,750,456
605,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		600,705
1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)¹		5.375			07/01/2026		1,680,916
1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)¹		5.625			07/01/2031		1,450,037
3,670,000	Albany, NY Capital Resource Corp. (College Saint Rose)¹		5.875			07/01/2041		4,070,911
1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500			12/01/2028		1,424,004
685,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		685,425
3,125,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2027		3,145,031
1,350,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2032		1,351,607
900,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2037		877,653
6,920,885	Albany, NY IDA (Charitable Leadership)²		5.750			07/01/2026		3,457,536
900,000	Albany, NY IDA (New Covenant Charter School)²		7.000			05/01/2025		135,000
970,000	Albany, NY IDA (Sage Colleges)¹		5.250			04/01/2019		970,019
1,760,000	Albany, NY IDA (Sage Colleges)¹		5.300			04/01/2029		1,699,914
70,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.250			11/15/2032		75,790
1,770,000	Albany, NY Parking Authority		7.052	³		11/01/2017		1,419,522
500,000	Amherst, NY IDA (Asbury Pointe)		5.800			02/01/2015		500,600
45,000	Amherst, NY IDA (Asbury Pointe)		6.000			02/01/2023		45,020
3,000,000	Amherst, NY IDA (Asbury Pointe)		6.000			02/01/2029		3,000,360
5,420,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		5,200,111
770,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		772,903
2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,752,012
1,975,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500			11/01/2020		1,978,654
95,000	Broome County, NY IDA (University Plaza)		5.000			08/01/2025		95,143
3,030,000	Broome County, NY IDA (University Plaza)		5.000			08/01/2036		2,931,434
1,000,000	Broome County, NY IDA (University Plaza)		5.100			08/01/2030		1,000,630
1,250,000	Broome County, NY IDA (University Plaza)		5.100			08/01/2036		1,226,250
3,000,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		3,007,080
4,450,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		4,425,614
1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)¹		5.375			10/01/2041		2,039,801
870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)¹		6.000			10/01/2031		1,070,213
860,000	Build NYC Resource Corp. (YMCA of Greater New York)¹		5.000			08/01/2032		982,361
3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		3,028,950
860,000	Canton, NY Human Services Initiatives¹		5.700			09/01/2024		869,451
1,155,000	Canton, NY Human Services Initiatives		5.750			09/01/2032		1,170,523
1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)¹		5.000			05/01/2040		1,069,270
1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)¹		5.000			05/01/2045		1,066,570


1				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 1,105,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.450	%		09/15/2019	$	1,106,017
8,990,000	Cayuga County, NY COP (Auburn Memorial Hospital)		6.000			01/01/2021		9,003,036
95,000	Chautauqua, NY Utility District¹		5.000			06/01/2023		102,254
105,000	Chautauqua, NY Utility District¹		5.000			06/01/2025		112,308
900,000	Chemung County, NY IDA (Hathorn Redevel. Company)¹		4.850			07/01/2023		927,099
1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)¹		5.000			07/01/2033		1,550,360
1,885,000	Clifton Springs, NY Hospital & Clinic		8.000			01/01/2020		1,872,408
25,000	Cohoes, NY GO		6.200			03/15/2013		25,103
25,000	Cohoes, NY GO		6.250			03/15/2014		25,101
25,000	Cohoes, NY GO		6.250			03/15/2015		25,098
25,000	Cohoes, NY GO¹		6.250			03/15/2016		25,093
710,000	Columbia County, NY IDA (Berkshire Farms)		7.500			12/30/2014		698,995
3,300,000	Corinth, NY IDA (International Paper Company)¹		5.750			02/01/2022		3,343,692
5,370,000	Cortland County, NY IDA (Cortland Memorial Hospital)		5.250			07/01/2032		5,395,508
7,000,000	Dutchess County, NY IDA (Bard College)¹		5.000			08/01/2046		7,363,230
2,200,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		2,052,776
800,000	Dutchess County, NY IDA (St. Francis Hospital)		7.500			03/01/2029		823,680
650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)¹		5.750			07/01/2040		757,939
1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	³		06/01/2027		621,720
3,000,000	East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)		7.750			10/01/2032		3,032,220
2,210,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		2,211,856
1,700,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500			08/01/2033		1,699,864
3,000,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,864,730
1,735,000	Erie County, NY IDA (Buffalo City School District)¹		5.250			05/01/2030		2,051,013
1,465,000	Erie County, NY IDA (Buffalo City School District)¹		5.250			05/01/2031		1,724,510
865,000	Erie County, NY IDA (Buffalo City School District)¹		5.250			05/01/2032		1,012,491
7,000,000	Erie County, NY IDA (Charter School Applied Tech)¹		6.875			06/01/2035		7,406,490
1,960,000	Erie County, NY IDA (DePaul Properties)		5.750			09/01/2028		1,960,372
1,635,000	Erie County, NY IDA (DePaul Properties)		6.500			09/01/2018		1,685,358
1,690,000	Erie County, NY IDA (Global Concepts Charter School)		6.250			10/01/2037		1,719,660
11,310,000	Erie County, NY IDA (Medaille College)		7.625			04/01/2035		11,915,085
1,415,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		1,416,472
25,330,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038		19,438,242
72,595,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2045		53,277,471
93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	³		06/01/2047		3,553,530
135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	³		06/01/2050		3,554,208
194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	³		06/01/2055		2,082,896
1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	³		06/01/2060		5,242,880


2				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 1,410,000	Essex County, NY IDA (International Paper Company)¹		4.600	%		03/01/2027	$	1,445,913
2,300,000	Essex County, NY IDA (International Paper Company)¹		6.450			11/15/2023		2,308,809
1,500,000	Essex County, NY IDA (International Paper Company)¹		6.625			09/01/2032		1,675,665
975,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.000			06/01/2020		1,032,798
320,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.000			06/01/2020		338,970
1,235,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		1,298,528
410,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		431,090
1,100,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.300			06/01/2035		1,143,659
60,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.200			03/01/2028		61,111
1,850,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.500			08/15/2022		1,851,628
1,625,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.500			10/01/2026		1,629,940
5,680,000	Franklin County, NY IDA (Adirondack Medical Center)		5.500			12/01/2029		5,686,362
900,000	Franklin County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		946,296
100,000	Glens Falls, NY GO¹		6.000			02/01/2040		115,743
1,020,000	Green Island, NY Power Authority¹		5.125			12/15/2024		1,020,551
2,045,000	Green Island, NY Power Authority¹		6.000			12/15/2020		2,057,290
1,695,000	Green Island, NY Power Authority¹		6.000			12/15/2025		1,702,780
25,260,000	Hempstead, NY IDA (Lynbrook Facilities)		6.500			11/01/2042		22,224,001
3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		3,636,156
5,425,000	Hempstead, NY IDA (South Shore Y JCC)		6.750			11/01/2024		5,325,668
820,000	Herkimer County, NY IDA (Folts Adult Home)¹		5.500			03/20/2040		922,492
1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.250			08/01/2034		1,012,490
1,150,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.400			11/01/2020		1,152,312
2,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.500			11/01/2030		2,003,100
49,840,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2047		52,952,010
1,120,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2047		1,187,592
34,450,000	Hudson Yards, NY Infrastructure Corp.¹		5.750			02/15/2047		40,747,460
105,000	Huntington, NY Hsg. Authority (GJSR)		5.875			05/01/2019		105,159
840,000	Huntington, NY Hsg. Authority (GJSR)		6.000			05/01/2029		840,798
8,500,000	Huntington, NY Hsg. Authority (GJSR)		6.000			05/01/2039		8,506,290
9,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		9,583,023
1,125,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		1,112,006


3				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 3,400,000	L.I., NY Power Authority, Series A¹		5.000	%		05/01/2036	$	3,841,456
19,300,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2037		21,786,998
26,000,000	L.I., NY Power Authority, Series A¹		5.000			05/01/2038		29,004,300
20,000,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2042		22,416,400
9,800,000	L.I., NY Power Authority, Series A¹		5.750			04/01/2039		11,765,292
1,900,000	L.I., NY Power Authority, Series B¹		5.750			04/01/2033		2,264,363
160,000	L.I., NY Power Authority, Series C¹		5.000			09/01/2033		165,382
5,300,000	Madison County, NY IDA (Commons II Student Hsg.)¹		5.000			06/01/2040		5,449,778
850,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2028		867,604
1,100,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2032		1,114,652
1,320,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.300			02/01/2021		1,324,778
5,500,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.350			02/01/2031		5,510,065
570,000	Middletown, NY IDA (Flanagan Design & Display)²		7.500			11/01/2018		512,139
50,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.750			05/01/2023		50,351
165,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.875			05/01/2033		171,044
860,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.875			05/01/2033		863,947
3,625,000	Monroe County, NY IDA (DePaul Community Facilities)		5.875			02/01/2028		3,630,293
2,440,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,486,824
2,980,000	Monroe County, NY IDA (Rochester Institute of Technology)¹		5.375			04/01/2029		2,981,520
2,175,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		1,534,245
3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		2,817,248
530,000	Monroe County, NY IDA (Volunteers of America)		5.700			08/01/2018		529,952
2,765,000	Monroe County, NY IDA (Volunteers of America)		5.750			08/01/2028		2,716,861
850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.000			10/01/2026		953,224
15,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.000			10/01/2031		15,018
500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.250			10/01/2031		564,840
1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.500			10/01/2041		2,053,679
850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.625			06/01/2026		951,677
1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		6.000			06/01/2034		1,680,754
15,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)¹		5.750			08/15/2035		18,378,750
650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	³		06/01/2061		3,328,000
580,000	Monroe, NY Newpower Corp¹		5.625			01/01/2026		592,951
2,265,000	Monroe, NY Newpower Corp.¹		5.500			01/01/2034		2,293,879


4				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 600,000	Mount Vernon, NY IDA (Kings Court)¹		5.200	%		12/01/2033	$	614,610
1,865,000	Mount Vernon, NY IDA (Meadowview)		6.150			06/01/2019		1,867,518
2,600,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		2,601,846
802,824	Municipal Assistance Corp. for Troy, NY		5.733	³		07/15/2021		639,682
1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	³		01/15/2022		948,952
630,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		626,573
285,000	Nassau County, NY IDA (ALIA-ACDS)		7.500			06/01/2015		285,801
2,405,000	Nassau County, NY IDA (ALIA-ACLD)		6.250			09/01/2022		2,419,478
125,000	Nassau County, NY IDA (ALIA-ACLD)		7.125			06/01/2017		125,000
140,000	Nassau County, NY IDA (ALIA-ACLD)		7.500			06/01/2015		140,000
3,185,000	Nassau County, NY IDA (ALIA-CSMR)		7.000			11/01/2016		3,233,412
1,825,000	Nassau County, NY IDA (ALIA-CSMR)		7.125			06/01/2017		1,845,258
710,000	Nassau County, NY IDA (ALIA-CSMR)		7.500			06/01/2015		711,995
485,000	Nassau County, NY IDA (ALIA-HH)		7.125			06/01/2017		490,384
375,000	Nassau County, NY IDA (ALIA-HHS)		7.125			06/01/2017		379,163
60,000	Nassau County, NY IDA (ALIA-LVH)		7.500			06/01/2015		60,169
7,765,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		5,179,876
210,000	Nassau County, NY IDA (CNGCS)		7.500			06/01/2015		210,590
2,245,000	Nassau County, NY IDA (CNGCS)		8.150			06/01/2030		2,248,592
4,520,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		4,495,411
585,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		581,818
1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,647,334
3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)¹		5.250			06/01/2027		3,235,397
600,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		596,736
3,470,000	Nassau County, NY IDA (Little Village School)		7.500			12/01/2031		3,520,489
3,535,000	Nassau County, NY IDA (New York Water Service Corp.)¹		5.000			12/01/2035		3,658,972
1,920,000	Nassau County, NY IDA (North Shore CFGA)		6.750			05/01/2024		1,920,941
1,095,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		1,102,884
990,000	Nassau County, NY IDA (United Cerebral Palsy)		6.250			11/01/2014		992,039
645,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		640,079
515,000	Nassau County, NY IDA, Series A-A		6.000			07/02/2021		515,922
5,800,000	Nassau County, NY IDA, Series A-B		6.000			07/01/2021		5,810,382
565,000	Nassau County, NY IDA, Series A-C		6.000			07/01/2021		566,011
630,000	Nassau County, NY IDA, Series A-D		6.000			07/01/2021		631,128
122,875,000	Nassau County, NY Tobacco Settlement Corp.¹		5.125			06/01/2046		86,314,773
9,000,000	Nassau County, NY Tobacco Settlement Corp.¹		5.250			06/01/2026		8,265,150
20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	³		06/01/2046		778,600
105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	³		06/01/2046		3,832,056
1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	³		06/01/2060		6,531,781
40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	³		06/01/2060		204,800
22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)¹		5.000			06/01/2035		16,389,754
3,670,000	New Rochelle, NY IDA (Soundview Apartments)¹		5.375			04/01/2036		3,812,836
2,200,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		2,241,228


5				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 20,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.750	%		05/15/2022	$	19,952
1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034		1,424,752
6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2040		5,955,133
125,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		131,413
500,000	Niagara, NY Area Devel. Corp. (Niagara University)¹		5.000			05/01/2035		551,430
850,000	Niagara, NY Area Devel. Corp. (Niagara University)¹		5.000			05/01/2042		934,550
385,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.000			04/01/2028		379,287
2,025,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.625			04/01/2029		2,048,085
2,660,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		3,292,176
5,980,000	NY Counties Tobacco Trust I¹		6.250			06/01/2028		5,938,080
6,245,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035		6,156,883
19,230,000	NY Counties Tobacco Trust I¹		6.625			06/01/2042		19,055,007
29,840,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035		25,613,462
53,880,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043		44,984,951
245,000	NY Counties Tobacco Trust III¹		6.000			06/01/2043		245,157
7,000,000	NY Counties Tobacco Trust IV¹		5.000			06/01/2038		5,234,460
131,335,000	NY Counties Tobacco Trust IV		5.920	³		06/01/2050		3,458,051
304,690,000	NY Counties Tobacco Trust IV		6.395	³		06/01/2055		4,920,744
608,700,000	NY Counties Tobacco Trust IV		6.816	³		06/01/2060		3,116,544
52,535,000	NY Counties Tobacco Trust IV (TASC)¹		5.000			06/01/2042		36,614,268
38,275,000	NY Counties Tobacco Trust IV (TASC)¹		5.000			06/01/2045		25,411,155
82,500,000	NY Counties Tobacco Trust IV (TASC)¹		6.250			06/01/2041		79,143,075
236,140,000	NY Counties Tobacco Trust V		6.070	³		06/01/2038		19,878,265
598,653,613	NY Counties Tobacco Trust V		6.210	³		06/01/2050		17,342,995
643,195,000	NY Counties Tobacco Trust V		6.850	³		06/01/2055		8,477,310
3,845,000,000	NY Counties Tobacco Trust V		7.846	³		06/01/2060		19,686,400
15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)⁴		5.125			01/15/2044		16,664,100
62,345,000	NY Liberty Devel. Corp. (Bank of America Tower)⁴		5.625			01/15/2046		71,695,318
66,805,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)¹		5.250			10/01/2035		78,453,120
2,199,995	NY Liberty Devel. Corp. (National Sports Museum)²		6.125			02/15/2019		22
6,510,000	NY MTA, Series 2008C¹		6.500			11/15/2028		8,354,543
41,560,000	NY MTA, Series A⁴		5.000			11/15/2030		41,821,752
14,650,000	NY MTA, Series A¹		5.000			11/15/2030		14,742,295
340,000	NY MTA, Series A¹		5.000			11/15/2032		355,337
205,000	NY MTA, Series A¹		5.000			11/15/2032		206,140
4,250,000	NY MTA, Series A¹		5.000			11/15/2041		4,728,593
15,400,000	NY MTA, Series A¹		5.125			11/15/2031		15,485,470
6,800,000	NY MTA, Series A¹		5.250			11/15/2038		7,782,940


6				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 18,280,000	NY MTA, Series A¹		5.750	%		11/15/2032	$	18,401,379
16,745,000	NY MTA, Series B-2¹		5.000			11/15/2033		19,687,097
230,000	NY MTA, Series C¹		5.000			11/15/2031		268,497
37,675,000	NY MTA, Series D¹		5.000			11/15/2030		43,802,839
2,150,000	NY MTA, Series D¹		5.000			11/15/2032		2,499,698
15,395,000	NY MTA, Series D¹		5.000			11/15/2036		17,410,667
33,690,000	NY MTA, Series D¹		5.250			11/15/2040		38,301,487
8,000,000	NY MTA, Series D-1¹		5.000			11/01/2027		9,510,640
3,500,000	NY MTA, Series D-1¹		5.000			11/01/2028		4,147,395
30,000,000	NY MTA, Series F¹		5.000			11/15/2030		35,192,700
2,100,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2030		2,543,142
1,500,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2031		1,804,695
6,470,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2037		7,531,533
5,000,000	NY Triborough Bridge & Tunnel Authority¹		5.250			11/15/2030		5,243,050
135,000	NY Triborough Bridge & Tunnel Authority, Series B¹		5.125			11/15/2029		135,875
13,950,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2026		13,251,105
250,510,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034		196,770,595
322,515,000	NY TSASC, Inc. (TFABs)¹		5.125			06/01/2042		244,885,640
5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250			11/01/2042		5,003,700
35,590,000	NYC GO¹		4.950	⁵		12/15/2033		37,451,357
15,000	NYC GO¹		5.000			06/01/2020		16,687
25,000	NYC GO¹		5.000			03/01/2025		25,513
25,000	NYC GO¹		5.000			10/15/2027		26,251
3,000,000	NYC GO¹		5.000			08/01/2029		3,637,530
5,000,000	NYC GO¹		5.000			08/01/2029		6,014,700
10,920,000	NYC GO⁴		5.000			08/01/2030		11,939,164
15,000	NYC GO		5.000			03/01/2033		15,308
12,455,000	NYC GO⁴		5.000			12/01/2033		13,415,193
10,000,000	NYC GO¹		5.000			10/01/2034		11,632,800
12,765,000	NYC GO⁴		5.000			03/01/2035		13,759,000
5,400,000	NYC GO⁴		5.000			08/01/2035		5,890,909
3,800,000	NYC GO¹		5.000			08/01/2035		4,384,668
8,405,000	NYC GO¹		5.000			05/15/2036		9,535,641
20,000,000	NYC GO⁴		5.250			03/01/2021		24,567,600
265,000	NYC GO¹		5.250			06/01/2027		266,039
20,000	NYC GO¹		5.250			01/15/2033		20,302
40,000	NYC GO¹		5.250			01/15/2033		40,592
5,000	NYC GO¹		5.375			12/01/2026		5,020
5,000	NYC GO¹		5.375			03/01/2027		5,111
440,000	NYC GO¹		5.375			06/01/2032		441,817
40,000	NYC GO¹		5.500			08/01/2022		40,169
5,000	NYC GO		5.500			12/01/2031		5,021
15,000	NYC GO		5.500			11/15/2037		15,063
5,000	NYC GO		5.950			08/01/2014		5,024


7				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 40,000	NYC GO		6.154	%³		10/01/2012	$	39,999
2,000,000	NYC GO¹		6.250			12/15/2031		2,499,060
5,000	NYC GO		7.250			08/15/2024		5,028
5,000	NYC GO¹		7.750			08/15/2028		5,141
1,475,000	NYC GO ROLs⁶		18.029	⁷		05/15/2031		2,419,767
5,395,000	NYC GO ROLs⁶		18.039	⁷		05/15/2036		8,297,942
875,000	NYC GO ROLs⁶		18.043	⁷		05/15/2033		1,400,700
29,280	NYC HDC (Beekman)		6.500			10/15/2017		29,388
200,609	NYC HDC (Bridgeview III)		6.500			12/15/2017		201,215
613,483	NYC HDC (Cadman Towers)		6.500			11/15/2018		615,496
39,221	NYC HDC (Essex Terrace)		6.500			07/15/2018		39,337
890,000	NYC HDC (Multifamily Hsg.)¹		4.950			11/01/2039		951,944
780,000	NYC HDC (Multifamily Hsg.)¹		5.000			11/01/2030		816,652
3,500,000	NYC HDC (Multifamily Hsg.)⁴		5.000			11/01/2037		3,598,140
60,000	NYC HDC (Multifamily Hsg.)¹		5.050			11/01/2023		60,226
4,685,000	NYC HDC (Multifamily Hsg.)⁴		5.050			11/01/2039		4,818,988
2,435,000	NYC HDC (Multifamily Hsg.)⁴		5.100			11/01/2027		2,593,540
3,000,000	NYC HDC (Multifamily Hsg.)⁴		5.125			11/01/2032		3,162,960
5,100,000	NYC HDC (Multifamily Hsg.)¹		5.150			11/01/2037		5,448,993
1,675,000	NYC HDC (Multifamily Hsg.)¹		5.200			11/01/2035		1,753,239
8,035,000	NYC HDC (Multifamily Hsg.)⁴		5.200			11/01/2040		8,437,223
14,110,000	NYC HDC (Multifamily Hsg.)⁴		5.250			11/01/2030		14,530,891
7,205,000	NYC HDC (Multifamily Hsg.)¹		5.250			11/01/2045		7,543,707
5,140,000	NYC HDC (Multifamily Hsg.)¹		5.350			11/01/2037		5,448,092
1,215,000	NYC HDC (Multifamily Hsg.)¹		5.350			05/01/2041		1,290,646
3,735,000	NYC HDC (Multifamily Hsg.)¹		5.450			11/01/2040		3,974,152
2,670,000	NYC HDC (Multifamily Hsg.)¹		5.450			11/01/2046		2,772,528
3,090,000	NYC HDC (Multifamily Hsg.)⁴		5.500			11/01/2034		3,412,679
2,840,000	NYC HDC (Multifamily Hsg.)⁴		5.550			11/01/2039		3,127,294
10,910,000	NYC HDC (Multifamily Hsg.)⁴		5.700			11/01/2046		12,057,146
70,000	NYC HDC (Multifamily Hsg.), Series A¹		5.500			11/01/2034		70,488
30,570,000	NYC HDC (Multifamily Hsg.), Series B⁴		5.350			05/01/2049		32,161,435
11,250,000	NYC HDC (Multifamily Hsg.), Series C⁴		5.050			11/01/2036		11,595,070
8,365,000	NYC HDC (Multifamily Hsg.), Series C⁴		5.125			05/01/2040		8,636,993
1,000,000	NYC HDC (Multifamily Hsg.), Series E¹		5.200			11/01/2033		1,003,910
2,155,000	NYC HDC (Multifamily Hsg.), Series F¹		5.200			11/01/2032		2,163,426
13,180,000	NYC HDC (Multifamily Hsg.), Series G-1⁴		4.875			11/01/2039		13,584,269
1,345,000	NYC HDC (Multifamily Hsg.), Series H-2¹		5.200			11/01/2038		1,377,522
3,400,000	NYC HDC (Multifamily Hsg.), Series H-2¹		5.250			05/01/2046		3,476,330
15,510,000	NYC HDC (Multifamily Hsg.), Series I-2⁴		5.200			11/01/2038		15,985,736
711,193	NYC HDC (Ruppert)		6.500			11/15/2018		748,857
176,116	NYC HDC (St. Martin Tower)		6.500			11/15/2018		176,693
2,750,000	NYC HDC, Series C⁴		5.000			11/01/2026		2,872,018
10,100,000	NYC Health & Hospital Corp. (Health System)¹		5.000			02/15/2030		11,460,369
870,000	NYC IDA (A Very Special Place)		5.750			01/01/2029		867,181


8				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 125,000	NYC IDA (Allied Metal)		6.375	%		12/01/2014	$	125,009
940,000	NYC IDA (Allied Metal)		7.125			12/01/2027		940,395
2,520,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		2,430,112
2,905,000	NYC IDA (American Airlines)²		5.400			07/01/2019		1,922,268
32,580,000	NYC IDA (American Airlines)²		5.400			07/01/2020		21,562,096
30,810,000	NYC IDA (American Airlines)²		6.900			08/01/2024		20,392,831
540,000	NYC IDA (American Airlines)		7.500			08/01/2016		567,724
18,200,000	NYC IDA (American Airlines)		7.625			08/01/2025		19,195,176
59,350,000	NYC IDA (American Airlines)		7.750			08/01/2031		62,596,445
39,860,000	NYC IDA (American Airlines)		8.000			08/01/2028		42,039,943
338,060,000	NYC IDA (American Airlines)		8.500			08/01/2028		344,618,364
3,530,000	NYC IDA (American National Red Cross)		5.000			02/01/2036		3,592,763
3,455,000	NYC IDA (Atlantic Paste & Glue Company)		6.625			11/01/2019		3,604,291
810,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		810,705
1,125,000	NYC IDA (Bark Frameworks)		6.750			11/01/2019		1,124,899
5,500,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		5,642,725
1,035,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		1,067,675
4,220,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		4,300,560
97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.650			10/01/2028		85,644,378
153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.750			10/01/2036		131,761,410
22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		6.200			10/01/2022		21,327,857
16,205,000	NYC IDA (Calhoun School)		6.625			12/01/2034		17,177,786
4,145,000	NYC IDA (Calhoun School)		6.625			12/01/2034		4,497,035
2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		3,047,190
14,700,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		14,617,239
3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		3,380,858
29,135,000	NYC IDA (Chapin School)		5.000			11/01/2038		29,577,852
1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,553,087
3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,146,132
3,645,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,648,062
1,445,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,446,113
1,055,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		1,056,361
1,150,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		1,092,891
1,035,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		983,602
5,685,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,241,627
475,000	NYC IDA (Eger Harbor House)¹		5.875			05/20/2044		500,242
5,500,000	NYC IDA (Family Support Systems)²		7.500			11/01/2034		3,474,350
950,000	NYC IDA (Good Shepherd Services)		5.875			06/01/2014		951,710
2,970,000	NYC IDA (Gourmet Boutique)		5.750			05/01/2021		2,360,615
7,290,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		7,080,923
1,870,000	NYC IDA (Herbert G. Birch Childhood Project)		8.375			02/01/2022		1,890,290
700,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		717,542
2,170,000	NYC IDA (Little Red Schoolhouse)		6.750			11/01/2018		2,172,626
3,745,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		3,798,741
1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		1,960,207


9				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375	%		11/01/2038	$	9,490,712
630,000	NYC IDA (Marymount School of New York)¹		5.125			09/01/2021		637,491
4,010,000	NYC IDA (Marymount School of New York)¹		5.250			09/01/2031		4,055,634
16,335,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		15,172,928
8,405,000	NYC IDA (Metro Biofuels)		6.000			11/01/2028		7,646,365
2,325,000	NYC IDA (Metropolitan College of New York)		5.750			03/01/2020		2,414,024
40,000,000	NYC IDA (NYU)⁴		5.250			07/01/2048		44,794,212
2,935,000	NYC IDA (Petrocelli Electric)		8.000			11/01/2017		2,856,606
805,000	NYC IDA (Petrocelli Electric)		8.000			11/01/2018		783,772
1,750,000	NYC IDA (PSCH)		6.375			07/01/2033		1,764,455
6,800,000	NYC IDA (Reece School)		7.500			12/01/2037		7,186,036
1,000,000	NYC IDA (Roundabout Theatre)		5.000			10/01/2023		955,140
3,465,000	NYC IDA (Sahadi Fine Foods)		6.750			11/01/2019		3,465,485
200,000	NYC IDA (Samaritan Aids Services)¹		5.000			11/01/2024		200,432
875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)		5.000			07/01/2026		800,651
4,380,000	NYC IDA (Showman Fabricators)		7.500			11/01/2028		3,727,380
2,900,000	NYC IDA (South Bronx Overall Economic Devel.)		8.625			12/01/2025		2,902,030
1,625,000	NYC IDA (Special Needs Facilities Pooled Program)		4.750			07/01/2020		1,569,230
995,000	NYC IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		939,539
2,000,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		2,004,560
405,000	NYC IDA (Special Needs Facilities Pooled Program)		7.875			08/01/2025		406,519
475,000	NYC IDA (St. Francis College)¹		5.000			10/01/2034		490,708
5,760,000	NYC IDA (Stallion)		5.500			11/01/2036		4,363,373
955,000	NYC IDA (Stallion)		6.000			11/01/2027		829,952
290,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		290,200
1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,275,587
6,808,500	NYC IDA (Studio School)		7.000			11/01/2038		4,521,797
605,000	NYC IDA (Surprise Plastics)²		7.500			11/01/2013		555,777
2,480,000	NYC IDA (Surprise Plastics)²		8.500			11/01/2023		2,046,967
1,500,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2021		1,609,710
380,000	NYC IDA (The Bank Street College)		5.250			12/01/2021		387,969
1,000,000	NYC IDA (The Bank Street College)		5.250			12/01/2030		1,012,430
8,800,000	NYC IDA (The Child School)		7.550			06/01/2033		9,032,056
3,655,000	NYC IDA (Therapy & Learning Center)		8.250			09/01/2031		3,711,141
8,730,000	NYC IDA (Tides Two Rivers Foundation)		5.650			12/01/2039		7,368,382
7,580,000	NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC/AeL Obligated Group)¹		5.000			07/01/2028		8,039,121
32,040,000	NYC IDA (Unicef)		5.300			11/01/2038		32,458,442
12,500,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)¹		5.000			07/01/2034		14,623,000
3,640,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		3,679,130
1,100,000	NYC IDA (Utleys)		7.375			11/01/2023		1,100,484
9,100,000	NYC IDA (Visy Paper)		7.800			01/01/2016		9,116,835
70,500,000	NYC IDA (Visy Paper)		7.950			01/01/2028		70,562,040
1,930,000	NYC IDA (Vocational Instruction)²		7.750			02/01/2033		1,084,660
1,450,000	NYC IDA (W & W Jewelers)		8.250			02/01/2021		1,469,894
5,930,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		5,931,305
2,900,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		2,900,638
2,795,000	NYC IDA (Westchester Square Medical Center)		8.000			12/31/2012		1,950,407


10				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 6,160,000	NYC IDA (Westchester Square Medical Center)		8.375	%		11/01/2015	$	4,298,571
1,245,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		1,244,963
50,000	NYC IDA (Yankee Stadium)¹		5.000			03/01/2031		52,774
36,110,000	NYC IDA (Yankee Stadium)¹		5.000			03/01/2046		37,347,490
16,500,000	NYC IDA (Yankee Stadium)¹		7.000			03/01/2049		20,283,780
24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		24,162,969
1,220,000	NYC IDA (YMCA of Greater New York)¹		5.000			08/01/2036		1,281,378
10,755,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2029		12,946,224
7,500,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2031		8,244,900
8,950,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2031		10,438,833
10,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2032		11,745,200
4,820,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2034		4,966,287
2,125,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2035		2,189,494
9,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2035		9,273,150
20,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2035		21,616
280,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2035		298,757
25,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2035		25,759
1,445,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2036		1,561,770
12,875,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		13,265,756
38,500,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		43,818,775
9,200,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		9,479,220
4,300,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2039		4,569,868
19,740,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2039		20,978,882
2,715,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2039		2,976,998
10,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2043		11,387,500
7,500,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2044		8,522,250
7,350,000	NYC Municipal Water Finance Authority¹		5.250			06/15/2040		8,658,962
11,570,000	NYC Municipal Water Finance Authority¹		5.375			06/15/2043		13,681,525
31,750,000	NYC Municipal Water Finance Authority¹		5.500			06/15/2043		37,986,970
2,650,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2040		3,205,626
3,000,000	NYC Sales Tax Asset Receivables Corp., Series A¹		5.000			10/15/2032		3,248,610
3,090,000	NYC Transitional Finance Authority¹		5.000			11/01/2039		3,582,731
3,000,000	NYC Transitional Finance Authority¹		5.125			01/15/2034		3,400,920
7,685,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2033		8,972,084
15,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2037		17,357,250
7,910,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2040		9,062,329
15,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.250			07/15/2037		17,547,600
1,700,000	NYC Transitional Finance Authority (Building Aid)¹		5.500			01/15/2039		1,965,897
15,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2034		17,696,400
20,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.250			11/01/2027		24,175,600
850,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2027		989,341
850,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2028		987,777
430,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2029		499,307
430,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2030		496,560


11				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 4,000,000	NYS DA (Buena Vida Nursing Home)¹		5.250	%		07/01/2028	$	4,060,800
500,000	NYS DA (Catholic Health System)¹		5.000			07/01/2032		541,930
260,000	NYS DA (Catholic Health System)¹		5.000			07/01/2032		279,841
2,250,000	NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)¹		5.000			07/01/2027		2,306,948
15,000	NYS DA (Dept. of Mental Hygiene)		5.250			08/15/2031		15,052
285,000	NYS DA (Fordham University)¹		5.000			07/01/2038		312,477
5,300,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2031		5,729,406
5,815,000	NYS DA (Interagency Council)		7.000			07/01/2035		6,123,079
3,000,000	NYS DA (Iona College)¹		5.000			07/01/2032		3,323,340
3,255,000	NYS DA (L.I. University)¹		5.125			09/01/2023		3,259,069
1,335,000	NYS DA (L.I. University)¹		5.250			09/01/2028		1,336,428
3,490,000	NYS DA (Manhattan College)		5.300			07/01/2037		3,626,319
18,230,000	NYS DA (Memorial Sloan-Kettering)⁴		5.000			07/01/2035		20,197,723
10,640,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2030		11,480,241
11,820,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2035		12,753,425
150,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2037		161,426
860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		5.000			07/01/2029		938,888
4,125,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.375			07/01/2029		4,139,025
10,000	NYS DA (Mount Saint Mary College)¹		5.000			07/01/2032		10,090
130,000	NYS DA (New School University)¹		5.000			07/01/2033		130,163
5,000,000	NYS DA (New School University)¹		5.000			07/01/2041		5,004,900
1,000,000	NYS DA (New School University)¹		5.750			07/01/2050		1,155,700
150,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2033		154,031
6,000,000	NYS DA (North Shore L.I. Jewish Obligated Group)¹		5.000			05/01/2039		6,688,920
3,685,000	NYS DA (North Shore L.I. Jewish Obligated Group)¹		5.000			05/01/2039		4,108,112
1,000,000	NYS DA (North Shore L.I. Jewish Obligated Group)¹		5.000			05/01/2039		1,119,990
8,460,000	NYS DA (North Shore L.I. Jewish Obligated Group)¹		5.000			05/01/2041		9,357,944
11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)¹		5.250			05/01/2034		13,244,320
23,075,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2036		24,573,721
2,000,000	NYS DA (NYU Hospitals Center)¹		5.625			07/01/2037		2,191,580
6,035,000	NYS DA (Providence Rest)		5.000			07/01/2035		5,421,603
2,700,000	NYS DA (Providence Rest)		5.125			07/01/2030		2,580,012
3,100,000	NYS DA (Providence Rest)		5.250			07/01/2025		3,100,527
6,260,000	NYS DA (Rochester General Hospital)		5.000			12/01/2025		6,402,728
17,660,000	NYS DA (Rochester General Hospital)		5.000			12/01/2035		17,946,092
1,750,000	NYS DA (School District Bond Financing Program), Series C¹		7.250			10/01/2028		2,228,450
2,645,000	NYS DA (School District Bond Financing Program), Series C¹		7.375			10/01/2033		3,340,820
1,525,000	NYS DA (School District Bond Financing Program), Series C¹		7.500			04/01/2039		1,911,649
350,000	NYS DA (School District Financing)¹		5.750			10/01/2018		351,428
50,000	NYS DA (School Districts Financing Program), Series B¹		6.000			10/01/2022		50,229


12				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 25,000	NYS DA (School Districts Financing Program), Series B¹		6.000	%		10/01/2029	$	25,106
1,075,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)¹		5.100			07/01/2034		1,101,348
5,770,000	NYS DA (Smithtown Special Library District)¹		6.000			07/01/2028		6,899,535
50,000	NYS DA (St. Barnabas Hospital)		5.125			02/01/2022		50,159
35,000	NYS DA (St. Barnabas Hospital)		5.450			08/01/2035		35,062
1,235,000	NYS DA (St. John’s University)¹		5.000			07/01/2027		1,471,935
270,000	NYS DA (St. John’s University)¹		5.000			07/01/2028		320,277
10,750,000	NYS DA (St. John’s University)¹		5.000			07/01/2030		12,641,248
3,500,000	NYS DA (St. Joseph’s College)¹		5.250			07/01/2035		3,909,045
50,000,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		53,986,500
1,575,000	NYS DA (St. Thomas Aquinas College)		5.250			07/01/2028		1,576,481
15,915,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2034		18,543,521
3,000,000	NYS DA (State University of New York)¹		5.000			07/01/2035		3,482,820
3,000,000	NYS DA (State University of New York)¹		5.000			07/01/2040		3,375,930
2,500,000	NYS DA (Teachers College)¹		5.000			07/01/2034		2,877,900
5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			02/15/2035		6,260,700
10,000	NYS DA (The Brooklyn Hospital Center)		5.150			02/01/2029		10,039
4,395,000	NYS DA (The New School)¹		5.000			07/01/2031		5,014,695
1,000,000	NYS DA (University of Rochester)¹		0.000	⁸		07/01/2039		1,044,490
60,000	NYS DA (University of Rochester)¹		5.000			07/01/2034		63,754
11,695,000	NYS DA (Vassar College)⁴		5.000			07/01/2046		12,624,220
2,375,000	NYS DA (Yeshiva University)¹		5.000			11/01/2031		2,755,594
5,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.125			06/15/2038		5,748,050
430,000	NYS EFC (NYC Municipal Water Finance Authority)¹		5.000			06/15/2034		459,567
65,000	NYS EFC (United Waterworks)¹		5.150			03/01/2034		65,065
25,000	NYS ERDA (Brooklyn Union Gas Company)¹		4.700			02/01/2024		26,461
15,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021		15,057
7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		11.035	⁷		04/01/2020		7,044,800
16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.265	⁷		07/01/2026		16,457,132
350,000	NYS ERDA (LILCO)¹		5.300			10/01/2024		352,856
150,000	NYS ERDA (LILCO)¹		5.300			08/01/2025		151,167
95,000	NYS ERDA (LILCO)¹		5.300			08/01/2025		95,142
610,000	NYS ERDA (NYS Electric & Gas Corp.)¹		5.350			12/01/2028		614,465
300,000	NYS ERDA (Rochester Gas & Electric)¹		5.375			05/15/2032		303,264
2,000,000	NYS HFA (Affordable Hsg.)¹		5.000			11/01/2042		2,161,020
2,365,000	NYS HFA (Affordable Hsg.)¹		5.250			11/01/2038		2,481,334
10,220,000	NYS HFA (Affordable Hsg.)⁴		5.450			11/01/2045		10,792,164
150,000	NYS HFA (Affordable Hsg.)¹		6.750			11/01/2038		170,192
1,745,000	NYS HFA (Children’s Rescue)		7.625			05/01/2018		1,745,471
940,000	NYS HFA (Friendship)¹		5.100			08/15/2041		966,151
1,250,000	NYS HFA (Golden Age Apartments)¹		5.000			02/15/2037		1,288,113
150,000	NYS HFA (Highland Avenue Senior Apartments)¹		5.000			02/15/2039		155,327
120,000	NYS HFA (Horizons at Wawayanda)¹		5.150			11/01/2040		127,631


13				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 3,695,000	NYS HFA (Multifamily Hsg.)¹		4.850	%		02/15/2038	$	3,813,314
2,080,000	NYS HFA (Multifamily Hsg.)¹		5.375			02/15/2035		2,082,184
2,075,000	NYS HFA (Multifamily Hsg.)¹		5.500			08/15/2030		2,077,677
990,000	NYS HFA (Multifamily Hsg.)¹		5.650			08/15/2030		991,356
3,200,000	NYS HFA (Multifamily Hsg.)¹		5.650			08/15/2030		3,204,384
1,710,000	NYS HFA (Multifamily Hsg.)¹		5.650			02/15/2034		1,712,309
2,120,000	NYS HFA (Multifamily Hsg.)¹		5.700			08/15/2033		2,122,968
1,255,000	NYS HFA (Multifamily Hsg.)¹		6.400			11/15/2027		1,257,761
3,765,000	NYS HFA (Multifamily Hsg.)¹		6.750			11/15/2036		3,986,759
365,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2012		367,190
385,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2013		387,152
470,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2014		470,000
495,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2015		497,539
535,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2016		537,670
590,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2017		592,850
630,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2018		632,911
1,250,000	NYS HFA (State Personal Income Tax Authority)¹		5.000			03/15/2036		1,384,238
615,000	NYS LGSC (SCSB)		7.375			12/15/2016		617,620
980,000	NYS LGSC (SCSB)		7.750			12/15/2021		1,003,314
5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)¹		5.000			11/15/2031		5,705,400
3,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)¹		5.000			11/15/2044		3,308,280
10,000,000	NYS Liberty Devel. Corp. (7 World Trade Center)¹		5.000			09/15/2040		11,420,100
13,500,000	NYS Liberty Devel. Corp. (7 World Trade Center)¹		5.000			09/15/2043		14,884,695
150,000	NYS Medcare (Hospital & Nursing Home)¹		7.400			11/01/2016		150,792
75,000	NYS Medcare (Hospital & Nursing Home)¹		9.375			11/01/2016		75,562
5,000,000	NYS Power Authority¹		5.000			11/15/2038		5,825,900
5,540,000	NYS Thruway Authority¹		5.000			04/01/2031		6,500,525
7,650,000	NYS Thruway Authority¹		5.000			01/01/2032		8,881,880
21,250,000	NYS Thruway Authority¹		5.000			01/01/2037		24,174,425
20,000	NYS UDC (Subordinated Lien)		5.500			07/01/2016		20,084
50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		4.625			09/15/2030		48,807
830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		5.000			09/15/2035		831,345
400,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019		400,036
1,060,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.350			03/15/2029		998,562
1,185,000	Onondaga County, NY IDA (Free Library)¹		5.125			03/01/2030		1,285,156
1,115,000	Onondaga County, NY IDA (Free Library)¹		5.125			03/01/2037		1,183,695
545,000	Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)¹		6.250			12/01/2034		546,264
42,834,598	Onondaga County, NY Res Rec		0.000	⁸		05/01/2022		35,933,944
22,075,000	Onondaga County, NY Res Rec		5.000			05/01/2015		21,742,771
2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)¹		5.375			07/01/2040		2,199,240


14				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)¹		5.250	%		12/01/2041	$	3,852,352
2,315,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000			08/01/2021		2,332,525
2,325,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000			08/01/2031		2,335,974
2,090,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000			08/01/2031		2,099,865
1,800,000	Orange County, NY IDA (Glen Arden)		5.625			01/01/2018		1,675,242
5,590,000	Orange County, NY IDA (Glen Arden)		5.700			01/01/2028		4,648,365
1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,719,802
6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,341,711
2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,239,135
10,910,000	Peekskill, NY IDA (Drum Hill)		6.375			10/01/2028		10,913,819
35,475,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		36,361,875
16,435,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		16,440,917
31,910,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		31,918,297
45,300,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		45,300,906
150,000	Port Authority NY/NJ, 131st Series¹		4.750			06/15/2033		153,362
60,000	Port Authority NY/NJ, 132nd Series¹		5.000			09/01/2038		61,711
250,000	Port Authority NY/NJ, 135th Series¹		5.000			03/15/2039		259,700
33,025,000	Port Authority NY/NJ, 136th Series⁴		5.125			05/01/2034		35,118,731
5,000,000	Port Authority NY/NJ, 136th Series¹		5.125			05/01/2034		5,316,800
19,175,000	Port Authority NY/NJ, 136th Series⁴		5.375			11/01/2028		20,552,842
22,855,000	Port Authority NY/NJ, 136th Series⁴		5.500			11/01/2029		24,448,799
26,000,000	Port Authority NY/NJ, 138th Series⁴		4.750			12/01/2034		27,040,000
27,255,000	Port Authority NY/NJ, 141st Series⁴		4.500			09/01/2029		28,263,717
47,910,000	Port Authority NY/NJ, 143rd Series⁴		5.000			10/01/2030		52,761,367
35,000	Port Authority NY/NJ, 143rd Series¹		5.000			04/01/2036		37,284
17,500,000	Port Authority NY/NJ, 144th Series¹		5.000			10/01/2035		19,974,500
12,840,000	Port Authority NY/NJ, 146th Series⁴		4.500			12/01/2034		13,371,531
10,000	Port Authority NY/NJ, 146th Series¹		4.500			12/01/2034		10,418
26,100,000	Port Authority NY/NJ, 146th Series⁴		4.750			12/01/2027		28,023,831
10,000	Port Authority NY/NJ, 146th Series¹		4.750			12/01/2027		10,745
13,005,000	Port Authority NY/NJ, 147th Series⁴		4.750			10/15/2028		14,031,458
17,790,000	Port Authority NY/NJ, 147th Series⁴		5.000			10/15/2027		19,382,344
20,000,000	Port Authority NY/NJ, 147th Series⁴		5.000			10/15/2032		21,516,350
82,000,000	Port Authority NY/NJ, 151st Series⁴		5.750			03/15/2035		98,337,564
15,000,000	Port Authority NY/NJ, 151st Series⁴		6.000			09/15/2028		18,052,050
101,940,000	Port Authority NY/NJ, 152nd Series⁴		5.250			11/01/2035		112,916,899
13,715,000	Port Authority NY/NJ, 152nd Series⁴		5.250			05/01/2038		15,095,186
22,500,000	Port Authority NY/NJ, 152nd Series⁴		5.750			11/01/2030		26,869,950


15				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 15,300,000	Port Authority NY/NJ, 161st Series⁴		5.000	%		10/15/2031	$	17,891,820
20,250,000	Port Authority NY/NJ, 163rd Series⁴		5.000			07/15/2039		23,129,348
21,515,000	Port Authority NY/NJ, 166th Series⁴		5.000			01/15/2041		24,492,844
15,000,000	Port Authority NY/NJ, 166th Series⁴		5.250			07/15/2036		17,782,800
400,000	Port Authority NY/NJ, 172nd Series¹		5.000			10/01/2034		454,584
50,660,000	Port Authority NY/NJ, 37th Series⁴		5.250			07/15/2034		54,418,972
2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		6.000			08/01/2032		2,760,400
1,500,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2036		1,549,260
6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.625			06/01/2035		5,613,309
7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.750			06/01/2043		6,405,531
4,820,000	Rensselaer, NY City School District COP		5.000			06/01/2036		4,973,806
1,165,000	Riverhead, NY IDA (Michael Reilly Design)		8.875			08/01/2021		1,194,556
1,195,000	Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		1,129,693
9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.625			08/15/2035		8,791,333
13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.750			08/15/2043		12,574,212
30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	³		08/15/2045		1,253,100
486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	³		08/15/2060		2,488,320
20,000	Sanford Town, NY GO		5.250			04/15/2015		21,608
20,000	Sanford Town, NY GO		5.250			04/15/2016		22,123
25,000	Sanford Town, NY GO		5.250			04/15/2017		27,547
25,000	Sanford Town, NY GO		5.250			04/15/2018		27,434
25,000	Sanford Town, NY GO		5.250			04/15/2019		27,298
25,000	Sanford Town, NY GO		5.250			04/15/2020		27,157
30,000	Sanford Town, NY GO		5.250			04/15/2021		32,364
30,000	Sanford Town, NY GO		5.250			04/15/2022		32,207
30,000	Sanford Town, NY GO		5.250			04/15/2023		32,038
30,000	Sanford Town, NY GO		5.250			04/15/2024		31,920
35,000	Sanford Town, NY GO		5.250			04/15/2025		37,152
35,000	Sanford Town, NY GO		5.250			04/15/2026		37,116
40,000	Sanford Town, NY GO		5.250			04/15/2027		42,377
40,000	Sanford Town, NY GO		5.250			04/15/2028		42,322
40,000	Sanford Town, NY GO		5.250			04/15/2029		42,254
45,000	Sanford Town, NY GO		5.250			04/15/2030		47,505
45,000	Sanford Town, NY GO		5.250			04/15/2031		47,474
50,000	Sanford Town, NY GO		5.250			04/15/2032		52,732
50,000	Sanford Town, NY GO		5.250			04/15/2033		52,783
55,000	Sanford Town, NY GO		5.250			04/15/2034		58,043
60,000	Sanford Town, NY GO		5.250			04/15/2035		63,278
60,000	Sanford Town, NY GO		5.250			04/15/2036		63,217
2,650,000	Seneca County, NY IDA (New York Chiropractic College)¹		5.000			10/01/2027		2,796,254


16				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 22,885,000	SONYMA, Series 106⁴		5.250	%		04/01/2034	$	22,905,156
30,225,000	SONYMA, Series 109⁴		4.950			10/01/2034		30,546,896
17,495,000	SONYMA, Series 113¹		5.200			10/01/2030		18,437,981
27,005,000	SONYMA, Series 116¹		4.750			10/01/2029		27,960,977
28,445,000	SONYMA, Series 116¹		4.800			10/01/2034		29,477,554
9,510,000	SONYMA, Series 133⁴		5.050			10/01/2026		9,837,279
22,915,000	SONYMA, Series 137⁴		4.700			10/01/2031		23,478,619
16,770,000	SONYMA, Series 140⁴		4.750			10/01/2037		17,033,077
9,870,000	SONYMA, Series 143⁴		4.900			10/01/2037		10,198,843
4,550,000	SONYMA, Series 145⁴		5.125			10/01/2037		4,735,595
900,000	SONYMA, Series 145¹		5.125			10/01/2037		936,675
1,955,000	SONYMA, Series 148⁴		5.150			10/01/2027		2,092,082
6,165,000	SONYMA, Series 148⁴		5.200			10/01/2032		6,536,202
740,000	SONYMA, Series 69¹		5.500			10/01/2028		740,984
6,105,000	SONYMA, Series 71⁴		5.400			04/01/2029		6,113,673
190,000	SONYMA, Series 71¹		5.400			04/01/2029		190,266
10,000	SONYMA, Series 71¹		5.400			04/01/2029		10,012
235,000	SONYMA, Series 73¹		5.300			10/01/2028		235,569
15,790,000	SONYMA, Series 73-A⁴		5.300			10/01/2028		15,828,297
1,225,000	SONYMA, Series 77¹		5.150			04/01/2029		1,226,384
2,065,000	SONYMA, Series 79⁴		5.300			04/01/2029		2,067,478
1,510,000	St. Lawrence County, NY IDA (Clarkson University)¹		5.000			09/01/2041		1,704,050
4,775,000	St. Lawrence County, NY IDA (Clarkson University)¹		5.375			09/01/2041		5,505,527
520,000	St. Lawrence County, NY IDA (Clarkson University)¹		6.000			09/01/2034		633,376
4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250			12/01/2029		3,834,140
1,980,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		5.250			10/01/2020		2,159,487
5,440,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		6.250			10/01/2040		5,980,192
11,850,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)¹		5.000			07/01/2028		13,618,731
1,010,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		1,039,482
4,270,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		4,610,447
720,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		725,177
290,000	Suffolk County, NY IDA (ALIA-ACDS)		7.125			06/01/2017		293,219
1,735,000	Suffolk County, NY IDA (ALIA-ACLD)		5.950			10/01/2021		1,733,196
95,000	Suffolk County, NY IDA (ALIA-ACLD)		6.375			06/01/2014		95,000
240,000	Suffolk County, NY IDA (ALIA-ACLD)		7.500			09/01/2015		241,205
115,000	Suffolk County, NY IDA (ALIA-ADD)		6.950			12/01/2014		115,593
260,000	Suffolk County, NY IDA (ALIA-ADD)		7.125			06/01/2017		262,886
105,000	Suffolk County, NY IDA (ALIA-ADD)		7.500			09/01/2015		106,493
845,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		838,553
2,400,000	Suffolk County, NY IDA (ALIA-DDI)		5.950			10/01/2021		2,438,544
300,000	Suffolk County, NY IDA (ALIA-DDI)		6.375			06/01/2014		300,615
80,000	Suffolk County, NY IDA (ALIA-DDI)		7.500			09/01/2015		80,000


17				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 675,000	Suffolk County, NY IDA (ALIA-FREE)		5.950	%		10/01/2021	$	674,298
480,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			10/01/2021		479,501
700,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		696,192
360,000	Suffolk County, NY IDA (ALIA-IGHL)		6.000			10/01/2031		346,072
165,000	Suffolk County, NY IDA (ALIA-IGHL)		6.375			06/01/2014		165,325
240,000	Suffolk County, NY IDA (ALIA-IGHL)		6.950			12/01/2014		241,238
610,000	Suffolk County, NY IDA (ALIA-IGHL)		7.125			06/01/2017		616,771
1,945,000	Suffolk County, NY IDA (ALIA-IGHL)		7.250			12/01/2033		1,980,827
45,000	Suffolk County, NY IDA (ALIA-IGHL)		7.500			09/01/2015		45,640
690,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950			11/01/2022		686,246
275,000	Suffolk County, NY IDA (ALIA-NYS ARC)		7.500			09/01/2015		278,911
160,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)		8.375			06/01/2016		162,379
215,000	Suffolk County, NY IDA (ALIA-SMCFS)		7.500			09/01/2015		218,057
190,000	Suffolk County, NY IDA (ALIA-Suffolk Hostels)		7.500			09/01/2015		192,400
1,615,000	Suffolk County, NY IDA (ALIA-UCPAGS)		5.950			10/01/2021		1,613,320
70,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.375			06/01/2014		70,138
420,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.950			12/01/2014		421,197
380,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.000			06/01/2016		383,682
140,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.500			09/01/2015		141,991
3,530,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500			11/01/2037		3,503,066
670,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		666,355
440,000	Suffolk County, NY IDA (Catholic Charities)		6.000			10/01/2020		442,693
130,000	Suffolk County, NY IDA (DDI)		6.000			12/01/2019		130,935
375,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		377,295
390,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		392,387
7,175,000	Suffolk County, NY IDA (DDI)		8.750			03/01/2023		7,256,078
1,485,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		1,398,484
2,700,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375			01/01/2027		2,729,943
1,195,000	Suffolk County, NY IDA (Family Residences)		6.000			12/01/2019		1,203,592
1,345,000	Suffolk County, NY IDA (Family Services League)¹		5.000			11/01/2027		1,398,773
930,000	Suffolk County, NY IDA (Family Services League)¹		5.000			11/01/2034		952,859
2,095,000	Suffolk County, NY IDA (Federation of Organizations)		8.125			04/01/2030		2,117,018
2,500,000	Suffolk County, NY IDA (Gurwin Jewish-Phase II)		6.700			05/01/2039		2,603,125
2,815,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650			11/01/2017		2,817,336
190,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		191,366
815,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		819,988
3,275,000	Suffolk County, NY IDA (Innovative Realty I)		6.000			11/01/2037		2,649,901
8,600,000	Suffolk County, NY IDA (Jefferson’s Ferry)¹		5.000			11/01/2028		8,827,212
4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550			02/01/2034		4,741,213
7,785,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375			01/01/2039		7,799,480
635,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		635,362
1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		1,938,686


18				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 2,190,000	Suffolk County, NY IDA (New Interdisciplinary School)		6.750	%		12/01/2019	$	2,250,816
2,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.000			03/01/2026		2,070,480
2,320,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.300			01/01/2013		2,320,696
26,425,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		26,427,378
4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		4,873,296
2,430,000	Suffolk County, NY IDA (Pederson-Krager Center)		8.125			04/01/2030		2,446,670
930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		878,162
2,480,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)		8.000			04/01/2030		2,485,481
370,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		372,264
1,390,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		1,399,994
3,200,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,362,720
645,000	Suffolk County, NY IDA (WORCA)		6.000			10/01/2020		648,947
119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.¹		0.000	⁸		06/01/2044		112,379,469
10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.¹		5.375			06/01/2028		9,006,379
29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2048		24,298,758
287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	³		06/01/2048		9,129,282
3,005,000	Sullivan County, NY Community College COP²		5.750			08/15/2025		2,712,463
6,550,000	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)		8.500			11/01/2031		6,748,989
2,365,000	Syracuse, NY Hsg. Authority (Pavilion on James)		7.500			11/01/2042		2,285,536
189,965,000	Syracuse, NY IDA (Carousel Center)¹		5.000			01/01/2036		195,076,958
1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)		5.375			01/01/2023		1,000,590
6,215,000	Syracuse, NY IDA (James Square)		7.197	³		08/01/2025		2,743,239
670,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		668,493
2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2031		1,996,577
35,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		10.800			02/01/2028		36,992
2,000,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)¹		5.000			09/01/2030		2,273,420
1,385,000	Ulster County, NY IDA (Brooklyn Bottling)		8.600			06/30/2022		1,388,670
185,000	Ulster County, NY Res Rec¹		5.000			03/01/2020		199,073
3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2040		2,864,321
1,985,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.250			06/01/2025		1,978,092
3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.450			06/01/2040		2,742,453
3,550,000	Utica, NY IDA (Utica College Civic Facility)		6.850			12/01/2031		3,626,503
1,600,000	Wayne County, NY IDA (ARC)		8.375			03/01/2018		1,601,776
20,000	Westchester County, NY GO¹		5.375			12/15/2014		20,199


19				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*New York Continued*
$ 10,645,000	Westchester County, NY Healthcare Corp., Series A¹		5.000	%		11/01/2030	$	11,813,289
1,700,000	Westchester County, NY Healthcare Corp., Series B¹		5.125			11/01/2041		1,882,070
1,215,000	Westchester County, NY IDA (Clearview School)		7.250			01/01/2035		1,249,664
2,360,000	Westchester County, NY IDA (Field Home)		6.000			08/15/2017		2,384,992
3,335,000	Westchester County, NY IDA (Field Home)		6.500			08/15/2022		3,401,467
1,300,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		5.375			08/01/2024		1,362,660
975,000	Westchester County, NY IDA (JDAM)¹		6.750			04/01/2016		984,048
3,375,000	Westchester County, NY IDA (Lawrence Hospital)¹		5.000			01/01/2028		3,377,059
540,000	Westchester County, NY IDA (Lawrence Hospital)¹		5.125			01/01/2018		541,026
1,340,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029		1,341,461
1,000,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2013		1,033,830
1,710,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		1,793,089
2,740,000	Westchester County, NY IDA (Winward School)		5.250			10/01/2031		2,742,165
4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2026		4,455,765
59,900,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.125			06/01/2038		51,571,504
52,815,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.125			06/01/2045		43,538,573
3,500,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625			11/01/2019		3,500,175
3,770,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.650			02/01/2039		3,777,352
1,490,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,232,513
1,050,000	Yonkers, NY IDA (Sarah Lawrence College)¹		6.000			06/01/2041		1,189,293
1,700,000	Yonkers, NY IDA (St. Joseph’s Hospital)		6.150			03/01/2015		1,702,142
885,000	Yonkers, NY IDA (St. Joseph’s Hospital)		8.500			12/30/2013		888,885
2,800,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A		6.150			03/01/2015		2,803,528
700,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		700,882
800,000	Yonkers, NY Parking Authority		6.000			06/15/2018		800,320
1,215,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,196,325

								6,415,135,011

*U.S. Possessions–31.7%*
825,000	Guam Education Financing Foundation COP¹		5.000			10/01/2023		836,501
6,000,000	Guam GO¹		6.750			11/15/2029		6,759,540
10,000,000	Guam GO¹		7.000			11/15/2039		11,330,600
2,400,000	Guam Government Business Privilege¹		5.000			01/01/2031		2,744,712
5,400,000	Guam Government Business Privilege¹		5.250			01/01/2036		6,130,080
300,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		376,797
475,000	Guam Power Authority, Series A¹		5.125			10/01/2029		475,166
290,000	Guam Power Authority, Series A¹		5.250			10/01/2023		290,113
20,000,000	Guam Power Authority, Series A¹		5.250			10/01/2034		20,001,800
5,200,000	Guam Power Authority, Series A¹		5.500			10/01/2030		5,519,488
7,700,000	Guam Power Authority, Series A¹		5.500			10/01/2040		8,083,537
1,915,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		1,720,379


20				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*U.S. Possessions Continued*
$ 32,515,000	Northern Mariana Islands Commonwealth, Series A		5.000	%		06/01/2030	$	26,865,194
8,105,000	Northern Mariana Islands Ports Authority, Series A¹		6.250			03/15/2028		6,171,552
15,725,000	Northern Mariana Islands Ports Authority, Series A¹		6.600			03/15/2028		15,587,878
49,000,000	Puerto Rico Aqueduct & Sewer Authority⁴		5.125			07/01/2047		52,009,090
3,600,000	Puerto Rico Aqueduct & Sewer Authority¹		5.250			07/01/2042		3,597,012
76,335,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2038		79,970,836
99,165,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2044		103,536,193
5,000,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2044		5,220,400
55,650,000	Puerto Rico Aqueduct & Sewer Authority¹		6.125			07/01/2024		64,606,868
56,685,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		56,681,032
168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	³		05/15/2050		12,843,070
745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	³		05/15/2055		20,867,450
3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	³		05/15/2057		62,161,081
3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	³		05/15/2057		39,708,208
2,000,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2033		2,015,040
3,000,000	Puerto Rico Commonwealth GO¹		5.125			07/01/2031		3,002,820
2,200,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2026		2,309,472
2,920,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030		3,034,756
14,500,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2031		15,057,670
10,230,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2034		10,412,094
43,385,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2037		44,028,400
5,000,000	Puerto Rico Commonwealth GO¹		5.375			07/01/2033		5,223,250
7,850,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2029		8,644,263
76,300,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2032		80,384,339
10,000,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2039		10,346,400
30,000,000	Puerto Rico Commonwealth GO¹		5.750			07/01/2036		31,850,700
2,420,000	Puerto Rico Commonwealth GO¹		5.750			07/01/2041		2,537,636
2,700,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2035		2,922,210
1,000,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2040		1,071,230
6,000,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2037		6,679,140
5,675,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2040		6,429,321
10,105,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2029		10,525,469
3,550,000	Puerto Rico Electric Power Authority, Series TT¹		5.000			07/01/2037		3,554,935
60,000,000	Puerto Rico Electric Power Authority, Series UU¹		0.829	⁵		07/01/2029		42,411,600
170,000	Puerto Rico Electric Power Authority, Series WW¹		5.500			07/01/2038		178,308
35,000	Puerto Rico HFC¹		5.100			12/01/2018		35,508
9,515,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		9,542,023
4,845,000	Puerto Rico Highway & Transportation Authority¹		5.250			07/01/2030		5,220,924
3,100,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,210,360
4,000,000	Puerto Rico Highway & Transportation Authority¹		5.500			07/01/2029		4,459,400
270,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2020		280,438
105,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2033		108,788


21				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*U.S. Possessions Continued*
$ 11,480,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.000	%		07/01/2033	$	11,503,304
80,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		82,886
28,790,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.000			07/01/2042		28,801,516
1,120,000	Puerto Rico Highway & Transportation Authority, Series H¹		5.450			07/01/2035		1,163,299
6,500,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		6,690,905
1,145,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2030		1,155,030
2,600,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2023		2,781,844
915,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2030		985,995
6,795,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2041		7,208,136
10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		12,085
92,110,000	Puerto Rico Highway & Transportation Authority, Series M¹		5.000			07/01/2046		92,183,688
3,190,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2032		3,441,851
57,435,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2039		60,897,756
25,255,000	Puerto Rico Infrastructure¹		5.000			07/01/2031		25,533,058
675,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		675,034
17,490,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		17,491,574
148,985,000	Puerto Rico Infrastructure¹		5.000			07/01/2041		148,859,853
121,890,000	Puerto Rico Infrastructure¹		5.000			07/01/2046		121,368,311
1,295,000	Puerto Rico Infrastructure¹		5.500			07/01/2026		1,412,055
15,000,000	Puerto Rico Infrastructure¹		5.500			07/01/2027		16,408,350
16,955,000	Puerto Rico Infrastructure		5.650	³		07/01/2029		6,610,755
65,725,000	Puerto Rico Infrastructure		5.730	³		07/01/2045		7,910,004
25,000,000	Puerto Rico Infrastructure		5.800	³		07/01/2032		7,555,250
1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		1,768,418
1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2027		1,392,255
6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		6,306,306
875,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.125			04/01/2032		898,520
1,465,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			12/01/2021		1,482,404
1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			04/01/2042		1,230,984
6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.500			12/01/2031		6,361,605
23,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026		23,094,070
5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.250			07/01/2026		5,629,500
650,000	Puerto Rico ITEMECF (International American University)¹		5.000			10/01/2031		723,879


22				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*U.S. Possessions Continued*
$ 1,075,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.600	%		05/01/2014	$	1,076,548
5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.700			05/01/2024		5,253,465
7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		5,304,600
500,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.250			09/01/2021		500,770
8,000,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.250			09/01/2031		8,006,560
5,200,000	Puerto Rico ITEMECF (University Plaza)¹		5.000			07/01/2033		5,207,176
4,990,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2025		5,082,465
90,355,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2036		90,160,737
7,500,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2037		7,441,500
18,585,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029		19,180,463
121,570,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2033		124,689,486
9,450,000	Puerto Rico Public Buildings Authority¹		5.375			07/01/2033		9,467,010
1,215,000	Puerto Rico Public Buildings Authority¹		5.875			07/01/2039		1,268,873
15,440,000	Puerto Rico Public Buildings Authority¹		6.000			07/01/2041		16,539,791
1,500,000	Puerto Rico Public Buildings Authority¹		6.250			07/01/2021		1,759,305
7,500,000	Puerto Rico Public Buildings Authority¹		6.250			07/01/2031		9,188,100
8,000,000	Puerto Rico Public Buildings Authority¹		6.500			07/01/2030		9,211,840
7,500,000	Puerto Rico Public Buildings Authority¹		6.750			07/01/2036		8,922,900
20,000,000	Puerto Rico Public Finance Corp., Series B¹		5.500			08/01/2031		21,019,800
296,445,000	Puerto Rico Sales Tax Financing Corp., Series A⁴		5.250			08/01/2057		312,218,838
643,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.401	³		08/01/2054		54,965,543
221,800,000	Puerto Rico Sales Tax Financing Corp., Series A		5.939	³		08/01/2056		16,814,658
30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	³		08/01/2042		5,589,000
5,775,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.500			08/01/2044		6,807,166
80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	³		08/01/2043		14,033,600
10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1¹		5.250			08/01/2043		10,605,200
35,000,000	Puerto Rico Sales Tax Financing Corp., Series C¹		0.000	⁸		08/01/2032		36,274,700
7,500,000	Puerto Rico Sales Tax Financing Corp., Series C¹		5.250			08/01/2041		7,926,150
4,000,000	Puerto Rico Sales Tax Financing Corp., Series C¹		5.375			08/01/2036		4,298,560
95,245,000	Puerto Rico Sales Tax Financing Corp., Series C⁴		5.750			08/01/2057		105,083,453
1,450,000	Puerto Rico Sales Tax Financing Corp., Series C¹		6.000			08/01/2039		1,630,482
4,525,000	University of Puerto Rico¹		5.000			06/01/2026		4,642,786
5,280,000	University of Puerto Rico, Series P¹		5.000			06/01/2030		5,406,773
24,375,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		24,960,244
67,190,000	University of Puerto Rico, Series Q¹		5.000			06/01/2036		68,254,962
10,000	V.I. HFA, Series A		6.450			03/01/2016		9,986
590,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		6.000			10/01/2039		646,959
4,160,000	V.I. Public Finance Authority (Matching Fund Loan Notes)¹		5.000			10/01/2032		4,512,851
750,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2024		787,665
11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	³		05/15/2035		1,522,143


23				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


Principal Amount		Coupon			Maturity		Value
*U.S. Possessions Continued*
$1,015,000	V.I. Water & Power Authority, Series A¹		5.000	%		07/01/2031	$	1,051,845

								2,586,516,504
Total Investments, at Value (Cost $9,259,036,085)-110.4%								9,001,651,515
Liabilities in Excess of Other Assets-(10.4)								(847,961,175	)

Net Assets-100.0%							$	8,153,690,340

Footnotes to Statement of Investments

*	September 28, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1.	All or a portion of the security position has been segregated for collateral to cover borrowings.

2.	This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

3.	Zero coupon bond reflects effective yield on the date of purchase.

4.	Security represents the underlying municipal bond 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 accompanying Notes.

5.	Represents the current interest rate for a variable or increasing rate security.

6.	Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See accompanying Notes.

7.	Represents the current interest rate for an inverse floating rate security. See accompanying Notes.

8.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

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
AeFM		Aero Ft. Myers
AeH		Aero Harrisburg
AeHC		Aero Houston Central
AeJFK		Aero JFK
AeKC		Aero Kansas City
AeL		Aero Lauderdale
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
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


24				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


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.
LILCO		Long Island Lighting Corp.
LVH		Little Village House
MMC		Mercy Medical Center
MTA		Metropolitan Transportation Authority
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
NYU		New York University
PSCH		Professional Service Centers for the Handicapped, Inc.
RIBS		Residual Interest Bonds
ROLs		Residual Option Longs
Res Rec		Resource Recovery Facility
SCHRC		St. Charles Hospital and Rehabilitation Center
SCSB		Schuyler Community Services Board
SFH		St. Francis Hospital
SFTU		Services for the Underserved
SMCFS		St. Mary’s Children and Family Services
SONYMA		State of New York Mortgage Agency
SUNY		State University of New York
TASC		Tobacco Settlement Asset-Backed Bonds
TFABs		Tobacco Flexible Amortization Bonds
TIP		Transportation Infrastructure Properties
UCPAGS		United Cerebral Palsy Assoc. of Greater Suffolk
UDC		Urban Development Corporation
UVBH		United Veteran’s Beacon House
V.I.		United States Virgin Islands
WORCA		Working Organization for Retarded Children and Adults
YAI		Young Adult Institute
YMCA		Young Men’s Christian Assoc.

Notes to Statement of Investments

Quarterly Period. The last day of the Fund’s quarterly period was the last day 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.

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. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

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 sells 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 with a fixed principal amount 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”) periodically, usually daily or weekly. A remarketing


25				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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 first 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 municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

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 voluntarily 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. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. 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


26				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

floating rate security, with the holder of the inverse floating rate security (the Fund) 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 termination of a Trust resulting from 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 will make the Fund liable for the amount of the negative difference, if any, 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 September 28, 2012, the Fund’s maximum exposure under such agreements is estimated at $514,405,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling 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 in the annual and semiannual reports (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 in the annual and semiannual reports 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 in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At September 28, 2012, municipal bond holdings with a value of $1,742,918,718 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $959,575,000 in short-term floating rate securities issued and outstanding at that date.

At September 28, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:


Principal Amount		Inverse Floater¹	Coupon Rate ²			Maturity Date		Value
$	23,960,000	NY Austin Trust Various States Inverse Certificates		7.909	%		11/1/38	$	25,185,075
	16,400,000	NY Austin Trust Various States Inverse Certificates		11.760			7/1/48		21,194,212
	31,175,000	NY Liberty Devel. Corp. (One Bryant Park) ROLs³		10.617			1/15/46		40,525,318
	7,500,000	NY Liberty Devel. Corp. ROLs³		9.661			1/15/44		9,164,100
	8,770,000	NY MTA ROLs³		20.586			11/15/30		8,781,752
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.438			12/1/27		17,583,831
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.020			12/1/34		8,231,531
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.213			10/1/30		28,806,367
	5,605,000	NYC GO DRIVERS		10.192			12/1/33		6,565,193
	5,460,000	NYC GO DRIVERS		9.258			8/1/30		6,479,164
	2,430,000	NYC GO DRIVERS		10.193			8/1/35		2,920,909
	5,745,000	NYC GO DRIVERS		10.191			3/1/35		6,739,000
	5,000,000	NYC GO ROLs		18.970			3/1/21		9,567,600
	1,375,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.178			11/1/26		1,497,018
	1,225,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.330			11/1/27		1,383,540
	1,500,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.432			11/1/32		1,662,960


27				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


1,750,000	NYC HDC (Multifamily Hsg.) DRIVERS	9.178	11/1/37	1,848,140
2,340,000	NYC HDC (Multifamily Hsg.) DRIVERS	9.289	11/1/39	2,473,988
4,180,000	NYC HDC (Multifamily Hsg.) DRIVERS	9.437	5/1/40	4,451,993
775,000	NYC HDC (Multifamily Hsg.) DRIVERS³	19.654	11/1/34	1,097,679
710,000	NYC HDC (Multifamily Hsg.) DRIVERS³	19.918	11/1/39	997,294
2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS³	20.508	11/1/46	3,877,146
4,015,000	NYC HDC (Multifamily Hsg.) DRIVERS	9.589	11/1/40	4,417,223
3,955,000	NYC HDC (Multifamily Hsg.) ROLs³	16.953	11/1/30	4,375,891
11,635,000	NYC HDC (Multifamily Hsg.) ROLs³	12.898	5/1/49	13,226,435
8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS	10.191	7/1/35	10,172,723
5,265,000	NYS DA (Vassar College) DRIVERS	10.189	7/1/46	6,194,220
3,410,000	NYS HFA ROLs³	14.619	11/1/45	3,982,164
3,750,000	Port Authority NY/NJ ROLs³	21.840	9/15/28	6,802,050
4,895,000	Port Authority NY/NJ, 11588th Series ROLs	16.647	10/15/27	6,487,344
3,580,000	Port Authority NY/NJ, 11588th Series ROLs	15.716	10/15/28	4,606,458
5,500,000	Port Authority NY/NJ, 11588th Series ROLs	16.656	10/15/32	7,016,350
9,090,000	Port Authority NY/NJ, 11589th Series ROLs	12.329	9/1/29	10,098,717
11,880,000	Port Authority NY/NJ, 136th Series DRIVERS	8.218	11/1/28	13,257,842
11,430,000	Port Authority NY/NJ, 136th Series DRIVERS	10.220	11/1/29	13,023,799
11,015,000	Port Authority NY/NJ, 136th Series DRIVERS	13.710	5/1/34	13,108,731
13,000,000	Port Authority NY/NJ, 138th Series DRIVERS	8.701	12/1/34	14,040,000
24,005,000	Port Authority NY/NJ, 151st Series DRIVERS	15.641	3/15/35	38,349,668
4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS	14.128	5/1/38	5,950,186
10,755,000	Port Authority NY/NJ, 166th Series	9.270	1/15/41	13,732,844
20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS	9.725	11/1/35	24,307,200
7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS	15.659	11/1/30	11,869,950
30,970,000	Port Authority NY/NJ, 3114th Series DRIVERS	9.725	11/1/35	37,639,699
3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS	15.652	3/15/35	5,327,896
7,500,000	Port Authority NY/NJ, 3249th Series ROLs³	9.855	7/15/36	10,282,800
7,650,000	Port Authority NY/NJ, 3264th Series ROLs³	9.347	10/15/31	10,241,820
10,125,000	Port Authority NY/NJ, 3266th Series³	9.417	7/15/39	13,004,348
25,330,000	Port Authority NY/NJ, 37th Series DRIVERS	9.715	7/15/34	29,088,972
4,750,000	Puerto Rico Aqueduct & Sewer Authority ROLs³	18.162	7/1/47	5,916,790
15,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs	9.621	7/1/47	16,842,300
98,815,000	Puerto Rico Sales Tax Financing Corp. ROLs³	14.423	8/1/57	114,588,838
23,815,000	Puerto Rico Sales Tax Financing Corp. ROLs³	20.910	8/1/57	33,653,453
18,135,000	SONYMA ROLs³	7.684	10/1/34	18,456,896
1,250,000	SONYMA ROLs³	14.238	4/1/29	1,255,250
700,000	SONYMA ROLs³	13.858	4/1/29	702,478
815,000	SONYMA ROLs³	14.107	4/1/29	818,423
7,635,000	SONYMA ROLs³	13.911	4/1/34	7,655,156
5,275,000	SONYMA ROLs³	14.046	10/1/28	5,313,297
3,175,000	SONYMA ROLs³	13.293	10/1/26	3,502,279
4,945,000	SONYMA ROLs³	8.897	10/1/37	5,273,843
11,465,000	SONYMA ROLs³	8.502	10/1/31	12,028,619
8,405,000	SONYMA ROLs³	8.640	10/1/37	8,668,077


28				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)


2,275,000	SONYMA, Series 145 DRIVERS	9.442	10/1/37		2,460,595
980,000	SONYMA, Series 148 DRIVERS	9.471	10/1/27		1,117,082
3,080,000	SONYMA, Series 148 DRIVERS	9.601	10/1/32		3,451,202

				$	783,343,718

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 not initiated by the Fund 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 in the annual and semiannual reports, and interest on the security is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only 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 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 $959,575,000 as of September 28, 2012.

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 September 28, 2012 is as follows:


Cost	$	84,489,667
Market Value	$	57,856,109
Market Value as a % of Net Assets		0.71	%

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.

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the


29				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.

Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.


30				Rochester Fund Municipals

Rochester Fund Municipals

STATEMENT OF INVESTMENTS September 28, 2012* (Unaudited)

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2)	Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3)	Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of September 28, 2012 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	6,414,999,989	$	135,022	$	6,415,135,011
U.S. Possessions		—		2,586,516,504		—		2,586,516,504

Total Assets	$	—	$	9,001,516,493	$	135,022	$	9,001,651,515

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.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 28, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.


Federal tax cost of securities	$	8,303,928,720	¹

Gross unrealized appreciation	$	501,859,674
Gross unrealized depreciation		(773,620,257	)

Net unrealized depreciation	$	(271,760,583	)

1.	The Federal tax cost of securities does not include cost of $969,483,378, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note.


31				Rochester Fund Municipals

Item 2. Controls and Procedures.

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/28/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)

There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Rochester Fund Municipals


By:		/s/ William F. Glavin, Jr.
		William F. Glavin, Jr.
		Principal Executive Officer

Date:		11/12/2012

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:		11/12/2012


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		11/12/2012

EX-99.CERT 2 d416746dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1.	I have reviewed this report on Form N-Q of Rochester Fund Municipals;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ William F. Glavin, Jr.

William F. Glavin, Jr.

Principal Executive Officer

Date:11/12/2012

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1.	I have reviewed this report on Form N-Q of Rochester Fund Municipals;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)

(d)

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)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

Date: 11/12/2012