N-Q 1 p14303nvq.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-3614 Rochester Fund Municipals (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: December 31 Date of reporting period: 03/31/2009 ITEM 1. SCHEDULE OF INVESTMENTS. ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- Municipal Bonds and Notes--132.0% New York--97.4% $ 1,420,000 Albany County, NY Airport Authority(1) 5.000% 12/15/2035 $ 1,207,014 1,035,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.375 12/01/2024 790,450 1,700,000 Albany County, NY IDA (Albany College of Pharmacy)(1) 5.625 12/01/2034 1,194,658 605,000 Albany County, NY IDA (Wildwood Programs)(1) 4.900 07/01/2021 437,603 1,085,000 Albany, NY Hsg. Authority (Lark Drive)(1) 5.500 12/01/2028 1,064,222 1,420,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2019 1,146,622 2,460,000 Albany, NY IDA (Albany Medical Center)(1) 6.000 05/01/2029 1,670,291 285,000 Albany, NY IDA (Albany Municipal Golf Course Clubhouse)(1) 7.500 05/01/2012 278,015 820,000 Albany, NY IDA (Albany Rehabilitation)(1) 8.375 06/01/2023 663,798 3,125,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2027 2,135,625 1,350,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2032 853,538 900,000 Albany, NY IDA (Brighter Choice Charter School)(1) 5.000 04/01/2037 546,534 7,005,000 Albany, NY IDA (Charitable Leadership)(1) 5.750 07/01/2026 5,064,545 2,015,000 Albany, NY IDA (Hampton Plaza)(1) 6.250 03/15/2018 1,667,695 900,000 Albany, NY IDA (New Covenant Charter School)(2) 7.000 05/01/2025 604,314 1,285,000 Albany, NY IDA (Sage Colleges)(1) 5.250 04/01/2019 1,018,838 1,760,000 Albany, NY IDA (Sage Colleges)(1) 5.300 04/01/2029 1,166,229 895,000 Albany, NY Parking Authority(1) 5.625 07/15/2025 884,117 1,770,000 Albany, NY Parking Authority(3) 7.052(4) 11/01/2017 1,148,712 925,000 Amherst, NY IDA (Asbury Pointe)(1) 5.800 02/01/2015 844,183 45,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2023 33,047 3,000,000 Amherst, NY IDA (Asbury Pointe)(1) 6.000 02/01/2029 2,002,050 5,300,000 Amherst, NY IDA (Beechwood Health Care Center)(1) 5.200 01/01/2040 2,749,004 25,000 Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)(1) 5.250 08/01/2031 23,437 1,065,000 Blauvelt, NY Volunteer Fire Company(1) 6.250 10/15/2017 898,551 2,735,000 Brookhaven, NY IDA (Enecon Corp.)(1) 6.300 01/01/2033 1,854,959 2,425,000 Brookhaven, NY IDA (Stony Brook Foundation)(1) 6.500 11/01/2020 2,178,208 775,000 Broome County, NY IDA (Good Shepard Village)(1) 6.750 07/01/2028 587,814 1,550,000 Broome County, NY IDA (Good Shepard Village)(1) 6.875 07/01/2040 1,098,082 65,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2025 40,522 3,030,000 Broome County, NY IDA (University Plaza)(1) 5.000 08/01/2036 1,603,931 1,000,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2030 568,980 1,250,000 Broome County, NY IDA (University Plaza)(1) 5.100 08/01/2036 673,225 3,000,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2030 1,733,130 4,450,000 Broome County, NY IDA (University Plaza)(1) 5.200 08/01/2036 2,437,799 3,000,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)(1) 5.750 11/01/2030 2,087,460 915,000 Canton, NY Human Services Initiatives(1) 5.700 09/01/2024 746,786 1,155,000 Canton, NY Human Services Initiatives(1) 5.750 09/01/2032 884,303 4,295,000 Cattaraugus County, NY IDA (Olean General Hospital)(1) 5.250 08/01/2023 4,190,374
1 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 1,465,000 Cattaraugus County, NY IDA (St. Bonaventure University)(1) 5.450% 09/15/2019 $ 1,259,959 11,215,000 Cayuga County, NY COP (Auburn Memorial Hospital)(1) 6.000 01/01/2021 10,766,736 3,395,000 Chautauqua County, NY IDA (Jamestown Devel. Corp.)(1) 7.500 11/01/2018 2,825,998 1,900,000 Chautauqua County, NY IDA (Woman's Christian Assoc. of Jamestown)(1) 6.400 11/15/2029 1,341,001 95,000 Chautauqua, NY Utility District(1) 5.000 06/01/2023 94,592 105,000 Chautauqua, NY Utility District(1) 5.000 06/01/2025 101,446 3,250,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2029 2,702,440 1,915,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2029 1,592,361 1,000,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2034 792,710 1,455,000 Chemung County, NY IDA (Arnot Ogden Medical Center)(1) 5.000 11/01/2034 1,153,393 1,100,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 4.850 07/01/2023 1,014,563 1,515,000 Chemung County, NY IDA (Hathorn Redevel. Company)(1) 5.000 07/01/2033 1,273,342 3,835,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.000 01/01/2013 3,395,317 4,000,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.350 01/01/2013 3,617,000 4,910,000 Chemung County, NY IDA (St. Joseph's Hospital) 6.500 01/01/2019 3,837,509 875,000 Clifton Springs, NY Hospital & Clinic(1) 7.650 01/01/2012 864,710 2,345,000 Clifton Springs, NY Hospital & Clinic(1) 8.000 01/01/2020 2,276,549 35,000 Cohoes, NY GO(1) 6.200 03/15/2012 34,858 25,000 Cohoes, NY GO(1) 6.200 03/15/2013 24,536 25,000 Cohoes, NY GO(1) 6.250 03/15/2014 24,383 25,000 Cohoes, NY GO(1) 6.250 03/15/2015 23,964 25,000 Cohoes, NY GO(1) 6.250 03/15/2016 23,580 1,275,000 Columbia County, NY IDA (Berkshire Farms)(1) 7.500 12/15/2014 1,135,541 3,300,000 Corinth, NY IDA (International Paper Company)(1) 5.750 02/01/2022 2,309,934 40,000 Corinth, NY IDA (International Paper Company)(1) 5.850 12/01/2020 28,766 5,370,000 Cortland County, NY IDA (Cortland Memorial Hospital)(1) 5.250 07/01/2032 4,193,326 2,310,000 Dutchess County, NY IDA (Elant Fishkill)(1) 5.250 01/01/2037 1,263,339 900,000 Dutchess County, NY IDA (St. Francis Hospital)(1) 7.500 03/01/2029 798,912 1,000,000 Dutchess County, NY Water & Wastewater Authority(1) 5.400(4) 06/01/2027 389,510 3,200,000 East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)(1) 7.750 10/01/2032 2,634,944 1,355,000 East Rochester, NY Hsg. Authority (Gates Senior Hsg.)(1) 6.125 04/20/2043 1,391,558 2,410,000 East Rochester, NY Hsg. Authority (Jefferson Park Apartments)(1) 6.750 03/01/2030 1,865,750
2 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 16,210,000 East Rochester, NY Hsg. Authority (St. John's Meadows)(1) 5.000% 02/15/2047 $ 14,446,028 1,700,000 East Rochester, NY Hsg. Authority (Woodland Village)(1) 5.500 08/01/2033 1,045,160 3,325,000 Elmira, NY Hsg. Authority (Eastgate Apartments)(1) 6.250 06/01/2044 2,226,919 2,160,000 Erie County, NY IDA (Air Cargo)(1) 8.500 10/01/2015 2,098,138 4,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.750 06/01/2025 3,191,440 7,000,000 Erie County, NY IDA (Charter School Applied Tech)(1) 6.875 06/01/2035 5,257,350 1,960,000 Erie County, NY IDA (DePaul Properties)(1) 5.750 09/01/2028 1,217,611 2,435,000 Erie County, NY IDA (DePaul Properties)(1) 6.500 09/01/2018 1,884,544 1,800,000 Erie County, NY IDA (Global Concepts Charter School)(1) 6.250 10/01/2037 1,228,572 11,310,000 Erie County, NY IDA (Medaille College)(1) 7.625 04/01/2035 9,719,362 3,515,000 Erie County, NY IDA (Medaille College)(1) 8.250 11/01/2026 3,384,101 9,900,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2026 6,786,648 9,250,000 Erie County, NY IDA (Orchard Park CCRC) 6.000 11/15/2036 5,681,073 7,350,000 Erie County, NY IDA (The Episcopal Church Home)(1) 6.000 02/01/2028 5,269,877 25,290,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2038 15,509,345 72,595,000 Erie County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2045 43,334,859 93,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.140(4) 06/01/2047 1,697,250 135,450,000 Erie County, NY Tobacco Asset Securitization Corp. 6.488(4) 06/01/2050 1,540,067 194,300,000 Erie County, NY Tobacco Asset Securitization Corp. 7.196(4) 06/01/2055 1,033,676 1,024,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.650(4) 06/01/2060 3,092,480 1,410,000 Essex County, NY IDA (International Paper Company)(1) 4.600 03/01/2027 743,324 2,300,000 Essex County, NY IDA (International Paper Company)(1) 6.450 11/15/2023 1,690,293 1,500,000 Essex County, NY IDA (International Paper Company)(1) 6.625 09/01/2032 1,001,055 30,000 Essex County, NY IDA (Moses Ludington Nursing Home)(1) 6.200 02/01/2030 30,227 975,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 777,875 320,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.000 06/01/2020 255,302 1,235,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 901,229 410,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 299,193 1,100,000 Essex County, NY IDA (North Country Community College Foundation)(1) 5.300 06/01/2035 712,679 9,300,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 12/01/2023 5,929,215 4,440,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.200 03/01/2028 2,517,835 1,850,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500 08/15/2022 1,249,768
3 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 1,625,000 Essex County, NY IDA Solid Waste Disposal (International Paper Company)(1) 5.500% 10/01/2026 $ 996,028 5,680,000 Franklin County, NY IDA (Adirondack Medical Center)(1) 5.500 12/01/2029 4,688,783 900,000 Franklin County, NY IDA (North Country Community College Foundation)(1) 5.200 06/01/2025 656,766 1,000,000 Genesee County, NY IDA (United Memorial Medical Center)(1) 5.000 12/01/2027 597,730 3,705,000 Glen Cove, NY IDA (SLCD)(1) 7.375 07/01/2023 3,063,479 1,175,000 Green Island, NY Power Authority(1) 5.125 12/15/2024 1,050,333 2,520,000 Green Island, NY Power Authority(1) 6.000 12/15/2020 2,348,186 1,695,000 Green Island, NY Power Authority(1) 6.000 12/15/2025 1,516,330 195,000 Hempstead, NY IDA (Dentaco Corp.)(1) 7.250 11/01/2012 181,223 1,270,000 Hempstead, NY IDA (Dentaco Corp.)(1) 8.250 11/01/2025 1,008,812 9,375,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 6.375 11/01/2018 7,651,688 8,385,000 Hempstead, NY IDA (Franklin Hospital Medical Center)(1) 7.750 11/01/2022 7,695,166 25,260,000 Hempstead, NY IDA (Lynbrook Facilities)(1) 6.500 11/01/2042 16,350,293 3,665,000 Hempstead, NY IDA (Peninsula Counseling Center)(1) 6.500 11/01/2038 2,541,311 6,145,000 Hempstead, NY IDA (South Shore Y JCC)(1) 6.750 11/01/2024 4,354,286 1,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.250 08/01/2034 747,980 1,285,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.400 11/01/2020 1,135,285 2,000,000 Herkimer County, NY IDA (Herkimer County College Foundation)(1) 6.500 11/01/2030 1,542,040 140,000 Herkimer, NY Hsg. Authority(1) 7.150 03/01/2011 140,538 690,130,000 Hudson Yards, NY Infrastructure Corp(1) 5.000 02/15/2047 561,683,004 101,340,000 Hudson Yards, NY Infrastructure Corp.(1) 5.000 02/15/2047 82,478,599 1,255,000 Hudson, NY IDA (Hudson Fabrics)(1) 6.750 11/01/2024 1,183,766 145,000 Huntington, NY Hsg. Authority (GJSR)(1) 5.875 05/01/2019 113,757 1,000,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2029 675,700 8,500,000 Huntington, NY Hsg. Authority (GJSR)(1) 6.000 05/01/2039 5,271,700 740,000 Islip, NY IDA (Leeway School)(1) 9.000 08/01/2021 724,534 16,730,000 Islip, NY IDA (Southside Hospital Civic Facilities)(1) 7.750 12/01/2022 14,290,431 9,695,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 6,649,316 1,125,000 Islip, NY IDA (United Cerebral Palsy Assoc.)(1) 6.250 12/01/2031 771,581 1,100,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2020 1,109,064 1,315,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2021 1,325,152 1,000,000 Islip, NY Res Rec, Series E(1) 5.750 07/01/2023 1,004,580 3,000,000 Kenmore, NY Hsg. Authority (SUNY at Buffalo)(1) 5.500 08/01/2024 2,620,230 60,000 L.I., NY Power Authority, Series A(1) 5.125 09/01/2029 57,899 5,300,000 Madison County, NY IDA (Commons II Student Hsg.)(1) 5.000 06/01/2040 3,861,209
4 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 850,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000% 06/01/2028 $ 675,436 1,100,000 Madison County, NY IDA (Morrisville State College Foundation)(1) 5.000 06/01/2032 841,720 1,290,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.300 02/01/2021 1,109,310 5,500,000 Madison County, NY IDA (Oneida Healthcare Center)(1) 5.350 02/01/2031 4,036,175 1,605,000 Middletown, NY Hsg. Authority (Summitfield & Moore Heights)(1) 4.800 07/01/2039 1,485,251 610,000 Middletown, NY IDA (Flanagan Design & Display)(1) 7.500 11/01/2018 518,433 2,970,000 Middletown, NY IDA (Southwinds Retirement Home)(1) 6.375 03/01/2018 2,579,861 85,000 Middletown, NY IDA (YMCA)(1) 6.250 11/01/2009 84,088 1,255,000 Middletown, NY IDA (YMCA)(1) 7.000 11/01/2019 1,066,863 105,000 Monroe County, NY COP(1) 8.050 01/01/2011 101,998 50,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.750 05/01/2023 42,435 1,025,000 Monroe County, NY IDA (Cloverwood Senior Living)(1) 6.875 05/01/2033 805,722 480,000 Monroe County, NY IDA (Dayton Rogers Manufacturing)(1) 6.100 12/01/2009 471,240 4,005,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.875 02/01/2028 2,546,579 5,065,000 Monroe County, NY IDA (DePaul Community Facilities)(1) 5.950 08/01/2028 3,303,292 4,265,000 Monroe County, NY IDA (DePaul Properties)(1) 6.150 09/01/2021 3,043,205 1,000,000 Monroe County, NY IDA (Highland Hospital of Rochester)(1) 5.000 08/01/2022 835,300 1,250,000 Monroe County, NY IDA (Highland Hospital of Rochester)(1) 5.000 08/01/2025 978,638 195,000 Monroe County, NY IDA (Melles Griot)(1) 9.500 12/01/2009 194,928 2,510,000 Monroe County, NY IDA (Parma Senior Hsg. Assoc.)(1) 6.500 12/01/2042 1,754,540 2,890,000 Monroe County, NY IDA (Rochester Institute of Technology)(1) 5.375 04/01/2029 2,070,685 2,190,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.250 06/01/2026 1,824,686 3,175,000 Monroe County, NY IDA (St. John Fisher College)(1) 5.375 06/01/2024 2,738,501 2,175,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.375 07/01/2032 1,282,663 3,660,000 Monroe County, NY IDA (Summit at Brighton)(1) 5.500 07/01/2027 2,393,311 795,000 Monroe County, NY IDA (Volunteers of America)(1) 5.700 08/01/2018 623,073 2,765,000 Monroe County, NY IDA (Volunteers of America)(1) 5.750 08/01/2028 1,835,241 650,000,000 Monroe County, NY Tobacco Asset Securitization Corp. (TASC) 7.701(4) 06/01/2061 1,748,500 580,000 Monroe, NY Newpower Corp(1) 5.625 01/01/2026 423,133 2,265,000 Monroe, NY Newpower Corp.(1) 5.500 01/01/2034 1,470,008 600,000 Mount Vernon, NY IDA (Kings Court)(1) 5.200 12/01/2033 549,360
5 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 3,275,000 Mount Vernon, NY IDA (Macedonia Towers)(1) 5.200% 12/01/2033 $ 2,619,181 2,295,000 Mount Vernon, NY IDA (Meadowview)(1) 6.150 06/01/2019 1,930,302 2,600,000 Mount Vernon, NY IDA (Meadowview)(1) 6.200 06/01/2029 1,911,572 802,824 Municipal Assistance Corp. for Troy, NY(1) 5.733(4) 07/15/2021 435,379 1,218,573 Municipal Assistance Corp. for Troy, NY(1) 5.741(4) 01/15/2022 635,888 755,000 Nassau County, NY IDA (ACDS)(1) 5.950 11/01/2022 573,528 725,000 Nassau County, NY IDA (ALIA-ACDS)(1) 7.500 06/01/2015 672,626 2,975,000 Nassau County, NY IDA (ALIA-ACLD)(1) 6.250 09/01/2022 2,316,930 195,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.125 06/01/2017 172,253 290,000 Nassau County, NY IDA (ALIA-ACLD)(1) 7.500 06/01/2015 269,050 4,640,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.000 11/01/2016 4,103,198 2,890,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.125 06/01/2017 2,552,882 1,445,000 Nassau County, NY IDA (ALIA-CSMR)(1) 7.500 06/01/2015 1,340,613 200,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2012 189,794 1,780,000 Nassau County, NY IDA (ALIA-FREE)(1) 7.500 06/01/2015 1,651,413 4,030,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.150 06/01/2030 3,552,163 6,255,000 Nassau County, NY IDA (ALIA-FREE)(1) 8.250 06/01/2032 5,429,215 775,000 Nassau County, NY IDA (ALIA-HH)(1) 7.125 06/01/2017 682,109 595,000 Nassau County, NY IDA (ALIA-HHS)(1) 7.125 06/01/2017 523,683 175,000 Nassau County, NY IDA (ALIA-LVH)(1) 7.500 06/01/2015 162,358 10,500,000 Nassau County, NY IDA (Amsterdam at Harborside)(1) 6.700 01/01/2043 8,000,265 435,000 Nassau County, NY IDA (CNGCS)(1) 7.500 06/01/2030 403,576 2,245,000 Nassau County, NY IDA (CNGCS)(1) 8.150 06/01/2030 1,997,489 5,010,000 Nassau County, NY IDA (CSMR)(1) 5.950 11/01/2022 3,805,796 625,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.)(1) 5.950 11/01/2022 474,775 1,660,000 Nassau County, NY IDA (Hispanic Counseling Center)(1) 6.500 11/01/2037 1,164,042 3,150,000 Nassau County, NY IDA (Keyspan-Glenwood Energy Center)(1) 5.250 06/01/2027 2,770,047 670,000 Nassau County, NY IDA (Life's WORCA)(1) 5.950 11/01/2022 508,959 3,685,000 Nassau County, NY IDA (Little Village School)(1) 7.500 12/01/2031 3,091,752 3,535,000 Nassau County, NY IDA (New York Water Service Corp.)(1) 5.000 12/01/2035 2,874,733 2,290,000 Nassau County, NY IDA (North Shore CFGA)(1) 6.750 05/01/2024 1,861,243 1,300,000 Nassau County, NY IDA (PLUS Group Home)(1) 6.150 11/01/2022 990,418 1,810,000 Nassau County, NY IDA (United Cerebral Palsy)(1) 6.250 11/01/2014 1,665,725 645,000 Nassau County, NY IDA (United Veteran's Beacon House)(1) 6.500 11/01/2037 452,293 735,000 Nassau County, NY IDA, Series A-A(1) 6.000 07/02/2021 575,931 7,325,000 Nassau County, NY IDA, Series A-B(1) 6.000 07/01/2021 5,739,724 705,000 Nassau County, NY IDA, Series A-C(1) 6.000 07/01/2021 552,424 800,000 Nassau County, NY IDA, Series A-D(1) 6.000 07/01/2021 626,864 9,000,000 Nassau County, NY Tobacco Settlement Corp.(1) 0.000(5) 06/01/2026 7,550,100
6 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 122,875,000 Nassau County, NY Tobacco Settlement Corp.(1) 5.125% 06/01/2046 $ 74,850,535 20,000,000 Nassau County, NY Tobacco Settlement Corp. 5.820(4) 06/01/2046 450,600 105,975,000 Nassau County, NY Tobacco Settlement Corp. 6.221(4) 06/01/2046 2,148,113 1,055,215,000 Nassau County, NY Tobacco Settlement Corp. 6.537(4) 06/01/2060 4,041,473 40,000,000 Nassau County, NY Tobacco Settlement Corp. 7.351(4) 06/01/2060 120,800 22,780,000 Nassau County, NY Tobacco Settlement Corp. (TASC)(1) 5.000 06/01/2035 14,205,152 13,010,000 New Rochelle, NY IDA (College of New Rochelle)(1) 5.250 07/01/2027 11,888,278 3,670,000 New Rochelle, NY IDA (Soundview Apartments)(1) 5.375 04/01/2036 3,209,855 3,300,000 Niagara County, NY IDA (American Ref-Fuel Company)(1) 5.550 11/15/2024 2,945,613 3,320,000 Niagara County, NY IDA (Niagara Falls Memorial Medical Center) 5.750 06/01/2018 2,798,395 1,500,000 Niagara County, NY IDA (Niagara University)(1) 5.350 11/01/2023 1,312,635 5,400,000 Niagara County, NY IDA (Niagara University)(1) 5.400 11/01/2031 4,444,848 2,600,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.550 11/15/2024 2,405,234 7,250,000 Niagara County, NY IDA (Solid Waste Disposal)(1) 5.625 11/15/2024 6,636,505 20,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 5.750 05/15/2022 16,363 1,480,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2034 1,166,181 6,295,000 Niagara County, NY Tobacco Asset Securitization Corp.(1) 6.250 05/15/2040 4,747,437 355,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.000 04/01/2028 288,707 1,420,000 Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)(1) 5.625 04/01/2029 1,233,469 685,000 North Babylon, NY Volunteer Fire Company(1) 5.750 08/01/2022 683,486 3,155,000 North Tonawanda, NY HDC (Bishop Gibbons Associates)(1) 7.375 12/15/2021 3,756,974 25,000 Nunda, NY GO(1) 8.000 05/01/2010 26,292 500,000 NY Carnegie Redevel. Corp.(3) 7.000 09/01/2021 382,055 10,250,000 NY Counties Tobacco Trust I(1) 6.250 06/01/2028 8,405,718 6,235,000 NY Counties Tobacco Trust I(1) 6.500 06/01/2035 5,062,571 19,230,000 NY Counties Tobacco Trust I(1) 6.625 06/01/2042 15,227,276 29,800,000 NY Counties Tobacco Trust II (TASC)(1) 5.625 06/01/2035 21,178,562 53,880,000 NY Counties Tobacco Trust II (TASC)(1) 5.750 06/01/2043 37,390,026 245,000 NY Counties Tobacco Trust III(1) 6.000 06/01/2043 176,792 7,000,000 NY Counties Tobacco Trust IV(1) 5.000 06/01/2038 4,292,820 131,335,000 NY Counties Tobacco Trust IV 5.920(4) 06/01/2050 1,749,382 304,690,000 NY Counties Tobacco Trust IV 6.395(4) 06/01/2055 2,010,954 608,700,000 NY Counties Tobacco Trust IV 6.816(4) 06/01/2060 1,838,274 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 0.000(5) 06/01/2041 87,091,125 52,535,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2042 31,678,605 38,275,000 NY Counties Tobacco Trust IV (TASC)(1) 5.000 06/01/2045 22,847,879
7 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 82,500,000 NY Counties Tobacco Trust IV (TASC)(1) 6.650%(6) 06/01/2041 $ 8,204,625 345,760,000 NY Counties Tobacco Trust V 6.152(4) 06/01/2038 17,623,387 623,620,000 NY Counties Tobacco Trust V 6.205(4) 06/01/2050 8,306,618 643,195,000 NY Counties Tobacco Trust V 6.850(4) 06/01/2055 4,245,087 3,845,000,000 NY Counties Tobacco Trust V 7.846(4) 06/01/2060 11,611,900 148,570,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters)(7) 5.250 10/01/2035 123,713,354 2,199,995 NY Liberty Devel. Corp. (National Sports Museum)(3, 8) 6.125 02/15/2019 2,200 51,560,000 NY MTA, Series A(7) 5.000 11/15/2030 50,969,186 20,000 NY MTA, Series A(1) 5.000 11/15/2032 19,118 25,000 NY MTA, Series B(1) 5.000 01/01/2031 24,193 1,830,000 NY Newark-Wayne Community Hospital(1) 7.600 09/01/2015 1,731,107 20,220,000 NY Seneca Nation Indians Capital Improvements(1) 5.000 12/01/2023 12,886,206 25,000 NY Triborough Bridge & Tunnel Authority(1) 5.000 01/01/2032 24,598 33,060,000 NY Triborough Bridge & Tunnel Authority, Series A(7) 5.000 01/01/2027 33,200,767 13,950,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2026 9,686,741 251,510,000 NY TSASC, Inc. (TFABs)(1) 5.000 06/01/2034 157,860,252 337,515,000 NY TSASC, Inc. (TFABs)(1) 5.125 06/01/2042 207,882,239 20,000,000 NYC GO(7) 5.000 04/01/2030 19,162,912 46,000,000 NYC GO(7) 5.000 06/01/2030 43,999,501 10,920,000 NYC GO(7) 5.000 08/01/2030 10,429,965 27,400,000 NYC GO(7) 5.000 06/01/2033 25,817,814 12,455,000 NYC GO(7) 5.000 12/01/2033 11,702,865 30,150,000 NYC GO(7) 5.000 11/01/2034 28,221,117 12,765,000 NYC GO(7) 5.000 03/01/2035 11,939,444 19,405,000 NYC GO(7) 5.000 04/01/2035 18,148,907 5,400,000 NYC GO(7) 5.000 08/01/2035 5,048,112 25,530,000 NYC GO(7) 5.250 06/01/2027 25,587,095 37,945,000 NYC GO(7) 5.375 06/01/2032 37,718,985 15,000 NYC GO(1) 5.000 06/01/2020 15,356 25,000 NYC GO(1) 5.000 03/01/2025 24,991 20,000 NYC GO(1) 5.000 03/15/2029 19,362 15,000 NYC GO(1) 5.000 03/15/2029 14,503 60,000 NYC GO(1) 5.000 03/01/2033 56,603 75,000 NYC GO(1) 5.000 06/01/2033 70,663 60,000 NYC GO(1) 5.100 11/01/2019 61,292 20,000,000 NYC GO(7) 5.250 03/01/2021 20,871,300 5,000 NYC GO(1) 5.250 08/01/2021 5,008 5,000 NYC GO(1) 5.375 12/01/2026 5,034 5,000 NYC GO(1) 5.375 03/01/2027 5,725 50,000 NYC GO(1) 5.500 08/01/2022 50,106 5,000 NYC GO(1) 5.500 12/01/2031 5,009 5,000 NYC GO(1) 5.950 08/01/2014 5,068
8 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 40,000 NYC GO(1) 6.154%(4) 10/01/2012 $ 36,694 20,000 NYC GO(1) 7.000 02/01/2010 20,378 15,000 NYC GO(1) 7.250 08/15/2024 15,070 5,000 NYC GO(1) 7.750 08/15/2028 5,063 837,000 NYC GO RIBS 9.580(9) 08/12/2010 863,499 837,000 NYC GO RIBS 9.580(9) 09/01/2011 862,662 4,055,000 NYC HDC (Barclay Avenue)(1) 6.600 04/01/2033 4,003,096 44,314 NYC HDC (Beekman)(1) 6.500 10/15/2017 44,460 297,763 NYC HDC (Bridgeview III)(1) 6.500 12/15/2017 299,112 857,635 NYC HDC (Cadman Towers)(1) 6.500 11/15/2018 861,520 55,248 NYC HDC (Essex Terrace)(1) 6.500 07/15/2018 55,430 319,689 NYC HDC (Forest Park Crescent)(1) 6.500 12/15/2017 321,137 5,000,000 NYC HDC (Multifamily Hsg.)(1) 4.700 11/01/2040 4,050,900 3,500,000 NYC HDC (Multifamily Hsg.)(1) 5.000 11/01/2037 3,089,135 60,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2023 58,073 4,685,000 NYC HDC (Multifamily Hsg.)(1) 5.050 11/01/2039 4,141,821 2,435,000 NYC HDC (Multifamily Hsg.)(1) 5.100 11/01/2027 2,255,614 3,000,000 NYC HDC (Multifamily Hsg.)(1) 5.125 11/01/2032 2,712,840 5,100,000 NYC HDC (Multifamily Hsg.)(1) 5.150 11/01/2037 4,626,516 8,035,000 NYC HDC (Multifamily Hsg.)(1) 5.200 11/01/2040 7,201,610 6,330,000 NYC HDC (Multifamily Hsg.)(1) 5.250 11/01/2027 5,985,015 14,110,000 NYC HDC (Multifamily Hsg.)(7) 5.250 11/01/2030 13,930,008 7,205,000 NYC HDC (Multifamily Hsg.)(1) 5.250 11/01/2045 6,436,659 5,140,000 NYC HDC (Multifamily Hsg.)(1) 5.350 11/01/2037 4,738,206 15,000 NYC HDC (Multifamily Hsg.)(1) 5.400 11/01/2033 14,032 3,735,000 NYC HDC (Multifamily Hsg.)(1) 5.450 11/01/2040 3,480,198 4,785,000 NYC HDC (Multifamily Hsg.)(1) 5.500 11/01/2028 4,672,696 10,470,000 NYC HDC (Multifamily Hsg.), Series A(7) 5.600 11/01/2042 10,282,971 31,900,000 NYC HDC (Multifamily Hsg.), Series B(7) 5.350 05/01/2049 28,416,973 11,250,000 NYC HDC (Multifamily Hsg.), Series C(7) 5.050 11/01/2036 9,769,230 8,365,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.125 05/01/2040 7,413,649 385,000 NYC HDC (Multifamily Hsg.), Series C(1) 5.700 05/01/2031 377,870 1,000,000 NYC HDC (Multifamily Hsg.), Series E(1) 5.200 11/01/2033 909,710 2,155,000 NYC HDC (Multifamily Hsg.), Series F(1) 5.200 11/01/2032 1,969,196 13,180,000 NYC HDC (Multifamily Hsg.), Series G-1(7) 4.875 11/01/2039 11,445,195 3,515,000 NYC HDC (Multifamily Hsg.), Series G-1(1) 4.750 11/01/2027 3,125,187 1,345,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.200 11/01/2038 1,210,473 3,400,000 NYC HDC (Multifamily Hsg.), Series H-2(1) 5.250 05/01/2046 3,035,588 15,510,000 NYC HDC (Multifamily Hsg.), Series I-2(7) 5.200 11/01/2038 13,468,511 246,204 NYC HDC (St. Martin Tower)(1) 6.500 11/15/2018 247,319 2,750,000 NYC HDC, Series C(1) 5.000 11/01/2026 2,581,425 1,070,000 NYC IDA (A Very Special Place)(1) 5.750 01/01/2029 746,400 3,480,000 NYC IDA (Acme Architectural Products)(1) 6.375 11/01/2019 2,750,000
9 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 42,995,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 5.500% 07/01/2028 $ 28,361,222 22,745,000 NYC IDA (AIRIS JFK I/JFK International Airport)(1) 6.000 07/01/2027 16,363,663 225,000 NYC IDA (Allied Metal)(1) 6.375 12/01/2014 193,174 940,000 NYC IDA (Allied Metal)(1) 7.125 12/01/2027 702,236 3,065,000 NYC IDA (Amboy Properties)(1) 6.750 06/01/2020 2,215,964 2,905,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,065,554 32,580,000 NYC IDA (American Airlines) 5.400 07/01/2020 11,952,950 41,550,000 NYC IDA (American Airlines) 6.900 08/01/2024 15,236,385 19,740,000 NYC IDA (American Airlines)(1) 7.125 08/01/2011 17,942,278 540,000 NYC IDA (American Airlines)(1) 7.500 08/01/2016 427,194 18,200,000 NYC IDA (American Airlines)(1) 7.625 08/01/2025 12,731,082 69,350,000 NYC IDA (American Airlines)(1) 7.750 08/01/2031 47,310,570 44,860,000 NYC IDA (American Airlines)(1) 8.000 08/01/2028 31,937,628 338,060,000 NYC IDA (American Airlines)(1) 8.500 08/01/2028 255,279,248 3,530,000 NYC IDA (American National Red Cross)(1) 5.000 02/01/2036 2,624,308 4,355,000 NYC IDA (Atlantic Paste & Glue Company)(1) 6.625 11/01/2019 3,517,621 1,160,000 NYC IDA (Atlantic Veal & Lamb)(1) 8.375 12/01/2016 1,050,287 295,000 NYC IDA (Baco Enterprises)(1) 7.500 11/01/2011 281,442 1,685,000 NYC IDA (Baco Enterprises)(1) 8.500 11/01/2021 1,462,176 1,415,000 NYC IDA (Bark Frameworks)(1) 6.750 11/01/2019 1,111,624 9,985,000 NYC IDA (Berkeley Carroll School)(1) 6.100 11/01/2028 7,402,879 5,500,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 02/15/2022 4,076,875 1,035,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2027 751,162 4,220,000 NYC IDA (Beth Abraham Health Services)(1) 6.500 11/15/2034 2,901,714 52,750,000 NYC IDA (British Airways)(1) 5.250 12/01/2032 25,381,718 34,425,000 NYC IDA (British Airways)(1) 7.625 12/01/2032 21,196,161 97,120,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.650 10/01/2028 66,759,317 153,620,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 5.750 10/01/2036 101,356,940 22,255,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners)(1) 6.200 10/01/2022 17,491,985 16,205,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 11,677,809 4,145,000 NYC IDA (Calhoun School)(1) 6.625 12/01/2034 2,987,011 2,895,000 NYC IDA (Center for Elimination of Family Violence)(1) 7.375 11/01/2036 2,239,138 15,540,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 9,977,302 3,400,000 NYC IDA (Center for Nursing/Rehabilitation)(1) 5.375 08/01/2027 2,182,936 29,135,000 NYC IDA (Chapin School)(1) 5.000 11/01/2038 16,182,744 865,000 NYC IDA (Community Hospital of Brooklyn)(1) 6.875 11/01/2010 859,395 1,490,000 NYC IDA (Comprehensive Care Management)(1) 6.000 05/01/2026 1,015,703 3,145,000 NYC IDA (Comprehensive Care Management)(1) 6.125 11/01/2035 2,050,226 3,975,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 2,862,835 1,575,000 NYC IDA (Comprehensive Care Management)(1) 6.375 11/01/2028 1,100,106 1,520,000 NYC IDA (Comprehensive Care Management)(1) 7.875 12/01/2016 1,456,464
10 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 620,000 NYC IDA (Comprehensive Care Management)(1) 8.000% 12/01/2011 $ 614,904 5,305,000 NYC IDA (Continental Airlines) 8.000 11/01/2012 4,361,559 4,685,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 3,152,443 1,610,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,283,057 1,445,000 NYC IDA (Cool Wind Ventilation)(1) 5.450 11/01/2017 1,151,564 5,685,000 NYC IDA (Cool Wind Ventilation)(1) 6.075 11/01/2027 4,006,845 3,395,000 NYC IDA (Dioni)(1) 6.625 11/01/2019 2,841,072 475,000 NYC IDA (Eger Harbor House)(1) 5.875 05/20/2044 478,605 5,500,000 NYC IDA (Family Support Systems)(1) 7.500 11/01/2034 4,212,285 7,315,000 NYC IDA (Friends Seminary School)(1) 7.125 09/15/2031 6,328,719 13,780,000 NYC IDA (Gateway School of New York)(1) 5.550 06/01/2039 8,285,225 14,935,000 NYC IDA (General Motors Corp.) 5.125 12/30/2023 1,830,732 1,900,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,371,040 1,800,000 NYC IDA (Global Country World Peace)(1) 7.250 11/01/2025 1,298,880 2,175,000 NYC IDA (Good Shepherd Services)(1) 5.875 06/01/2014 1,938,665 3,870,000 NYC IDA (Gourmet Boutique)(1) 5.750 05/01/2021 2,802,383 7,290,000 NYC IDA (Guttmacher Institute)(1) 5.750 12/01/2036 4,758,766 2,195,000 NYC IDA (Herbert G. Birch Childhood Project)(1) 8.375 02/01/2022 1,928,900 800,000 NYC IDA (Independent Living Assoc.)(1) 6.200 07/01/2020 622,784 7,890,000 NYC IDA (JetBlue Airways Corp.)(1) 5.000 05/15/2020 4,583,853 11,870,000 NYC IDA (JetBlue Airways Corp.)(1) 5.125 05/15/2030 5,655,462 9,000,000 NYC IDA (JFK International Airport)(1) 8.000 08/01/2012 7,691,400 1,525,000 NYC IDA (Julia Gray)(1) 7.500 11/01/2020 1,252,986 670,000 NYC IDA (Just Bagels Manufacturing)(1) 8.500 11/01/2016 626,122 970,000 NYC IDA (Just Bagels Manufacturing)(1) 8.750 11/01/2026 868,218 460,000 NYC IDA (L&M Optical Disc)(1) 7.125 11/01/2010 444,268 20,575,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.250 03/01/2015 17,265,717 15,390,000 NYC IDA (Liberty-7 World Trade Center)(3) 6.500 03/01/2035 10,529,684 12,000,000 NYC IDA (Liberty-7 World Trade Center)(1) 6.750 03/01/2015 10,333,680 45,500,000 NYC IDA (Liberty-IAC/Interactive Corp.)(1) 5.000 09/01/2035 27,603,030 2,830,000 NYC IDA (Little Red Schoolhouse)(1) 6.750 11/01/2018 2,575,470 105,000 NYC IDA (Lucky Polyethylene Manufacturing Company)(1) 7.000 11/01/2009 102,940 2,995,000 NYC IDA (Lucky Polyethylene Manufacturing Company)(1) 7.800 11/01/2024 2,198,300 2,035,000 NYC IDA (Lycee Francais De New York)(1) 5.375 06/01/2023 1,649,897 23,000,000 NYC IDA (Magen David Yeshivah)(1) 5.700 06/15/2027 16,591,740 3,745,000 NYC IDA (Manhattan Community Access Corp.)(1) 6.000 12/01/2036 2,459,342 1,895,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 1,244,333 9,175,000 NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)(1) 6.375 11/01/2038 6,024,672 680,000 NYC IDA (Marymount School of New York)(1) 5.125 09/01/2021 542,477 4,010,000 NYC IDA (Marymount School of New York)(1) 5.250 09/01/2031 2,724,153 18,190,000 NYC IDA (MediSys Health Network)(1) 6.250 03/15/2024 12,358,286
11 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 635,000 NYC IDA (Mesorah Publications)(1) 6.450% 02/01/2011 $ 602,469 4,790,000 NYC IDA (Mesorah Publications)(1) 6.950 02/01/2021 3,914,053 8,405,000 NYC IDA (Metro Biofuels)(1) 6.000 11/01/2028 6,059,417 2,800,000 NYC IDA (Metropolitan College of New York)(1) 5.750 03/01/2020 2,333,324 2,145,000 NYC IDA (Morrisons Pastry)(1) 6.500 11/01/2019 1,666,215 175,000 NYC IDA (NYC Outward Bound Center)(1) 7.250 11/01/2010 171,911 25,000 NYC IDA (NYU)(1) 5.000 07/01/2041 23,919 40,000,000 NYC IDA (NYU)(7) 5.250 07/01/2048 39,208,536 4,310,000 NYC IDA (Paradise Products)(1) 8.250 11/01/2022 3,329,820 3,520,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2017 3,100,486 940,000 NYC IDA (Petrocelli Electric)(1) 8.000 11/01/2018 807,704 10,065,000 NYC IDA (Polytechnic University)(1) 5.250 11/01/2027 8,101,419 2,240,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 1,716,176 1,910,000 NYC IDA (Precision Gear)(1) 6.375 11/01/2024 1,414,584 930,000 NYC IDA (Precision Gear)(1) 7.625 11/01/2024 782,251 4,100,000 NYC IDA (PSCH)(1) 6.375 07/01/2033 3,054,418 33,410,000 NYC IDA (Queens Baseball Stadium)(1) 5.000 01/01/2046 25,718,350 6,800,000 NYC IDA (Reece School)(1) 7.500 12/01/2037 5,187,176 1,895,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.250 11/01/2014 1,639,706 8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund)(1) 6.750 11/01/2028 6,253,980 1,000,000 NYC IDA (Roundabout Theatre)(1) 5.000 10/01/2023 727,710 280,000 NYC IDA (Sahadi Fine Foods)(1) 6.250 11/01/2009 274,968 4,085,000 NYC IDA (Sahadi Fine Foods)(1) 6.750 11/01/2019 3,180,091 875,000 NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group)(1) 5.000 07/01/2026 581,131 4,380,000 NYC IDA (Showman Fabricators)(1) 7.500 11/01/2028 3,130,211 3,190,000 NYC IDA (South Bronx Overall Economic Devel.)(1) 8.625 12/01/2025 2,473,079 1,625,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 4.750 07/01/2020 1,232,303 995,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 726,390 6,230,000 NYC IDA (Special Needs Facilities Pooled Program)(1) 7.875 08/01/2025 5,308,334 5,760,000 NYC IDA (Stallion)(1) 5.500 11/01/2036 3,518,381 955,000 NYC IDA (Stallion)(1) 6.000 11/01/2027 686,588 10,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 6,816 4,405,000 NYC IDA (Staten Island University Hospital)(1) 6.375 07/01/2031 3,016,940 1,455,000 NYC IDA (Staten Island University Hospital)(1) 6.450 07/01/2032 1,006,875 455,000 NYC IDA (Streamline Plastics)(1) 7.750 12/01/2015 387,874 1,275,000 NYC IDA (Streamline Plastics)(1) 8.125 12/01/2025 1,044,238 6,808,500 NYC IDA (Studio School)(1) 7.000 11/01/2038 4,557,814 660,000 NYC IDA (Surprise Plastics)(1) 7.500 11/01/2013 544,408 2,480,000 NYC IDA (Surprise Plastics)(1) 8.500 11/01/2023 1,743,713 7,245,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2020 6,485,652 7,750,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2021 6,853,868 11,390,000 NYC IDA (Terminal One Group Assoc.)(1) 5.500 01/01/2024 9,743,689 380,000 NYC IDA (The Bank Street College)(1) 5.250 12/01/2021 328,008
12 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 1,000,000 NYC IDA (The Bank Street College)(1) 5.250% 12/01/2030 $ 788,930 8,800,000 NYC IDA (The Child School)(1) 7.550 06/01/2033 7,021,080 210,000 NYC IDA (Therapy & Learning Center)(1) 7.500 10/01/2011 201,856 3,735,000 NYC IDA (Therapy & Learning Center)(1) 8.250 10/01/2031 3,138,110 8,955,000 NYC IDA (Tides Two Rivers Foundation)(1) 5.650 12/01/2039 5,704,066 4,020,000 NYC IDA (Ulano)(1) 6.900 11/01/2019 3,025,774 32,040,000 NYC IDA (Unicef)(1) 5.300 11/01/2038 19,902,607 9,830,000 NYC IDA (Urban Health Plan)(1) 7.050 09/15/2026 7,636,632 3,640,000 NYC IDA (Urban Resource Institute)(1) 7.375 11/01/2033 2,743,286 1,250,000 NYC IDA (Utleys)(1) 7.375 11/01/2023 1,097,413 2,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2021 2,007,796 1,330,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 815,702 3,235,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2028 1,984,058 900,000 NYC IDA (Vaughn College Aeronautics)(1) 5.000 12/01/2031 527,508 1,800,000 NYC IDA (Vaughn College Aeronautics)(1) 5.250 12/01/2036 1,056,816 16,100,000 NYC IDA (Visy Paper)(1) 7.800 01/01/2016 14,520,590 70,500,000 NYC IDA (Visy Paper)(1) 7.950 01/01/2028 60,056,835 1,930,000 NYC IDA (Vocational Instruction)(2) 7.750 02/01/2033 1,188,417 195,000 NYC IDA (W & W Jewelers)(1) 7.250 02/01/2011 188,261 1,555,000 NYC IDA (W & W Jewelers)(1) 8.250 02/01/2021 1,367,156 5,930,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 4,300,258 2,900,000 NYC IDA (Weizmann Institute)(1) 5.900 11/01/2034 2,102,993 2,795,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 2,599,965 6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 5,035,369 1,565,000 NYC IDA (World Casing Corp.)(1) 6.700 11/01/2019 1,243,940 93,105,000 NYC IDA (Yankee Stadium)(1) 5.000 03/01/2046 69,547,573 16,500,000 NYC IDA (Yankee Stadium)(1) 7.000 03/01/2049 18,378,195 24,270,000 NYC IDA (Yeled Yalda Early Childhood)(1) 5.725 11/01/2037 15,553,915 27,500,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2031 27,135,213 11,720,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2032 11,529,388 31,400,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2034 30,737,144 47,440,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2034 46,438,752 40,100,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2037 39,033,340 22,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2038 21,400,470 18,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2038 17,513,415 29,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 28,209,711 18,000,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 17,506,890 31,500,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 30,637,058 19,740,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2039 19,199,223 44,840,000 NYC Municipal Water Finance Authority(7) 5.125 06/15/2032 44,707,992 57,700,000 NYC Municipal Water Finance Authority(7) 5.000 06/15/2026 57,970,613 50,000 NYC Municipal Water Finance Authority(1) 5.000 06/15/2029 50,048 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2032 29,857 30,000 NYC Municipal Water Finance Authority(1) 5.125 06/15/2033 30,029
13 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 25,000 NYC Municipal Water Finance Authority(1) 5.125% 06/15/2033 $ 25,024 145,000 NYC Trust for Cultural Resources (Museum of American Folk Art)(1) 6.125 07/01/2030 105,415 14,360,000 NYS DA (Buena Vida Nursing Home)(7) 5.250 07/01/2028 14,004,128 13,225,000 NYS DA (Cabrini Westchester)(1) 5.200 02/15/2041 12,421,449 2,250,000 NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)(1) 5.000 07/01/2027 1,714,680 1,250,000 NYS DA (D'Youville College)(1) 5.250 07/01/2025 1,052,913 15,000 NYS DA (Dept. of Mental Hygiene)(1) 5.250 08/15/2031 14,445 20,000 NYS DA (Ellis Hospital)(1) 5.600 08/01/2025 20,004 3,255,000 NYS DA (L.I. University)(1) 5.125 09/01/2023 3,308,642 1,335,000 NYS DA (L.I. University)(1) 5.250 09/01/2028 1,094,420 1,585,000 NYS DA (L.I. University)(1) 5.500 09/01/2020 1,441,272 1,710,000 NYS DA (Lenox Hill Hospital Obligated Group)(1) 5.375 07/01/2020 1,377,012 405,000 NYS DA (Lenox Hill Hospital Obligated Group)(1) 5.500 07/01/2030 285,310 20,000,000 NYS DA (Maimonides Medical Center)(1) 5.750 08/01/2029 20,356,000 3,865,000 NYS DA (Manhattan College)(1) 5.000 07/01/2041 2,813,604 3,260,000 NYS DA (Manhattan College)(1) 5.300 07/01/2037 2,454,780 18,230,000 NYS DA (Memorial Sloan-Kettering)(7) 5.000 07/01/2035 17,483,837 23,300,000 NYS DA (Menorah Home & Hospital)(1) 5.150 08/01/2038 21,956,056 4,125,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.375 07/01/2029 3,353,666 6,860,000 NYS DA (Miriam Osborn Memorial Home Assoc.)(1) 6.875 07/01/2025 6,053,470 10,150,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)(1) 5.500 07/01/2026 9,357,285 25,240,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)(1) 6.500 07/01/2025 22,337,905 10,450,000 NYS DA (Mt. Sinai/NYU Health)(1) 5.500 07/01/2026 9,633,855 2,265,000 NYS DA (New York Methodist Hospital)(1) 5.250 07/01/2033 1,542,080 9,965,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(3) 1.514(6) 05/01/2018 6,987,956 62,010,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(3) 1.614(6) 05/01/2033 28,214,550 7,500,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(1) 5.000 05/01/2032 6,414,825 11,000,000 NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)(1) 5.000 05/01/2037 9,234,500 2,000,000 NYS DA (Norwegian Christian Home & Health Center)(1) 6.100 08/01/2041 2,047,700 22,380,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group)(1) 5.000 11/01/2034 18,892,525 1,700,000 NYS DA (Nursing Home)(1) 4.900 02/15/2041 1,513,357 7,300,000 NYS DA (Nursing Home)(1) 4.950 02/15/2045 6,484,079 5,000,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2020 3,713,550 11,100,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 7,416,132 20,580,000 NYS DA (NYU Hospitals Center)(1) 5.000 07/01/2026 13,749,910
14 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 40,320,000 NYS DA (NYU Hospitals Center)(1) 5.000% 07/01/2036 $ 24,306,912 4,600,000 NYS DA (NYU Hospitals Center)(1) 5.250 07/01/2024 3,268,438 2,000,000 NYS DA (NYU Hospitals Center)(1) 5.625 07/01/2037 1,324,420 7,275,000 NYS DA (Orange Regional Medical Center)(1) 6.125 12/01/2029 5,427,223 17,980,000 NYS DA (Orange Regional Medical Center)(1) 6.250 12/01/2037 12,833,585 2,925,000 NYS DA (Ozanam Hall of Queens Nursing Home)(1) 5.000 11/01/2026 2,841,579 6,035,000 NYS DA (Providence Rest)(1) 5.000 07/01/2035 3,268,134 2,700,000 NYS DA (Providence Rest)(1) 5.125 07/01/2030 1,593,864 3,100,000 NYS DA (Providence Rest)(1) 5.250 07/01/2025 2,052,696 6,260,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2025 5,208,883 17,660,000 NYS DA (Rochester General Hospital)(1) 5.000 12/01/2035 13,088,709 1,750,000 NYS DA (School District Bond Financing Program), Series C(1) 7.250 10/01/2028 2,027,655 2,645,000 NYS DA (School District Bond Financing Program), Series C(1) 7.375 10/01/2033 3,046,273 1,525,000 NYS DA (School District Bond Financing Program), Series C(1) 7.500 04/01/2039 1,762,046 50,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2022 53,557 25,000 NYS DA (School Districts Financing Program), Series B(1) 6.000 10/01/2029 26,153 20,520,000 NYS DA (SCSMC/SV/CHSLI Obligated Group)(1) 6.000 07/01/2030 18,070,117 1,075,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)(1) 5.100 07/01/2034 761,638 5,770,000 NYS DA (Smithtown Special Library District)(1) 6.000 07/01/2028 6,027,457 1,055,000 NYS DA (St. Catherine of Siena Medical Center)(1) 6.000 07/01/2030 929,044 101,800,000 NYS DA (St. Luke's Roosevelt Hospital)(7) 4.900 08/15/2031 92,729,620 1,505,000 NYS DA (St. Thomas Aquinas College)(1) 5.250 07/01/2028 1,234,822 5,240,000 NYS DA (The Bronx-Lebanon Hospital Center)(1) 6.250 02/15/2035 5,216,210 11,695,000 NYS DA (Vassar College)(7) 5.000 07/01/2046 11,018,658 2,365,000 NYS EFC (NYS Water Services)(1) 6.000 01/15/2031 2,294,878 50,000 NYS EFC (United Waterworks)(1) 5.150 03/01/2034 41,244 25,000 NYS ERDA (Brooklyn Union Gas Company)(1) 4.700 02/01/2024 22,073 15,000 NYS ERDA (Brooklyn Union Gas Company)(1) 5.500 01/01/2021 15,000 16,300,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 11.275(9) 07/01/2026 16,321,353 7,000,000 NYS ERDA (Brooklyn Union Gas Company) RIBS 11.564(9) 04/01/2020 7,108,010 23,295,000 NYS ERDA (LILCO)(1) 5.300 11/01/2023 21,831,142 350,000 NYS ERDA (LILCO)(1) 5.300 10/01/2024 325,500 100,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 91,021 75,000 NYS ERDA (LILCO)(1) 5.300 08/01/2025 68,266 13,440,000 NYS ERDA (Niagara Mohawk Power Corp.)(1) 5.150 11/01/2025 13,365,274 70,000 NYS ERDA (Rochester Gas and Electric)(1) 5.375 05/15/2032 61,396 14,500,000 NYS ERDA (Rochester Gas and Electric)(1) 5.950 09/01/2033 11,771,680 3,095,000 NYS HFA (Affordable Hsg.)(1) 5.100 11/01/2028 2,866,094 2,365,000 NYS HFA (Affordable Hsg.)(1) 5.250 11/01/2038 2,160,191
15 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 8,185,000 NYS HFA (Affordable Hsg.)(1) 5.300% 11/01/2037 $ 7,649,046 10,220,000 NYS HFA (Affordable Hsg.)(7) 5.450 11/01/2045 9,539,569 2,510,000 NYS HFA (Children's Rescue)(1) 7.625 05/01/2018 2,295,696 1,700,000 NYS HFA (Crotona Estates Apartments)(1) 4.950 08/15/2038 1,482,145 980,000 NYS HFA (Friendship)(1) 5.100 08/15/2041 868,564 1,440,000 NYS HFA (Golden Age Apartments)(1) 5.000 02/15/2037 1,269,029 1,645,000 NYS HFA (Kensico Terrace Apartments)(1) 4.900 02/15/2038 1,404,008 935,000 NYS HFA (Kensico Terrace Apartments)(1) 4.950 02/15/2038 804,418 5,000 NYS HFA (Meadow Manor)(1) 7.750 11/01/2019 5,084 3,930,000 NYS HFA (Multifamily Hsg.)(1) 4.850 02/15/2038 3,375,359 6,580,000 NYS HFA (Multifamily Hsg.)(1) 4.850 11/01/2040 5,525,621 1,340,000 NYS HFA (Multifamily Hsg.)(1) 5.300 08/15/2024 1,335,725 2,860,000 NYS HFA (Multifamily Hsg.)(1) 5.350 08/15/2031 2,699,640 2,080,000 NYS HFA (Multifamily Hsg.)(1) 5.375 02/15/2035 1,946,318 3,290,000 NYS HFA (Multifamily Hsg.)(1) 5.450 08/15/2032 3,131,290 2,075,000 NYS HFA (Multifamily Hsg.)(1) 5.500 08/15/2030 2,004,077 1,240,000 NYS HFA (Multifamily Hsg.)(1) 5.600 02/15/2026 1,238,301 1,730,000 NYS HFA (Multifamily Hsg.)(1) 5.600 08/15/2033 1,674,069 1,100,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 1,082,499 3,200,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2030 3,149,088 1,000,000 NYS HFA (Multifamily Hsg.)(1) 5.650 08/15/2031 981,260 1,710,000 NYS HFA (Multifamily Hsg.)(1) 5.650 02/15/2034 1,665,335 2,120,000 NYS HFA (Multifamily Hsg.)(1) 5.700 08/15/2033 2,078,808 680,000 NYS HFA (Multifamily Hsg.)(1) 6.250 02/15/2031 669,589 1,255,000 NYS HFA (Multifamily Hsg.)(1) 6.400 11/15/2027 1,255,602 3,965,000 NYS HFA (Multifamily Hsg.)(1) 6.750 11/15/2036 4,164,558 310,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2009 311,531 340,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2010 341,431 365,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2011 366,482 395,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2012 396,533 425,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2013 426,556 510,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2014 511,826 540,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2015 541,814 580,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2016 581,891 640,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2017 641,965 685,000 NYS HFA (Nonprofit Hsg.)(1) 8.400 11/01/2018 687,041 1,490,000 NYS HFA (North Street)(1) 5.050 08/15/2039 1,317,667 70,000 NYS HFA (Service Contract)(1) 5.375 03/15/2023 70,018 35,000 NYS HFA (Service Contract)(1) 6.500 03/15/2025 35,056 40,000,000 NYS IDA (Bronx Parking Devel. Company) 5.875 10/01/2046 16,106,358 180,000 NYS LGSC (SCSB)(3) 7.250 12/15/2011 170,123 810,000 NYS LGSC (SCSB)(3) 7.375 12/15/2016 715,254 980,000 NYS LGSC (SCSB)(3) 7.750 12/15/2021 817,692
16 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 240,000 NYS Medcare (Hospital & Nursing Home)(1) 7.400% 11/01/2016 $ 241,001 165,000 NYS Medcare (Hospital & Nursing Home)(1) 9.375 11/01/2016 166,087 30,000 NYS Medcare (M.G. Nursing Home)(1) 6.200 02/15/2015 30,096 5,000 NYS UDC (Correctional Facilities)(1) 6.309(4) 01/01/2013 4,166 25,000 NYS UDC (Subordinated Lien)(1) 5.500 07/01/2016 25,076 830,000 Oneida County, NY IDA (Civic Facilities-Mohawk Valley)(1) 5.000 09/15/2035 527,507 450,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.300 03/15/2019 354,150 840,000 Oneida County, NY IDA (Mohawk Valley Handicapped Services)(1) 5.350 03/15/2029 557,239 3,980,000 Onondaga County, NY IDA (Air Cargo)(1) 6.125 01/01/2032 2,809,442 2,000,000 Onondaga County, NY IDA (Air Cargo)(1) 7.250 01/01/2032 1,580,940 2,200,000 Onondaga County, NY IDA (Anheuser-Busch)(1) 4.950 07/01/2036 1,503,150 1,150,000 Onondaga County, NY IDA (Community General Hospital)(1) 5.500 11/01/2018 895,356 5,965,000 Onondaga County, NY IDA (Community General Hospital)(1) 6.625 01/01/2018 5,062,257 1,185,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2030 1,057,778 1,115,000 Onondaga County, NY IDA (Free Library)(1) 5.125 03/01/2037 952,199 500,000 Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)(1) 6.250 12/01/2034 423,720 45,699,598 Onondaga County, NY Res Rec(1) 0.000(5) 05/01/2022 30,096,384 41,580,000 Onondaga County, NY Res Rec(1) 5.000 05/01/2015 34,487,284 2,500,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2021 2,080,375 2,325,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 1,752,911 2,090,000 Orange County, NY IDA (Arden Hill Life Care Center)(1) 7.000 08/01/2031 1,575,735 2,500,000 Orange County, NY IDA (Glen Arden)(1) 5.625 01/01/2018 1,965,750 5,590,000 Orange County, NY IDA (Glen Arden)(1) 5.700 01/01/2028 3,686,158 195,000 Orange County, NY IDA (Orange Mental Retardation Properties)(1) 7.800 07/01/2011 195,671 1,715,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2021 1,578,520 6,330,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 5,418,607 2,235,000 Orange County, NY IDA (St. Luke's Cornwall Hospital Obligated Group)(1) 5.375 12/01/2026 1,913,205 7,315,000 Orange County, NY IDA (Tuxedo Place)(3) 7.000 08/01/2032 4,826,656 2,500,000 Orange County, NY IDA (Tuxedo Place)(3) 7.000 08/01/2033 1,639,025 6,870,000 Otsego County, NY IDA (Hartwick College)(1) 5.900 07/01/2022 5,357,432 1,435,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2014 1,350,192 1,520,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2015 1,397,366 1,610,000 Otsego County, NY IDA (Hartwick College)(1) 6.000 07/01/2016 1,448,694
17 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 12,330,000 Peekskill, NY IDA (Drum Hill)(1) 6.375% 10/01/2028 $ 8,570,830 955,000 Port Authority NY/NJ (Continental Airlines)(1) 9.000 12/01/2010 944,438 48,415,000 Port Authority NY/NJ (Continental Airlines)(3) 9.125 12/01/2015 48,452,280 15,840,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2022 12,688,949 31,540,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.750 12/01/2025 24,356,134 17,625,000 Port Authority NY/NJ (JFK International Air Terminal)(1) 5.900 12/01/2017 15,885,589 5,910,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2011 5,667,276 50,225,000 Port Authority NY/NJ (KIAC)(1) 6.750 10/01/2019 41,588,309 35,000 Port Authority NY/NJ, 122nd Series(1) 5.000 07/15/2026 32,289 240,000 Port Authority NY/NJ, 126th Series(1) 5.125 11/15/2030 215,455 50,000 Port Authority NY/NJ, 127th Series(1) 5.200 12/15/2027 46,544 80,000,000 Port Authority NY/NJ, 135th Series(7) 5.000 03/15/2039 78,898,262 19,175,000 Port Authority NY/NJ, 136th Series(7) 5.375 11/01/2028 18,316,314 22,855,000 Port Authority NY/NJ, 136th Series(7) 5.500 11/01/2029 22,036,155 26,000,000 Port Authority NY/NJ, 138th Series(7) 4.750 12/01/2034 21,805,290 27,255,000 Port Authority NY/NJ, 141st Series(7) 4.500 09/01/2029 22,336,583 47,910,000 Port Authority NY/NJ, 143rd Series(7) 5.000 10/01/2030 43,045,458 27,535,000 Port Authority NY/NJ, 143rd Series(7) 5.000 04/01/2036 24,069,248 12,840,000 Port Authority NY/NJ, 146th Series(7) 4.500 12/01/2034 10,138,378 26,100,000 Port Authority NY/NJ, 146th Series(7) 4.750 12/01/2027 23,218,560 10,000 Port Authority NY/NJ, 146th Series(1) 4.500 12/01/2034 7,873 10,000 Port Authority NY/NJ, 146th Series(1) 4.750 12/01/2027 8,885 13,005,000 Port Authority NY/NJ, 147th Series(7) 4.750 10/15/2028 11,326,016 17,790,000 Port Authority NY/NJ, 147th Series(7) 5.000 10/15/2027 16,415,729 20,000,000 Port Authority NY/NJ, 147th Series(7) 5.000 10/15/2032 17,659,915 82,000,000 Port Authority NY/NJ, 151st Series(7) 5.750 03/15/2035 80,374,911 15,000,000 Port Authority NY/NJ, 151st Series(7) 6.000 09/15/2028 15,248,700 101,940,000 Port Authority NY/NJ, 152nd Series(7) 5.250 11/01/2035 92,593,121 13,715,000 Port Authority NY/NJ, 152nd Series(7) 5.250 05/01/2038 12,394,818 22,500,000 Port Authority NY/NJ, 152nd Series(7) 5.750 11/01/2030 22,271,400 50,660,000 Port Authority NY/NJ, 37th Series(7) 5.250 07/15/2034 46,166,205 2,755,000 Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)(1) 6.000 08/01/2032 2,664,168 1,990,000 Putnam County, NY IDA (Brewster Plastics)(1) 8.500 12/01/2016 1,714,624 1,500,000 Rensselaer County, NY IDA (Franciscan Heights)(1) 5.375 12/01/2036 1,300,110 6,385,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.625 06/01/2035 4,537,756 7,300,000 Rensselaer County, NY Tobacco Asset Securitization Corp.(1) 5.750 06/01/2043 5,065,835 2,055,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.250 09/01/2038 1,889,511
18 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 2,470,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.350% 09/01/2047 $ 2,402,050 3,020,000 Rensselaer County, NY Water Service Sewer Authority(1) 5.350 09/01/2047 2,762,092 17,815,000 Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)(1) 6.900 06/01/2024 17,815,891 1,435,000 Riverhead, NY IDA (Michael Reilly Design)(1) 8.875 08/01/2021 1,174,074 6,790,000 Rochester, NY Museum & Science Center(1) 6.125 12/01/2015 5,805,382 1,195,000 Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group)(1) 4.900 07/01/2021 864,355 9,225,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.625 08/15/2035 6,550,396 10,095,000 Rockland County, NY Tobacco Asset Securitization Corp.(1) 5.750 08/15/2043 7,002,397 30,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.875(4) 08/15/2045 660,900 486,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.668(4) 08/15/2060 1,433,700 20,000 Sanford Town, NY GO(1) 5.250 04/15/2015 21,160 20,000 Sanford Town, NY GO(1) 5.250 04/15/2016 21,065 25,000 Sanford Town, NY GO(1) 5.250 04/15/2017 25,946 25,000 Sanford Town, NY GO(1) 5.250 04/15/2018 25,621 25,000 Sanford Town, NY GO(1) 5.250 04/15/2019 25,358 25,000 Sanford Town, NY GO(1) 5.250 04/15/2020 25,074 30,000 Sanford Town, NY GO(1) 5.250 04/15/2021 29,804 30,000 Sanford Town, NY GO(1) 5.250 04/15/2022 29,524 30,000 Sanford Town, NY GO(1) 5.250 04/15/2023 29,275 30,000 Sanford Town, NY GO(1) 5.250 04/15/2024 28,756 35,000 Sanford Town, NY GO(1) 5.250 04/15/2025 33,101 35,000 Sanford Town, NY GO(1) 5.250 04/15/2026 32,789 40,000 Sanford Town, NY GO(1) 5.250 04/15/2027 37,203 40,000 Sanford Town, NY GO(1) 5.250 04/15/2028 36,456 40,000 Sanford Town, NY GO(1) 5.250 04/15/2029 35,884 45,000 Sanford Town, NY GO(1) 5.250 04/15/2030 40,060 45,000 Sanford Town, NY GO(1) 5.250 04/15/2031 39,507 50,000 Sanford Town, NY GO(1) 5.250 04/15/2032 43,694 50,000 Sanford Town, NY GO(1) 5.250 04/15/2033 43,375 55,000 Sanford Town, NY GO(1) 5.250 04/15/2034 47,481 60,000 Sanford Town, NY GO(1) 5.250 04/15/2035 51,375 60,000 Sanford Town, NY GO(1) 5.250 04/15/2036 50,977 3,000,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)(1) 5.125 12/01/2033 2,265,240 175,000 Scotia, NY Hsg. Authority (Holyrood House)(1) 7.000 06/01/2009 175,175
19 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 2,650,000 Seneca County, NY IDA (New York Chiropractic College)(1) 5.000% 10/01/2027 $ 1,803,007 40,000,000 Seneca County, NY IDA Solid Waste (Seneca Meadows)(1) 6.625 10/01/2035 34,344,400 22,885,000 SONYMA, Series 106(7) 5.250 04/01/2034 20,539,070 30,225,000 SONYMA, Series 109(7) 4.950 10/01/2034 26,636,990 5,500,000 SONYMA, Series 130(1) 4.650 04/01/2027 4,762,010 5,920,000 SONYMA, Series 130(1) 4.800 10/01/2037 5,106,770 14,865,000 SONYMA, Series 133(7) 5.050 10/01/2026 13,865,312 23,500,000 SONYMA, Series 137(7) 4.700 10/01/2031 19,497,128 23,005,000 SONYMA, Series 140(7) 4.750 10/01/2037 18,804,985 2,000,000 SONYMA, Series 143(1) 4.850 10/01/2027 1,813,780 2,375,000 SONYMA, Series 143(1) 4.875 10/01/2030 2,102,231 11,745,000 SONYMA, Series 143(7) 4.900 10/01/2037 10,033,025 2,700,000 SONYMA, Series 145(1) 5.050 10/01/2029 2,469,582 5,045,000 SONYMA, Series 145(1) 5.125 10/01/2037 4,527,837 5,000,000 SONYMA, Series 148(1) 5.150 10/01/2027 4,671,850 6,370,000 SONYMA, Series 148(1) 5.200 10/01/2032 5,860,018 820,000 SONYMA, Series 152(1) 5.375 04/01/2023 826,954 2,475,000 SONYMA, Series 29(1) 5.450 04/01/2031 2,368,105 6,960,000 SONYMA, Series 35(1) 4.800 10/01/2030 6,091,670 25,000 SONYMA, Series 67(1) 5.700 10/01/2017 25,114 28,400,000 SONYMA, Series 71(7) 5.400 04/01/2029 26,967,949 30,000 SONYMA, Series 71(1) 5.400 04/01/2029 28,762 30,000 SONYMA, Series 73(1) 5.250 10/01/2017 30,243 330,000 SONYMA, Series 73(1) 5.300 10/01/2028 315,143 23,875,000 SONYMA, Series 73-A(7) 5.300 10/01/2028 22,584,112 305,000 SONYMA, Series 77(1) 5.150 04/01/2029 282,052 10,175,000 SONYMA, Series 79(7) 5.300 04/01/2029 9,542,545 440,000 SONYMA, Series 82(1) 5.650 04/01/2030 415,193 4,575,000 SONYMA, Series 97(1) 5.500 04/01/2031 4,405,634 4,360,000 St. Lawrence County, NY IDA (Curran Renewable Energy)(1) 7.250 12/01/2029 3,214,846 1,070,000 Suffolk County, NY IDA (ACLD)(1) 6.000 12/01/2019 860,815 460,000 Suffolk County, NY IDA (ALIA-ACDS)(1) 7.125 06/01/2017 404,864 2,200,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 5.950 10/01/2021 1,666,060 250,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.375 06/01/2014 233,128 555,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 6.500 03/01/2018 493,445 600,000 Suffolk County, NY IDA (ALIA-ACLD)(1) 7.500 09/01/2015 584,826 210,000 Suffolk County, NY IDA (ALIA-ADD)(1) 6.950 12/01/2014 199,609 415,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.125 06/01/2017 363,951 290,000 Suffolk County, NY IDA (ALIA-ADD)(1) 7.500 09/01/2015 282,666 845,000 Suffolk County, NY IDA (ALIA-Adelante)(1) 6.500 11/01/2037 582,898 1,300,000 Suffolk County, NY IDA (ALIA-Civic Facility)(1) 5.950 11/01/2022 973,375
20 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 3,000,000 Suffolk County, NY IDA (ALIA-DDI)(1) 5.950% 10/01/2021 $ 2,271,900 965,000 Suffolk County, NY IDA (ALIA-DDI)(1) 6.375 06/01/2014 899,872 100,000 Suffolk County, NY IDA (ALIA-DDI)(1) 7.500 09/01/2015 97,471 825,000 Suffolk County, NY IDA (ALIA-FREE)(1) 5.950 10/01/2021 624,773 555,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.375 06/01/2014 517,543 1,280,000 Suffolk County, NY IDA (ALIA-FREE)(1) 6.950 12/01/2014 1,216,666 3,290,000 Suffolk County, NY IDA (ALIA-FREE)(1) 7.125 06/01/2017 2,885,297 600,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 10/01/2021 454,380 755,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 5.950 11/01/2022 565,306 380,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.000 10/01/2031 260,999 445,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.375 06/01/2014 414,967 435,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 6.950 12/01/2014 413,476 965,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.125 06/01/2017 846,295 1,945,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.250 12/01/2033 1,475,205 190,000 Suffolk County, NY IDA (ALIA-IGHL)(1) 7.500 09/01/2015 185,195 2,000,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 5.950 11/01/2022 1,497,500 260,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.375 06/01/2014 242,453 520,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 6.950 12/01/2014 494,270 190,000 Suffolk County, NY IDA (ALIA-LIHIA)(1) 7.500 09/01/2015 185,195 435,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.375 06/01/2014 405,642 1,195,000 Suffolk County, NY IDA (ALIA-MCH)(1) 6.950 12/01/2014 1,135,871 1,180,000 Suffolk County, NY IDA (ALIA-MCH)(1) 7.125 06/01/2017 1,034,848 805,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 5.950 11/01/2022 602,744 665,000 Suffolk County, NY IDA (ALIA-NYS ARC)(1) 7.500 09/01/2015 648,182 320,000 Suffolk County, NY IDA (ALIA-Pederson-Krag Center)(1) 8.375 06/01/2016 316,582 485,000 Suffolk County, NY IDA (ALIA-SMCFS)(1) 7.500 09/01/2015 472,734 565,000 Suffolk County, NY IDA (ALIA-Suffolk Hostels)(1) 7.500 09/01/2015 550,711 2,000,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 5.950 10/01/2021 1,514,600 185,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.375 06/01/2014 172,514 760,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 6.950 12/01/2014 722,395 670,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.000 06/01/2016 595,509 390,000 Suffolk County, NY IDA (ALIA-UCPAGS)(1) 7.500 09/01/2015 380,137 3,530,000 Suffolk County, NY IDA (ALIA-UVBH)(1) 6.500 11/01/2037 2,435,065 800,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 5.950 11/01/2022 599,000 270,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 6.950 12/01/2014 256,640 735,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.125 06/01/2017 644,588 465,000 Suffolk County, NY IDA (ALIA-WORCA)(1) 7.500 09/01/2015 453,240 700,000 Suffolk County, NY IDA (Catholic Charities)(1) 6.000 10/01/2020 552,384 210,000 Suffolk County, NY IDA (DDI)(1) 6.000 12/01/2019 168,945 605,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 477,418 615,000 Suffolk County, NY IDA (DDI)(1) 6.000 10/01/2020 483,076 5,025,000 Suffolk County, NY IDA (DDI)(1) 7.250 03/01/2024 4,386,574 8,225,000 Suffolk County, NY IDA (DDI)(1) 8.750 03/01/2023 7,917,961
21 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 5,000,000 Suffolk County, NY IDA (Dowling College)(1) 5.000% 06/01/2036 $ 2,636,000 2,980,000 Suffolk County, NY IDA (Dowling College)(1) 6.700 12/01/2020 2,493,455 3,000,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.375 01/01/2027 1,942,860 2,745,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)(1) 5.500 01/01/2037 1,590,837 1,535,000 Suffolk County, NY IDA (Family Residences)(1) 6.000 12/01/2019 1,234,908 1,345,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2027 1,296,069 830,000 Suffolk County, NY IDA (Family Services League)(1) 5.000 11/01/2034 760,886 45,000 Suffolk County, NY IDA (Federation of Organizations)(1) 7.625 04/01/2010 44,680 2,195,000 Suffolk County, NY IDA (Federation of Organizations)(1) 8.125 04/01/2030 1,747,264 2,600,000 Suffolk County, NY IDA (Gurwin Jewish-Phase II)(1) 6.700 05/01/2039 1,802,866 3,860,000 Suffolk County, NY IDA (Huntington First Aid Squad)(1) 6.650 11/01/2017 3,261,623 240,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 12/01/2019 193,080 1,220,000 Suffolk County, NY IDA (Independent Group Home Living)(1) 6.000 10/01/2020 962,726 3,275,000 Suffolk County, NY IDA (Innovative Realty I)(1) 6.000 11/01/2037 2,164,808 8,600,000 Suffolk County, NY IDA (Jefferson's Ferry)(1) 5.000 11/01/2028 6,091,552 32,720,000 Suffolk County, NY IDA (Keyspan-Port Jefferson Center)(1) 5.250 06/01/2027 26,491,094 4,065,000 Suffolk County, NY IDA (L.I. Network Community Services)(1) 7.550 02/01/2034 3,116,351 8,000,000 Suffolk County, NY IDA (Medford Hamlet Assisted Living)(1) 6.375 01/01/2039 5,086,000 1,865,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 1,301,117 635,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)(1) 6.750 11/01/2036 443,008 2,760,000 Suffolk County, NY IDA (New Interdisciplinary School)(1) 6.750 12/01/2019 2,260,633 7,515,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.300 01/01/2013 6,578,030 18,925,000 Suffolk County, NY IDA (Nissequogue Cogeneration Partners)(1) 5.500 01/01/2023 13,309,953 950,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2020 907,896 2,850,000 Suffolk County, NY IDA (Peconic Landing Retirement Home)(1) 8.000 10/01/2030 2,383,541 4,800,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.200 02/01/2035 3,679,392 50,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 7.625 04/01/2010 49,531 2,545,000 Suffolk County, NY IDA (Pederson-Krager Center)(1) 8.125 04/01/2030 2,194,070 930,000 Suffolk County, NY IDA (Special Needs Facilities Pooled Program)(1) 5.250 07/01/2022 678,937
22 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 55,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 7.000% 04/01/2010 $ 54,282 2,595,000 Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)(1) 8.000 04/01/2030 2,223,137 520,000 Suffolk County, NY IDA (Suffolk Hotels)(1) 6.000 10/01/2020 410,342 1,905,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 6.000 12/01/2019 1,532,573 3,305,000 Suffolk County, NY IDA (United Cerebral Palsy Assoc.)(1) 7.875 09/01/2041 2,480,997 915,000 Suffolk County, NY IDA (WORCA)(1) 6.000 10/01/2020 722,045 119,295,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 0.000(5) 06/01/2044 72,990,646 12,840,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 5.375 06/01/2028 9,207,821 29,915,000 Suffolk, NY Tobacco Asset Securitization Corp.(1) 6.000 06/01/2048 21,424,824 287,265,000 Suffolk, NY Tobacco Asset Securitization Corp. 8.000(4) 06/01/2048 4,464,098 3,857,000 Sullivan County, NY Community College COP(3) 5.750 08/15/2025 2,639,037 3,650,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.625 06/01/2013 3,319,164 14,115,000 Sullivan County, NY IDA (Center for Discovery)(1) 5.875 07/01/2022 10,119,749 6,000,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 06/01/2019 4,944,180 13,840,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.000 07/01/2037 8,700,101 4,700,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.500 06/01/2025 3,698,900 4,530,000 Sullivan County, NY IDA (Center for Discovery)(1) 6.950 02/01/2035 3,365,201 1,230,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.250 02/01/2012 1,179,459 9,965,000 Sullivan County, NY IDA (Center for Discovery)(1) 7.750 02/01/2027 8,637,662 8,150,000 Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility)(1) 7.250 06/01/2027 6,080,878 6,970,000 Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)(1) 8.500 11/01/2031 5,458,277 2,420,000 Syracuse, NY Hsg. Authority (Pavilion on James)(1) 7.500 11/01/2042 1,842,080 2,115,000 Syracuse, NY IDA (Anoplate Corp.)(1) 8.000 11/01/2022 1,969,657 168,000,000 Syracuse, NY IDA (Carousel Center)(1) 5.000 01/01/2036 134,248,800 1,000,000 Syracuse, NY IDA (Crouse Irving Health Hospital)(1) 5.375 01/01/2023 672,150 11,290,000 Syracuse, NY IDA (James Square)(1) 7.197(4) 08/01/2025 3,766,005 725,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2021 648,853 2,050,000 Syracuse, NY IDA (Jewish Home of Central New York)(1) 7.375 03/01/2031 1,633,153 75,000 Taconic Hills, NY Central School District at Craryville(1) 5.000 06/15/2026 72,970 55,000 Tompkins, NY Health Care Corp. (Reconstruction Home)(1) 10.800 02/01/2028 59,189 2,175,000 Ulster County Tobacco Asset Securitization Corp.(1, 3) 6.250 06/01/2025 1,840,268 1,655,000 Ulster County, NY IDA (Brooklyn Bottling)(1) 8.600 06/30/2022 1,441,505 185,000 Ulster County, NY Res Rec(1) 5.000 03/01/2020 182,151 3,005,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 0.000(5) 06/01/2040 2,516,267
23 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- New York Continued $ 3,080,000 Ulster County, NY Tobacco Asset Securitization Corp.(1) 6.000% 06/01/2040 $ 2,238,790 3,550,000 Utica, NY IDA (Utica College Civic Facility)(1) 6.850 12/01/2031 2,837,231 2,155,000 Wayne County, NY IDA (ARC)(1) 8.375 03/01/2018 2,136,424 20,000 Westchester County, NY GO(1) 5.375 12/15/2014 20,057 4,300,000 Westchester County, NY Healthcare Corp., Series A(1) 5.875 11/01/2025 3,630,189 1,870,000 Westchester County, NY IDA (Beth Abraham Hospital)(1) 8.375 12/01/2025 1,739,792 90,000 Westchester County, NY IDA (Children's Village)(1) 5.375 03/15/2019 71,846 3,940,000 Westchester County, NY IDA (Children's Village)(1) 6.000 06/01/2022 3,052,082 1,215,000 Westchester County, NY IDA (Clearview School)(1) 7.250 01/01/2035 913,413 3,640,000 Westchester County, NY IDA (Field Home)(1) 6.000 08/15/2017 3,041,438 3,335,000 Westchester County, NY IDA (Field Home)(1) 6.500 08/15/2022 2,613,473 1,300,000 Westchester County, NY IDA (Guiding Eyes for the Blind)(1) 5.375 08/01/2024 1,097,213 1,560,000 Westchester County, NY IDA (JDAM)(1) 6.750 04/01/2016 1,513,200 3,325,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.000 01/01/2028 2,625,886 755,000 Westchester County, NY IDA (Lawrence Hospital)(1) 5.125 01/01/2018 717,114 1,510,000 Westchester County, NY IDA (Rippowam-Cisqua School)(1) 5.750 06/01/2029 1,350,121 1,000,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2013 953,430 1,710,000 Westchester County, NY IDA (Schnurmacher Center)(1) 6.500 11/01/2033 1,182,106 160,000 Westchester County, NY IDA (Westchester Airport Assoc.)(1) 5.950 08/01/2024 156,216 130,000 Westchester County, NY IDA (Westchester Resco Company)(1) 5.500 07/01/2009 129,773 2,590,000 Westchester County, NY IDA (Winward School)(1) 5.250 10/01/2031 2,032,580 4,475,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.000 06/01/2026 3,107,395 59,900,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2038 37,526,152 52,770,000 Westchester County, NY Tobacco Asset Securitization Corp.(1) 5.125 06/01/2045 32,226,639 4,415,000 Yonkers, NY IDA (Hudson Scenic Studio)(1) 6.625 11/01/2019 3,644,450 1,590,000 Yonkers, NY IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,049,670 730,000 Yonkers, NY IDA (Sacred Heart Assoc.)(1) 4.800 10/01/2026 636,458 2,355,000 Yonkers, NY IDA (Sacred Heart Assoc.)(1) 5.000 10/01/2037 1,946,643 2,515,000 Yonkers, NY IDA (St. John's Riverside Hospital)(1) 7.125 07/01/2031 1,766,159 1,965,000 Yonkers, NY IDA (St. Joseph's Hospital)(1) 8.500 12/30/2013 1,907,760 2,960,000 Yonkers, NY IDA (Westchester School)(1) 8.750 12/30/2023 2,562,028 800,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2018 694,440 1,215,000 Yonkers, NY Parking Authority(1) 6.000 06/15/2024 932,160 ------------- 6,746,542,361 =============
24 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- Other States--0.0% $ 345,000 York County, SC Pollution Control (Bowater)(3) 7.400% 01/01/2010 $ 47,438 U.S. Possessions--34.6% 1,025,000 Guam Education Financing Foundation COP(1) 5.000 10/01/2023 873,854 505,000 Guam GO(1) 5.250 11/15/2037 330,644 4,750,000 Guam Government Waterworks Authority and Wastewater System(1) 5.875 07/01/2035 3,761,145 500,000 Guam Government Waterworks Authority and Wastewater System(1) 6.000 07/01/2025 408,495 300,000 Guam Hsg. Corp. (Single Family Mtg.)(1) 5.750 09/01/2031 297,000 290,000 Guam Power Authority, Series A(1) 5.250 10/01/2023 223,622 20,000,000 Guam Power Authority, Series A(1) 5.250 10/01/2034 13,835,600 35,300,000 Northern Mariana Islands Commonwealth, Series A(1) 5.000 06/01/2030 21,866,938 9,505,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 6,077,687 17,290,000 Northern Mariana Islands Ports Authority, Series A(1) 6.600 03/15/2028 13,472,195 49,000,000 Puerto Rico Aqueduct & Sewer Authority(7) 5.125 07/01/2047 43,852,795 55,650,000 Puerto Rico Aqueduct & Sewer Authority(1) 0.000(5) 07/01/2024 41,996,829 88,365,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2038 75,297,584 122,070,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 101,001,939 5,000,000 Puerto Rico Aqueduct & Sewer Authority(1) 6.000 07/01/2044 4,137,050 56,685,000 Puerto Rico Children's Trust Fund (TASC)(1) 5.625 05/15/2043 37,870,115 268,500,000 Puerto Rico Children's Trust Fund (TASC) 6.617(4) 05/15/2050 4,473,210 745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.165(4) 05/15/2055 5,930,200 3,519,880,000 Puerto Rico Children's Trust Fund (TASC) 7.625(4) 05/15/2057 22,703,226 3,179,200,000 Puerto Rico Children's Trust Fund (TASC) 8.375(4) 05/15/2057 16,245,712 20,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2026 19,260 26,015,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2027 20,315,634 10,625,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2029 8,124,513 10,400,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2031 7,814,456 16,850,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2033 12,518,034 12,230,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2034 9,044,819 27,240,000 Puerto Rico Commonwealth GO(1) 5.000 07/01/2035 20,036,382 7,480,000 Puerto Rico Commonwealth GO(1) 5.125 07/01/2031 5,722,724 17,180,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2025 14,127,801 12,395,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 10,101,305 4,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2026 3,259,800 5,000,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2027 4,030,700 2,920,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2030 2,291,499 14,500,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2031 11,291,875 10,230,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2034 7,859,607 43,385,000 Puerto Rico Commonwealth GO(1) 5.250 07/01/2037 32,803,832 5,000,000 Puerto Rico Commonwealth GO(1) 5.375 07/01/2033 3,926,750 7,850,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2029 6,416,512 79,300,000 Puerto Rico Commonwealth GO(1) 5.500 07/01/2032 63,653,317 18,985,000 Puerto Rico Commonwealth GO(1) 6.000 07/01/2038 17,242,747
25 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- U.S. Possessions Continued $ 13,350,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000% 07/01/2027 $ 11,176,353 4,000,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2032 3,215,920 68,075,000 Puerto Rico Electric Power Authority, Series TT(1) 5.000 07/01/2037 52,983,453 60,000,000 Puerto Rico Electric Power Authority, Series UU(7) 1.482(6) 07/01/2029 26,250,000 209,100,000 Puerto Rico Electric Power Authority, Series UU(7) 1.662(6) 07/01/2031 89,867,859 106,500,000 Puerto Rico Electric Power Authority, Series UU(1) 1.642(6) 07/01/2025 47,818,500 5,000,000 Puerto Rico Electric Power Authority, Series VV(1) 5.250 07/01/2029 4,236,550 30,000,000 Puerto Rico Electric Power Authority, Series VV(1) 5.250 07/01/2030 25,254,000 13,000,000 Puerto Rico Electric Power Authority, Series WW(1) 5.250 07/01/2033 10,754,250 75,090,000 Puerto Rico Electric Power Authority, Series WW(1) 5.500 07/01/2038 62,921,666 55,000 Puerto Rico HFC(1) 5.100 12/01/2018 55,457 9,515,000 Puerto Rico Highway & Transportation Authority(1) 5.000 07/01/2028 7,327,026 4,845,000 Puerto Rico Highway & Transportation Authority(1) 5.250 07/01/2030 3,992,668 4,000,000 Puerto Rico Highway & Transportation Authority(1) 5.500 07/01/2029 3,432,280 270,000 Puerto Rico Highway & Transportation Authority(1) 5.750 07/01/2020 246,240 11,585,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2033 8,606,612 28,565,000 Puerto Rico Highway & Transportation Authority, Series G(1) 5.000 07/01/2042 20,297,432 10,000,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2025 7,984,800 14,725,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2026 11,638,198 8,500,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2027 6,637,820 3,145,000 Puerto Rico Highway & Transportation Authority, Series K(1) 5.000 07/01/2030 2,383,501 2,600,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2023 2,307,318 17,205,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2030 13,501,796 6,795,000 Puerto Rico Highway & Transportation Authority, Series L(1) 5.250 07/01/2041 5,697,268 94,120,000 Puerto Rico Highway & Transportation Authority, Series M(1) 5.000 07/01/2046 66,061,887 125,620,000 Puerto Rico Highway & Transportation Authority, Series N(3) 1.491(6) 07/01/2041 47,421,550 74,940,000 Puerto Rico Highway & Transportation Authority, Series N(3) 1.491(6) 07/01/2045 28,214,910 21,080,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2032 17,077,962 53,445,000 Puerto Rico Highway & Transportation Authority, Series N(1) 5.250 07/01/2039 40,093,905 3,650,000 Puerto Rico Infrastructure(1) 5.000 07/01/2025 2,914,452 24,755,000 Puerto Rico Infrastructure(1) 5.000 07/01/2031 18,600,659 6,000,000 Puerto Rico Infrastructure(1) 5.000 07/01/2037 4,358,340
26 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- U.S. Possessions Continued $ 34,490,000 Puerto Rico Infrastructure(1) 5.000% 07/01/2037 $ 25,053,191 202,145,000 Puerto Rico Infrastructure(1) 5.000 07/01/2041 144,264,822 147,520,000 Puerto Rico Infrastructure(1) 5.000 07/01/2046 103,542,813 15,000,000 Puerto Rico Infrastructure(1) 5.500 07/01/2027 13,118,700 2,750,000 Puerto Rico Infrastructure(1) 5.500 07/01/2028 2,259,318 16,955,000 Puerto Rico Infrastructure 5.650(4) 07/01/2029 3,677,200 65,725,000 Puerto Rico Infrastructure 5.730(4) 07/01/2045 4,104,526 25,000,000 Puerto Rico Infrastructure 5.800(4) 07/01/2032 4,201,250 6,285,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.000 03/01/2036 3,861,818 1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2019 896,141 1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 12/01/2021 1,230,878 5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.375 02/01/2029 3,996,825 6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University)(1) 5.500 12/01/2031 4,321,481 38,000,000 Puerto Rico ITEMECF (Cogeneration Facilities)(1) 6.625 06/01/2026 33,851,920 2,550,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 5.625 07/01/2017 2,069,402 985,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 5.625 07/01/2027 663,575 8,770,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 6.500 07/01/2018 7,438,276 12,380,000 Puerto Rico ITEMECF (Mennonite General Hospital)(1) 6.500 07/01/2026 9,388,497 170,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.400 05/01/2009 169,522 2,450,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.600 05/01/2014 2,219,406 5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital)(1) 6.700 05/01/2024 3,916,133 7,000,000 Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)(1) 5.750 06/01/2029 4,216,100 500,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2021 429,845 8,000,000 Puerto Rico ITEMECF (University of the Sacred Heart)(1) 5.250 09/01/2031 6,206,800 5,000,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2024 4,151,800 4,990,000 Puerto Rico Municipal Finance Agency, Series A(1) 5.250 08/01/2025 4,101,131 4,975,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 1,963,334 6,395,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 2,523,147 1,940,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2026 1,533,318 90,855,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2036 66,444,079 7,500,000 Puerto Rico Public Buildings Authority(1) 5.000 07/01/2037 5,447,925 23,585,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2029 18,656,207 102,185,000 Puerto Rico Public Buildings Authority(1) 5.250 07/01/2033 78,805,072 120,000 Puerto Rico Public Buildings Authority(1) 5.375 07/01/2033 94,242 3,600,000 Puerto Rico Public Buildings Authority(1) 5.750 07/01/2034 3,338,136 1,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2021 1,512,600 7,500,000 Puerto Rico Public Buildings Authority(1) 6.250 07/01/2031 7,186,650
27 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount Coupon Maturity Value -------------- --------- ---------- --------------- U.S. Possessions Continued $ 120,000,000 Puerto Rico Sales Tax Financing Corp., Series A(3) 1.714(6)% 08/01/2057 $ 63,750,000 276,000,000 Puerto Rico Sales Tax Financing Corp., Series A(7) 5.250 08/01/2057 226,703,033 445,000 Puerto Rico Sales Tax Financing Corp., Series A(1) 5.250 08/01/2057 365,465 643,700,000 Puerto Rico Sales Tax Financing Corp., Series A 5.401(4) 08/01/2054 23,366,310 221,800,000 Puerto Rico Sales Tax Financing Corp., Series A 5.939(4) 08/01/2056 6,955,648 30,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.500(4) 08/01/2042 3,053,100 80,000,000 Puerto Rico Sales Tax Financing Corp., Series A 6.504(4) 08/01/2043 7,567,200 4,525,000 University of Puerto Rico(1) 5.000 06/01/2026 3,449,543 5,280,000 University of Puerto Rico, Series P(1) 5.000 06/01/2030 3,916,757 24,375,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2030 17,814,225 65,780,000 University of Puerto Rico, Series Q(1) 5.000 06/01/2036 46,522,905 9,230,000 University of V.I. , Series A(1) 5.375 06/01/2034 7,191,278 2,040,000 University of V.I. , Series A(1) 6.250 12/01/2029 1,503,092 1,250,000 V.I. Government Refinery Facilities (Hovensa Coker)(1) 6.500 07/01/2021 975,225 15,000 V.I. HFA, Series A(1) 6.450 03/01/2016 15,017 18,720,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2031 14,047,114 550,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan)(1) 5.000 10/01/2033 408,122 27,733,000 V.I. Public Finance Authority (Hovensa Coker)(1) 6.500 07/01/2021 21,297,835 11,700,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 5.875 07/01/2022 8,153,145 8,000,000 V.I. Public Finance Authority (Hovensa Refinery)(1) 6.125 07/01/2022 5,883,440 750,000 V.I. Public Finance Authority, Series A(1) 5.250 10/01/2024 620,850 1,000,000 V.I. Public Finance Authority, Series A(1) 5.500 10/01/2018 910,430 16,220,000 V.I. Public Finance Authority, Series A(1) 5.500 10/01/2022 14,015,215 7,500,000 V.I. Public Finance Authority, Series A(1) 5.625 10/01/2025 6,421,650 50,000 V.I. Public Finance Authority, Series A(1) 5.625 10/01/2025 42,811 3,830,000 V.I. Public Finance Authority, Series E(1) 6.000 10/01/2022 3,197,629 11,100,000 V.I. Tobacco Settlement Financing Corp. 7.300(4) 05/15/2035 781,551 2,500,000 V.I. Water & Power Authority(1) 5.500 07/01/2017 2,256,775 --------------- 2,400,629,484 --------------- Total Investments, at Value (Cost $11,989,823,607)-132.0% 9,147,219,283 --------------- Liabilities in Excess of Other Assets-(32.0) (2,216,737,173) --------------- Net Assets-100.0% $ 6,930,482,110 ===============
Footnotes to Statement of Investments (1.) All or a portion of the security has been segregated for collateral to cover borrowings. See accompanying Notes. (2.) Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See accompanying Notes. (3.) Illiquid security. The aggregate value of illiquid securities as of March 31, 2009 was $247,799,390, which represents 3.58% of the Fund's net assets. See accompanying Notes. (4.) Zero coupon bond reflects effective yield on the date of purchase. (5.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (6.) Represents the current interest rate for a variable or increasing rate security. (7.) Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See accompanying Notes. (8.) Issue is in default. See accompanying Notes. (9.) Represents the current interest rate for a variable rate bond known as an "inverse floater." See accompanying Notes. 28 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* --------------------- -------------- --------------- Level 1--Quoted Prices $ -- $-- Level 2--Other Significant Observable Inputs 9,147,219,283 -- Level 3--Significant Unobservable Inputs -- -- -------------- --- Total $9,147,219,283 $-- ============== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. To simplify the listings of securities, abbreviations are used per the table below: ACDS Assoc. for Children with Down Syndrome ACLD Adults and Children with Learning and Developmental Disabilities ADD Aid to the Developmentally Disabled ALIA Alliance of Long Island Agencies ARC Assoc. of Retarded Citizens CCRC Continuing Care Retirement Community CFGA Child and Family Guidance Assoc. 29 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited CHSLI Catholic Health Services of Long Island CNGCS Central Nassau Guidance and Counseling Services COP Certificates of Participation CSMR Community Services for the Mentally Retarded DA Dormitory Authority DDI Developmental Disabilities Institute DRIVERS Derivative Inverse Tax Exempt Receipts EFC Environmental Facilities Corp. ERDA Energy Research and Devel. Authority FREE Family Residences and Essential Enterprises GJSR Gurwin Jewish Senior Residences GO General Obligation GSHMC Good Samaritan Hospital Medical Center HDC Housing Devel. Corp. HFA Housing Finance Agency HFC Housing Finance Corp. HH Harmony Heights, Inc. HHS Harmony Heights School HJDOI Hospital for Joint Diseases Orthopedic Institute IDA Industrial Devel. Agency IGHL Independent Group Home for Living ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities JCC Jewish Community Center JDAM Julia Dyckman Andrus Memorial JFK John Fitzgerald Kennedy L.I. Long Island LGSC Local Government Services Corp. LIHIA Long Island Head Injury Assoc. LILCO Long Island Lighting Corp. LIMC Long Island Medical Center LVH Little Village House MCH Maryhaven Center of Hope MMC Mercy Medical Center MSH/NYU Mount Sinai Hospital/New York University MTA Metropolitan Transportation Authority NSLIJHS North Shore Long Island Jewish Health System NSUHGC North Shore University Hospital at Glen Cove 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 Res Rec Resource Recovery Facility ROLs Residual Option Longs SCCC Sullivan County Community College SCHRC St. Charles Hospital and Rehabilitation Center SCSB Schuyler Community Services Board SCSMC St. Catherine of Sienna Medical Center SFH St. Francis Hospital SLCD School for Language and Communication Devel. SMCFS St. Mary's Children and Family Services SONYMA State of New York Mortgage Agency SUNY State University of New York 30 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited SV Sienna Village TASC Tobacco Settlement Asset-Backed Bonds TFABs Tobacco Flexible Amortization Bonds UBF University of Buffalo Foundation UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk UDC Urban Devel. Corp. UVBH United Veteran's Beacon House V.I. United States Virgin Islands WORCA Working Organization for Retarded Children and Adults YMCA Young Men's Christian Assoc. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, 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. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on 31 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as 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. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its 32 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited investments in inverse floaters. The Fund's exposure to the effects of leverage from its investments in inverse floaters amount to $1,377,377,132 as of March 31, 2009. Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the "municipal bond") to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the "sponsor") creates a trust (the "Trust") and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an "inverse floating rate security") to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund's repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities in the annual and semiannual reports. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust's liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund's Statement of Operations in the annual and semiannual reports. At March 31, 2009, municipal bond holdings with a value of $2,263,307,635 shown on the Fund's Statement of Investments are held by such Trusts and serve as collateral for the $1,513,800,000 in short-term floating rate notes issued and outstanding at that date. At March 31, 2009, the Fund's residual exposure to these types of inverse floating rate securities were as follows:
PRINCIPAL COUPON MATURITY AMOUNT INVERSE FLOATER(1) RATE (2) DATE VALUE ------------ ------------------------------------------------------ -------- -------- ------------ $ 13,640,000 NY Austin Trust Various States Inverse Certificates 13.279% 6/1/32 $ 13,413,985 8,935,000 NY Austin Trust Various States Inverse Certificates 13.249 6/1/27 8,992,095 23,960,000 NY Austin Trust Various States Inverse Certificates 7.677 11/1/38 18,702,936 16,400,000 NY Austin Trust Various States Inverse Certificates 11.462 7/1/48 15,608,536 67,840,000 NY Liberty Devel. Corp. ROLs(3) 8.743 10/1/35 46,425,626 10,905,000 NY Liberty Devel. Corp. ROLs(3) 18.281 10/1/35 7,462,728 10,770,000 NY MTA ROLs(3) 9.383 11/15/30 9,929,186
33 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 6,615,000 NY Triborough Bridge & Tunnel Authority ROLs(3) 15.590 1/1/27 6,755,767 15,660,000 NY/NJ Port Authority Austin Trust Inverse Certificates 7.417 12/1/27 12,778,560 7,700,000 NY/NJ Port Authority Austin Trust Inverse Certificates 6.997 12/1/34 4,998,378 13,765,000 NY/NJ Port Authority Austin Trust Inverse Certificates 8.880 4/1/36 10,299,248 23,955,000 NY/NJ Port Authority Austin Trust Inverse Certificates 8.879 10/1/30 19,090,458 12,330,000 NYC GO DRIVERS 8.449 6/1/33 10,747,814 5,605,000 NYC GO DRIVERS 8.449 12/1/33 4,852,865 5,460,000 NYC GO DRIVERS 7.741 8/1/30 4,969,965 2,430,000 NYC GO DRIVERS 8.501 8/1/35 2,078,112 8,735,000 NYC GO DRIVERS 8.499 4/1/35 7,478,907 5,745,000 NYC GO DRIVERS 8.500 3/1/35 4,919,444 7,540,000 NYC GO ROLs 14.067 11/1/34 5,611,117 4,480,000 NYC GO ROLs(3) 14.434 4/1/30 3,642,912 8,900,000 NYC GO ROLs(3) 17.479 6/1/30 8,304,501 5,000,000 NYC GO ROLs 17.540 3/1/21 5,871,300 3,490,000 NYC HDC (Multifamily Hsg.) DRIVERS 12.721 11/1/42 3,302,971 3,955,000 NYC HDC (Multifamily Hsg.) ROLs(3) 12.775 11/1/30 3,775,008 12,125,000 NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs(3) 10.086 5/1/49 8,641,973 17,005,000 NYC Municipal Water Finance Authority DRIVERS 11.641 6/15/39 15,615,181 14,425,000 NYC Municipal Water Finance Authority DRIVERS 14.752 6/15/26 14,695,613 14,950,000 NYC Municipal Water Finance Authority DRIVERS 11.601 6/15/32 14,817,992 3,910,000 NYC Municipal Water Finance Authority DRIVERS 11.269 6/15/32 3,719,388 15,815,000 NYC Municipal Water Finance Authority DRIVERS 11.277 6/15/34 14,813,752 6,005,000 NYC Municipal Water Finance Authority DRIVERS 11.269 6/15/38 5,518,415 6,875,000 NYC Municipal Water Finance Authority ROLs 14.051 6/15/31 6,510,213 10,025,000 NYC Municipal Water Finance Authority ROLs 14.051 6/15/37 8,958,340 7,875,000 NYC Municipal Water Finance Authority ROLs 14.051 6/15/39 7,012,058 4,935,000 NYC Municipal Water Finance Authority ROLs 13.661 6/15/39 4,394,223 4,500,000 NYC Municipal Water Finance Authority ROLs 14.071 6/15/39 4,006,890 10,470,000 NYC Municipal Water Finance Authority ROLs(3) 9.663 6/15/34 9,807,144
34 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 8,205,000 NYS DA (Memorial Sloan-Kettering) DRIVERS 8.500 7/1/35 7,458,837 45,810,000 NYS DA (St. Lukes Roosevelt Hospital Center) DRIVERS 8.308 8/15/31 36,739,620 5,265,000 NYS DA (Vassar College) DRIVERS 8.498 7/1/46 4,588,658 2,830,000 NYS DA ROLs(3) 17.437 7/1/28 2,474,128 3,410,000 NYS HFA ROLs(3) 11.549 11/1/45 2,729,569 3,750,000 Port Authority NY/NJ ROLs(3) 16.977 9/15/28 3,998,700 4,895,000 Port Authority NY/NJ, 11588th Series ROLs 12.173 10/15/27 3,520,729 3,580,000 Port Authority NY/NJ, 11588th Series ROLs 11.379 10/15/28 1,901,016 5,500,000 Port Authority NY/NJ, 11588th Series ROLs 12.179 10/15/32 3,159,915 9,090,000 Port Authority NY/NJ, 11589th Series ROLs 8.978 9/1/29 4,171,583 11,880,000 Port Authority NY/NJ, 136th Series DRIVERS 6.855 11/1/28 11,021,314 11,430,000 Port Authority NY/NJ, 136th Series DRIVERS 8.457 11/1/29 10,611,155 13,000,000 Port Authority NY/NJ, 138th Series DRIVERS 7.158 12/1/34 8,805,290 24,005,000 Port Authority NY/NJ, 151st Series DRIVERS 12.808 3/15/35 22,578,143 4,570,000 Port Authority NY/NJ, 152nd Series DRIVERS 11.514 5/1/38 3,249,818 20,000,000 Port Authority NY/NJ, 3090th Series DRIVERS 8.087 11/1/35 16,332,400 26,670,000 Port Authority NY/NJ, 3094th Series DRIVERS 11.277 3/15/39 25,568,262 7,500,000 Port Authority NY/NJ, 3114th Series DRIVERS 12.930 11/1/30 7,271,400 30,970,000 Port Authority NY/NJ, 3114th Series DRIVERS 8.087 11/1/35 25,290,721 3,335,000 Port Authority NY/NJ, 3115th Series DRIVERS 12.924 3/15/35 3,136,768 25,330,000 Port Authority NY/NJ, 37th Series DRIVERS 8.025 7/15/34 20,836,205 4,750,000 Puerto Rico Aqueduct & Sewer Authority ROLs(3) 13.996 7/1/47 2,754,145 15,000,000 Puerto Rico Aqueduct & Sewer Authority ROLs 9.390 7/1/47 11,848,650 15,000,000 Puerto Rico Electric Power Authority ROLs(3) 0.000 7/1/29 (18,750,000) 136,965,000 Puerto Rico Electric Power Authority ROLs(3) 0.088 7/1/31 17,732,859 140,760,000 Puerto Rico Sales Tax Financing Corp. ROLs 7.322 8/1/57 91,463,033 18,135,000 SONYMA ROLs(3) 5.967 10/1/34 14,546,990 5,760,000 SONYMA ROLs(3) 10.670 4/1/29 4,889,434 3,395,000 SONYMA ROLs(3) 10.815 4/1/29 2,762,545 3,715,000 SONYMA ROLs(3) 11.069 4/1/29 3,153,515 7,635,000 SONYMA ROLs(3) 10.709 4/1/34 5,289,070
35 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 7,965,000 SONYMA ROLs(3) 10.836 10/1/28 6,674,112 4,960,000 SONYMA ROLs(3) 10.181 10/1/26 3,960,312 5,875,000 SONYMA ROLs(3) 6.968 10/1/37 4,163,025 11,750,000 SONYMA ROLs(3) 6.642 10/1/31 7,747,128 11,505,000 SONYMA ROLs(3) 6.727 10/1/37 7,304,985 ------------ $749,507,635 ============
(1.) For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 29 and 30 of the Statement of Investments. (2.) Represents the current interest rate for a variable rate bond known as an "inverse floater." (3.) Security is subject to a shortfall and forbearance agreement. The Fund's investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls. The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund's potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund's investment in such inverse floating rate securities, if it deems it appropriate to do so. As of March 31, 2009, in addition to the exposure detailed in the preceding table, the Fund's maximum exposure under such agreements is estimated at $489,590,000. CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they 36 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2009, securities with an aggregate market value of $2,200, representing less than 0.005% of the Fund's net assets, were in default. The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of March 31, 2009, securities with an aggregate market value of $1,792,731, representing 0.03% of the Fund's net assets, were subject to these forbearance agreements. CONCENTRATION RISK. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. ILLIQUID SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. 37 | Rochester Fund Municipals ROCHESTER FUND MUNICIPALS STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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 $12,120,399,975 =============== Gross unrealized appreciation $ 57,613,298 Gross unrealized depreciation (3,030,793,990) --------------- Net unrealized depreciation $(2,973,180,692) ===============
38 | Rochester Fund Municipals ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2009, 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/ John V. Murphy --------------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2009 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/ John V. Murphy --------------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2009 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2009