Oppenheimer Rochester Amt-free Municipal Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-2668

Oppenheimer Rochester AMT-Free Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, 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: July 31

Date of reporting period: 1/31/2018

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	14
Fund Expenses	18
Statement of Investments	20
Statement of Assets and Liabilities	47
Statement of Operations	49
Statements of Changes in Net Assets	50
Statement of Cash Flows	51
Financial Highlights	52
Notes to Financial Statements	60
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	78
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	81
Distribution Sources	82
Trustees and Officers	83
Privacy Notice	84

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 1/31/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays     Municipal Bond Index
6-Month	-1.41%	-6.09%	-0.19%
1-Year	5.72	0.70	3.52
5-Year	4.08	3.07	2.69
10-Year	3.56	3.06	4.20

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

Our Twitter handle is @RochesterFunds.

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Fund Performance Discussion

Oppenheimer Rochester AMT-Free Municipal Fund continued to generate attractive levels of tax-free income during the most recent reporting period. As of January 31, 2018, the Class A shares provided a distribution yield at net asset value (NAV) of 4.22%. The Fund’s 12-month distribution yield at NAV of 4.65% was the second highest in Lipper’s General & Insured Municipal Debt Funds category, second only to this Fund’s Y shares. For investors in the top 2017 tax bracket, the taxable equivalent yield was 5.23% as of January 31, 2018. Falling bond prices during this reporting period had an adverse effect on the performance of the overall market, including the Class A shares of this Fund.

MARKET OVERVIEW

U.S. equities rallied during the 6 months ended January 31, 2018, repeatedly topping previous record high closes before dropping sharply in the waning days of the reporting period. The prices of Treasury bonds and municipal bonds declined during this reporting period, and the 6-month total return of the Bloomberg Barclays Municipal Bond Index, this Fund’s benchmark, was negative.

On December 14, 2017, the Federal Reserve Open Market Committee (FOMC) voted to

The average 12-month distribution yield at NAV in Lipper’s General & Insured Municipal Debt Funds category was 2.92% at the end of this reporting period. At 4.65%, the 12-month distribution yield at NAV for this Fund’s Class A shares was 173 basis points higher than the category average.

increase the Fed Funds target rate by one-quarter of 1 percentage point to a range of

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		4.22%
Dividend Yield with sales charge		4.02
Standardized Yield		2.96
Taxable Equivalent Yield		5.23
Last distribution (1/23/18)	$	0.024
Total distributions (8/1/17 to 1/31/18)	$	0.150
Endnotes for this discussion begin on page 15 of this report.

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1.25% to 1.50%.The FOMC cited the recent trends in employment, household spending, and business fixed income investment as factors in its decision. Inflation for items other than food and energy continued to remain below the Fed’s target rate of 2%. The FOMC also reiterated its intent to increase the rate three times in 2018, while raising the forecast for economic growth.

The Fed began to “normalize” its balance sheet earlier in this reporting period. Reductions of $10 billion a month began in October 2017 and the January 2018 reduction was $18 billion. The Fed expects reductions to reach $50 billion a month by year-end 2018.

The FOMC left interest rates unchanged at Janet Yellen’s final meeting as chair on January 31, 2018. The FOMC said it expected the rate of inflation “to move up this year” and stabilize around its 2% objective “over the medium term.” Also late in January, the U.S. Senate confirmed Jerome Powell as Ms. Yellen’s successor as Fed chair. Mr. Powell, who was nominated by President Trump in November 2017, has been a member of the Fed Board of Governors since 2012.

We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace.

During this reporting period, the muni market’s reactions to the Fed’s announcements did not appear to be

especially significant or lasting. This Fund’s portfolio managers do not adjust their investment style in response to Fed actions.

Late in the reporting period, President Donald J. Trump signed the Tax Cuts and Jobs Act of 2017. The top federal income tax rate for 2018 was lowered to 37%, from 39.6%. Although it had been targeted for elimination, the federal tax exemption on the net investment income generated by muni bonds and muni bond funds remained intact. Additionally, this income will continue to be exempt from the 3.8% tax on unearned income that applies to the income generated by investments in other asset classes. The maximum deduction for state and local income taxes, property taxes, and sales taxes was set at $10,000, providing investors with greater incentives to seek tax-free income. Any increase in demand for municipal securities would benefit existing muni market investors.

At the end of this reporting period, the ICE BofA Merrill Lynch AAA Municipal Securities Index – the AAA subset of the broader ICE BofA Merrill Lynch US Municipal Securities Index – yielded 2.24%, 49 basis points higher than at the reporting period’s outset.

The high-grade muni yield curve and the Treasury yield curve both rose and flattened during this reporting period, and the yield changes were greatest at the short end of the curves. At the end of this reporting period, the muni yield curve was slightly steeper than it had been in December 2017, when it was at

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its flattest since late 2007. Flatter yield curves provide investors with fewer incentives to purchase longer-maturity bonds and typically reflect expectations of rising interest rates.

On a nominal basis, yields on Treasuries with maturities of 10 years and less were higher than municipal yields with comparable maturities as of January 31, 2018. Nonetheless, a muni bond would provide more yield on an after-tax basis than a Treasury security with the same maturity for any investor in the three highest federal tax brackets. Treasury bonds are backed by the full faith and credit of the U.S. government.

This reporting period was also characterized by credit spread tightening, which occurs when the difference between yields on low-rated municipal bonds and higher-rated bonds decreases. As credit spreads tighten, investments in BBB-rated, lower-rated, and unrated securities typically outperform municipal securities with higher credit ratings.

The Commonwealth of Puerto Rico remained in the headlines throughout this reporting period, and more detailed information about the developments discussed below can be found on our online PR Roundup (oppenheimerfunds.com/puerto-rico).

At the end of the reporting period, many of the Commonwealth’s residents were still without power and/or potable water in the aftermath of Hurricane Maria, which battered the island in late September and caused extensive structural damage.

Scores of U.S. military and medical personnel were deployed to deal with the territory’s immediate needs, and government officials, already under scrutiny because of decisions regarding Puerto Rico’s debt, were soon embroiled in new storm-related controversies.

The administration of Gov. Ricardo Rosselló Nevares repeatedly voiced concerns this reporting period about the Commonwealth’s weakening cash position. Nonetheless, an offer designed to provide immediate financial relief to PREPA (Puerto Rico’s electric utility authority) and help it qualify for matching funds from FEMA (the Federal Emergency Management Agency) was rejected. The offer – from a creditors’ group that included Oppenheimer Rochester – would have given PREPA a loan of $1 billion in the form of debtor in possession notes (DIPs). In addition, creditors would have had the right to exchange up to $1 billion of existing bonds for $850 million of additional DIP notes, enabling PREPA to cancel up to $150 million of existing debt. “We sincerely believed our loan would have helped PREPA finance its recovery and rebuilding efforts as quickly as possible,” the bondholders’ financial advisor said at the time.

Puerto Rico did not make debt payments on its G.O. securities during this reporting period, despite a requirement in the Commonwealth’s Constitution that general fund revenues be used to pay G.O. debt service ahead of any other government expense. The legal protections for our G.O. holdings have not yet been tested before a court.

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As long-time investors know, the portfolio management team has worked for many years to reach negotiated settlements with various issuers in Puerto Rico. In May 2017, before the start of this reporting period, the federal oversight board commenced proceedings under Title III of PROMESA, (the Puerto Rico Oversight, Management and Economic Stability Act) similar to a Chapter 9 bankruptcy, for the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (issuer of COFINA bonds), the Highway and Transportation Authority (PRHTA), and the Employee Retirement System. According to PROMESA, the government of Puerto Rico must develop a new fiscal plan that includes methods to access capital markets, develop and enact budgets and legislation that conform to the fiscal plan, and deliver audited financial results in a timely fashion in order to take advantage of certain of the law’s provisions.

In Title III, the unresolved issues among debtors and creditors proceed along separate tracks: mediation and litigation. Protracted litigation remains a very real possibility. The Title III proceedings are being overseen by U.S. District Judge Laura Taylor Swain, who was selected by the Chief Justice of the U.S. Supreme Court, John Roberts. The filing of the Title III proceedings has temporarily halted litigation against some Puerto Rican issuers.

Also in May 2017, debt payments on COFINA bonds, which are backed by the sales and use tax, were temporarily suspended by Judge Swain, pending the resolution of the

proper application of funds among COFINA bondholders. The COFINA trustee reported that the bonds’ debt-service account held nearly $904 million in December 2017 and $1.02 billion in mid-January 2018. Note: In a filing dated February 9, 2018, the trustee reported a balance of $1.14 billion.

Investors should note that several Puerto Rico issuers remained current in their payments during the year: PRASA (Puerto Rico’s aqueduct and sewer authority), the University of Puerto Rico, the Municipal Finance Agency, and the Children’s Trust, which is responsible for payments on the tobacco bonds backed by Puerto Rico’s share of the proceeds from the 1997 Master Settlement Agreement (MSA).

In August 2017, the Puerto Rico Legislature and the federal oversight board approved a budget for fiscal year 2018 and announced plans to conduct a “comprehensive investigation” of the Commonwealth’s debt. Also in August, the Commonwealth’s Supreme Court denied the governor’s request to keep his initial draft budget and other documents under wraps.

For fiscal year 2017, which ended June 30, 2017, general fund net revenues exceeded estimates by 2.6% (or $235 million), which Puerto Rico’s Treasury Secretary called “a significant fiscal accomplishment.”

The work of the oversight board and Title III proceedings were temporarily halted in September 2017 while the government of Puerto Rico focused on its immediate needs

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The Rochester Portfolio Managers

Scott Cottier, CFA	Troy Willis, JD, CFA	Mark DeMitry, CFA	Michael Camarella, CFA
Team Leader and	Team Leader and	Senior Portfolio	Senior Portfolio
Senior Portfolio	Senior Portfolio	Manager	Manager
Manager	Manager
Charlie Pulire, CFA Senior Portfolio Manager	Elizabeth Mossow, CFA Senior Portfolio Manager

in the aftermath of Hurricanes Irma and Maria. The deadlines for providing information to the board and for the approval of the fiscal plan were extended into 2018.

In the latter half of this reporting period, the oversight board, the Rosselló administration, and owners of Puerto Rico debt remained at odds about the extent of the board’s authority. Representatives of the oversight board, the government, and the bondholders

also appeared at Congressional hearings during this time period.

In late December 2017, Puerto Rico announced that it had found an additional $5 billion deposited in more than 800 government accounts, bringing the total to nearly $6.9 billion. At one point, the government said it would run out of money by December 1; on that date, however, it reported a cash position of $1.73 billion.

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The Rochester Credit Research Team

Rich Stein, CFA	Chris Weiler, CFA	Bob Bertucci, CFA	Angela Uttaro
Director of Credit Research	Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst

Matt Torpey, CFA	René Vecka, CFA	Jon Hagen, CFA	Alen Kreso, CFA
Senior Credit Analyst	Senior��Credit Analyst	Senior Credit Analyst	Senior Credit Analyst

Chris Meteyer, CFA	Clara Sanguinetti	Chad Osterhout
Senior Credit Analyst	Credit Analyst	Credit Analyst

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Earlier in this reporting period, government officials reported a June 30, 2017 cash position that was $1.5 billion higher than Judge Swain had been told it would be. While the governor has complained about the “incorrect figures” that the oversight board used during the Congressional hearings, the government has yet to release audited financials for fiscal years 2015 through 2017.

In January 2018, creditors raised concerns about a plan to loan $1.3 billion to PREPA and the government’s proposal to privatize PREPA, among other issues; the investment firm Aurelius Capital argued in court that PROMESA itself was unconstitutional; and the oversight board and creditors found the governor’s new fiscal plan to be lacking. The plan, which was released January 24, 2018, anticipates 4 years of budget gaps, assumes at least $35 billion in federal hurricane aid from FEMA, increases payroll and operating expenses while projecting a sizable decline in population, proposes to reduce the Sales and Use Tax on some transactions and to eliminate it entirely for commercial transactions, and fails to allocate any money to debt payments. In response to the oversight board’s request for a revised plan, the administration submitted a new draft budget with the disclaimer that “the Government has had to rely upon preliminary information and unaudited financials for 2015, 2016, and 2017 in addition to the inherent complexities resulting from a prolonged period of lack of financial transparency.”

The new federal budget proposal included an additional $11 billion in disaster relief for Puerto Rico and the U.S. Virgin Islands; the governor of Puerto Rico had requested close to $95 billion. FEMA and the U.S. Department of the Treasury established a program to provide low-interest-rate loans of up to $5 million to every Puerto Rico municipality willing to pledge collateral.

Recovery efforts have continued to be slow relative to other storm-ravaged geographies. Electrical rescue crews were brought to the island by FEMA but their work was hampered by an equipment shortage. In January, “critical materials” were discovered in warehouses by FEMA and U.S. Army Corps of Engineers personnel, who accused PREPA of “hoarding.”

Developments after January 31: In early February 2018, the oversight board told Gov. Rosselló to revise the fiscal plans for the central government, PREPA, and PRASA by February 12, saying that they did not comply with PROMESA. The revised plan for the Commonwealth called for tax reductions and anticipated an accumulated surplus of $3.4 billion by fiscal year 2023. The plan used various state debt metrics to suggest that Puerto Rico has an “unsustainable” debt portfolio but it failed to address the fact that Puerto Ricans who live on the island are not subject to federal income tax, rendering the comparisons invalid. Like its predecessors, the plan relied on financial data that has yet to be audited or released to the public. The

9        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

oversight board has said that it expects to certify the plans by March 30.

The government’s proposal to loan $1 billion to PREPA was rejected by Judge Swain in mid-February. The electric utility contended that it would have to start cutting off power (to those fortunate enough to have it) without the loan. The judge said that the parties could submit another petition, but the Commonwealth’s payments could not be senior to other creditors and that the loan could not exceed $300 million and had to be unsecured.

Late in the month, the oversight board extended the deadline for the government’s fiscal plan for fiscal year 2019. The oversight board set a mid-April due date and said that the new plan must demonstrate “consistency with historical actual expenditures.” In the state of the Commonwealth speech, the governor promised to increase salaries, reduce taxes, and protect pensions; his assertion that the oversight board had endorsed the plan to maintain pensions was contradicted by the executive director of the oversight board, Natalie Jaresko, and later walked back. Ms. Jaresko, meanwhile, reportedly asked for a significant tuition hike at the University of Puerto Rico but walked back that claim, citing “bad communication.” Meanwhile, several organizations, including the Hispanic Leadership Fund, called for Ms. Jaresko’s dismissal, citing her annual salary ($625,000) and her refusal to define the “essential services” mentioned in various fiscal plans.

The disputes continued to mount as the 6-month anniversary of Maria approached. New criticism arose in the Puerto Rico House about the government’s analysis – the chairman of the finance committee called it “practically elementary school” – and about how much is being spent on lawyers and advisors. The governor complained that the U.S. Treasury loan was being delayed. The Commonwealth’s energy commission challenged the oversight board’s efforts to make decisions about PREPA, and creditors sought to stop the governor from “effectively eliminating” the energy commission. Meanwhile, the governor criticized the work of the U.S. Army Corps of Engineers and continued to advocate for the privatization of PREPA.

FUND PERFORMANCE

Oppenheimer Rochester AMT-Free Municipal Fund held more than 700 securities as of January 31, 2018. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

During this reporting period, a rally in U.S. equities and persistent low interest rates put pressure on the dividends of many fixed income investments. This Fund’s Class A dividend, which was 2.7 cents per share at the outset of this reporting period, was reduced to 2.5 cents per share beginning with the September 2017 payout, and again to 2.4 cents per share beginning with the December

10        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

2017 payout. In all, the Fund distributed 15.0 cents per Class A share this reporting period. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment goals or cause it to pay any capital gain distributions.

While this Fund is managed to deliver competitive levels of tax-free income and yield-driven total returns over the long term, market conditions can at times cause it to underperform the overall market and its own benchmark, the Bloomberg Barclays Municipal Bond Index; that was the case this reporting period. As noted earlier, the Fund had a highly competitive distribution yield at NAV. The value of the team’s approach to investing in bonds from a wide variety of sectors was evident this reporting period, as many sectors delivered strong performance.

Six of the Fund’s 10 largest sectors were among the 10 strongest sectors this reporting period. Tobacco bonds constituted the Fund’s largest sector as of January 31, 2018, and the sector was the Fund’s strongest for the reporting period. These high-yielding securities are backed by proceeds from the landmark 1998 Master Settlement Agreement (MSA). The Fund’s third- and fourth-largest sectors (hospital/healthcare and highways/commuter facilities, respectively) and its sixth-, eighth-, and ninth-largest (education, higher education, and Special Assessment, respectively) were also ranked among the 10 best-performing sectors.

Research-based security selection continued to be a factor in the strong performance of these sectors. Most of the securities in the hospital/healthcare sector, the Fund’s seventh strongest, are investment grade, though the Fund also invests across the credit spectrum in this sector. The highway/commuter facilities sector was the Fund’s fifth strongest performer this reporting period. Bonds in this sector are used to build and maintain roadways and highway amenities. The Fund’s holdings in this sector include several securities issued in Puerto Rico, some of which are insured. Bonds in the education sector, the Fund’s ninth strongest this reporting period, primarily finance the infrastructure needs of a variety of charter schools. The investment-grade bonds we hold in the higher education sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest; the sector, the sixth strongest performer this reporting period, included three securities issued in Puerto Rico, one of which was insured. Securities in the Special Assessment sector, the Fund’s second strongest sector, are land development (or “dirt”) bonds, which help finance the infrastructure needs of new real estate development.

Six sectors detracted from the Fund’s total return during the reporting period. Securities in the G.O. sector (the Fund’s second largest), the sales tax revenue sector (the tenth largest), and municipal leases (the fourteenth largest) as well as PREPA bonds, which are included in the electric utility

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sector (the eleventh largest), were adversely affected by developments in Puerto Rico, as discussed above. Also detracting from the Fund’s performance were the U.S. government obligations and marine/aviation facilities.

In aggregate, the Fund’s substantial investments in securities issued in the Commonwealth of Puerto Rico detracted from performance this reporting period. (As discussed above, the Commonwealth continued to experience significant financial difficulties this reporting period; the Fund’s current dividend distribution calculations reflect adjustments based on the failure of various Commonwealth issuers to make their debt-service payments on time and in full.) The securities are exempt from federal, state and local income taxes, and the Fund’s holdings include the aforementioned bonds and securities from many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways, and education, among other entities.

Investors should note that some of the bonds issued in Puerto Rico were insured. The Fund’s investments include two securities issued in the U.S. Virgin Islands, one of which is insured. A complete listing of securities held by this Fund can be found in this report’s Statement of Investments.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds, and this Fund invests primarily in investment-grade municipal securities. It may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings. As of January 31, 2018, market movements or rating changes of municipal bonds, notably the Fund’s investments in Puerto Rico paper, caused the Fund’s below-investment-grade holdings to exceed this threshold. As a result, no further purchases of below-investment grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 25% of total assets.

While market conditions can and do fluctuate, the Fund’s portfolio management team adheres to a consistent investment approach based on its belief that tax-free yield can help investors achieve their long-term financial objectives. The team does not manage its funds based on predictions of interest rate changes. Further details about the Rochester team’s investment approach can be found on our landing page, oppenheimerfunds. com/rochesterway.

In closing, we believe that the structure and sector composition of this Fund and

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the team’s use of time-tested strategies will continue to benefit fixed income investors through interest rate and economic cycles.

      Scott S. Cottier, CFA Senior Vice President, Senior Portfolio Manager and Team Leader

      Troy E. Willis, CFA, J.D. Senior Vice President, Senior Portfolio Manager and Team Leader

On behalf of the rest of the Rochester portfolio managers: Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	10.7	%
General Obligation	8.6
Hospital/Healthcare	8.4
Highways/Commuter Facilities	6.7
U.S. Government Obligations	6.6
Education	5.7
Sewer Utilities	5.3
Higher Education	5.3
Special Assessment	5.1
Sales Tax Revenue	4.1

Portfolio holdings and allocations are subject to change. Percentages are as of January 31, 2018 and are based on total assets.

CREDIT ALLOCATIONS

	NRSRO-  Rated		Sub-  Adviser-  Rated		Total
AAA		3.1%		1.2%		4.3%
AA		27.0		0.0		27.0
A		21.1		0.0		21.1
BBB		16.4		5.7		22.1
BB or lower		11.4		14.1		25.5
Total		79.0%		21.0%		100.0%

The percentages above are based on the market value of the securities as of January 31, 2018 and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories—AAA, AA, A, and BBB—are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

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Performance

DISTRIBUTION YIELDS
As of 1/31/18
	Without Sales Charge	With Sales Charge
Class A	4.22%	4.02%
Class B	3.66	N/A
Class C	3.69	N/A
Class Y	4.42	N/A

STANDARDIZED YIELDS
For the 30 Days Ended 1/31/18
Class A	2.96%
Class B	2.32
Class C	2.35
Class Y	3.36

TAXABLE EQUIVALENT YIELDS
As of 1/31/18
Class A	5.23%
Class B	4.10
Class C	4.15
Class Y	5.94

UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 1/31/18
Class A	2.95%
Class B	2.32
Class C	2.35
Class Y	3.36

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 1/31/18

	Inception Date		6-Month		1-Year		5-Year		10-Year		Since       Inception
Class A (OPTAX)		10/27/76		-1.41%		5.72%		4.08%		3.56%		5.71%
Class B (OTFBX)		3/16/93		-1.94		4.80		3.25		3.03		4.12
Class C (OMFCX)		8/29/95		-1.80		4.97		3.27		2.75		3.52
Class Y (OMFYX)		11/29/10		-1.44		5.83		4.31		N/A		7.50

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 1/31/18

	Inception Date		6-Month		1-Year		5-Year		10-Year		Since       Inception
Class A (OPTAX)		10/27/76		-6.09%		0.70%		3.07%		3.06%		5.59%
Class B (OTFBX)		3/16/93		-6.76		-0.20		2.92		3.03		4.12
Class C (OMFCX)		8/29/95		-2.76		3.97		3.27		2.75		3.52
Class Y (OMFYX)		11/29/10		-1.44		5.83		4.31		N/A		7.50

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. Returns for periods of less than one year are not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares

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convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. The indices are or unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.024 for the 28-day accrual period ended January 23, 2018. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on January 23, 2018; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of $0.0206, $0.0208 and $0.0250, respectively, for the 28-day accrual period ended January 23, 2018 and on the corresponding net asset values on that date.

Standardized yield (Class A shares) is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended January 31, 2018 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended January 31, 2018. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The average 12-month distribution yield in Lipper’s General & Insured Municipal Debt Funds category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The 12-month distribution yield is the sum of a fund’s total interest and dividend payments for the trailing 12 months divided by the sum of the share price (at NAV) on January 31, 2018 and any capital gains distributed over the same period. The calculation included 255 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges, which – if included – would reduce results.

Taxable equivalent yield is based on the standardized yield and the 2017 top federal tax rate of 43.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

16        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The ICE BofA Merrill Lynch AAA Municipal Securities index is the AAA subset of the ICE BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of dollar-denominated, investment-grade, tax-exempt debt issued by U.S. states and territories and their political subdivisions; index constituents are weighted based on capitalization, and accrued interest is calculated assuming next-day settlement.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on January 31, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

17        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended January 31, 2018.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended January 31, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

18        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Actual	Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Expenses Paid During 6 Months Ended January 31, 2018
Class A	$	1,000.00	$	985.90	$	5.27
Class B		1,000.00		980.60		9.13
Class C		1,000.00		982.00		9.08
Class Y		1,000.00		985.60		4.06
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.91		5.36
Class B		1,000.00		1,016.03		9.29
Class C		1,000.00		1,016.08		9.24
Class Y		1,000.00		1,021.12		4.13

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended January 31, 2018 are as follows:

Class	Expense Ratios
Class A		1.05%
Class B		1.82
Class C		1.81
Class Y		0.81

19        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS January 31, 2018 Unaudited

Principal Amount			Coupon		Maturity		Value
	Municipal Bonds and Notes—106.2%
	Alabama—5.4%
	$20,000,000	Birmingham, AL Commercial Devel. Authority (Civic Center Improvements)1		5.500%		04/01/2041	$	21,894,000
	385,000	Birmingham, AL Private Educational Building Authority (Birmingham-Southern College)1		6.125		12/01/2025		384,014
	200,000	Cooperative District, AL Fort Deposit1,2		6.000		02/01/2036		177,592
	3,500,000	Cullman County, AL Health Care Authority (Cullman Regional Medical Center)1		6.750		02/01/2029		3,602,165
	4,500,000	Homewood, AL Educational Building Authority (Samford University)1		5.000		12/01/2047		5,002,875
	4,500,000	Jefferson County, AL GO1		5.000		09/15/2035		5,090,490
	20,185,000	Jefferson County, AL Sewer1		0.000 3		10/01/2046		16,869,816
	8,750,000	Jefferson County, AL Sewer1		0.000 3		10/01/2050		7,531,475
	20,000,000	Jefferson County, AL Sewer1		0.000 3		10/01/2050		16,659,600
	8,000,000	Jefferson County, AL Sewer1		6.000		10/01/2042		9,293,120
	7,500,000	Jefferson County, AL Sewer1		6.500		10/01/2053		8,902,800
	4,000,000	Jefferson County, AL Sewer1		7.000		10/01/2051		4,884,760
	200,000	Mobile, AL Improvement District (McGowin Park)1		5.250		08/01/2030		206,078
								100,498,785
	Alaska—0.0%
	655,069	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)4		6.120		08/01/2031		85,159
	600,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)5		5.875		12/01/2027		40,500
	90,000	AK Northern Tobacco Securitization Corp. (TASC)1		5.000		06/01/2032		89,997
								215,656
	Arizona—2.5%
	500,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)1		5.000		07/01/2038		565,485
	1,800,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)1		5.000		07/01/2048		2,018,070
	2,125,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)1		5.000		07/01/2052		2,358,049
	675,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)1		5.000		07/01/2042		754,441
	925,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)1		5.000		07/01/2047		1,030,727
	1,000,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)1		5.000		07/01/2051		1,107,550
	386,000	Festival Ranch, AZ Community Facilities District1		5.750		07/01/2032		379,307
	80,000	Maricopa County, AZ IDA (Greathearts Arizona)1		5.000		07/01/2037		91,413
	145,000	Maricopa County, AZ IDA (Greathearts Arizona)1		5.000		07/01/2048		164,052
	495,000	Maricopa County, AZ IDA (Immanuel Campus Care)4		8.500		04/20/2041		341,550
	225,000	Maricopa County, AZ School District No. 24 (Gila Bend)1		5.500		07/01/2022		225,232
	288,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien1		5.300		07/01/2030		288,323
	750,000	Phoenix, AZ IDA (Career Success Schools)1		7.000		01/01/2029		769,027

20        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Arizona (Continued)
	$500,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)1		6.250%		07/01/2036	$	498,340
	8,500,000	Phoenix, AZ IDA (Rowan University)1		5.250		06/01/2034		9,431,345
	2,935,000	Pima County, AZ IDA (Arizona Charter School)1		5.375		07/01/2031		3,176,609
	3,805,000	Pima County, AZ IDA (Center for Academic Success)1		5.500		07/01/2037		3,807,663
	550,000	Pima County, AZ IDA (Christian Care Tucson)1		5.000		06/15/2037		610,918
	1,010,000	Pima County, AZ IDA (Christian Care Tucson)1		5.000		12/15/2047		1,114,222
	900,000	Pima County, AZ IDA (Excalibur Charter School)1		5.500		09/01/2046		855,270
	1,425,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)1		8.125		07/01/2041		1,441,872
	760,000	Pima County, AZ IDA (Tucson Country Day School)1		5.000		06/01/2037		684,882
	250,000	Pima County, AZ IDA (Valley Academy)1		6.500		07/01/2038		255,280
	70,000	Rio Rico, AZ Fire District1		7.000		07/01/2030		81,040
	930,000	Rio Rico, AZ Fire District1		7.000		07/01/2030		1,091,095
	3,000,000	Salt Verde, AZ Financial Corp.1		5.000		12/01/2032		3,539,970
	6,500,000	Salt Verde, AZ Financial Corp.1		5.000		12/01/2037		7,761,065
	100,000	Salt Verde, AZ Financial Corp.1		5.500		12/01/2029		121,290
	1,655,000	Tartesso West, AZ Community Facilities District1		5.900		07/15/2032		1,640,717
								46,204,804
	Arkansas—0.1%
	1,815,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)5,9		6.250		02/01/2038		1,324,950
	California—13.5%
	675,000	Adelanto, CA Public Utility Authority1		6.750		07/01/2039		725,071
	2,340,000	Bonita Canyon, CA Public Facilities Financing Authority1		5.000		09/01/2025		2,417,197
	1,000,000	Bonita Canyon, CA Public Facilities Financing Authority1		5.000		09/01/2026		1,032,990
	7,000,000	CA County Tobacco Securitization Agency		5.310 6		06/01/2046		1,004,920
	6,000,000	CA County Tobacco Securitization Agency		6.647 6		06/01/2046		701,760
	129,820,000	CA County Tobacco Securitization Agency		6.698 6		06/01/2050		11,677,309
	5,000	CA County Tobacco Securitization Agency		7.230 6		06/01/2033		1,967
	160,000	CA County Tobacco Securitization Agency (TASC)1		5.700 3		06/01/2046		160,654
	50,000	CA County Tobacco Securitization Agency (TASC)1		5.875		06/01/2035		50,555
	5,000,000	CA County Tobacco Securitization Agency (TASC)1		5.875		06/01/2043		5,077,250
	21,000,000	CA County Tobacco Securitization Agency (TASC)1		6.000		06/01/2042		21,220,920
	93,000,000	CA County Tobacco Securitization Agency (TASC)		6.648 6		06/01/2046		9,440,430
	3,375,000	CA Enterprise Devel. Authority (Sunpower Corp.)1		8.500		04/01/2031		3,645,641
	5,000,000	CA GO1		5.000		08/01/2029		5,943,150
	10,000,000	CA GO1		5.000		09/01/2032		11,678,900
	8,770,000	CA GO1		5.000		08/01/2033		10,241,694
	10,000,000	CA GO1		5.000		09/01/2034		11,659,200
	10,085,000	CA GO1		5.000		09/01/2037		11,666,731
	5,000,000	CA GO1		5.000		09/01/2045		5,743,300
	8,500,000	CA GO1		5.000		08/01/2046		9,746,185

21        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	California (Continued)
	$170,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.000	%		06/01/2029	$	196,289
	10,000,000	CA Health Facilities Financing Authority (SHlth/ SBH/SVNA&H/SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)1		5.000			11/15/2046		11,484,300
	20,000,000	CA Health Facilities Financing Authority (SJHS/ SJHCN/SJHE/SJHO Obligated Group)1		5.750			07/01/2039		21,120,800
	3,350,000	CA M-S-R Energy Authority1		6.500			11/01/2039		4,680,251
	10,000,000	CA M-S-R Energy Authority1		7.000			11/01/2034		14,106,800
	250,000	CA Municipal Finance Authority (Harbor Regional Center)1		8.500			11/01/2039		279,965
	335,000	CA Public Works1		6.625			11/01/2034		328,819
	450,000	CA Public Works (Various Community Colleges)1		5.750			10/01/2030		482,382
	1,000,000	CA School Finance Authority Charter School (Coastal Academy)1		5.000			10/01/2033		1,046,440
	2,350,000	CA Statewide CDA (Orinda Wilder)1		5.000			09/01/2030		2,639,402
	1,450,000	Cathedral City, CA Redevel. Agency1		5.000			08/01/2032		1,642,908
	885,000	Cathedral City, CA Redevel. Agency1		5.000			08/01/2033		1,001,050
	9,985,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)1		5.875			02/15/2034		10,567,625
	560,000	Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-11		6.625			09/01/2039		605,114
	345,750,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.996	6		06/01/2057		11,458,155
	2,750,000	Lammersville, CA Joint Unified School District Special Tax Community Facilities District (Mountain House-Shea)1		6.000			09/01/2043		3,196,985
	415,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.000	3		09/01/2025		440,635
	375,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.100	3		09/01/2026		398,595
	885,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.150	3		09/01/2027		940,622
	1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.200	3		09/01/2028		1,061,470
	500,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.250	3		09/01/2029		530,695
	500,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.300	3		09/01/2030		530,875
	1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)1		5.375	3		09/01/2032		1,060,350
	2,000,000	Long Beach, CA Bond Finance Authority Natural Gas1		5.500			11/15/2037		2,511,520
	180,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)1		5.750			09/01/2040		186,095
	1,250,000	Lynwood, CA Redevel. Agency Tax Allocation1		7.000			09/01/2031		1,469,637
	2,930,000	Marysville, CA (Fremont-Rideout Health)1		5.000			01/01/2029		2,999,207
	630,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax1		5.000			09/01/2037		634,882

22        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	California (Continued)
	$1,250,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2004-31		5.000%		09/01/2037	$	1,259,687
	1,250,000	Oxnard, CA Financing Authority Wastewater1		5.000		06/01/2032		1,417,775
	1,500,000	Oxnard, CA Financing Authority Wastewater1		5.000		06/01/2033		1,694,805
	850,000	Oxnard, CA Financing Authority Wastewater1		5.000		06/01/2034		957,763
	2,575,000	Paramount, CA Unified School District1		5.250		08/01/2046		3,053,075
	1,770,000	Poway, CA Unified School District Public Financing Authority Special Tax1		5.000		09/01/2033		2,010,968
	3,145,000	Poway, CA Unified School District Public Financing Authority Special Tax1		5.000		09/01/2034		3,559,480
	10,000,000	San Francisco, CA City & County COP7		5.000		10/01/2033		10,796,131
	250,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.750		08/01/2041		288,168
	350,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		7.000		08/01/2041		405,990
	350,000	San Jose, CA Finance Authority (Convention Center)1		5.500		05/01/2031		391,129
	2,210,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.750		06/01/2026		2,510,892
	1,880,000	Santa Cruz, CA Redevel. Agency Tax Allocation1		5.000		09/01/2035		2,133,198
								251,916,753
	Colorado—2.0%
	550,000	BNC, CO Metropolitan District No. 11		5.000		12/01/2037		619,069
	3,505,000	CO Broomfield Village Metropolitan District No. 2		6.250		12/01/2032		3,195,158
	125,000	CO E-470 Public Highway Authority		6.812 6		09/01/2025		101,547
	4,105,000	CO Educational and Cultural Facilities Authority (Rocky Mountain Academy of Evergreen)1		6.450		11/01/2040		4,410,371
	1,000,000	CO Elkhorn Ranch Metropolitan District		6.375		12/01/2035		658,350
	720,000	CO Fossil Ridge Metropolitan District No. 11		7.250		12/01/2040		760,831
	1,400,000	CO Health Facilities Authority (Christian Living Neighborhoods)1		5.000		01/01/2037		1,476,622
	7,075,000	CO Health Facilities Authority (ELGS/ELGSS/ ELGSF/GSSH Obligated Group)1		5.000		06/01/2047		7,830,115
	750,000	CO Potomac Farms Metropolitan District1		7.250		12/01/2037		706,763
	89,000	CO Potomac Farms Metropolitan District1		7.625 3		12/01/2023		84,291
	324,000	CO Silver Peaks Metropolitan District		5.750		12/01/2036		291,308
	1,000,000	CO Sorrell Ranch Metropolitan District4		6.750		12/15/2036		350,000
	175,000	Fairplay, CO Sanitation District1		5.250		12/15/2031		173,120
	180,000	Jefferson County, CO (Section 14 Metropolitan District)1		5.000		12/01/2018		180,562
	1,495,000	Public Authority for CO (Natural Gas Energy)1		6.250		11/15/2028		1,884,672
	5,000,000	Public Authority for CO (Natural Gas Energy)1		6.500		11/15/2038		6,918,800
	1,000,000	Rampart Range, CO Metropolitan District No. 11		5.000		12/01/2042		1,146,210
	1,500,000	Rampart Range, CO Metropolitan District No. 11		5.000		12/01/2047		1,712,535
	500,000	Tabernash Meadows, CO Water & Sanitation District1		7.125		12/01/2034		526,325
	110,000	Tallyns Reach CO Metropolitan District No. 31		5.000		12/01/2033		116,780

23        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Colorado (Continued)
	$250,000	Tallyns Reach CO Metropolitan District No. 31		5.125%		11/01/2038	$	263,953
	998,237	Woodmen Heights, CO Metropolitan District No. 11		6.000		12/01/2041		1,007,291
	3,824,161	Woodmen Heights, CO Metropolitan District No. 1		7.300 3		12/15/2041		3,349,583
								37,764,256
	Connecticut—0.0%
	25,000	CT H&EFA (BHosp/BHlthC/BHDF/BH&HCG Obligated Group)1		5.500		07/01/2032		25,047
	500,000	Georgetown, CT Special Taxing District5		5.125		10/01/2036		160,000
	10,236,440	Mashantucket Western Pequot Tribe CT8		6.050		07/01/2031		319,889
								504,936
	Delaware—0.3%
	2,900,000	Bridgeville, DE Special Obligation (Heritage Shores)1		5.450		07/01/2035		2,899,797
	2,075,000	Millsboro, DE Special Obligation (Plantation Lakes)1		5.450		07/01/2036		1,871,712
								4,771,509
	District of Columbia—0.9%
	195,000	District of Columbia Ballpark1		5.000		02/01/2031		195,468
	2,000,000	District of Columbia Center for Strategic & International Studies1		6.375		03/01/2031		2,237,160
	2,245,000	District of Columbia Tobacco Settlement Financing Corp.1		6.500		05/15/2033		2,544,842
	4,385,000	District of Columbia Tobacco Settlement Financing Corp.1		6.750		05/15/2040		4,628,674
	72,125,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.369 6		06/15/2046		7,180,044
	400,000	District of Columbia University (Gallaudet University)1		5.500		04/01/2034		440,376
								17,226,564
	Florida—7.4%
	100,000	Alachua County, FL Health Facilities Authority (Shands Teaching Hospital & Clinics/Shands at Lake Shore Obligated Group)1		6.750		12/01/2030		104,408
	1,815,000	Amelia Concourse, FL Community Devel. District4,9		5.750		05/01/2038		1,687,950
	455,000	Arlington Ridge, FL Community Devel. District1		5.500		05/01/2036		454,996
	435,000	Avignon Villages, FL Community Devel. District4		5.300		05/01/2014		30,450
	250,000	Avignon Villages, FL Community Devel. District4		5.400		05/01/2037		17,500
	370,000	Boynton Village, FL Community Devel. District Special Assessment1		6.000		05/01/2038		369,970
	1,095,000	Cascades, FL Groveland Community Devel. District1		5.300		05/01/2036		1,094,967

24        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Florida (Continued)
	$1,990,000	Chapel Creek, FL Community Devel. District Special Assessment4,9		5.500%		05/01/2038	$	1,691,500
	825,942	Clearwater Cay, FL Community Devel. District4,9		5.500		05/01/2037		470,787
	2,280,000	Creekside, FL Community Devel. District4,9		5.200		05/01/2038		934,800
	10,000	Crosscreek, FL Community Devel. District4		5.500		05/01/2017		9,900
	10,000	Crosscreek, FL Community Devel. District5		5.600		05/01/2039		9,685
	405,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)1		8.000		06/01/2022		406,960
	655,000	Durbin Crossing, FL Community Devel. District Special Assessment5,9		5.250		11/01/2020		110,368
	350,000	East Homestead, FL Community Devel. District1		5.000		11/01/2033		359,391
	75,000	East Homestead, FL Community Devel. District1,2		7.250		05/01/2021		78,032
	65,000	Escambia County, FL Health Facilities Authority1		5.950		07/01/2020		71,570
	10,440,000	FL COP (Dept. of Management Services)7		5.250		08/01/2028		10,731,241
	1,250,000	FL HEFFA (Bethune-Cookman University)1		5.375		07/01/2032		1,319,800
	839,399	FL Lake Ashton II Community Devel. District1		5.375		05/01/2036		772,877
	850,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District1		5.500		05/01/2038		809,081
	16,000,000	Greater Orlando, FL Aviation Authority7		5.000		10/01/2032		17,268,560
	195,000	Heritage Isles, FL Community Devel. District4		7.100		10/01/2023		29,250
	145,000	Hialeah, FL Hsg. Authority1		5.800		06/20/2033		148,989
	110,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A1		5.500		05/01/2036		109,995
	430,000	Indigo, FL Community Devel. District4		5.750		05/01/2036		301,000
	35,000	Jacksonville, FL Health Facilities Authority (Daughters of Charity Health Services of Austin)1		5.250		08/15/2027		35,109
	1,255,000	Lakeland, FL Educational Facilities (Florida Southern College)1		5.000		09/01/2029		1,359,968
	1,000,000	Lakeland, FL Educational Facilities (Florida Southern College)1		5.000		09/01/2037		1,066,000
	1,605,000	Lucaya, FL Community Devel. District1		5.375		05/01/2035		1,605,193
	1,775,000	Magnolia Creek, FL Community Devel. District4		5.900		05/01/2039		372,750
	110,000	Magnolia West, FL Community Devel. District Special Assessment1		5.350		05/01/2037		109,990
	5,000,000	Miami-Dade County, FL School Board1		5.000		05/01/2027		5,769,950
	1,810,000	Miromar Lakes, FL Community Devel. District1		5.000		05/01/2035		1,889,785
	790,000	Miromar Lakes, FL Community Devel. District1		5.375		05/01/2032		817,310
	3,185,000	Monterey/Congress, FL Community Devel. District Special Assessment1		5.375		05/01/2036		3,153,692
	395,000	Naturewalk, FL Community Devel. District4		5.300		05/01/2016		312,050
	335,000	Naturewalk, FL Community Devel. District5		5.500		05/01/2038		264,650
	10,000,000	Orange County, FL School Board COP7		5.500		08/01/2034		10,572,100
	500,000	Orlando, FL Tourist Devel. Tax1		5.500		11/01/2038		501,560
	1,900,000	Orlando, FL Utilities Commission1		5.000		10/01/2033		2,251,690
	3,000,000	Orlando, FL Utilities Commission1		5.000		10/01/2038		3,508,230
	450,000	Palace Coral Gables, FL Community Devel. District Special Assessment1		5.000		05/01/2032		507,042
	1,000,000	Palace Coral Gables, FL Community Devel. District Special Assessment1		5.625		05/01/2042		1,149,510

25        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Florida (Continued)
	$460,000	Palm River, FL Community Devel. District4		5.150%		05/01/2013	$	161,000
	510,000	Palm River, FL Community Devel. District4		5.375		05/01/2036		178,500
	1,395,000	Parkway Center, FL Community Devel. District, Series A1		6.125		05/01/2024		1,407,890
	2,095,000	Parkway Center, FL Community Devel. District, Series A1		6.300		05/01/2034		2,109,560
	1,215,000	Pine Ridge Plantation, FL Community Devel. District		5.400		05/01/2037		1,059,650
	225,000	Portico, FL Community Devel. District1		5.450		05/01/2037		221,675
	335,000	Portofino Cove, FL Community Devel. District Special Assessment1		5.500		05/01/2038		324,247
	161,534	Portofino Landings, FL Community Devel. District Special Assessment4		5.200		05/01/2017		64,614
	980,000	Portofino Landings, FL Community Devel. District Special Assessment4		5.400		05/01/2038		392,000
	810,000	Reunion East, FL Community Devel. District5		5.800		05/01/2036		8
	860,000	Reunion East, FL Community Devel. District5		7.375		05/01/2033		9
	20,000	Ridgewood Trails, FL Community Devel. District1		5.650		05/01/2038		19,597
	2,400,000	River Glen, FL Community Devel. District Special Assessment4		5.450		05/01/2038		1,440,000
	304,819	Santa Rosa Bay, FL Bridge Authority		6.250		07/01/2028		279,443
	4,535,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)1		6.500		07/01/2040		4,707,466
	3,445,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)1		6.750		07/01/2030		3,618,662
	935,000	South Bay, FL Community Devel. District5		0.000 3		05/01/2025		675,388
	2,530,000	South Bay, FL Community Devel. District5		0.000 3		05/01/2036		1,831,416
	2,035,000	South Bay, FL Community Devel. District1		5.125		05/01/2020		1,995,765
	2,095,000	South Bay, FL Community Devel. District1		5.950		05/01/2036		1,977,596
	1,645,000	South Bay, FL Community Devel. District4		5.950		05/01/2036		16
	1,500,000	St. Johns County, FL IDA (Presbyterian Retirement)1		6.000		08/01/2045		1,660,545
	400,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250		10/01/2041		338,272
	6,020,000	Tern Bay, FL Community Devel. District4		5.000		05/01/2015		1,806,000
	500,000	Tern Bay, FL Community Devel. District4		5.375		05/01/2037		150,000
	7,765,000	Verona Walk, FL Community Devel. District1		5.375		05/01/2037		7,764,456
	2,565,000	Villa Vizcaya, FL Community Devel. District Special Assessment4		5.350		05/01/2017		1,308,150
	420,000	Villa Vizcaya, FL Community Devel. District Special Assessment4		5.550		05/01/2039		214,200
	4,240,000	Vista, FL Community Devel. District Special Assessment1		5.375		05/01/2037		4,132,982
	1,500,000	Waterford Estates, FL Community Devel. District Special Assessment4,9		5.125		05/01/2013		1,350,000
	2,470,000	Waterford Estates, FL Community Devel. District Special Assessment4		5.500		05/01/2037		2,223,000
	4,920,000	Watergrass, FL Community Devel. District Special Assessment1		5.500		05/01/2036		4,909,127

26        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Florida (Continued)
	$99,632	Watergrass, FL Community Devel. District Special Assessment4		6.960%		11/01/2017	$	94,650
	16,000	Waters Edge, FL Community Devel. District1		5.350		05/01/2039		15,700
	440,000	Waters Edge, FL Community Devel. District1		6.600 3		05/01/2039		440,585
	1,785,000	Waterstone, FL Community Devel. District4		5.500		05/01/2018		981,750
	285,000	West Villages, FL Improvement District4		5.350		05/01/2015		219,450
	7,150,000	West Villages, FL Improvement District4		5.800		05/01/2036		5,505,500
	4,925,000	Westridge, FL Community Devel. District4		5.800		05/01/2037		3,152,000
	5,750,000	Westside, FL Community Devel. District5		5.650		05/01/2037		3,277,500
	2,250,000	Wyld Palms, FL Community Devel. District4		5.400		05/01/2015		517,500
	1,445,000	Wyld Palms, FL Community Devel. District4		5.500		05/01/2038		346,800
	450,000	Zephyr Ridge, FL Community Devel. District4,9		5.250		05/01/2013		324,000
	990,000	Zephyr Ridge, FL Community Devel. District4		5.625		05/01/2037		712,800
								138,550,075
	Georgia—0.1%
	140,000	Atlanta, GA Tax Allocation (Beltline)1		7.500		01/01/2031		147,713
	565,000	Atlanta, GA Urban Residential Finance Authority (Trestletree Village Apartments)1		5.000		11/01/2048		574,548
	690,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)1		5.125		03/15/2031		715,288
	520,000	Randolph County, GA GO1		5.000		04/01/2030		571,735
								2,009,284
	Idaho—0.0%
	60,000	ID Health Facilities Authority (Trinity Health Corp.)1		6.250		12/01/2033		62,398
	Illinois—8.2%
	5,000,000	Chicago, IL Board of Education1		5.000		12/01/2035		5,061,700
	1,405,000	Chicago, IL Board of Education		5.063 6		12/01/2024		1,066,254
	915,000	Chicago, IL Board of Education		5.063 6		12/01/2024		694,393
	4,300,000	Chicago, IL Board of Education1		6.000		04/01/2046		5,078,988
	4,435,000	Chicago, IL GO1		5.000		12/01/2023		4,452,829
	13,440,000	Chicago, IL GO1,2		5.000		01/01/2029		13,461,235
	2,500,000	Chicago, IL O’Hare International Airport1		5.000		01/01/2033		2,815,025
	2,500,000	Chicago, IL O’Hare International Airport1		5.000		01/01/2034		2,808,375
	3,000,000	Chicago, IL O’Hare International Airport1		5.000		01/01/2041		3,370,350
	2,400,000	Cook County, IL Community School District GO1		7.125		06/01/2024		2,705,640
	949,000	Cortland, IL Special Tax (Sheaffer System)5		5.500		03/01/2017		186,479
	320,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)1		5.625		03/01/2036		320,989
	2,000,000	Gilberts, IL Special Service Area No. 151		5.000		03/01/2035		2,202,080
	702,865	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375		03/01/2034		634,399
	2,225,000	Harvey, IL GO5		5.500		12/01/2027		1,509,574
	1,000,000	Harvey, IL GO5		5.625		12/01/2032		658,190
	4,240,000	Harvey, IL Hotel Motel Tax & Sales (Hotel & Conference Center)1		6.875		08/01/2028		4,247,420

27        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Illinois (Continued)
	$1,610,000	IL Finance Authority (Bethel Terrace Apartments)1		5.125%		09/01/2025	$	1,610,708
	1,010,000	IL Finance Authority (Illinois Institute of Technology)1		5.000		04/01/2026		1,012,030
	9,660,000	IL Finance Authority (Illinois Institute of Technology)1		5.000		04/01/2031		9,675,359
	1,000,000	IL Finance Authority (Illinois Institute of Technology)1		5.000		04/01/2036		976,150
	155,000	IL Finance Authority (Illinois Institute of Technology)1		6.500		02/01/2023		160,182
	2,215,000	IL Finance Authority (Illinois Institute of Technology)1		7.125		02/01/2034		2,266,942
	500,000	IL Finance Authority (Lake Forest College)1		5.750		10/01/2032		536,425
	450,000	IL Finance Authority (Lake Forest College)1		6.000		10/01/2048		482,576
	20,000,000	IL Finance Authority (Northwestern Memorial Hospital)7		6.000		06/15/2039		21,328,400
	50,000	IL Finance Authority (OSF Healthcare System)1		7.125		11/15/2037		53,601
	145,000	IL Finance Authority (PHlth / PHN / PPH / PHP / PLC / PRC / PRMC / PSFH / PSJHC / PSM&EMC Obligated Group )1		6.125		05/15/2025		153,507
	5,810,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group )1		5.250		05/15/2029		5,876,176
	895,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group )1		5.250		05/15/2029		905,194
	10,095,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group )1		7.750		08/15/2034		11,051,097
	4,685,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)1		6.125		05/15/2025		4,962,961
	170,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)1		6.125		05/15/2025		179,974
	95,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)1		7.750		08/15/2034		103,921
	2,680,000	IL Finance Authority (Roosevelt University)1		6.250		04/01/2029		2,830,509
	5,000,000	IL Finance Authority (Roosevelt University)1		6.500		04/01/2039		5,296,800
	2,000,000	IL GO1		5.000		04/01/2025		2,136,340
	700,000	IL GO1		5.000		08/01/2025		737,975
	1,525,000	IL GO1		5.000		02/01/2039		1,580,907
	1,050,000	IL Metropolitan Pier & Exposition Authority1		5.500		12/15/2023		1,179,717
	80,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)1		5.500		06/15/2050		87,107
	250,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)1		5.500		06/15/2050		260,628
	2,000,000	IL Sports Facilities Authority1		5.250		06/15/2032		2,200,600

28        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Illinois (Continued)
	$895,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)1		6.500%		12/30/2027	$	1,148,518
	955,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)1		6.500		12/30/2028		1,228,006
	1,160,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)1		6.500		12/30/2031		1,537,603
	4,187,000	Lakemoor Village, IL Special Tax1		5.000		03/01/2027		4,194,327
	2,409,000	Lincolnshire, IL Special Service Area No. 1 Special Tax (Sedgebrook)1,2		6.250		03/01/2034		2,414,131
	1,455,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)4		6.125		03/01/2040		261,900
	480,000	Markham, IL GO1		5.750		02/01/2028		451,147
	1,091,000	Plano, IL Special Service Area No. 54		6.000		03/01/2036		698,240
	5,000,000	Railsplitter, IL Tobacco Settlement Authority1		5.000		06/01/2027		5,767,950
	500,000	Southwestern IL Devel. Authority (Eden Retirement Center)1		5.850		12/01/2036		446,515
	3,610,000	Southwestern IL Devel. Authority (Local Government Programming)		7.000		10/01/2022		2,093,800
	1,210,000	Southwestern IL Devel. Authority (Village of Sauget)1		5.625		11/01/2026		1,154,013
	1,853,000	Yorkville, IL United City Special Services Area Special Tax1		5.000		03/01/2033		1,812,623
	1,634,000	Yorkville, IL United City Special Services Area Special Tax (Raintree Village II)4		6.250		03/01/2035		735,300
								152,863,779
	Indiana—1.8%
	1,620,000	IN Finance Authority (GSH/GSHI/GSHPS Obligated Group)1		5.500		04/01/2026		1,851,984
	2,885,000	IN Finance Authority (Marian University)1		5.250		09/15/2025		3,133,860
	4,250,000	IN Finance Authority (Marian University)1		6.375		09/15/2041		4,624,085
	4,750,000	IN Finance Authority (Marian University)1		6.500		09/15/2030		5,278,058
	325,000	IN Finance Authority Educational Facilities (Irvington Community)1		9.000		07/01/2039		325,640
	7,500,000	IN Municipal Power Agency1		5.000		01/01/2037		8,571,975
	975,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)1		5.750		07/01/2030		1,049,510
	3,955,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)1		6.000		07/01/2040		4,293,508
	2,025,000	Indianapolis, IN Multifamily Hsg. (Stonekey Apartments)1		7.000		02/01/2039		2,040,532
	1,535,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)1		6.500		07/01/2022		1,538,899
								32,708,051
	Iowa—0.2%
	400,000	IA Finance Authority (Boys & Girls Home and Family Services)5		5.900		12/01/2028		27,000
	1,685,000	IA Finance Authority (Mercy Medical Center)1		5.000		08/15/2028		1,872,523

29        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Iowa (Continued)
	$305,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)1		5.375%		06/01/2025	$	287,417
	1,000,000	Xenia, IA Rural Water District1		5.000		12/01/2036		1,102,670
								3,289,610
	Kansas—0.1%
	2,005,000	Pittsburgh, KS Special Obligation (North Broadway Redevel.)1		4.900		04/01/2024		1,961,191
	Kentucky—1.6%
	5,480,000	KY Municipal Power Agency1		5.000		09/01/2032		6,144,998
	11,525,000	KY Municipal Power Agency1		5.000		09/01/2033		12,859,826
	5,000,000	KY Municipal Power Agency1		5.000		09/01/2034		5,563,400
	2,500,000	KY Property & Building Commission1		5.000		04/01/2037		2,804,200
	2,500,000	KY Property & Building Commission1		5.000		04/01/2038		2,797,950
	80,000	Owens County, KY Waterworks System (AWCC/ KAWC Obligated Group)1		6.250		06/01/2039		84,722
	15,000	Springfield, KY Educational Devel. (St. Catherine College)4		5.750		10/01/2035		900
								30,255,996
	Louisiana—2.8%
	12,725	Denham Springs-Livingston, LA Hsg. & Mtg. Finance Authority1,2		5.000		11/01/2040		12,833
	950,000	LA Citizens Property Insurance Corp.1		5.000		06/01/2024		1,076,502
	635,000	LA Citizens Property Insurance Corp.1		5.000		06/01/2024		719,557
	10,000,000	LA Gas & Fuels1		5.000		05/01/2040		11,560,000
	8,280,000	LA HFA (La Chateau)1		6.875		09/01/2029		8,376,876
	5,000,000	LA HFA (La Chateau)1		7.250		09/01/2039		5,076,300
	270,000	LA Local Government EF&CD Authority (Baton Rouge Student Hsg.)1,2		5.250		09/01/2018		268,574
	35,000	LA Local Government EF&CD Authority (Baton Rouge Student Hsg.)		5.250		09/01/2035		33,677
	3,085,000	LA Local Government EF&CD Authority (Baton Rouge Student Hsg.)		5.500		09/01/2022		2,951,389
	890,000	LA Local Government EF&CD Authority (Capital Projects and Equipment)1		6.550		09/01/2025		990,347
	1,300,000	LA Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary1		5.000		07/01/2057		1,423,526
	2,500,000	LA Public Facilities Authority (Nineteenth Judicial District Court Building)1		5.000		06/01/2042		2,767,750
	7,500,000	LA Public Facilities Authority (Ochsner Clinic Foundation)1		5.000		05/15/2042		8,272,350
	395,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1		5.000		07/01/2032		449,289
	300,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1		5.000		07/01/2033		339,675

30        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Louisiana (Continued)
	$345,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)1		5.000%			07/01/2037	$	388,253
	50,000	LA Stadium & Exposition District1		5.000			07/01/2028		56,889
	2,000,000	LA Stadium & Exposition District1		5.000			07/01/2032		2,263,580
	4,035,000	LA State University & Agricultural & Mechanical College1		5.000			07/01/2040		4,522,670
									51,550,037
	Maine—0.4%
	2,000,000	ME H&HEFA (Maine General Medical Center)1		6.750			07/01/2036		2,180,460
	5,000,000	ME H&HEFA (Maine General Medical Center)1		7.500			07/01/2032		5,620,950
									7,801,410
	Maryland—0.6%
	1,630,000	MD EDC (Potomac Electric Power)1		6.200			09/01/2022		1,713,048
	1,000,000	MD EDC Student Hsg. (Morgan State University)1		5.000			07/01/2034		1,052,060
	4,530,000	MD EDC Student Hsg. (University of Maryland College Park)1		5.000			06/01/2035		5,178,923
	40,000	MD H&HEFA (Johns Hopkins Hospital)1		5.375			07/01/2020		40,112
	400,000	MD H&HEFA (Maryland Institute College of Art)1		5.000			06/01/2036		449,416
	1,661,000	Prince Georges County, MD Special District (Victoria Falls)1		5.250			07/01/2035		1,675,368
	2,277,212	Salisbury, MD Special Obligation (Villages at Salisbury Lake)5		3.787 6			01/01/2037		261,879
									10,370,806
	Massachusetts—1.5%
	750,000	MA Devel. Finance Agency (Lasell College)1		5.500			07/01/2026		822,143
	25,000	MA Devel. Finance Agency (Lasell College)1		6.000			07/01/2031		27,681
	461,488	MA Devel. Finance Agency (Linden Ponds)		0.655 6			11/15/2056		29,037
	40,000	MA Devel. Finance Agency (Linden Ponds)1		4.680			11/15/2021		40,252
	995,000	MA Devel. Finance Agency (Linden Ponds)1		4.680			11/15/2021		1,001,279
	52,760	MA Devel. Finance Agency (Linden Ponds)1		5.500			11/15/2046		52,775
	14,103	MA Devel. Finance Agency (Linden Ponds)1		6.250			11/15/2039		14,676
	2,000,000	MA Devel. Finance Agency (UMHC/UMMC/ HHH&H/HHosp Obligated Group)1		5.000			07/01/2036		2,221,580
	20,000,000	MA GO7		5.000			12/01/2035		23,424,900
	15,000	MA H&EFA (Beverly Hospital Corp.)1		5.250			07/01/2023		15,015
									27,649,338
	Michigan—5.0%
	1,100,000	Detroit, MI City School District1		5.000			05/01/2028		1,219,009
	680,000	Detroit, MI City School District1		5.000	��		05/01/2031		749,802
	775,000	Detroit, MI GO1		5.000			04/01/2028		777,054
	2,250,000	Detroit, MI Sewer Disposal System1		6.500			07/01/2024		2,382,930
	13,375,000	Detroit, MI Sewer Disposal System1		7.500			07/01/2033		14,487,399
	60,000	Detroit, MI Sewer Disposal System1		7.500			07/01/2033		64,620
	2,155,000	Detroit, MI Water and Sewerage Dept.1		5.000			07/01/2032		2,338,390
	1,000,000	Detroit, MI Water Supply System1		5.000			07/01/2036		1,069,110

31        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Michigan (Continued)
	$495,000	Grand Traverse Academy, MI Public School Academy1		5.000 %		11/01/2022	$	495,044
	7,035,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2023		7,973,610
	1,000,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2025		1,151,750
	895,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2026		1,021,947
	930,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2027		1,054,843
	2,450,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2032		2,724,841
	1,000,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2033		1,108,490
	2,200,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2034		2,427,392
	1,000,000	MI Finance Authority (Detroit Water & Sewer)1		5.000		07/01/2034		1,106,040
	3,300,000	MI Finance Authority (HFHS/HFMHCT/HFWH/ WAFMH Obligated Group)1		5.000		11/15/2041		3,695,307
	14,600,000	MI Hospital Finance Authority (Trinity Health)7		6.125		12/01/2023		15,143,047
	1,155,000	MI Public Educational Facilities Authority (Old Redford Academy)1		6.000		12/01/2035		1,092,099
	8,515,810	MI Strategic Fund Limited Obligation (Wolverine Human Services)1		5.850		08/31/2027		8,424,691
	1,840,625	MI Strategic Fund Limited Obligation (Wolverine Human Services)1		7.875		08/31/2028		1,840,533
	623,000,000	MI Tobacco Settlement Finance Authority		10.197 6		06/01/2058		17,979,780
	600,000	Old Redford Academy, MI Public School Academy1		5.900		12/01/2030		578,010  ��
	400,000	Plymouth, MI Educational Center Charter School (Public School Academy)1		5.375		11/01/2030		279,456
	1,325,000	Plymouth, MI Educational Center Charter School (Public School Academy)1		5.625		11/01/2035		871,784
	500,000	Renaissance, MI Public School Academy1		6.000		05/01/2037		518,100
								92,575,078
	Minnesota—0.2%
	2,000,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission1		5.000		01/01/2031		2,363,960
	879,000	Mound, MN Hsg. & Redevel. Authority (Metroplaines)1,2		5.000		02/15/2027		879,396
	680,000	St. Paul Park, MN Senior Hsg. & Healthcare Revenue (Presbyterian Homes Bloomington Care Center)1		5.000		09/01/2042		739,058
								3,982,414
	Mississippi—0.6%
	630,000	Meridian, MS Tax Increment (Meridian Crossroads)1		8.750		12/01/2024		660,750
	10,000,000	MS Devel. Bank (Gulf Coast Community College District)1		5.000		12/01/2046		11,251,800
								11,912,550
	Missouri—1.2%
	875,000	Branson, MO IDA (Branson Hills Redevel.)1		5.750		05/01/2026		873,206
	230,000	Branson, MO IDA (Branson Hills Redevel.)1		7.050		05/01/2027		230,196

32        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Missouri (Continued)
	$675,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)5,9		5.875%		12/01/2031	$	438,750
	335,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500		04/01/2021		279,551
	400,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625		04/01/2027		302,396
	580,000	Columbia, MO Hsg. Authority (Stuart Parker Hsg. Devel. Group)1		5.000		12/15/2040		583,155
	1,330,000	Columbia, MO Hsg. Authority (Stuart Parker Hsg. Devel. Group)1		5.125		12/15/2050		1,335,480
	14,360,000	Hazelwood, MO Transportation Devel. District (370/Missouri Bottom Road/Tausig Road)		7.200		05/01/2033		9,144,592
	295,000	Kansas City, MO IDA (Sales Tax)1		5.000		04/01/2046		300,325
	140,000	Lees Summit, MO IDA (Kensington Farms)5		5.500		03/01/2021		89,600
	250,000	Lees Summit, MO IDA (Kensington Farms)5		5.750		03/01/2029		160,000
	770,000	Liberty, MO Tax Increment (Liberty Triangle)1		5.875		10/01/2029		751,859
	2,100,000	Maplewood, MO Tax (Maplewood South Redevel.)1		5.750		11/01/2026		2,060,247
	355,000	MO Grindstone Plaza Transportation Devel. District1		5.500		10/01/2031		324,640
	134,000	Northwoods, MO Transportation Devel. District1,2		5.850		02/01/2031		125,098
	1,025,000	Saint Charles County, MO IDA (Suemandy/Mid- Rivers Community Improvement District)1		5.000		10/01/2046		978,414
	481,000	St. Louis, MO Tax Increment (1505 Missouri Avenue Redevel.)5		6.000		08/04/2025		120,250
	846,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)5		6.000		08/21/2026		236,880
	1,879,000	St. Louis, MO Tax Increment (1619 Washington Redevel.)		5.500		03/09/2027		770,390
	661,509	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500		05/29/2028		435,180
	545,000	St. Louis, MO Tax Increment (Printers Lofts)5		6.000		08/21/2026		158,050
	775,000	St. Louis, MO Tax Increment (Washington East Condominiums)1		5.500		01/20/2028		399,939
	466,000	St. Louis, MO Tax Increment (Washington East Condominiums)5		5.500		01/20/2028		76,890
	1,080,000	St. Louis, MO Tax Increment Financing (Ludwig Lofts)5		6.690		04/21/2029		367,200
	373,000	St. Louis, MO Tax Increment Financing, Series A		5.500		09/02/2028		195,985
	3,255,000	St. Louis, MO Tax Increment, Series A		6.600		01/21/2028		1,767,888
	620,000	Stone Canyon, MO Improvement District (Infrastructure)4		5.700		04/01/2022		155,000

33        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Missouri (Continued)
	$320,000	Stone Canyon, MO Improvement District (Infrastructure)4		5.750%		04/01/2027	$	78,400
								22,739,561
	Montana—0.1%
	11,710,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)		6.250 3		09/01/2031		2,342,000
	Nebraska—0.6%
	9,510,000	NE Central Plains Gas Energy1		5.250		09/01/2037		10,696,468
	Nevada—0.7%
	320,000	Clark County, NV Improvement District1		5.000		02/01/2026		322,771
	255,000	Clark County, NV Improvement District1		5.050		02/01/2031		256,943
	5,105,000	Director of the State of NV Dept. of Business & Industry (Las Vegas Monorail)5		6.845 6		01/01/2019		3,805,931
	185,000	Mesquite, NV Special Improvement District (Canyon Creek)1,2		5.300		08/01/2018		186,663
	1,180,000	Sparks, NV Redevel. Agency (Redevel Area No. 2)1		6.400		06/01/2020		1,199,553
	7,420,000	Sparks, NV Redevel. Agency (Redevel Area No. 2)1		6.700		06/01/2028		7,550,295
								13,322,156
	New Hampshire—1.4%
	305,000	Manchester, NH Hsg. & Redevel. Authority, Series B		5.647 6		01/01/2029		173,063
	495,000	Manchester, NH Hsg. & Redevel. Authority, Series B		5.996 6		01/01/2023		395,297
	395,000	NH Business Finance Authority (Huggins Hospital)1		6.875		10/01/2039		427,126
	20,860,000	NH H&EFA (LRG Healthcare)7		7.000		04/01/2038		22,608,016
	1,500,000	NH H&EFA (Southern New Hampshire University)1		5.000		01/01/2027		1,640,715
								25,244,217
	New Jersey—4.2%
	250,000	Atlantic City, NJ GO1		5.000		03/01/2032		283,108
	500,000	Atlantic City, NJ GO1		5.000		03/01/2037		558,725
	2,000,000	Casino Reinvestment Devel. Authority of NJ1		5.000		11/01/2030		2,192,640
	2,000,000	Casino Reinvestment Devel. Authority of NJ1		5.000		11/01/2032		2,182,560
	3,000,000	NJ EDA1		5.000		06/15/2041		3,210,450
	500,000	NJ EDA (Provident Group-Kean Properties)1		5.000		07/01/2032		549,755
	200,000	NJ EDA (Provident Group-Kean Properties)1		5.000		07/01/2047		214,866
	1,000,000	NJ EDA (Provident Group-Montclair Properties)1		5.000		06/01/2037		1,127,820
	3,500,000	NJ EDA (State Government Buildings)1		5.000		06/15/2042		3,753,400
	735,000	NJ EDA (State Government Buildings)1		5.000		06/15/2047		785,134
	340,000	NJ Educational Facilities Authority (Georgian Court University)1		5.250		07/01/2037		343,029
	2,100,000	NJ Health Care Facilities Financing Authority (University Hospital)1		5.000		07/01/2029		2,399,775
	14,110,000	NJ Tobacco Settlement Financing Corp.		5.477 6		06/01/2041		3,936,831

34        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$6,000,000	NJ Transportation Trust Fund Authority		5.000	%		06/15/2030	$	6,611,220
	500,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2030		504,990
	3,820,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2031		3,858,124
	5,015,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2032		5,356,873
	2,200,000	NJ Transportation Trust Fund Authority1		5.000			12/15/2032		2,204,862
	5,975,000	NJ Transportation Trust Fund Authority1		5.500			12/15/2021		6,634,341
	11,570,000	NJ Transportation Trust Fund Authority1		5.750			06/15/2024		13,496,636
	4,555,000	NJ Transportation Trust Fund Authority1		6.000			06/15/2035		5,025,031
	5,000,000	NJ Turnpike Authority1		5.000			01/01/2033		5,663,450
	7,000,000	NJ Turnpike Authority1		5.000			01/01/2034		7,914,760
									78,808,380
	New Mexico—0.1%
	230,000	Boulders, NM Pubic Improvement District1		5.750			10/01/2044		227,813
	1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,798,604
									2,026,417
	New York—9.0%
	3,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2042		3,653,747
	8,500,000	Hudson Yards, NY Infrastructure Corp.7		5.000			02/15/2039		9,801,301
	7,500,000	Hudson Yards, NY Infrastructure Corp.7		5.000			05/15/2039		8,648,207
	65,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		66,074
	285,000	NY Counties Tobacco Trust VI1		5.750			06/01/2043		314,623
	12,500,000	NY MTA1		5.250			11/15/2056		14,273,375
	2,500,000	NY MTA (Green Bond)1		5.000			11/15/2035		2,944,400
	7,050,000	NY MTA Hudson Rail Yards1		5.000			11/15/2046		7,417,798
	13,150,000	NY MTA Hudson Rail Yards1		5.000			11/15/2056		14,722,214
	10,500,000	NY MTA, Series C-11		5.000			11/15/2035		12,105,555
	3,000,000	NY MTA, Series E1		5.000			11/15/2030		3,447,180
	2,455,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2036		2,783,504
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		11,527,400
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		11,455,500
	8,720,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2031		10,247,570
	2,650,000	NYS DA (New York State Dormitory Authority)1		5.000			07/01/2028		3,095,757
	10,000,000	NYS DA (Sales Tax)1		5.000			03/15/2033		11,664,000
	5,000,000	NYS DA (Sales Tax)1		5.000			03/15/2035		5,832,900
	7,650,000	NYS DA (St. Mary’s Hospital for Children)1		7.875			11/15/2041		8,050,477
	5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2028		5,969,700
	6,075,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		7,567,202
	10,000,000	Port Authority NY/NJ, 198th Series1		5.250			11/15/2056		11,592,000
									167,180,484
	Ohio—6.4%
	3,440,000	Bowling Green, OH Student Hsg. (CFP I-Bowling Green State University)1		5.750			06/01/2031		3,751,973
	2,250,000	Bowling Green, OH Student Hsg. (CFP I-Bowling Green State University)1		6.000			06/01/2045		2,466,832

35        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Ohio (Continued)
	$2,555,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375%		06/01/2024	$	2,467,772
	8,820,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750		06/01/2034		8,467,200
	5,360,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875		06/01/2030		5,212,654
	670,100,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.247 6		06/01/2047		46,317,312
	749,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.522 6		06/01/2052		20,709,850
	3,445,000	Cleveland-Cuyahoga County, OH Port Authority1		6.000		11/15/2035		3,830,392
	2,475,000	Cuyahoga County, OH Hospital (Metro Health System)1		5.500		02/15/2052		2,734,405
	1,050,000	Cuyahoga County, OH Hospital (Metro Health System)1		5.500		02/15/2057		1,155,063
	1,000,000	Greene County, OH University Hsg. (Central State University)1		5.500		09/01/2027		987,510
	780,000	Greene County, OH University Hsg. (Central State University)1		5.625		09/01/2032		753,262
	635,000	Jeffrey Place, OH New Community Authority (Jeffrey Place Redevel.)1		5.000		12/01/2022		635,597
	1,000,000	OH Air Quality Devel. Authority (Columbus Southern Power)1		5.800		12/01/2038		1,060,500
	5,000,000	OH GO1		5.000		03/15/2036		5,692,900
	1,445,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)2		6.300		02/15/2024		1,437,096
	5,860,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400		02/15/2034		5,796,243
	4,065,000	Portage County, OH Port Authority (Northeast Ohio Medical University)1		5.000		12/01/2037		4,287,803
	510,000	Ross County, OH Hospital (Adena Health System)1		5.750		12/01/2028		528,069
	340,794	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)1		5.400		11/01/2036		333,593
								118,626,026
	Oklahoma—0.7%
	12,335,000	Grady County, OK Criminal Justice Authority1		7.000		11/01/2041		12,609,330
	Oregon—0.0%
	245,000	OR Facilities Authority (Concordia University)1		6.125		09/01/2030		267,680
	500,000	OR Facilities Authority (Concordia University)1		6.375		09/01/2040		558,630
	10,000	Umatilla County, OR Hospital Facility Authority (Catholic Health Initiatives)1		5.000		05/01/2032		10,111
								836,421
	Pennsylvania—6.3%
	1,600,000	Berks County, PA IDA (THlth/RHosp/BHospital/ CHH/JH/PHospital/PottsH Obligated Group)1		5.000		11/01/2047		1,782,688
	5,000,000	Bethlehem, PA Area School District1		5.000		08/01/2033		5,721,050

36        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Pennsylvania (Continued)
	$1,425,000	Delaware County, PA Authority (Neumann University)1		5.000%		10/01/2031	$	1,559,506
	2,305,000	Delaware County, PA Authority (Neumann University)1		5.000		10/01/2035		2,492,074
	130,000	Luzerne County, PA IDA1		7.500		12/15/2019		137,920
	500,000	Luzerne County, PA IDA1		7.750		12/15/2027		556,595
	10,010,000	PA Commonwealth Financing Authority1		5.000		06/01/2035		11,311,200
	10,000,000	PA GO1		5.000		06/01/2027		11,331,600
	10,000,000	PA GO1		5.000		10/15/2031		11,286,700
	2,000,000	PA HEFA (Shippensburg University)1		6.250		10/01/2043		2,210,940
	2,605,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2025		2,822,283
	3,000,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2030		3,193,170
	5,000,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2031		5,305,950
	5,000,000	PA State Public School Building Authority (Philadelphia School District)1		5.000		06/01/2032		5,529,250
	5,000,000	PA State Public School Building Authority (Philadelphia School District)1		5.000		06/01/2033		5,509,350
	5,000,000	PA Turnpike Commission1		5.000		06/01/2030		5,637,250
	7,000,000	PA Turnpike Commission1		5.000		12/01/2040		7,866,320
	7,750,000	PA Turnpike Commission1		5.000		06/01/2042		8,622,572
	1,500,000	PA Turnpike Commission1		6.375 3		12/01/2038		1,861,650
	685,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)1		6.125		03/15/2043		693,734
	10,000,000	Philadelphia, PA GO1		5.000		08/01/2031		11,705,300
	1,000,000	Philadelphia, PA School District1		5.000		09/01/2032		1,091,730
	5,000	Philadelphia, PA School District1		6.000		09/01/2038		5,132
	5,000	Philadelphia, PA School District1		6.000		09/01/2038		5,132
	55,000	Philadelphia, PA School District1		6.000		09/01/2038		56,454
	4,000,000	Pottsville, PA Hospital Authority (LVHN/LVlyH/ LVHM/SRehC/SRMC/NPHC/SMCSJS/PMCtr/PHSys Obligated Group)1		5.000		07/01/2041		4,443,640
	280,000	Reading, PA School District1		5.000		03/01/2035		317,080
	255,000	Reading, PA School District1		5.000		03/01/2036		288,127
	1,000,000	Scranton, PA School District1		5.000		12/01/2029		1,154,400
	1,305,000	Scranton, PA School District1		5.000		12/01/2030		1,500,541
	890,000	Scranton, PA School District1		5.000		12/01/2032		1,017,706
	710,000	Scranton, PA School District1		5.000		12/01/2033		808,676
								117,825,720
	Rhode Island—0.1%
	4,915,000	Central Falls, RI Detention Facility5		7.250		07/15/2035		884,700
	725,000	RI Health & Educational Building Corp. (EPBH/ RIH/TMH Obligated Group)1		7.000		05/15/2039		776,062

37        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	Rhode Island (Continued)
	$20,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)1		6.500%		04/01/2027	$	20,102
								1,680,864
	South Carolina—0.8%
	4,600,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)		6.200		11/01/2036		4,130,110
	555,158	SC Connector 2000 Assoc. Toll Road, Series B		2.744 6		01/01/2020		485,763
	6,101,551	SC Connector 2000 Assoc. Toll Road, Series B		3.158 6		01/01/2021		4,979,048
	10,647,695	SC Connector 2000 Assoc. Toll Road, Series B		3.746 6		01/01/2026		6,130,091
								15,725,012
	South Dakota—0.1%
	1,500,000	SD Educational Enhancement Funding Corp. Tobacco Settlement1		5.000		06/01/2027		1,656,825
	Tennessee—0.7%
	125,000	Johnson City, TN H&EFB (Johnson City Medical Center)1		5.250		07/01/2028		130,507
	500,000	Metropolitan Government Nashville & Davidson Counties, TN H&EFB (Belmont University)1		5.000		11/01/2027		544,805
	5,000,000	Metropolitan Government Nashville & Davidson Counties, TN H&EFB (Vanderbilt University Medical Center)1		5.000		07/01/2046		5,507,900
	5,665,000	TN Energy Acquisition Gas Corp.1		5.000		02/01/2027		6,547,777
								12,730,989
	Texas—4.7%
	885,000	Arlington, TX Higher Education Finance Corp. (UMEP)1		5.000		08/15/2038		886,982
	990,000	Brazoria County, TX Municipal Utility District No. 251		5.500		03/01/2036		1,010,404
	60,000	Collin County, TX HFC (Community College District Foundation)1		5.250		06/01/2031		54,875
	1,100,000	Dallas County, TX Flood Control District1		5.000		04/01/2032		1,140,931
	6,850,000	Donna, TX GO1,2		6.250		02/15/2037		6,999,125
	4,436,000	Escondido, TX Public Improvement District (Horseshoe Bay)1		7.250		10/01/2033		4,448,731
	16,000,000	Houston, TX Airport System, Series A7		5.500		07/01/2039		16,244,080
	140,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)1		6.500		05/15/2031		160,948
	160,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)1		6.500		05/15/2031		183,941
	250,000	Houston, TX Higher Education Finance Corp. (Ninos)1		6.000		08/15/2036		259,253
	250,000	Houston, TX Higher Education Finance Corp. (Ninos)1		6.000		08/15/2041		258,465
	10,000,000	Houston, TX Independent School District1		5.000		02/15/2042		11,564,000
	30,000	Huntsville, TX GO COP1		5.000		08/15/2032		30,096

38        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Texas (Continued)
	$7,465,000	Irving, TX Hotel Occupancy1		5.500%		08/15/2038	$	7,623,407
	150,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (Cardinal Bay-Village on the Park Carriage Inn)1		5.000		07/01/2031		167,663
	750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (Cardinal Bay-Village on the Park Carriage Inn)1		5.000		07/01/2046		812,588
	750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (Cardinal Bay-Village on the Park Carriage Inn)1		5.000		07/01/2051		810,900
	355,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University- Collegiate Hsg. Corpus Christi II)1		5.000		04/01/2036		371,369
	1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University- Collegiate Hsg. San Antonio I)1		5.000		04/01/2036		1,061,850
	555,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)1		5.875		04/01/2036		622,316
	780,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)1		6.000		04/01/2045		858,959
	10,000,000	North TX Tollway Authority1		5.000		01/01/2043		11,221,200
	3,695,000	Sabine River Authority, TX Pollution Control (TXU Electric Company)4,9,10		6.150		08/01/2022		—
	4,315,000	Spring, TX Independent School District1		5.000		08/15/2029		5,077,676
	5,000,000	Spring, TX Independent School District1		5.000		08/15/2031		5,838,750
	110,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		5.750		09/01/2027		106,921
	485,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		6.000		09/01/2033		458,713
	4,500,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250		12/15/2026		5,347,665
	1,700,000	TX Public Finance Authority Charter School Finance Corp. (Cosmos Foundation)1		6.000		02/15/2030		1,842,103
	170,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)1		6.250		09/01/2036		170,950
	1,085,000	TX Public Finance Authority Charter School Finance Corp. (New Frontiers School)1		5.800		08/15/2040		1,144,773
								86,779,634
	Utah—0.0%
	275,000	Utah County, UT Charter School (Renaissance Academy)1		5.625		07/15/2037		274,978
	Vermont—0.0%
	350,000	Burlington, VT GO1		5.000		11/01/2027		389,256

39        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	Vermont (Continued)
	$445,000	Burlington, VT GO1		5.000%			11/01/2032	$	492,811
									882,067
	Virginia—1.8%
	1,590,000	Buena Vista, VA Public Recreational Facilities Authority (Golf Course)		5.250			07/15/2025		1,563,383
	386,000	Celebrate, VA North CDA Special Assessment5		6.750			03/01/2034		231,600
	3,131,000	Celebrate, VA South CDA Special Assessment4		6.250			03/01/2037		1,095,850
	8,000,000	Chesapeake Bay, VA Bridge & Tunnel District1		5.000			07/01/2041		9,060,960
	900,000	New Port, VA CDA4		5.600			09/01/2036		414,000
	3,240,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation1		6.450			09/01/2037		3,267,961
	2,420,000	Stafford County & Staunton, VA IDA (Virginia Municipal League/Mt. Rogers)1		6.500			08/01/2038		2,451,508
	950,000	VA College Building Authority (Regent University)1		5.000			06/01/2026		950,466
	990,000	VA College Building Authority (Regent University)1		5.000			06/01/2029		990,050
	585,000	VA College Building Authority Educational Facilities (Regent University)1		5.000			06/01/2036		552,673
	35,170,000	VA Tobacco Settlement Financing Corp.		4.783 6			06/01/2047		3,114,655
	134,770,000	VA Tobacco Settlement Financing Corp.		4.867 6			06/01/2047		9,580,799
									33,273,905
	Washington—2.9%
	75,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)1		5.600			03/01/2028		75,009
	2,330,642	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		2,331,411
	3,920,000	Vancouver, WA Hsg. Authority (Springbrook Village Apartments)1		5.000			03/01/2025		4,190,794
	80,000	Vancouver, WA Hsg. Authority (Springbrook Village Apartments)1		5.000			03/01/2025		85,102
	33,785,000	WA Health Care Facilities Authority (Catholic Health Initiatives)1		6.375			10/01/2036		34,615,435
	10,000,000	WA Health Care Facilities Authority (Fred Hutchinson Cancer Research Center)1		2.210	11		01/01/2042		10,026,200
	2,250,000	WA Health Care Facilities Authority (Virginia Mason Medical Center)1		5.000			08/15/2031		2,552,828
									53,876,779
	West Virginia—0.2%
	1,960,000	Brooke County, WV (Bethany College)1		6.500			10/01/2031		1,976,444
	1,885,000	Brooke County, WV (Bethany College)1		6.750			10/01/2037		1,896,461
									3,872,905
	Wisconsin—1.6%
	1,475,000	WI Center District, Series A1		5.000			12/15/2029		1,595,862
	5,000,000	WI GO1		6.000			05/01/2036		5,283,250

40        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Wisconsin (Continued)
	$615,000	WI H&EFA (Beloit College)1		5.000	%		07/01/2036	$	669,089
	750,000	WI H&EFA (Beloit College)1		6.125			06/01/2039		826,223
	17,260,000	WI H&EFA (SSM Health Care Corp.)1		5.250			06/01/2034		18,477,520
	130,000	WI Public Finance Authority (Las Ventanas Retirement Community)2		0.181	6		10/01/2042		65,291
	465,000	WI Public Finance Authority (Las Ventanas Retirement Community)1		7.000			10/01/2042		467,134
	200,000	WI Public Finance Authority (Las Ventanas Retirement Community)		36.060	6		10/01/2042		4,120
	650,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)1		7.125			07/01/2042		665,912
	460,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)1		5.750			07/15/2032		494,661
	350,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)1		6.000			07/15/2042		374,896
									28,923,958
	U.S. Possessions—7.4%
	7,315,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		5,431,387
	1,885,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,399,612
	5,400,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		4,023,000
	1,925,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		1,429,312
	4,515,000	Puerto Rico Commonwealth GO4		5.000			07/01/2020		1,140,037
	2,610,000	Puerto Rico Commonwealth GO4		5.000			07/01/2023		659,025
	5,000	Puerto Rico Commonwealth GO, AGC1		5.000			07/01/2034		5,004
	3,000,000	Puerto Rico Commonwealth GO4		5.125			07/01/2028		757,500
	3,000,000	Puerto Rico Commonwealth GO4		5.250			07/01/2023		757,500
	4,020,000	Puerto Rico Commonwealth GO4		5.250			07/01/2030		1,015,050
	1,250,000	Puerto Rico Commonwealth GO4		5.375			07/01/2030		315,625
	500,000	Puerto Rico Commonwealth GO, NPFGC		5.500			07/01/2021		503,260
	2,595,000	Puerto Rico Commonwealth GO4		5.500			07/01/2026		655,237
	4,210,000	Puerto Rico Commonwealth GO4		5.500			07/01/2039		1,063,025
	4,000,000	Puerto Rico Commonwealth GO4		5.625			07/01/2033		1,010,000
	5,000,000	Puerto Rico Commonwealth GO4		5.750			07/01/2028		1,262,500
	9,000,000	Puerto Rico Commonwealth GO4		5.750			07/01/2036		2,272,500
	3,335,000	Puerto Rico Commonwealth GO4		5.750			07/01/2041		842,087
	1,365,000	Puerto Rico Commonwealth GO, NPFGC1		6.000			07/01/2027		1,368,453
	4,895,000	Puerto Rico Commonwealth GO4		6.000			07/01/2029		1,235,987
	2,000,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		505,000
	10,000,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		2,525,000
	3,000,000	Puerto Rico Commonwealth GO4		6.000			07/01/2040		757,500
	5,000,000	Puerto Rico Commonwealth GO4		6.500			07/01/2037		1,262,500
	954,075	Puerto Rico Electric Power Authority4		10.000			07/01/2019		341,082
	954,075	Puerto Rico Electric Power Authority4		10.000			07/01/2019		341,082
	772,297	Puerto Rico Electric Power Authority4		10.000			01/01/2021		276,096
	772,296	Puerto Rico Electric Power Authority4		10.000			07/01/2021		276,096
	257,432	Puerto Rico Electric Power Authority4		10.000			01/01/2022		92,032
	257,432	Puerto Rico Electric Power Authority4		10.000			07/01/2022		92,032
	21,085,000	Puerto Rico Electric Power Authority, Series A4		5.000			07/01/2029		7,537,888

41        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$5,000,000	Puerto Rico Electric Power Authority, Series A4		6.750	%		07/01/2036	$	1,787,500
	2,830,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2028		1,011,725
	1,850,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2022		661,375
	2,500,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2028		893,750
	3,000,000	Puerto Rico Electric Power Authority, Series CCC4		5.250			07/01/2027		1,072,500
	295,000	Puerto Rico Electric Power Authority, Series NN4		5.500			07/01/2020		105,463
	30,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2023		29,442
	260,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2024		253,601
	4,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2025		3,871,360
	3,000,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2026		1,072,500
	4,500,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2032		1,608,750
	5,000,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2037		1,787,500
	1,690,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2025		1,660,949
	1,500,000	Puerto Rico Electric Power Authority, Series VV4		5.500			07/01/2020		536,250
	2,000,000	Puerto Rico Electric Power Authority, Series WW4		5.000			07/01/2028		715,000
	1,985,000	Puerto Rico Electric Power Authority, Series WW4		5.250			07/01/2025		709,638
	2,750,000	Puerto Rico Electric Power Authority, Series WW4		5.375			07/01/2023		983,125
	5,000,000	Puerto Rico Electric Power Authority, Series WW4		5.500			07/01/2020		1,787,500
	5,000,000	Puerto Rico Electric Power Authority, Series WW4		5.500			07/01/2021		1,787,500
	3,050,000	Puerto Rico Electric Power Authority, Series WW4		5.500			07/01/2038		1,090,375
	1,670,000	Puerto Rico Electric Power Authority, Series XX4		5.250			07/01/2040		597,025
	410,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250			07/01/2022		146,575
	7,300,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250			07/01/2024		2,609,750
	405,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250			07/01/2025		144,788
	40,000	Puerto Rico Highway & Transportation Authority, FGIC12		5.000			07/01/2022		29,400
	20,000	Puerto Rico Highway & Transportation Authority, NPFGC1		5.000			07/01/2033		18,097
	10,000	Puerto Rico Highway & Transportation Authority, AGC1		5.000			07/01/2035		10,006
	3,500,000	Puerto Rico Highway & Transportation Authority, Series M4		5.000			07/01/2046		390,250
	65,000	Puerto Rico Infrastructure4		5.000			07/01/2041		2,957
	850,000	Puerto Rico Infrastructure, FGIC12		5.500			07/01/2024		624,750
	8,000,000	Puerto Rico Infrastructure, FGIC12		7.072	6		07/01/2030		2,694,800
	750,000	Puerto Rico Infrastructure Financing Authority, FGIC12		5.500			07/01/2028		551,250
	8,695,000	Puerto Rico Infrastructure Financing Authority, FGIC12		6.065	6		07/01/2031		2,791,964
	2,405,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)		5.625			07/01/2022		1,930,013
	1,230,000	Puerto Rico ITEMECF (Polytechnic University), ACA1		5.000			08/01/2032		1,140,358
	190,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2022		164,350

42        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$3,300,000	Puerto Rico Public Buildings Authority5		5.000	%		07/01/2032	$	965,250
	240,000	Puerto Rico Public Buildings Authority5		5.250			07/01/2042		70,200
	4,940,000	Puerto Rico Public Buildings Authority4		5.375			07/01/2033		1,444,950
	10,000,000	Puerto Rico Public Buildings Authority, NPFGC1		6.000			07/01/2028		10,027,400
	2,000,000	Puerto Rico Public Buildings Authority4		6.000			07/01/2041		585,000
	8,575,000	Puerto Rico Public Buildings Authority5		6.250			07/01/2026		2,508,187
	1,000,000	Puerto Rico Public Buildings Authority4		6.250			07/01/2031		292,500
	5,615,000	Puerto Rico Public Finance Corp., Series B4		5.500			08/01/2031		126,338
	6,380,000	Puerto Rico Sales Tax Financing Corp.4		8.542	6		08/01/2023		698,100
	270,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.000			08/01/2043		42,188
	4,365,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.375			08/01/2039		682,031
	17,650,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.500			08/01/2037		2,757,813
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.500			08/01/2042		390,625
	20,215,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.750			08/01/2037		3,158,594
	29,670,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.108	6		08/01/2044		5,493,104
	15,000,000	Puerto Rico Sales Tax Financing Corp., Series A4		6.375			08/01/2039		2,343,750
	7,000,000	Puerto Rico Sales Tax Financing Corp., Series A4		6.500			08/01/2044		1,093,750
	50,000,000	Puerto Rico Sales Tax Financing Corp., Series A4		7.276	6		08/01/2034		2,329,000
	18,875,000	Puerto Rico Sales Tax Financing Corp., Series A4		9.407	6		08/01/2036		816,344
	2,080,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.000			08/01/2022		988,000
	29,160,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.000			08/01/2040		13,851,000
	3,000,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.250			08/01/2040		1,425,000
	7,450,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.250			08/01/2041		1,164,063
	2,205,000	Puerto Rico Sales Tax Financing Corp., Series C4		6.000			08/01/2042		344,531
	3,685,000	Puerto Rico Sales Tax Financing Corp., Series C4		6.750	3		08/01/2032		575,781
	32,560,000	Puerto Rico Sales Tax Financing Corp., Series C4		8.015	6		08/01/2038		1,272,445
	1,305,000	University of Puerto Rico, Series P		5.000			06/01/2026		864,563
	1,080,000	V.I. Public Finance Authority, Series A1		5.000			10/01/2032		1,126,753
	2,500,000	V.I. Public Finance Authority, Series C		5.000			10/01/2039		1,243,750
									137,105,555
	Total Municipal Bonds and Notes (Cost $2,256,106,801)								1,977,010,881
	Corporate Bonds and Notes—0.0%
	66,566	Las Vegas Monorail Co., Sr. Sec. Nts.8,9,13		5.500			07/15/2019		3,673
	18,270	Las Vegas Monorail Co., Sub. Nts.5,8,9,13		5.500	11		07/15/2055		106
	Total Corporate Bonds and Notes (Cost $134)								3,779
	Total Investments, at Value (Cost $2,256,106,935)—106.2%								1,977,014,660
	Net Other Assets (Liabilities)—(6.2)								(115,423,752)
	Net Assets—100.0%							$	1,861,590,908

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

43        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

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

4. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

5. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

6. Zero coupon bond reflects effective yield on the original acquisition date.

7. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 4 of the accompanying Notes.

8. Interest or dividend is paid-in-kind, when applicable.

9. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

10. Security received as the result of issuer reorganization.

11. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

12. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

13. Received as a result of a corporate action.

To simplify the listings of securities, abbreviations are used per the table below:

ACA	American Capital Access
AcadM&S	Academy of Mathematics & Science
AGC	Assured Guaranty Corp.
AM&S	Academies of Math & Science
AM&SS	Academies of Math & Science South
AWCC	American Water Capital Corp.
BH&HCG	Bristol Hospital & Health Care Group
BHDF	Bristol Hospital Development Foundation
BHlthC	Bristol Health Care
BHosp	Bristol Hospital
BHospital	Reading Hospital
CDA	Communities Devel. Authority
CHH	Chestnut Hill Hospital
COP	Certificates of Participation
DA	Dormitory Authority
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
EF&CD	Environmental Facilities and Community Devel.
ELGS	Evangelical Lutheran Good Samaritan
ELGSF	Evangelical Lutheran Good Samaritan Foundation
ELGSS	Evangelical Lutheran Good Samaritan Society
EPBH	Emma Pendleton Bradley Hospital
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
GSH	Good Samaritan Hospital
GSHI	Good Samaritan of Indiana
GSHPS	Good Samaritan Hospital Physicians Services

44        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
GSSH	Georgia Southwestern University
H&EFA	Health and Educational Facilities Authority
H&EFB	Health and Educational Facilities Board
H&HEFA	Hospitals and Higher Education Facilities Authority
HEFA	Higher Education Facilities Authority
HEFFA	Higher Educational Facilities Finance Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFHS	Henry Ford Health System
HFMHCT	Henry Ford Macomb Hospital Corp.-Clinton Township
HFWH	Henry Ford Wyandotte Hospital
HHH&H	Healthalliance Home Health and Hospital
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JH	Jennersville Hospital
KAWC	Kentucky American Water Company
LVHM	Lehigh Valley Hospital-Muhlenberg
LVHN	Lehigh Valley Health Network
LVlyH	Lehigh Valley Hospital
M&SSA	Math & Science Success Academy
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
MSSA	Math & Science Success Academy
MTA	Metropolitan Transportation Authority
NPFGC	National Public Finance Guarantee Corp.
NPHC	Northeastern Pennsylvania Health Corp.
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PAS	Presence Ambulatory Services
PBH	Presence Behavioral Health
PC&SHN	Presence Central & Suburban Hospitals Network
PCHN	Presence Chicago Hospitals Network
PCTC	Presence Care Transformation Corp.
PHCr	Presence Home Care
PHFBT	Presence Health Food Foundation Board of Trustees
PHlth	Presence Health
PHN	Presence Health Network
PHospital	Phoenixville Hospital
PHP	Presence PRV Health
PHSys	Pocono Health System
PLC	Presence Life Connections
PMCtr	Pocono Medical Center
PottsH	Pottstown Hospital
PPH	Presence PRV Health
PRC	Presence RHC Corporation
PRMC	Presence Resurrection Medical Center
PSFH	Presence Saint Francis Hospital
PSJHC	Presence Saint Francis Hospital-Chicago
PSM&EMC	Presence Saints Mary and Elizabeth Medical Center
PSSC	Presence Senior Services - Chicagoland

45        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)

RHosp	Reading Hospital
RIH	Rhode Island Hospital
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SEBH	Sutter East Bay Hospitals
SHlth	Sutter Health
SJHCN	St. Joseph Home Care Network
SJHE	St. Joseph Hospital of Eureka
SJHO	St. Joseph Hospital of Orange
SJHS	St. Joseph Health System
SMCSJS	Schuylkill Medical Center South Jackson Street
SRehC	Simpson Retirement Communities
SRMC	Schuylkill Regional Medical Center
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
THlth	Tower Health
TMH	The Miriam Hospital
UMHC	UMass Memorial Health Care
UMMC	UMass Memorial Medical Center
V.I.	United States Virgin Islands
WAFMH	W A Foote Memorial Hospital

See accompanying Notes to Financial Statements.

46        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES January 31, 2018 Unaudited

Assets
Investments, at value (cost $2,256,106,935)—see accompanying statement of investments	$	1,977,014,660
Cash		620,862
Receivables and other assets:
Interest		21,956,555
Investments sold on a when-issued or delayed delivery basis		6,864,214
Shares of beneficial interest sold		1,254,579
Other		376,101
Total assets		2,008,086,971
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		104,720,000
Payable for borrowings (See Note 9)		35,800,000
Shares of beneficial interest redeemed		3,358,316
Dividends		1,850,619
Distribution and service plan fees		314,200
Trustees’ compensation		249,953
Interest expense on borrowings		30,986
Shareholder communications		11,137
Other		160,852
Total liabilities		146,496,063
Net Assets	$	1,861,590,908
Composition of Net Assets
Par value of shares of beneficial interest	$	274,568
Additional paid-in capital		2,424,437,375
Accumulated net investment income		11,559,627
Accumulated net realized loss on investments		(295,588,387)
Net unrealized depreciation on investments		(279,092,275)
Net Assets	$	1,861,590,908

47        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,113,371,516 and 163,850,945 shares of beneficial interest outstanding)	$	6.80
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.14
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,597,106 and 236,855 shares of beneficial interest outstanding)	$	6.74
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $349,447,343 and 51,846,300 shares of beneficial interest outstanding)	$	6.74
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $397,174,943 and 58,633,622 shares of beneficial interest outstanding)	$	6.77

See accompanying Notes to Financial Statements.

48        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF

OPERATIONS For the Six Months Ended January 31, 2018 Unaudited

Investment Income
Interest	$	50,449,073
Expenses
Management fees		4,145,652
Distribution and service plan fees:
Class A		1,404,518
Class B		10,785
Class C		1,840,049
Transfer and shareholder servicing agent fees:
Class A		588,163
Class B		1,079
Class C		184,047
Class Y		213,140
Shareholder communications:
Class A		12,038
Class B		123
Class C		4,342
Class Y		3,502
Legal, auditing and other professional fees		1,193,841
Borrowing fees		967,116
Interest expense and fees on short-term floating rate notes issued (See Note 4)		447,553
Interest expense on borrowings		163,507
Custodian fees and expenses		20,637
Trustees’ compensation		12,629
Other		12,875
Total expenses		11,225,596
Net Investment Income		39,223,477
Realized and Unrealized Gain (Loss)
Net realized gain on investment transactions		1,183,208
Net change in unrealized appreciation/depreciation on investment transactions		(71,822,058)
Net Decrease in Net Assets Resulting from Operations	$	(31,415,373)

See accompanying Notes to Financial Statements.

49        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2018 (Unaudited)		Year Ended July 31, 2017
Operations
Net investment income	$	39,223,477	$	90,256,882
Net realized gain (loss)		1,183,208		(7,083,262)
Net change in unrealized appreciation/depreciation		(71,822,058)		(8,553,886)
Net increase (decrease) in net assets resulting from operations		(31,415,373)		74,619,734
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(25,549,482)		(62,718,998)
Class B		(38,759)		(172,789)
Class C		(6,664,033)		(17,113,876)
Class Y		(9,791,180)		(20,910,181)
		(42,043,454)		(100,915,844)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(90,917,832)		(62,508,061)
Class B		(1,162,956)		(3,130,401)
Class C		(17,325,014)		(41,332,287)
Class Y		(26,539,991)		6,815,631
		(135,945,793)		(100,155,118)
Net Assets
Total decrease		(209,404,620)		(126,451,228)
Beginning of period		2,070,995,528		2,197,446,756
End of period (including accumulated net investment income of
$11,559,627 and $14,379,604, respectively)	$	1,861,590,908	$	2,070,995,528

See accompanying Notes to Financial Statements.

50        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT

OF CASH FLOWS For the Six Months Ended January 31, 2018 Unaudited

Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(31,415,373)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(126,562,393)
Proceeds from disposition of investment securities		307,429,460
Short-term investment securities, net		7,642,090
Premium amortization		8,085,874
Discount accretion		(13,653,208)
Net realized gain on investment transactions		(1,183,208)
Net change in unrealized appreciation/depreciation on investment transactions		71,822,058
Change in assets:
Decrease in other assets		282,358
Decrease in interest receivable		886,556
Decrease in receivable for securities sold		1,560,551
Change in liabilities:
Decrease in other liabilities		(90,835)
Decrease in payable for securities purchased		(609,406)
Net cash provided by operating activities		224,194,524
Cash Flows from Financing Activities
Proceeds from borrowings		275,700,000
Payments on borrowings		(314,900,000)
Payments and proceeds on short-term floating rate notes issued		(15,405,000)
Proceeds from shares sold		217,806,964
Payments on shares redeemed		(380,417,082)
Cash distributions paid		(6,897,832)
Net cash used in financing activities		(224,112,950)
Net increase in cash		81,574
Cash, beginning balance		539,288
Cash, ending balance	$	620,862

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $34,961,269.

Cash paid for interest on borrowings—$182,628.

Cash paid for interest on short-term floating rate notes issued—$447,553.

See accompanying Notes to Financial Statements.

51        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended January 31, 2018 (Unaudited)		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$7.05		$7.12		$6.76		$6.84		$6.65		$7.19
Income (loss) from investment operations:
Net investment income1		0.14		0.31		0.37		0.42		0.43		0.40
Net realized and unrealized gain (loss)		(0.24)		(0.03)		0.40		(0.08)		0.16		(0.55)
Total from investment operations		(0.10)		0.28		0.77		0.34		0.59		(0.15)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.15)		(0.35)		(0.41)		(0.42)		(0.40)		(0.39)
Net asset value, end of period		$6.80		$7.05		$7.12		$6.76		$6.84		$6.65
Total Return, at Net Asset Value2		(1.41)%		4.08%		11.70%		4.88%		9.18%		(2.32)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,113,372		$1,248,082		$1,325,385		$1,237,668		$1,305,586		$1,586,019
Average net assets (in thousands)		$1,165,939		$1,254,247		$1,282,545		$1,306,597		$1,405,201		$1,914,142
Ratios to average net assets:3
Net investment income		4.07%		4.48%		5.30%		6.04%		6.40%		5.52%
Expenses excluding specific expenses listed below		0.89%		0.83%		0.82%		0.87%		0.82%		0.74%
Interest and fees from borrowings		0.11%		0.10%		0.06%		0.09%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4		0.05%		0.09%		0.06%		0.08%		0.17%		0.10%
Total expenses		1.05%		1.02%		0.94%		1.04%		1.08%		0.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.02%		0.94%		1.04%		1.08%5		0.92%5
Portfolio turnover rate		6%		25%		16%		9%		10%		13%

52        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

53        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class B	Six Months Ended January 31, 2018 (Unaudited)	Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$7.00		$7.07		$6.72		$6.80		$6.61		$7.15
Income (loss) from investment operations:
Net investment income1	0.11		0.27		0.32		0.37		0.37		0.34
Net realized and unrealized gain (loss)	(0.25)		(0.04)		0.39		(0.09)		0.17		(0.55)
Total from investment operations	(0.14)		0.23		0.71		0.28		0.54		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.12)		(0.30)		(0.36)		(0.36)		(0.35)		(0.33)
Net asset value, end of period	$6.74		$7.00		$7.07		$6.72		$6.80		$6.61
Total Return, at Net Asset Value2	(1.94)%		3.32%		10.78%		4.12%		8.39%		(3.15)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$1,597		$2,846		$6,067		$12,148		$19,426		$26,593
Average net assets (in thousands)	$2,133		$3,999		$8,558		$16,554		$22,337		$33,430
Ratios to average net assets:3
Net investment income	3.30%		3.85%		4.60%		5.30%		5.61%		4.69%
Expenses excluding specific expenses listed below	1.66%		1.60%		1.57%		1.63%		1.61%		1.57%
Interest and fees from borrowings	0.11%		0.10%		0.06%		0.09%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4	0.05%		0.09%		0.06%		0.08%		0.17%		0.10%
Total expenses	1.82%		1.79%		1.69%		1.80%		1.87%		1.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.82%		1.79%		1.69%		1.80%		1.87%		1.75%5
Portfolio turnover rate	6%		25%		16%		9%		10%		13%

54        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

55        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended January 31, 2018 (Unaudited)		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$6.99		$7.07		$6.71		$6.80		$6.60		$7.15
Income (loss) from investment operations:
Net investment income1		0.11		0.26		0.31		0.37		0.37		0.34
Net realized and unrealized gain (loss)		(0.24)		(0.04)		0.41		(0.10)		0.18		(0.55)
Total from investment operations		(0.13)		0.22		0.72		0.27		0.55		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		(0.30)		(0.36)		(0.36)		(0.35)		(0.34)
Net asset value, end of period		$6.74		$6.99		$7.07		$6.71		$6.80		$6.60
Total Return, at Net Asset Value2		(1.80)%		3.19%		10.96%		3.98%		8.58%		(3.24)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$349,447		$380,460		$427,045		$373,089		$374,108		$450,498
Average net assets (in thousands)		$364,876		$398,492		$401,140		$379,042		$381,177		$539,108
Ratios to average net assets:3
Net investment income		3.31%		3.73%		4.54%		5.30%		5.62%		4.75%
Expenses excluding specific expenses listed below		1.65%		1.59%		1.57%		1.63%		1.59%		1.51%
Interest and fees from borrowings		0.11%		0.10%		0.06%		0.09%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4		0.05%		0.09%		0.06%		0.08%		0.17%		0.10%
Total expenses		1.81%		1.78%		1.69%		1.80%		1.85%		1.69%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.81%		1.78%		1.69%		1.80%		1.85%5		1.69%5
Portfolio turnover rate		6%		25%		16%		9%		10%		13%

56        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

57        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended January 31, 2018 (Unaudited)		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$7.03		$7.10		$6.74		$6.82		$6.63		$7.17
Income (loss) from investment operations:
Net investment income1		0.15		0.32		0.38		0.44		0.44		0.42
Net realized and unrealized gain (loss)		(0.25)		(0.03)		0.41		(0.09)		0.16		(0.55)
Total from investment operations		(0.10)		0.29		0.79		0.35		0.60		(0.13)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.16)		(0.36)		(0.43)		(0.43)		(0.41)		(0.41)
Net asset value, end of period		$6.77		$7.03		$7.10		$6.74		$6.82		$6.63
Total Return, at Net Asset Value2		(1.44)%		4.34%		12.00%		5.16%		9.47%		(2.11)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$397,175		$439,608		$438,950		$276,260		$248,616		$198,648
Average net assets (in thousands)		$422,519		$398,935		$394,361		$294,301		$245,234		$278,098
Ratios to average net assets:3
Net investment income		4.31%		4.65%		5.51%		6.30%		6.59%		5.75%
Expenses excluding specific expenses listed below		0.65%		0.59%		0.58%		0.63%		0.58%		0.51%
Interest and fees from borrowings		0.11%		0.10%		0.06%		0.09%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4		0.05%		0.09%		0.06%		0.08%		0.17%		0.10%
Total expenses		0.81%		0.78%		0.70%		0.80%		0.84%		0.69%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.81%		0.78%		0.70%		0.80%		0.84%5		0.69%5
Portfolio turnover rate		6%		25%		16%		9%		10%		13%

58        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

59        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS January 31, 2018 Unaudited

1. Organization

Oppenheimer Rochester AMT-Free Municipal Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid

60        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

annually or at other times as determined necessary by the Manager.

    The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended July 31, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended July 31, 2017, the Fund did not utilize any capital loss carryforwards to offset capital gains realized in that fiscal year. Details of the fiscal year ended July 31, 2017 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

61        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Expiring
2018	$	177,767,456
2019		12,340,869
No expiration		104,553,138
Total	$	294,661,463

At period end, it is estimated that the capital loss carryforwards would be $190,108,325 expiring by 2019 and $103,369,930, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $1,183,208 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	2,156,044,6411
Gross unrealized appreciation	$	99,918,422
Gross unrealized depreciation		(379,776,633)
Net unrealized depreciation	$	(279,858,211)

1. The Federal tax cost of securities does not include cost of $100,828,230, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 4.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a

62        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

3. Securities Valuation (Continued)

scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

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

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

63        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

	Level 1—      Unadjusted      Quoted Prices		Level 2—     Other Significant     Observable Inputs		Level 3— Significant      Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama	$	—	$	100,498,785	$	—	$	100,498,785
Alaska		—		215,656		—		215,656
Arizona		—		46,204,804		—		46,204,804
Arkansas		—		—		1,324,950		1,324,950
California		—		251,916,753		—		251,916,753
Colorado		—		37,764,256		—		37,764,256
Connecticut		—		504,936		—		504,936
Delaware		—		4,771,509		—		4,771,509
District of Columbia		—		17,226,564		—		17,226,564
Florida		—		131,980,670		6,569,405		138,550,075

64        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

3. Securities Valuation (Continued)

	Level 1—       Unadjusted       Quoted Prices		Level 2—     Other Significant     Observable Inputs		Level 3— Significant      Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Georgia	$	—	$	2,009,284	$	—	$	2,009,284
Idaho		—		62,398		—		62,398
Illinois		—		152,863,779		—		152,863,779
Indiana		—		32,708,051		—		32,708,051
Iowa		—		3,289,610		—		3,289,610
Kansas		—		1,961,191		—		1,961,191
Kentucky		—		30,255,996		—		30,255,996
Louisiana		—		51,550,037		—		51,550,037
Maine		—		7,801,410		—		7,801,410
Maryland		—		10,370,806		—		10,370,806
Massachusetts		—		27,649,338		—		27,649,338
Michigan		—		92,575,078		—		92,575,078
Minnesota		—		3,982,414		—		3,982,414
Mississippi		—		11,912,550		—		11,912,550
Missouri		—		22,300,811		438,750		22,739,561
Montana		—		2,342,000		—		2,342,000
Nebraska		—		10,696,468		—		10,696,468
Nevada		—		13,322,156		—		13,322,156
New Hampshire		—		25,244,217		—		25,244,217
New Jersey		—		78,808,380		—		78,808,380
New Mexico		—		2,026,417		—		2,026,417
New York		—		167,180,484		—		167,180,484
Ohio		—		118,626,026		—		118,626,026
Oklahoma		—		12,609,330		—		12,609,330
Oregon		—		836,421		—		836,421
Pennsylvania		—		117,825,720		—		117,825,720
Rhode Island		—		1,680,864		—		1,680,864
South Carolina		—		15,725,012		—		15,725,012
South Dakota		—		1,656,825		—		1,656,825
Tennessee		—		12,730,989		—		12,730,989
Texas		—		86,779,634		—		86,779,634
Utah		—		274,978		—		274,978
Vermont		—		882,067		—		882,067
Virginia		—		33,273,905		—		33,273,905
Washington		—		53,876,779		—		53,876,779
West Virginia		—		3,872,905		—		3,872,905
Wisconsin		—		28,923,958		—		28,923,958
U.S. Possessions		—		137,105,555		—		137,105,555
Corporate Bonds and Notes		—		—		3,779		3,779
Total Assets	$	—	$	1,968,677,776	$	8,336,884	$	1,977,014,660

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

65        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and
Notes
Alaska	$	55,500	$	—	$	—	$	(55,500)
Florida		4,754,983		(4,728,456)		4,728,456		(4,754,983)
Illinois		1,899,734		—		—		(1,899,734)
Iowa		37,000		—		—		(37,000)
Maryland		269,136		—		—		(269,136)
Missouri		—		(541,681)		541,681		—
Montana		2,337,901		—		—		(2,337,901)
South Carolina		4,721,787		—		—		(4,721,787)
Wisconsin		3,780		—		—		(3,780)
Total Assets	$	14,079,821	$	(5,270,137)	$	5,270,137	$	(14,079,821)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

** Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

4. Investments and Risks

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a trust (the “Trust”). The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust must contribute cash to the Trust to ensure that the tendering holders

66        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

4. Investments and Risks (Continued)

receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund typically has the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Through the exercise of this right, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying

67        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate

68        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

4. Investments and Risks (Continued)

securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $64,760,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At period end, municipal bond holdings with a value of $166,565,983 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $104,720,000 in short-term floating rate securities issued and outstanding at that date.

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

Principal Amount		Inverse Floater1	Coupon Rate2		Maturity Date		Value
	$      3,480,000	FL COP (Dept. of Management Services) Tender Option Bond Series 2015-XF0020 Trust		9.980%		8/1/28	$	3,771,241
	4,000,000	Greater Orlando, FL Aviation Authority Tender Option Bond Series 2015-XF2019 Trust3		11.930		10/1/32		5,268,560
	4,000,000	Houston, TX Airport System Tender Option Bond Series 2015-XF0240 Trust3		13.769		7/1/39		4,244,080
	4,250,000	Hudson Yards, NY Infrastructure Corp. Tender Option Bond Series 2017-XF0549-1 Trust		6.859		2/15/37		5,564,908
	3,750,000	Hudson Yards, NY Infrastructure Corp. Tender Option Bond Series 2017-XF0549-2 Trust		6.859		2/15/39		4,884,600
	5,000,000	IL Finance Authority (Northwestern Memorial Hospital/Northwestern Memorial Healthcare Obligated Group) Tender Option Bond Series 2015-XF0022 Trust		15.310		8/15/39		6,328,400
	10,000,000	MA GO Tender Option Bond Series 2016-XF0530 Trust		6.891		12/1/35		13,424,900
	3,650,000	MI Hospital Finance Authority Tender Option Bond Series 2015-XF2129 Trust3		15.991		12/1/23		4,193,047
	5,215,000	NH H&EFA Tender Option Bond Series 2015- XF2144 Trust3		19.026		4/1/38		6,963,016
	2,500,000	Orange County, FL School Board Tender Option Bond Series 2015-XF2013 Trust3		13.363		8/1/34		3,072,100
	3,335,000	San Francisco, CA City & County COP Tender Option Bond Series 2015-XF2033 Trust3		9.388		10/1/33		4,131,131
							$	61,845,983

69        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $104,720,000 or 5.21% of its total assets at period end.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$6,864,214

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be

70        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

4. Investments and Risks (Continued)

subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest and/or principal payment.

Information concerning securities not accruing interest at period end is as follows:

Cost	$	325,421,477
Market Value	$	116,092,146
Market Value as % of Net Assets		6.24%

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market.

Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period.

71        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended January 31, 2018						Year Ended July 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		15,621,130		$	107,380,485			39,432,283		$	274,802,226
Dividends and/or distributions reinvested		3,143,306			21,652,972			7,482,401			52,138,172
Redeemed		(31,949,365	)		(219,951,289	)		(56,021,371	)		(389,448,459)
Net decrease		(13,184,929	)	$	(90,917,832	)		(9,106,687	)	$	(62,508,061)
Class B
Sold		3,952		$	27,012			6,084		$	41,642
Dividends and/or distributions reinvested		5,469			37,417			22,279			154,087
Redeemed		(179,334	)		(1,227,385	)		(479,905	)		(3,326,130)
Net decrease		(169,913	)	$	(1,162,956	)		(451,542	)	$	(3,130,401)
Class C
Sold		4,637,226		$	31,569,922			9,625,779		$	65,802,250
Dividends and/or distributions reinvested		789,939			5,393,370			1,899,824			13,132,587
Redeemed		(7,978,613	)		(54,288,306	)		(17,557,783	)		(120,267,124)
Net decrease		(2,551,448	)	$	(17,325,014	)		(6,032,180	)	$	(41,332,287)
Class Y
Sold		10,652,123		$	73,125,095			34,278,214		$	238,499,944
Dividends and/or distributions reinvested		1,147,786			7,877,510			2,374,263			16,508,726
Redeemed		(15,716,842	)		(107,542,596	)		(35,929,400	)		(248,193,039)
Net increase (decrease)		(3,916,933	)	$	(26,539,991	)		723,077		$	6,815,631

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	126,562,393	$	307,429,460

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in

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8. Fees and Other Transactions with Affiliates (Continued)

the following table:

Fee Schedule
Up to $200 million	0.60%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Next $4 billion	0.35
Over $5 billion	0.33

The Fund’s effective management fee for the reporting period was 0.42% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active

Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

73        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		10,899
Accumulated Liability as of January 31, 2018		92,382

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

74        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

8. Fees and Other Transactions with Affiliates (Continued)

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
January 31, 2018		$46,455		$15,785		$1,966		$12,036

9. Borrowings and Other Financing

Borrowings. The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 4. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 4 (Inverse Floating Rate Securities) for additional information.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the

75        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Borrowings and Other Financing (Continued)

Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (1.5693% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.08% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 1.5693%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	24,417,391
Average Daily Interest Rate		1.330%
Fees Paid	$	274,927
Interest Paid	$	182,628

Reverse Repurchase Agreements. The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s

76        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

9. Borrowings and Other Financing (Continued)

Statement of Operations and equal 0.03% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $                 418,153

77        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

78        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the high yield muni category. The Board noted that the Fund’s one-year, three-year and five-year performance was better than its category median although its ten-year performance was below its category median.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load high yield muni funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fee and total expenses were lower than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

79        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

80        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

81        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’. The Fund’s latest distribution information will be followed by the sources of any distribution, updated daily.

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Rochester AMT-Free Municipal
Fund		8/22/17		74.4%		0.0%		25.6%

82        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	Beth Ann Brown, Trustee
	Edmund P. Giambastiani, Jr., Trustee
	Elizabeth Krentzman, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Joanne Pace, Trustee
	Daniel Vandivort, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Scott S. Cottier, Vice President
	Troy E. Willis, Vice President
	Mark R. DeMitry, Vice President
	Michael L. Camarella, Vice President
	Charles S. Pulire, Vice President
	Elizabeth Mossow, Vice President
	Richard Stein, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
Servicing Agent
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered	KPMG LLP
Public Accounting Firm
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

© 2018 OppenheimerFunds, Inc. All rights reserved.

83        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

● Applications or other forms.

● When you create a user ID and password for online account access.

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

84        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

● All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

● Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

● You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

85        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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86        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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87        OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800. CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com Call Us 800  225  5677 Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS0310.001.0118 March 23, 2018

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 1/31/2018, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time

periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Exhibit attached hereto.

(2) 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.

Oppenheimer Rochester AMT-Free Municipal Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	3/16/2018

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/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	3/16/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	3/16/2018