Oppenheimer Rochester Amt-free New York 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 811-4054

Oppenheimer AMT — Free New York Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: September 30

Date of reporting period: 3/30/2012

Item 1. Reports to Stockholders.

March 31, 2012

Oppenheimer            Management

AMT-Free New            York            Commentary and

Municipals            Semiannual Report

M A N A G E M E N T C O M M E N TA R Y An Interview with Your Fund’s Portfolio Managers S E M I A N N U A L R E P O RT Listing of Top Holdings Financial Statements “We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.” Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco–Master Settlement Agreement	23.1	%
Higher Education	14.9
Hospital/Health Care	7.0
Sales Tax Revenue	6.8
General Obligation	6.6
Not-for-profit organizations	5.9
Real Estate	5.6
Electric Utilities	4.5
Adult Living Facilities	3.4
Sewer Utilities	3.2

Portfolio holdings are subject to change. Percentages are as of March 30, 2012, and are based on total assets.

Credit Rating Breakdown	NRSRO Only Total
AAA		5.8	%
AA		23.3
A		11.7
BBB		29.9
BB and Lower		14.3
Unrated		15.0
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of March 30, 2012, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.

For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

10 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

This semiannual report must be preceded or accompanied by the current prospectus of Oppenheimer AMT-Free New York Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 8/16/84. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 3/1/93. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 8/29/95. Unless otherwise noted, Class C returns include the applicable 1% contingent deferred sales charge for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 1/31/11. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

11 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 30, 2012.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	October 1, 2011		March 30, 2012		March 30, 2012
Actual
Class A	$	1,000.00	$	1,074.20	$	5.12
Class B		1,000.00		1,070.50		9.57
Class C		1,000.00		1,071.00		9.15
Class Y		1,000.00		1,075.20		4.03
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.94		4.98
Class B		1,000.00		1,015.66		9.31
Class C		1,000.00		1,016.06		8.91
Class Y		1,000.00		1,020.98		3.93

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended March 30, 2012 are as follows:

Class	Expense Ratios
Class A		0.99	%
Class B		1.85
Class C		1.77
Class Y		0.78

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS March 30, 2012* / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—115.0%
New York—87.0%
$	700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625	%		12/01/2034	$	711,977
	200,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		183,520
	125,000	Albany County, NY IDA (Wildwood Programs)		5.000			07/01/2026		109,050
	500,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375			07/01/2026		532,000
	500,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625			07/01/2031		530,105
	1,000,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875			07/01/2041		1,067,920
	2,900,000	Albany, NY IDA (Albany Law School)1		5.000			07/01/2031		2,982,679
	560,000	Albany, NY IDA (Albany Law School)1		5.000			07/01/2037		566,009
	285,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		270,012
	150,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		137,900
	100,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		88,907
	14,325,885	Albany, NY IDA (Charitable Leadership)		5.750			07/01/2026		8,527,340
	987,992	Albany, NY IDA (Charitable Leadership)		6.000			07/01/2019		604,631
	100,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		22,998
	750,000	Albany, NY IDA (Sage Colleges)1		5.250			04/01/2019		724,440
	500,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		442,560
	1,000,000	Albany, NY IDA (St. Peter’s Hospital)1		5.500			11/15/2027		1,071,980
	1,380,000	Albany, NY IDA, Series B1		5.750			11/15/2032		1,495,796
	1,365,000	Albany, NY IDA, Series D1		5.750			11/15/2027		1,487,413
	4,535,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		4,066,217
	20,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)		5.250			08/01/2031		20,056
	5,895,000	Brookhaven, NY IDA (Alternatives for Children)		7.550			02/01/2033		6,232,784
	9,235,000	Brookhaven, NY IDA (Dowling College)1		6.750			11/01/2032		9,078,190
	350,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		310,541
	250,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		213,768
	270,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		290,539
	130,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		149,548
	300,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		287,919
	25,000	Canandaigua & Bristol, NY GO		5.000			12/15/2027		26,611
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2028		31,806
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2029		31,759
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2030		31,743
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2031		36,960
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2032		37,016
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2033		36,997
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2034		42,282
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2035		42,198

14 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	45,000	Canandaigua & Bristol, NY GO		5.000	%		12/15/2036	$	47,379
	45,000	Canandaigua & Bristol, NY GO		5.000			12/15/2037		47,309
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2038		52,384
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2039		52,280
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2040		57,394
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2041		57,366
	60,000	Canandaigua & Bristol, NY GO		5.000			12/15/2042		62,426
	200,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.000			05/01/2023		202,422
	520,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.100			05/01/2031		519,974
	1,185,000	Cayuga County, NY COP (Auburn Memorial Hospital)		6.000			01/01/2021		1,186,232
	130,000	Coeymans, NY Fire District		5.000			10/15/2024		137,238
	135,000	Coeymans, NY Fire District		5.000			10/15/2025		142,356
	140,000	Coeymans, NY Fire District		5.000			10/15/2026		147,629
	1,040,000	Colonie, NY GO1		6.000			04/01/2032		1,159,714
	840,000	Colonie, NY GO1		6.000			04/01/2033		934,307
	15,000	Deerfield, NY GO		5.500			06/15/2021		16,061
	15,000	Deerfield, NY GO		5.500			06/15/2022		15,955
	15,000	Deerfield, NY GO		5.500			06/15/2023		15,823
	15,000	Deerfield, NY GO		5.500			06/15/2024		15,817
	20,000	Deerfield, NY GO		5.500			06/15/2025		21,041
	20,000	Deerfield, NY GO		5.600			06/15/2026		21,025
	20,000	Deerfield, NY GO		5.600			06/15/2027		20,970
	20,000	Deerfield, NY GO		5.600			06/15/2028		20,915
	25,000	Deerfield, NY GO		5.600			06/15/2029		26,095
	25,000	Deerfield, NY GO		5.600			06/15/2030		26,086
	25,000	Deerfield, NY GO		5.600			06/15/2031		26,047
	25,000	Deerfield, NY GO		5.600			06/15/2032		26,066
	30,000	Deerfield, NY GO		5.600			06/15/2033		31,268
	30,000	Deerfield, NY GO		5.600			06/15/2034		31,244
	30,000	Deerfield, NY GO		5.600			06/15/2035		31,209
	35,000	Deerfield, NY GO		5.600			06/15/2036		36,357
	38,135,000	Dutchess County, NY IDA (Bard College)1		5.000			08/01/2046		38,874,438
	8,085,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		6,531,710
	570,000	Dutchess County, NY Local Devel. Corp. (Anderson Center Services)1		6.000			10/01/2030		581,206
	250,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.250			07/01/2025		279,495
	300,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2030		331,137
	100,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2040		107,993
	1,230,000	East Hampton, NY Town Hsg. Authority1		6.500			05/01/2034		1,432,483
	265,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2030		297,857

15 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	225,000	Erie County, NY IDA (Buffalo City School District)1		5.250	%		05/01/2031	$	251,789
	135,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2032		150,632
	500,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875			06/01/2035		520,425
	1,200,000	Erie County, NY IDA (DePaul Properties)		5.750			09/01/2028		1,162,788
	130,000	Erie County, NY IDA (DePaul Properties)		6.500			09/01/2018		133,929
	195,000	Erie County, NY IDA (Global Concepts Charter School)		6.250			10/01/2037		186,402
	5,600,000	Erie County, NY IDA (Medaille College)		7.625			04/01/2035		5,901,448
	350,000	Erie County, NY IDA (Orchard Park CCRC)		5.000			11/15/2014		349,045
	1,485,000	Erie County, NY IDA (Orchard Park CCRC)		5.125			11/15/2016		1,462,131
	3,300,000	Erie County, NY IDA (The Episcopal Church Home)		5.875			02/01/2018		3,301,980
	1,880,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		1,880,620
	36,405,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		27,718,403
	29,515,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		21,558,051
	55,500,000	Erie County, NY Tobacco Asset Securitization Corp.		6.875	3		06/01/2050		1,388,610
	92,000,000	Erie County, NY Tobacco Asset Securitization Corp.		9.607	3		06/01/2055		945,760
	110,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		113,302
	60,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		62,762
	815,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2027		758,732
	70,000	Hempstead Village, NY GO1		5.000			09/15/2025		73,578
	70,000	Hempstead Village, NY GO1		5.000			09/15/2026		73,242
	50,000	Hempstead, NY IDA (Hofstra University)1		5.000			07/01/2033		50,752
	410,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		379,845
	4,940,000	Hempstead, NY IDA (WORCA)		6.900			08/01/2033		4,875,582
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.750			07/01/2039		1,087,180
	1,790,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		1,808,741
	13,045,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		13,352,862
	3,400,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		3,480,240
	5,600,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		6,274,688
	2,420,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		2,249,559
	280,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		260,280
	5,000,000	L.I., NY Power Authority1		6.000			05/01/2033		5,810,650
	9,000,000	L.I., NY Power Authority, Series A1		5.000			05/01/2038		9,605,430
	4,850,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		5,491,995
	5,000,000	L.I., NY Power Authority, Series A1		6.250			04/01/2033		5,908,700
	415,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		413,726
	10,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.000			05/01/2013		10,097
	15,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.750			05/01/2023		15,048

16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	350,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.250	%		04/01/2019	$	350,102
	705,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.375			04/01/2029		704,937
	200,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		137,876
	400,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		301,212
	150,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000			10/01/2026		159,299
	75,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250			10/01/2031		80,540
	325,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500			10/01/2041		350,558
	150,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625			06/01/2026		162,320
	250,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		270,673
	10,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)4		5.500			08/15/2040		11,138,500
	4,475,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)4		5.750			08/15/2035		5,272,754
	302,900,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3		06/01/2061		1,647,776
	1,000,000	Monroe, NY Newpower Corp1		5.625			01/01/2026		1,010,680
	4,000,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		3,980,560
	500,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		492,175
	385,000	Nassau County, NY IDA (ALIA-ACDS)		6.125			09/01/2018		379,514
	1,820,000	Nassau County, NY IDA (ALIA-AP)		7.000			09/01/2028		1,824,896
	540,000	Nassau County, NY IDA (ALIA-CMA)		6.125			09/01/2018		532,305
	595,000	Nassau County, NY IDA (ALIA-CSMR)		6.125			09/01/2018		586,521
	380,000	Nassau County, NY IDA (ALIA-EFLI)		6.125			09/01/2018		374,585
	235,000	Nassau County, NY IDA (ALIA-HAII)		6.125			09/01/2018		231,651
	340,000	Nassau County, NY IDA (ALIA-NCMRS)		6.125			09/01/2018		335,155
	180,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2027		151,618
	4,330,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		3,389,481
	10,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		9,524
	185,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		171,593
	2,510,000	Nassau County, NY IDA (Hispanic Counseling Center)		7.625			06/01/2033		2,562,610
	65,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		61,908
	70,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		64,927
	590,000	Nassau County, NY IDA, Series A-B		6.000			07/01/2021		569,055
	26,655,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		18,318,915
	85,990,000	Nassau County, NY Tobacco Settlement Corp.		6.151	3		06/01/2046		3,197,108
	60,000,000	Nassau County, NY Tobacco Settlement Corp.		6.763	3		06/01/2060		454,200
	37,830,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		26,605,082

17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited /Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	2,500,000	Niagara County, NY IDA (American Ref-Fuel Company)1		5.550	%		11/15/2024	$	2,526,350
	700,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		703,549
	555,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		528,493
	385,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		359,937
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)1		5.500			05/15/2019		19,369
	70,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		72,580
	1,185,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		1,155,813
	14,670,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		12,255,025
	100,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		79,704
	5,120,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		5,120,870
	850,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		627,037
	5,905,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		4,060,987
	11,240,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		7,272,842
	3,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250			06/01/2041		3,483,340
	84,200,000	NY Counties Tobacco Trust V		6.850	3		06/01/2055		1,058,394
	334,000,000	NY Counties Tobacco Trust V		7.850	3		06/01/2060		2,020,700
	4,910,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)1		5.625			01/15/2046		5,420,296
	30,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125			01/15/2044		31,713,600
	20,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.625			01/15/2046		22,078,600
	8,840,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		9,626,672
	235,000	NY MTA, Series 2008C1		6.500			11/15/2028		286,251
	1,200,000	NY MTA, Series A1		5.250			11/15/2038		1,313,280
	2,675,000	NY MTA, Series B1		5.000			11/15/2033		2,839,566
	5,000,000	NY MTA, Series D1		5.000			11/15/2031		5,520,000
	1,000,000	NY MTA, Series D1		5.000			11/15/2034		1,075,690
	6,500,000	NY MTA, Series D1		5.000			11/15/2036		7,012,070
	7,580,000	NY Seneca Nation Indians Capital Improvements1		5.000			12/01/2023		6,750,596
	2,000,000	NY Seneca Nation Indians Capital Improvements1		5.250			12/01/2016		1,988,420
	1,500,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2026		1,404,285
	80,000,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		58,143,200
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250			11/01/2042		5,001,100
	6,200,000	NYC GO1		5.000			08/01/2032		6,992,794
	700,000	NYC GO1		5.000			08/01/2035		775,628
	11,000,000	NYC GO4		5.125			03/01/2026		12,437,370
	10,000	NYC GO1		5.300			01/15/2026		10,339
	5,000	NYC GO1		5.375			08/01/2027		5,019
	15,000,000	NYC GO4		5.375			04/01/2036		16,887,000
	15,000	NYC GO1		5.500			11/15/2037		15,060
	20,000,000	NYC GO4		5.625			11/15/2031		23,088,343

18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	45,000	NYC GO1		6.000	%		05/15/2022	$	45,203
	5,000	NYC GO		7.500			02/01/2019		5,029
	128,018	NYC HDC (Cadman Towers)		6.500			11/15/2018		128,487
	36,069	NYC HDC (Corlear)		6.500			11/15/2018		38,023
	450,000	NYC HDC (Multifamily Hsg.)1		5.500			11/01/2034		479,696
	410,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		438,163
	1,590,000	NYC HDC (Multifamily Hsg.)1		5.700			11/01/2046		1,703,303
	15,000	NYC HDC (Multifamily Hsg.), Series E1		6.250			05/01/2036		15,020
	106,311	NYC HDC (St. Martin Tower)		6.500			11/15/2018		106,700
	60,000	NYC IDA (Assoc. for Metro Area Autistic Children)		4.500			07/01/2021		53,754
	2,760,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		2,711,369
	500,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		500,180
	2,100,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		2,020,389
	6,000,000	NYC IDA (Calhoun School)		6.625			12/01/2034		6,261,780
	500,000	NYC IDA (Calhoun School)		6.625			12/01/2034		527,985
	960,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		981,014
	625,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		569,194
	875,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		796,871
	3,240,000	NYC IDA (Chapin School)		5.000			11/01/2038		3,146,882
	150,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		152,474
	350,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		349,860
	780,000	NYC IDA (Eger Harbor House)1		5.875			05/20/2044		826,675
	725,000	NYC IDA (Family Support Systems)2		7.500			11/01/2034		444,164
	1,625,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		1,644,126
	500,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		493,260
	4,000,000	NYC IDA (Lycee Francais De New York)1		6.800			06/01/2028		4,117,960
	420,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		403,809
	210,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		201,222
	1,020,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		977,364
	2,300,000	NYC IDA (Montefiore Medical Center Corp.)1		5.125			11/01/2035		2,302,691
	6,045,000	NYC IDA (Mount St. Vincent)		5.250			06/01/2036		6,045,907
	1,375,000	NYC IDA (Polytechnic University)1		5.250			11/01/2027		1,415,123
	1,500,000	NYC IDA (Polytechnic University)1		5.250			11/01/2037		1,526,790
	2,070,000	NYC IDA (PSCH)		6.375			07/01/2033		2,058,553
	750,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2031		734,745
	5,500,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2039		5,265,040
	7,775,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2046		7,339,756
	750,000	NYC IDA (Reece School)		7.500			12/01/2037		768,210
	300,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		300,246
	756,500	NYC IDA (Studio School)		7.000			11/01/2038		485,892

19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	5,345,000	NYC IDA (The Child School)		7.550	%		06/01/2033	$	5,427,901
	945,000	NYC IDA (Tides Two Rivers Foundation)		5.650			12/01/2039		743,252
	3,500,000	NYC IDA (Unicef)		5.300			11/01/2038		3,402,455
	5,600,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		5,478,368
	785,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		766,144
	545,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		531,909
	150,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		139,244
	360,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		334,184
	100,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2031		91,777
	2,280,000	NYC IDA (Vaughn College Aeronautics)1		5.250			12/01/2036		2,121,996
	5,600,000	NYC IDA (Vocational Instruction)2		7.750			02/01/2033		3,060,680
	2,525,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		2,951,397
	2,700,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		2,499,606
	45,000	NYC IDA (YMCA of Greater New York)1		5.800			08/01/2016		45,133
	5,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2027		5,539,250
	4,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2032		4,487,040
	1,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2035		1,042,320
	20,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2037		21,481,584
	40,000,000	NYC Municipal Water Finance Authority4		5.500			06/15/2040		45,259,600
	5,000,000	NYC Municipal Water Finance Authority1		5.500			06/15/2043		5,686,450
	20,000,000	NYC Transitional Finance Authority4		5.000			01/15/2034		21,521,400
	5,500,000	NYC Transitional Finance Authority1		5.000			02/01/2035		6,084,705
	5,500,000	NYC Transitional Finance Authority (Building Aid)1		5.250			07/15/2037		6,139,650
	15,000	NYS DA (Audit & Control)1		5.000			04/01/2029		15,044
	6,425,000	NYS DA (FIT/FIT Student Hsg. Corp. Obligated Group)1		5.250			07/01/2027		7,056,770
	3,765,000	NYS DA (FIT/FIT Student Hsg. Corp. Obligated Group)1		5.250			07/01/2028		4,131,222
	750,000	NYS DA (Highland Hospital of Rochester)1		5.000			07/01/2026		804,135
	750,000	NYS DA (Highland Hospital of Rochester)1		5.200			07/01/2032		804,128
	560,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2021		585,497
	830,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2031		867,201
	1,035,000	NYS DA (Interagency Council)		7.000			07/01/2035		1,055,338
	2,000,000	NYS DA (LIJMC/NSUH/NSUHGC Obligated Group)1		5.500			05/01/2037		2,215,300
	365,000	NYS DA (Manhattan College)		5.300			07/01/2037		370,479
	1,360,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2024		1,396,489
	1,500,000	NYS DA (NYU)5		5.000			07/01/2037		1,660,320
	425,000	NYS DA (Orange Regional Medical Center)1		6.125			12/01/2029		446,807
	6,120,000	NYS DA (Orange Regional Medical Center)1		6.250			12/01/2037		6,402,316
	325,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000			11/01/2026		292,224
	20,000,000	NYS DA (Personal Income Tax)4		5.000			03/15/2037		21,359,200
	1,990,000	NYS DA (Providence Rest)		5.000			07/01/2035		1,519,246

20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	3,525,000	NYS DA (Providence Rest)		5.125	%		07/01/2030	$	2,912,531
	340,000	NYS DA (Providence Rest)		5.250			07/01/2025		302,590
	650,000	NYS DA (Rochester General Hospital)		5.000			12/01/2035		637,137
	300,000	NYS DA (Rochester Institute of Technology)1		5.000			07/01/2040		322,968
	70,000	NYS DA (Sarah Neuman Nursing Home)		5.500			08/01/2037		70,082
	250,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		310,928
	360,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		444,632
	200,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		245,972
	500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		541,155
	105,000	NYS DA (St. Joseph’s Hospital Health Center)1		5.250			07/01/2018		105,154
	20,000,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		20,542,000
	20,000,000	NYS DA (State Personal Income Tax Authority)4		5.750			03/15/2036		23,221,010
	3,000,000	NYS DA (State University Educational Facilities)1		5.000			05/15/2029		3,404,040
	1,000,000	NYS DA (State University Educational Facilities)1		5.000			05/15/2030		1,132,840
	2,000,000	NYS DA (State University of New York)1		5.000			07/01/2035		2,193,000
	560,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		650,194
	1,000,000	NYS DA (The New School)1		5.000			07/01/2031		1,083,480
	1,070,000	NYS DA (Winthrop University Hospital)1		5.500			07/01/2023		1,090,662
	100,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)1		5.500			07/01/2032		101,276
	360,000	NYS DA (Yeshiva University)1		5.000			11/01/2031		390,956
	2,040,000	NYS DA (Yeshiva University)1		5.125			07/01/2029		2,122,559
	5,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2036		5,533,900
	5,000	NYS EFC (NYS Water Services)		6.600			09/15/2012		5,027
	20,000	NYS HFA (Affordable Hsg.)1		5.450			11/01/2040		21,101
	5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2031		5,460,700
	5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		5,622,900
	2,500,000	NYS Liberty Devel. Corp. (7 World Trade Center)5		5.000			09/15/2040		2,734,825
	2,500,000	NYS Liberty Devel. Corp. (7 World Trade Center)5		5.000			09/15/2043		2,637,400
	1,000,000	NYS Power Authority1		5.000			11/15/2038		1,119,470
	1,250,000	NYS Thruway Authority1		5.000			04/01/2032		1,413,288
	2,330,000	NYS Urban Development Corporation (State Personal Income Tax Authority)1		5.000			03/15/2037		2,488,347
	295,000	NYS Urban Development Corporation (Subordinated Lien)1		5.500			07/01/2022		295,994
	225,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019		220,768
	55,000	Onondaga County, NY IDA (Salina Free Library)		5.500			12/01/2022		56,985
	2,250,000	Onondaga County, NY Trust Cultural Resource Revenue (Syracuse University)1		5.000			12/01/2036		2,500,335
	1,615,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.200			07/01/2029		1,698,350
	1,810,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.375			07/01/2040		1,903,378
	535,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)1		5.250			12/01/2041		565,928

21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	665,000	Orange County, NY IDA (Glen Arden)		5.625	%		01/01/2018	$	585,932
	275,000	Orange County, NY IDA (Glen Arden)		5.700			01/01/2028		207,614
	9,190,000	Otsego County, NY IDA (Hartwick College)1		5.900			07/01/2022		9,188,713
	5,000,000	Port Authority NY/NJ, 166th Series1		5.250			07/15/2036		5,720,050
	2,680,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		2,327,580
	2,000,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		1,732,820
	415,000	Rensselaer County, NY Water Service Sewer Authority1		5.350			09/01/2047		445,337
	6,810,000	Rensselaer, NY City School District COP		5.000			06/01/2026		7,017,024
	1,200,000	Rensselaer, NY City School District COP		5.000			06/01/2036		1,210,020
	1,060,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035		974,564
	3,150,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		2,874,123
	101,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.252	3		08/15/2045		4,027,880
	53,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.637	3		08/15/2050		1,299,560
	50,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.676	3		08/15/2060		296,000
	230,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)1		5.125			12/01/2027		238,213
	105,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000			10/01/2027		108,360
	45,000	Sodus Village, NY GO1		5.000			05/15/2032		48,348
	45,000	Sodus Village, NY GO1		5.000			05/15/2033		48,304
	45,000	Sodus Village, NY GO1		5.000			05/15/2034		48,282
	45,000	Sodus Village, NY GO1		5.000			05/15/2035		48,238
	45,000	Sodus Village, NY GO1		5.000			05/15/2036		48,173
	45,000	Sodus Village, NY GO1		5.000			05/15/2037		48,107
	11,265,000	SONYMA, Series 1614		5.875			10/01/2039		12,138,781
	100,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000			09/01/2034		115,522
	810,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		6.250			10/01/2040		853,910
	2,050,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1		5.000			07/01/2028		2,224,455
	1,000,000	Suffolk County, NY Economic Devel. Corp. (Peconic Landing at Southold)1		6.000			12/01/2040		1,070,660
	625,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		649,706
	95,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		88,115
	70,000	Suffolk County, NY IDA (ALIA-DDI)		5.950			10/01/2021		68,810
	65,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		61,908
	4,000,000	Suffolk County, NY IDA (ALIA-IGHL)		7.250			12/01/2033		4,033,520
	390,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500			11/01/2037		361,737
	8,515,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		6,844,868
	150,000	Suffolk County, NY IDA (Dowling College)1		6.700			12/01/2020		149,990
	340,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375			01/01/2027		305,510
	685,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.500			01/01/2037		579,702
	9,000,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000			11/01/2028		9,049,050

22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,000,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550	%		02/01/2034	$	1,058,040
	210,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		210,011
	620,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		624,941
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)1		5.000			03/01/2026		1,022,200
	5,985,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.000			11/01/2035		5,549,112
	505,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		479,492
	185,000	Suffolk County, NY IDA (Southampton Hospital Assoc.)		7.250			01/01/2020		185,109
	215,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		194,089
	750,000	Suffolk County, NY Tobacco Asset Securitization Corp.5		5.000			06/01/2032		752,618
	700,000	Suffolk County, NY Tobacco Asset Securitization Corp.5		5.250			06/01/2037		700,770
	6,350,000	Suffolk, NY Tobacco Asset Securitization Corp.1		0.000	6		06/01/2044		5,485,638
	7,175,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		6,180,689
	1,500,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		1,227,015
	15,750,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3		06/01/2048		478,013
	408,000	Sullivan County, NY Community College COP2		5.750			08/15/2025		350,880
	185,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		173,904
	175,000	Tompkins County, NY IDA (Kendal at Ithaca)1		5.500			07/01/2024		175,012
	6,100,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		6,602,457
	1,000,000	Ulster County, NY IDA (Kingston Regional Senior Living Corp.)		6.000			09/15/2042		685,820
	15,000	Ulster County, NY IDA (Mid-Hudson Family Health Institute)1		5.300			07/01/2016		15,050
	3,715,000	Utica, NY IDA (Utica College Civic Facility)		5.750			08/01/2028		3,715,632
	1,250,000	Utica, NY IDA (Utica College Civic Facility)		6.750			12/01/2021		1,276,813
	30,000	Voorheesville, NY GO		5.000			02/15/2023		32,864
	35,000	Voorheesville, NY GO		5.000			02/15/2024		38,095
	35,000	Voorheesville, NY GO		5.000			02/15/2025		37,961
	35,000	Voorheesville, NY GO		5.000			02/15/2026		37,994
	40,000	Voorheesville, NY GO		5.000			02/15/2027		43,272
	40,000	Voorheesville, NY GO		5.000			02/15/2028		43,140
	40,000	Voorheesville, NY GO		5.000			02/15/2029		43,103
	45,000	Voorheesville, NY GO		5.000			02/15/2030		48,428
	45,000	Voorheesville, NY GO		5.000			02/15/2031		48,239
	50,000	Voorheesville, NY GO		5.000			02/15/2032		53,646
	50,000	Voorheesville, NY GO		5.000			02/15/2033		53,646
	55,000	Voorheesville, NY GO		5.000			02/15/2034		58,984
	55,000	Voorheesville, NY GO		5.000			02/15/2035		58,934
	60,000	Voorheesville, NY GO		5.000			02/15/2036		64,180
	60,000	Voorheesville, NY GO		5.000			02/15/2037		64,096
	4,410,000	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2030		4,599,189

23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	3,300,000	Westchester County, NY Healthcare Corp., Series B1		5.125	%		11/01/2041	$	3,423,882
	3,000,000	Westchester County, NY Healthcare Corp., Series B1		6.125			11/01/2037		3,395,220
	3,335,000	Westchester County, NY IDA (EBC White Plains)		8.000			11/01/2043		3,516,091
	3,330,000	Westchester County, NY IDA (EBC White Plains)		8.000			11/01/2043		3,510,819
	3,335,000	Westchester County, NY IDA (EBC White Plains)5		8.000			11/01/2043		3,516,091
	370,000	Westchester County, NY IDA (Field Home)		6.500			08/15/2022		367,776
	250,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		260,880
	1,615,000	Westchester County, NY IDA (Rippowam-Cisqua School)1		5.750			06/01/2029		1,615,808
	320,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2013		330,682
	600,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		606,726
	300,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		294,309
	10,790,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		8,294,489
	915,000	Yates County, NY IDA (Soldiers & Sailors Memorial Hospital)		6.000			02/01/2041		967,466
	150,000	Yonkers, NY EDC (Charter School of Educational Excellence)1		6.250			10/15/2040		151,178
	950,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000			06/01/2029		1,062,642
	4,000,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000			06/01/2041		4,416,760
	300,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		300,060
									1,078,772,635
U.S. Possessions—28.0%
	10,000,000	Guam GO1		5.000			11/15/2023		10,001,400
	1,465,000	Guam GO1		5.250			11/15/2037		1,401,522
	850,000	Guam GO1		6.750			11/15/2029		914,014
	10,925,000	Guam GO1		7.000			11/15/2039		11,869,794
	1,200,000	Guam Government Business Privilege1		5.000			01/01/2031		1,299,576
	2,000,000	Guam Government Waterworks Authority & Wastewater System1		5.625			07/01/2040		1,990,560
	2,525,000	Guam Government Waterworks Authority & Wastewater System1		5.875			07/01/2035		2,556,411
	1,000,000	Guam Government Waterworks Authority & Wastewater System1		6.000			07/01/2025		1,022,060
	4,165,000	Guam Power Authority, Series A1		5.125			10/01/2029		4,165,000
	9,380,000	Guam Power Authority, Series A1		5.250			10/01/2034		9,323,626
	1,400,000	Guam Power Authority, Series A1		5.500			10/01/2030		1,439,214
	1,200,000	Guam Power Authority, Series A1		5.500			10/01/2040		1,219,536
	855,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2017		801,007
	1,955,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		1,716,353
	200,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		192,276
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2042		4,943,500
	6,280,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		6,614,850
	790,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		829,958
	21,210,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		24,287,147

24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	15,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375	%		05/15/2033	$	14,840
	8,400,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		8,306,004
	19,500,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		19,399,185
	4,595,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		4,648,164
	1,980,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		1,995,206
	485,000	Puerto Rico Commonwealth GO1		5.500			07/01/2018		544,844
	31,225,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		33,056,346
	1,500,000	Puerto Rico Commonwealth GO1		5.625			07/01/2033		1,563,075
	8,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036		8,310,240
	3,445,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2022		3,882,928
	5,450,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2024		5,982,738
	5,735,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2025		6,249,028
	3,410,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2027		3,685,733
	5,670,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2028		6,099,673
	1,945,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		2,076,968
	2,155,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2031		2,278,180
	355,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		355,465
	500,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		508,140
	2,150,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2030		2,302,930
	5,000	Puerto Rico Highway & Transportation Authority, Series A1		5.000			07/01/2038		4,799
	7,405,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		7,412,109
	225,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		227,432
	4,000,000	Puerto Rico Infrastructure1		5.000			07/01/2041		4,040,920
	725,000	Puerto Rico Infrastructure1		5.500			07/01/2024		797,333
	15,000,000	Puerto Rico Infrastructure		5.650	3		07/01/2029		5,654,850
	4,600,000	Puerto Rico Infrastructure		7.460	3		07/01/2030		1,594,682
	2,500,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		2,552,000
	1,100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		1,016,268
	1,500,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		1,477,845
	105,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)1		5.625			07/01/2022		105,195
	4,305,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2022		4,306,980
	1,500,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2031		1,500,465
	10,000	Puerto Rico Public Buildings Authority1		5.125			07/01/2022		10,023
	810,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		817,201
	1,400,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		1,594,264
	3,500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		4,051,565
	1,000,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2021		1,102,790
	3,150,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		3,417,057
	5,000,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		5,174,900
	34,995,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.250			08/01/2057		36,663,212

25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.950	%3		08/01/2056	$	1,324,680
	25,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.100	3		08/01/2044		4,057,500
	27,615,000	Puerto Rico Sales Tax Financing Corp., Series A		6.130	3		08/01/2043		4,768,558
	18,120,000	Puerto Rico Sales Tax Financing Corp., Series A		6.160	3		08/01/2036		4,522,933
	277,125,000	Puerto Rico Sales Tax Financing Corp., Series A		6.580	3		08/01/2054		21,870,705
	13,000,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.750			08/01/2057		14,336,790
	26,550,000	Puerto Rico Sales Tax Financing Corp., Series C		6.190	3		08/01/2038		5,792,945
	1,000,000	University of Puerto Rico1		5.000			06/01/2025		1,020,770
	5,925,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		5,961,143
	1,700,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		1,701,442
									346,726,847
Total Investments, at Value (Cost $1,459,610,956)—115.0%									1,425,499,482
Liabilities in Excess of Other Assets—(15.0)									(186,307,758	)
Net Assets—100.0%								$	1,239,191,724

Footnotes to Statement of Investments
*	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
1.	All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of the accompanying Notes.
2.	This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.
3.	Zero coupon bond reflects effective yield on the date of purchase.
4.	Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.
5.	All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 30, 2012.
	See Note 1 of the accompanying Notes.
6.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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

ACDS	Assoc. for Children with Down Syndrome
ALIA	Alliance of Long Island Agencies
AP	Advantage Planning, Inc.
CCRC	Continuing Care Retirement Community
CMA	Community Mainstreaming Associates, Inc.
COP	Certificates of Participation
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EBC	Engel Berman Corp.
EDC	Economic Devel. Corp.
EFC	Environmental Facilities Corp.
EFLI	Epilepsy Foundation of L.I., Inc.
FIT	Fashion Institute of Technology
GO	General Obligation
HAII	Homes Anew II, Inc.
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
L.I.	Long Island
LIJMC	Long Island Jewish Medical Center
MTA	Metropolitan Transportation Authority
NCMRS	Nassau Community Mental Retardation Services Company
NSUH	North Shore University Hospital
NSUHGC	North Shore University Hospital at Glen Cove
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PSCH	Professional Service Centers for the Handicapped, Inc.
ROLS	Residual Option Longs
SONYMA	State of New York Mortgage Agency
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
UBF	University of Buffalo Foundation
UVBH	United Veteran’s Beacon House
WORCA	Working Organization for Retarded Children and Adults
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 30, 20121
Assets
Investments, at value (cost $1,459,610,956)—see accompanying statement of investments	$	1,425,499,482
Cash		456,577
Receivables and other assets:
Investments sold		24,818,272
Interest		19,982,946
Shares of beneficial interest sold		3,412,091
Other		583,445
Total assets		1,474,752,813
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		184,815,000
Payable on borrowings (See Note 6)		29,300,000
Investments purchased (including $11,726,978 purchased on a when-issued or delayed delivery basis)		19,039,977
Shares of beneficial interest redeemed		962,448
Dividends		839,369
Distribution and service plan fees		261,848
Trustees’ compensation		195,215
Transfer and shareholder servicing agent fees		29,939
Shareholder communications		29,341
Interest expense on borrowings		2,928
Other		85,024
Total liabilities		235,561,089
Net Assets	$	1,239,191,724
Composition of Net Assets
Par value of shares of beneficial interest	$	104,792
Additional paid-in capital		1,364,978,853
Accumulated net investment income		14,613,724
Accumulated net realized loss on investments		(106,394,171	)
Net unrealized depreciation on investments		(34,111,474	)
Net Assets	$	1,239,191,724

28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,066,149,649 and 90,165,611 shares of beneficial interest outstanding)	$	11.82
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	12.41
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $11,331,969 and 957,783 shares of beneficial interest outstanding)	$	11.83
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $139,982,351 and 11,832,143 shares of beneficial interest outstanding)	$	11.83
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $21,727,755 and 1,836,178 shares of beneficial interest outstanding)	$	11.83

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 30, 20121
Investment Income
Interest	$	40,491,287
Expenses
Management fees		2,760,470
Distribution and service plan fees:
Class A		1,237,765
Class B		60,823
Class C		658,556
Transfer and shareholder servicing agent fees:
Class A		145,665
Class B		8,083
Class C		29,018
Class Y		5,306
Shareholder communications:
Class A		18,452
Class B		80
Class C		3,276
Class Y		255
Interest expense and fees on short-term floating rate notes issued (See Note 1)		830,129
Borrowing fees		547,472
Interest expense on borrowings		17,765
Trustees’ compensation		12,601
Custodian fees and expenses		3,476
Administration service fees		750
Other		76,665
Total expenses		6,416,607
Less waivers and reimbursements of expenses		(29,479	)
Net expenses		6,387,128
Net Investment Income		34,104,159
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(2,704,877	)
Net change in unrealized appreciation/depreciation on investments		53,566,229
Net Increase in Net Assets Resulting from Operations	$	84,965,511

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	March 30, 20121			September 30,
	(Unaudited)			2011
Operations
Net investment income	$	34,104,159		$	70,335,759
Net realized loss		(2,704,877	)		(20,539,174	)
Net change in unrealized appreciation/depreciation		53,566,229			(53,624,520	)
Net increase (decrease) in net assets resulting from operations		84,965,511			(3,827,935	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(30,158,062	)		(64,323,944	)
Class B		(306,881	)		(774,633	)
Class C		(3,370,238	)		(7,494,177	)
Class Y		(525,251	)		(227,872	)
		(34,360,432	)		(72,820,626	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		24,096,778			(85,375,879	)
Class B		(1,915,424	)		(3,589,310	)
Class C		7,478,963			(20,810,343	)
Class Y		14,845,923			5,408,765
		44,506,240			(104,366,767	)
Net Assets
Total increase (decrease)		95,111,319			(181,015,328	)
Beginning of period		1,144,080,405			1,325,095,733
End of period (including accumulated net investment income of $14,613,724 and $14,869,997, respectively)	$	1,239,191,724		$	1,144,080,405

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

31 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF CASH FLOWS

For the Six Months Ended March 30, 20121 (Unaudited)
Cash Flows from Operating Activities
Net increase in net assets from operations	$	84,965,511
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(169,087,720	)
Proceeds from disposition of investment securities		102,860,057
Short-term investment securities, net		16,724,772
Premium amortization		867,668
Discount accretion		(4,021,314	)
Net realized loss on investments		2,704,877
Net change in unrealized appreciation/depreciation on investments		(53,566,229	)
Change in assets:
Increase in other assets		(342,940	)
Increase in interest receivable		(897,361	)
Increase in receivable for securities sold		(24,537,876	)
Change in liabilities:
Increase in payable for securities purchased		11,285,022
Increase in other liabilities		16,455
Net cash used in operating activities		(33,029,078	)
Cash Flows from Financing Activities
Proceeds from bank borrowings		154,700,000
Payments on bank borrowings		(128,300,000	)
Payments on short-term floating rate notes issued		(475,000	)
Proceeds from shares sold		118,466,012
Payments on shares redeemed		(104,179,275	)
Cash distributions paid		(6,961,412	)
Net cash provided by financing activities		33,250,325
Net increase in cash		221,247
Cash, beginning balance		235,330
Cash, ending balance	$	456,577
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $27,156,878.
Cash paid for interest on bank borrowings—$15,875.
Cash paid for interest on short-term floating rate notes issued—$830,129.

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

32 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	March 30, 20121						Year Ended September 30,
Class A	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	11.33		$	11.97		$	11.73		$	10.60		$	12.68		$	13.22
Income (loss) from investment operations:
Net investment income2		.34			.69			.69			.65			.62			.57
Net realized and unrealized gain (loss)		.49			(.61	)		.19			1.07			(2.13	)		(.55	)
Total from investment operations		.83			.08			.88			1.72			(1.51	)		.02
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.34	)		(.72	)		(.64	)		(.59	)		(.57	)		(.56	)
Distributions from net realized gain		—			—			—			—			—			—	3
Total dividends and/or distributions to shareholders		(.34	)		(.72	)		(.64	)		(.59	)		(.57	)		(.56	)
Net asset value, end of period	$	11.82		$	11.33		$	11.97		$	11.73		$	10.60		$	12.68
Total Return, at Net Asset Value4		7.42	%		1.12	%		7.90	%		17.86	%		(12.31	)%		0.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,066,150		$	998,502		$	1,150,410		$	1,176,870		$	1,095,341		$	1,275,590
Average net assets (in thousands)	$	1,021,905		$	984,892		$	1,121,641		$	933,439		$	1,244,330		$	1,181,757
Ratios to average net assets:5
Net investment income		5.86	%		6.31	%		5.97	%		6.91	%		5.13	%		4.35	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.75	%		0.77	%		0.75	%		0.78	%		0.74	%		0.80	%
Interest and fees from borrowings		0.10	%		0.10	%		0.14	%		0.64	%		0.08	%		0.02	%
Interest and fees on short-term floating rate notes issued6		0.14	%		0.16	%		0.08	%		0.32	%		0.60	%		0.69	%
Total expenses		0.99	%		1.03	%		0.97	%		1.74	%		1.42	%		1.51	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.99	%		1.03	%		0.97	%		1.74	%		1.42	%		1.51	%
Portfolio turnover rate		8	%		21	%		16	%		22	%		34	%		26	%

1.	March 30, 2012 represent the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	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.
5.	Annualized for periods less than one full year.
6.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

33 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 30, 20121									Year Ended September 30,
Class B	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	11.33		$	11.98		$	11.73		$	10.61		$	12.68		$	13.22
Income (loss) from investment operations:
Net investment income2		.29			.59			.59			.57			.52			.47
Net realized and unrealized gain (loss)		.50			(.62	)		.21			1.06			(2.12	)		(.55	)
Total from investment operations		.79			(.03	)		.80			1.63			(1.60	)		(.08	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.29	)		(.62	)		(.55	)		(.51	)		(.47	)		(.46	)
Distributions from net realized gain		—			—			—			—			—			—	3
Total dividends and/or distributions to shareholders		(.29	)		(.62	)		(.55	)		(.51	)		(.47	)		(.46	)
Net asset value, end of period	$	11.83		$	11.33		$	11.98		$	11.73		$	10.61		$	12.68
Total Return, at Net Asset Value4		7.05	%		0.13	%		7.09	%		16.75	%		(12.96	)%		(0.65	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,332		$	12,712		$	17,430		$	20,239		$	22,079		$	30,982
Average net assets (in thousands)	$	12,140		$	13,766		$	17,741		$	17,152		$	27,621		$	32,663
Ratios to average net assets:5
Net investment income		5.01	%		5.41	%		5.12	%		6.06	%		4.29	%		3.55	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.61	%		1.66	%		1.60	%		1.64	%		1.57	%		1.60	%
Interest and fees from borrowings		0.10	%		0.10	%		0.14	%		0.64	%		0.08	%		0.02	%
Interest and fees on short-term floating rate notes issued6		0.14	%		0.16	%		0.08	%		0.32	%		0.60	%		0.69	%
Total expenses		1.85	%		1.92	%		1.82	%		2.60	%		2.25	%		2.31	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.85	%		1.92	%		1.82	%		2.60	%		2.25	%		2.31	%
Portfolio turnover rate		8	%		21	%		16	%		22	%		34	%		26	%

1.	March 30, 2012 represent the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	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.
5.	Annualized for periods less than one full year.
6.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

	Six Months
	Ended
	March 30, 20121									Year Ended September 30,
Class C	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	11.33		$	11.98		$	11.73		$	10.61		$	12.68		$	13.22
Income (loss) from investment operations:
Net investment income2		.29			.60			.60			.58			.53			.47
Net realized and unrealized gain (loss)		.50			(.61	)		.20			1.06			(2.12	)		(.55	)
Total from investment operations		.79			(.01	)		.80			1.64			(1.59	)		(.08	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.29	)		(.64	)		(.55	)		(.52	)		(.48	)		(.46	)
Distributions from net realized gain		—			—			—			—			—			—	3
Total dividends and/or distributions to shareholders		(.29	)		(.64	)		(.55	)		(.52	)		(.48	)		(.46	)
Net asset value, end of period	$	11.83		$	11.33		$	11.98		$	11.73		$	10.61		$	12.68
Total Return, at Net Asset Value4		7.10	%		0.24	%		7.17	%		16.84	%		(12.92	)%		(0.62	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	139,982		$	126,880		$	157,256		$	158,179		$	141,579		$	163,976
Average net assets (in thousands)	$	131,609		$	130,387		$	150,880		$	122,746		$	160,910		$	142,905
Ratios to average net assets:5
Net investment income		5.08	%		5.53	%		5.19	%		6.14	%		4.35	%		3.58	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.53	%		1.55	%		1.52	%		1.56	%		1.52	%		1.57	%
Interest and fees from borrowings		0.10	%		0.10	%		0.14	%		0.64	%		0.08	%		0.02	%
Interest and fees on short-term floating rate notes issued6		0.14	%		0.16	%		0.08	%		0.32	%		0.60	%		0.69	%
Total expenses		1.77	%		1.81	%		1.74	%		2.52	%		2.20	%		2.28	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77	%		1.81	%		1.74	%		2.52	%		2.20	%		2.28	%
Portfolio turnover rate		8	%		21	%		16	%		22	%		34	%		26	%

1.	March 30, 2012 represent the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	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.
5.	Annualized for periods less than one full year.
6.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

35 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 30, 20121			Period Ended
Class Y	(Unaudited)			September 30, 20112
Per Share Operating Data
Net asset value, beginning of period	$	11.34		$	10.46
Income (loss) from investment operations:
Net investment income3		.35			.47
Net realized and unrealized gain		.49			.91
Total from investment operations		.84			1.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.35	)		(.50	)
Distributions from net realized gain		—			—
Total dividends and/or distributions to shareholders		(.35	)		(.50	)
Net asset value, end of period	$	11.83		$	11.34
Total Return, at Net Asset Value4		7.52	%		13.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,728		$	5,986
Average net assets (in thousands)	$	17,298		$	4,972
Ratios to average net assets:5
Net investment income		6.02	%		6.55	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.54	%		0.54	%
Interest and fees from borrowings		0.10	%		0.10	%
Interest and fees on short-term floating rate notes issued6		0.14	%		0.16	%
Total expenses		0.78	%		0.80	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78	%		0.80	%
Portfolio turnover rate		8	%		21	%

1.	March 30, 2012 represent the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	For the period from January 31, 2011 (inception of offering) to September 30, 2011.
3.	Per share amounts calculated based on the average shares outstanding during the period.
4.	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.
5.	Annualized for periods less than one full year.
6.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

36 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer AMT-Free New York Municipals (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek the maximum current income exempt from federal, New York State and New York City income taxes for individual investors consistent with preservation of capital. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

     The following is a summary of significant accounting policies consistently followed by the Fund.

Semiannual Period. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

37 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of March 30, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

	When-Issued or Delayed
	Delivery Basis Transactions
Purchased securities	$	11,726,978

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

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

     Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related the rate of interest on

38 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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

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

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

39 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 there of. 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 securities, if it deems it appropriate

40 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

to do so. As of March 30, 2012, the Fund’s maximum exposure under such agreements is estimated at $132,405,000.

     When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (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 March 30, 2012, municipal bond holdings with a value of $318,597,744 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $184,815,000 in short-term floating rate securities issued and outstanding at that date.

At March 30, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	2,240,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester) ROLs3		9.052	%		8/15/35	$	3,037,754
	5,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester) ROLs3		8.626			8/15/40		6,138,500
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) ROLs3		8.192			1/15/44		16,713,600
	10,000,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) ROLs3		8.894			1/15/46		12,078,600
	6,670,000	NYC GO DRIVERS		12.913			11/15/31		9,758,343
	2,750,000	NYC GO ROLs		14.974			3/1/26		4,187,370
	3,750,000	NYC GO ROLs3		15.876			4/1/36		5,637,000
	10,000,000	NYC Municipal Water Finance Authority ROLs3		16.311			6/15/40		15,259,600
	4,160,000	NYC Municipal Water Finance Authority ROLs3		17.892			6/15/37		5,641,584
	10,000,000	NYC Transitional Finance Authority ROLs3		7.974			1/15/29		11,521,400
	10,000,000	NYS DA (Personal Income Tax) DRIVERS		7.819			9/15/31		11,359,200
	6,670,000	NYS DA (State Personal Income Tax Authority)		13.239			3/15/36		9,891,010
	11,665,000	Puerto Rico Sales Tax Financing Corp. ROLs3		11.815			8/1/57		13,333,212
	3,250,000	Puerto Rico Sales Tax Financing Corp. ROLs3		17.633			8/1/57		4,586,790
	3,765,000	SONYMA ROLs		10.191			10/1/39		4,638,781
								$	133,782,744

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.

41 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 $184,815,000 or 12.53% of its total assets as of March 30, 2012.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 30, 2012 is as follows:

Cost	$	6,830,737
Market Value	$	3,878,722
Market Value as a % of Net Assets		0.31	%

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.

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and

42 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended September 30, 2011, the Fund utilized $124,290 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the 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.

Expiring
2016	$	6,626,486
2017		26,431,288
2018		43,255,092
No expiration		30,109,113
Total	$	106,421,979

Capital losses with no expiration will be carried forward to future years if not offset by gains in the remaining six months of the Fund’s fiscal year. When increased by capital loss carryforwards in existence at March 30, 2012, the Fund had estimated capital loss carryforwards of $76,312,866 expiring in 2018 and $30,109,113 which will not expire. During the six months ended March 30, 2012, it is estimated that the Fund will not utilize any 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 may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 30, 2012 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	$	1,273,785,167	1
Gross unrealized appreciation	$	82,084,294
Gross unrealized depreciation		(118,146,457	)
Net unrealized depreciation	$	(36,062,163	)

1. The Federal tax cost of securities does not include cost of $187,776,478, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding

43 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 six months ended March 30, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	3,718
Payments Made to Retired Trustees		14,130
Accumulated Liability as of March 30, 2012		96,601

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

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

44 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Securities Valuation

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

Valuation Methods and inputs

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

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

     Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the

45 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

     Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee

46 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

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

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 30, 2012 based on valuation input level:

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	1,078,749,637	$	22,998	$	1,078,772,635
U.S. Possessions		—		346,726,847		—		346,726,847
Total Assets	$	—	$	1,425,476,484	$	22,998	$	1,425,499,482

Currency contracts and forwards, if any, are reported at their unrealized appreciation/ depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which

47 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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

3. 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 March 30, 2012						Year Ended September 30, 20111
	Shares			Amount			Shares			Amount
Class A
Sold		7,607,748		$	88,390,832			10,357,987		$	112,992,433
Dividends and/or distributions reinvested		2,096,533			24,254,499			4,348,527			47,191,602
Redeemed		(7,690,331	)		(88,548,553	)		(22,638,129	)		(245,559,914	)
Net increase (decrease)		2,013,950		$	24,096,778			(7,931,615	)	$	(85,375,879	)
Class B
Sold		77,605		$	897,642			113,843		$	1,251,560
Dividends and/or distributions reinvested		21,839			252,580			54,623			592,414
Redeemed		(263,344	)		(3,065,646	)		(501,832	)		(5,433,284	)
Net decrease		(163,900	)	$	(1,915,424	)		(333,366	)	$	(3,589,310	)
Class C
Sold		1,328,970		$	15,439,795			1,516,382		$	16,493,732
Dividends and/or distributions reinvested		209,718			2,427,452			460,643			4,998,327
Redeemed		(902,230	)		(10,388,284	)		(3,909,147	)		(42,302,402	)
Net increase (decrease)		636,458		$	7,478,963			(1,932,122	)	$	(20,810,343	)
Class Y
Sold		1,463,927		$	16,658,614			747,166		$	7,828,272
Dividends and/or distributions reinvested		19,126			222,347			20,053			220,490
Redeemed		(175,003	)		(2,035,038	)		(239,091	)		(2,639,997	)
Net increase		1,308,050		$	14,845,923			528,128		$	5,408,765

1. For the year ended September 30, 2011, for Class A, B, and C shares, and for the period from January 31, 2011 (inception of offering) to September 30, 2011 for Class Y shares.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended March 30, 2012, were as follows:

	Purchases		Sales
Investment securities	$	169,087,720	$	102,860,057

48 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

5. Fees and Other Transactions with Affiliates

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

Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 30, 2012, the Fund paid $190,721 to OFS for services to the Fund.

     Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% 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 under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and

49 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates Continued

Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 30, 2012 were as follows:

Class B	$	1,624,885
Class C		2,444,538

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

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor
March 30, 2012	$	80,416	$	5,722	$	8,621	$	13,025

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the “Pending Litigation” note which appears later in this report. During the six months ended March 30, 2012, the Manager reimbursed the Fund $29,479 for legal costs and fees.

     OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to December 1, 2011. Effective December 1, 2011, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. 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.

50 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes.

     The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

     The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.2824% as of March 30, 2012). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended March 30, 2012 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.

As of March 30, 2012, the Fund had borrowings outstanding at an interest rate of 0.2824%. Details of the borrowings for the six months ended March 30, 2012 are as follows:

Average Daily Loan Balance	$	14,065,027
Average Daily Interest Rate		0.241	%
Fees Paid	$	676,512
Interest Paid	$	15,875

51 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. 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 six months ended March 30, 2012 are included in expenses on the Fund’s Statement of Operations and equal 0.02% of the Fund’s average net assets on an annualized basis.

     The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any 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 six months ended March 30, 2012.

52 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

8. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds — including the Fund — advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses.

     Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek

53 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

     The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

54 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

CREDIT ALLOCATION Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

     The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

     The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used.

     The credit allocations below are as of March 30, 2012 and are subject to change. The percentages are based on total assets and the market value of the Fund’s securities as of March 30, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.

				Unrated by
				a NRSRO;
				Internally
				Rated by
	NRSRO-Rated			the Manager			Total
AAA		5.8	%		0.0	%		5.8	%
AA		23.3			0.0			23.3
A		11.7			0.3			12.0
BBB		29.9			4.5			34.4
BB or lower		14.3			10.2			24.5
Total		85.0	%		15.0	%		100.0	%

55 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

56 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	David K. Downes, Trustee
	Matthew P. Fink, Trustee
	Phillip A. Griffiths, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Mary Ann Tynan, Trustee
	Joseph M. Wikler, Trustee
	Peter I. Wold, Trustee
	William F. Glavin, Jr., President and Principal Executive Officer
	Daniel G. Loughran, Vice President
	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
	Richard Stein, Vice President
	Arthur S. Gabinet, Secretary and Chief Legal Officer
	Christina M. Nasta, Vice President and Chief Business Officer
	Mark S. Vandehey, Vice President and Chief Compliance Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG llp
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	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.
	©2012 OppenheimerFunds, Inc. All rights reserved.

57 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

PRIVACY POLICY NOTICE

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

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

• Applications or other forms

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

• When you enroll in eDocs Direct, our electronic document delivery service

• Your transactions with us, our affiliates or others

• A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

• When you set up challenge questions to reset your password online

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

58 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Internet Security and Encryption

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

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol. We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

• All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

59 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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

1.	The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.
2.	The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.
3.	The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its

subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.

Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.
	(2) Exhibits attached hereto.
	(3) Not applicable.
(b)	Exhibit attached hereto.

SIGNATURES

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

Oppenheimer AMT — Free New York Municipals

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/8/2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/8/2012
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/8/2012