Oppenheimer Rochester Amt-free New York Municipal Fund NCSR Certified 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)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 09/30/2008

Item 1. Reports to Stockholders.

September 30, 2008 Oppenheimer Management AMT-Free New York Commentaries and Municipals Annual Report MANAGEMENT COMMENTARIES Market Recap and Outlook Listing of Top Holdings ANNUAL REPORT Fund Performance Discussion Listing of Investments Financial Statements “After 25 years in the business of municipal fund management, I still don’t pretend to have seen it all. But, allowing tax-free yields to compound over time has clearly been a winning strategy for shareholders.” — Ronald H. Fielding, Chief Strategist, Senior Vice President and Senior Portfolio Manager, OppenheimerFunds/Rochester 1234

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories


Tobacco—Master Settlement Agreement	23.4	%
Higher Education	9.9
General Obligation	6.2
Highways/Commuter Facilities	5.9
Hospital/Health Care	5.6
Sales Tax Revenue	4.4
Not-for-Profit Organizations	4.1
Electric Utilities	4.1
Special Tax	4.1
Real Estate	3.7

Portfolio holdings are subject to change. Percentages are as of September 30, 2008, and are based on the total market value of investments.

Credit Allocation


AAA	4.5	%
AA	16.0
A	19.2
BBB	44.9
BB or lower	15.4

Allocations are subject to change. Percentages are as of September 30, 2008, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 18.68% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended September 30 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.

Management’s Discussion of Fund Performance. In a 12-month period marked by significant turbulence in the world’s equity and credit markets and by broad price volatility as investors adjusted their perspectives on risk tolerance, the net asset value (NAV) of Oppenheimer AMT-Free New York Municipals’s Class A shares fell and the Fund’s total returns were negative. According to Lipper Inc., the Fund nonetheless provided the third highest level of tax-free income among its peer funds as of September 30, 2008, and more income, on a tax-equivalent basis, than many corporate fixed-income alternatives. Based on the distribution for the 28-day accrual period ended September 23, 2008, the distribution yield at the end of this reporting period for the Fund’s Class A shares was 5.25% at NAV.¹

Oppenheimer AMT-Free New York Municipals distributed dividends of 57.4 cents per Class A share this reporting period, including a small amount of ordinary income. The monthly dividend distribution per Class A share of Oppenheimer AMT-Free New York Municipals increased from 4.7 cents to 4.8 cents with the March 2008 payout and to 4.9 cents with the July 2008 payout. No capital gains were distributed this reporting period.

At the end of this reporting period, the Fund had an overall credit quality of A-minus and all bonds in the Fund’s portfolio were current in their scheduled interest payments.

As the charts on pages 22 to 24 show, the Fund’s total returns were negative this reporting period as investors grew increasingly concerned about risk and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities the Fund favors than to our Fund’s benchmark.

Two acquisitions this reporting period illustrate how the Fund benefited from its entry into the auction rate securities (ARS) market. An ARS is a long-term municipal security with an interest rate that resets at a specific frequency (typically 7 to 35 days) through an auction process. Many municipal auctions failed this reporting period because bidders were in short supply. These auction failures created financial headaches for investors who bought bonds with the assumption that their investments would remain highly liquid, and they also pushed the short-term rates on some bonds into the double digits. Intrigued by the opportunity to purchase high-yielding bonds, we applied our credit research expertise to the municipal auction inventory and identified some highly attractive bonds with resetting rates. For example, in mid-February, the Fund purchased insured Puerto Rico

1. Falling share prices artificially increase yields.

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general obligation bonds with a yield of 10% and AAA-rated civic facility revenue bonds with a yield of 9% that were issued by the Dutchess County (N.Y.) IDA to support Vassar Brothers Medical Center. Even though these bonds were sold by month’s end as rates became less favorable, both helped the Fund deliver high levels of tax-free yield to investors this reporting period, despite their brief tenures in our portfolio. By September 30, 2008, more than $100 billion of municipal auction rate securities had been refinanced into lower-yielding credit structures, and the municipal auctions became far less attractive to yield-seeking investors. The Fund’s participation in the municipal auctions, we believe, demonstrates the Rochester investment team’s flexibility and responsiveness to evolving market conditions.

The Fund continued to maintain sizable holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. The Rochester investment team was among the early believers in the structural and yield advantages of these types of bonds, which are backed by state and/or territory proceeds from a national litigation settlement with tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for nearly one-quarter of Fund investments and comprised the Fund’s largest sector.²

The Fund’s current weighting in MSA-backed bonds reflects our belief that these bonds offer an exceptional opportunity for yield-seeking investors. Over the years, many tobacco bonds have repaid principal earlier than their scheduled final maturity. Additionally, interest payments and scheduled payments of principal on the tobacco bonds this Fund holds have always been made in a timely manner. The widening of credit spreads has continued to exert pressure on the prices of tobacco bonds this reporting period, and we took advantage of this market condition to add high-yielding MSA-backed securities to the Fund’s portfolio.

As we have seen, industry litigation can create headline-induced volatility in this sector. We nonetheless continue to believe that the long-term impact of tobacco-related court cases should be negligible. If anything, the latest headlines have been quite favorable. In early April, a three-judge panel in federal appeals court reversed an earlier decision that had granted class-action status to smokers of “light” cigarettes. The panel ruled that individual cases were too distinct from one another to qualify as a “class.” In June, the U.S. Supreme Court announced that it would take a third look at a long-running dispute

2. Bond investments may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. While consumption has largely been in line with the assumptions used to structure MSA-backed bonds, future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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FUND PERFORMANCE DISCUSSION

between the family of a deceased smoker and Philip Morris. Twice before, the Supreme Court has ruled that the punitive damages awarded in Oregon were excessive. The Philip Morris case is one of two tobacco-related cases on the Supreme Court’s fall docket. The Court will also rule on a dispute about which laws regulate the advertising of “light” cigarettes.

In the reporting period ended September 30, 2008, our in-house credit research team continued to identify yield-enhancing municipal issues in the Commonwealth of Puerto Rico, despite ongoing economic difficulties and political scandals there. Most of these investments (35.9% of the Fund’s net assets as of September 30, 2008) involve “creatures of the state”—which are supported by taxes and help finance electric utilities, education and highways—versus project financing. As such, we remain confident in the government’s ability to collect the taxes and make bond payments using tax proceeds.

The Fund continues to monitor news about Puerto Rico’s government. In March 2008, many islanders were stunned by the indictment of Gov. Anibal Acevedo Vila and members of his campaign committee on charges that included wire fraud and conspiracy. Five charges were added in August, bringing the total to 24. The charges relate to allegations that the governor illegally raised money to pay off debts incurred while campaigning for his terms as the island’s delegate to Congress. The governor has denied any misuse of public funds, and the Government Development Bank, the commonwealth’s financing arm, has offered assurances that Puerto Rico’s financial obligations would be honored.³Gov. Vila’s trial is scheduled to begin in February 2009.

We are also closely following news about the commonwealth’s creditworthiness. In November 2007, Moody’s revised its outlook on the commonwealth’s debt to stable, from negative, while maintaining its rating of Baa3. One month later, S&P upgraded the long-term debt issued by the Government Development Bank to BBB, from BBB-minus. In June 2008, S&P placed the A-plus-rated Puerto Rico Sales Tax Financing Corporation on credit watch, with negative implications, after Gov. Vila proposed suspending sales and use taxes. The credit watch was lifted in September, because lawmakers did not vote on this proposal before the end of their legislative session. Importantly, the commonwealth, its agencies and the Government Development Bank retained their investment-grade ratings from S&P and Moody’s this reporting period, and both consider the outlook to be stable.

The Fund continued to invest in municipal inverse-floating-rate securities this reporting period. These are tax-exempt securities whose interest payments move inversely to changes in short-term interest rates. With generally higher tax-free yields than regular

3. Gov. Vila was defeated by Luis Fortuno on Election Day 2008.

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fixed-rate bonds of comparable maturity and credit quality, these securities helped the Fund provide higher dividends this reporting period as the yield curve steepened. However, these securities often face greater price volatility than comparable fixed-rate bonds, and the volatility this reporting period detracted from the Fund’s overall performance.

The Fund also invested in percentage of LIBOR notes (PLNs), a type of bond structure that experienced price declines this reporting period when another U.S. financial institution sold a large position at a loss. This move depressed the prices of PLNs across the board even though PLN credit quality, which varies among tax-free issuers, generally remained solid. PLNs are bonds that pay a variable rate based on LIBOR and most are A-rated or better. We continue to believe that this type of bond will be a valuable source of revenue once more normal rate relations are in place and, therefore, remain invested in a diverse basket of bonds with this structure.

Our approach to municipal bond investing is flexible and responsive to market conditions; our strategies are intended to balance many different types of risk to reduce overall portfolio risk. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment strategies or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until September 30, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a ten-fiscal-year period. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions.

The Fund’s performance is compared to the performance of the Lehman Brothers Municipal Bond Index, an unmanaged index of a broad range of investment grade municipal bonds that is widely regarded as a measure of the performance of the general municipal bond market, and the Consumer Price Index, a non-securities index that measures change in the inflation rate. Index performance reflects the reinvestment of dividends but does not consider the effect of capital gains or transaction costs, and none of the data in the graphs that follow shows the effect of taxes. The Fund’s performance reflects the effects of Fund business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the securities in the index.

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FUND PERFORMANCE DISCUSSION

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvestment of dividends and capital gains, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent 1% deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 25 for further information.

23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FUND PERFORMANCE DISCUSSION

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

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NOTES

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

Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus 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 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 contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

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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 redemption fees (if applicable); 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 September 30, 2008.

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

26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	April 1, 2008		September 30, 2008		September 30, 2008

Actual
Class A	$	1,000.00	$	923.20	$	7.05
Class B		1,000.00		920.20		11.06
Class C		1,000.00		920.50		10.77

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,017.70		7.39
Class B		1,000.00		1,013.55		11.59
Class C		1,000.00		1,013.85		11.29

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended September 30, 2008 are as follows:


Class	Expense Ratios

Class A		1.46	%
Class B		2.29
Class C		2.23

The expense ratios reflect reduction to custodian expenses. 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.

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THIS PAGE INTENTIONALLY LEFT BLANK.

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STATEMENT OF INVESTMENTS September 30, 2008


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—121.4%
New York—83.7%
$	700,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.625	%		12/01/2034	$	606,095
	200,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		169,130
	125,000	Albany County, NY IDA (Wildwood Programs)		5.000			07/01/2026		105,175
	3,000,000	Albany, NY IDA (Albany Law School)¹		5.000			07/01/2031		2,473,530
	310,000	Albany, NY IDA (Albany Law School)		5.000			07/01/2037		248,614
	335,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2027		278,211
	150,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2032		119,727
	100,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2037		78,190
	14,500,000	Albany, NY IDA (Charitable Leadership)¹		5.750			07/01/2026		12,645,740
	1,000,000	Albany, NY IDA (Charitable Leadership)¹		6.000			07/01/2019		954,190
	100,000	Albany, NY IDA (New Covenant Charter School)		7.000			05/01/2025		75,024
	1,140,000	Albany, NY IDA (Sage Colleges)¹		5.250			04/01/2019		1,077,904
	500,000	Albany, NY IDA (Sage Colleges)¹		5.300			04/01/2029		435,880
	2,550,000	Albany, NY IDA (St. Peter’s Hospital)		5.250			11/15/2027		2,257,158
	3,350,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.250			11/15/2032		2,853,999
	1,000,000	Albany, NY IDA (St. Peter’s Hospital)		5.500			11/15/2027		912,750
	1,380,000	Albany, NY IDA, Series B¹		5.750			11/15/2032		1,259,360
	4,205,000	Albany, NY IDA, Series D¹		5.375			11/15/2032		3,646,156
	1,365,000	Albany, NY IDA, Series D¹		5.750			11/15/2027		1,284,997
	100,000	Albany, NY Municipal Water Finance Authority¹		5.000			12/01/2033		92,199
	10,000	Albany, NY Parking Authority		5.625			07/15/2025		9,688
	5,730,000	Allegany County, NY IDA (Houghton College)¹		5.250			01/15/2024		5,374,110
	2,875,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		2,090,355
	50,000	Bethlehem, NY IDA (American Hsg. Foundation)		6.875			06/01/2039		52,836
	5,895,000	Brookhaven, NY IDA (Alternatives for Children)		7.550			02/01/2033		5,587,222
	9,235,000	Brookhaven, NY IDA (Dowling College)¹		6.750			11/01/2032		8,578,576
	100,000	Broome County, NY IDA (Good Shepard Village)		6.750			07/01/2028		92,658
	200,000	Broome County, NY IDA (Good Shepard Village)		6.875			07/01/2040		185,318
��	350,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		255,819
	250,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		175,900
	300,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		253,890
	25,000	Canandaigua & Bristol, NY GO		5.000			12/15/2027		22,359
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2028		26,614
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2029		26,523
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2030		26,276
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2031		30,524
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2032		30,398
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2033		30,315

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STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	40,000	Canandaigua & Bristol, NY GO		5.000	%		12/15/2034	$	34,421
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2035		34,331
	45,000	Canandaigua & Bristol, NY GO		5.000			12/15/2036		38,318
	45,000	Canandaigua & Bristol, NY GO		5.000			12/15/2037		38,176
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2038		42,320
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2039		42,228
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2040		46,347
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2041		46,256
	60,000	Canandaigua & Bristol, NY GO		5.000			12/15/2042		50,366
	85,000	Cattaraugus County, NY IDA (Olean General Hospital)¹		5.250			08/01/2023		83,618
	500,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.000			05/01/2023		437,245
	620,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.100			05/01/2031		505,325
	1,570,000	Cayuga County, NY COP (Auburn Memorial Hospital)¹		6.000			01/01/2021		1,567,127
	90,000	Chautauqua, NY Utility District¹		5.000			06/01/2022		85,212
	100,000	Chautauqua, NY Utility District¹		5.000			06/01/2024		92,606
	110,000	Chautauqua, NY Utility District¹		5.000			06/01/2026		100,117
	1,690,000	Clarence, NY IDA (Bristol Village)		6.000			01/20/2044		1,724,341
	125,000	Coeymans, NY Fire District		5.000			10/15/2023		118,780
	130,000	Coeymans, NY Fire District		5.000			10/15/2024		122,335
	135,000	Coeymans, NY Fire District		5.000			10/15/2025		125,894
	140,000	Coeymans, NY Fire District		5.000			10/15/2026		129,634
	1,040,000	Colonie, NY GO²		6.000			04/01/2032		1,023,277
	1,090,000	Colonie, NY GO²		6.000			04/01/2033		1,074,860
	15,000	Deerfield, NY GO		5.500			06/15/2021		14,565
	15,000	Deerfield, NY GO		5.500			06/15/2022		14,426
	15,000	Deerfield, NY GO		5.500			06/15/2023		14,287
	15,000	Deerfield, NY GO		5.500			06/15/2024		14,247
	20,000	Deerfield, NY GO		5.500			06/15/2025		18,859
	20,000	Deerfield, NY GO		5.600			06/15/2026		18,739
	20,000	Deerfield, NY GO		5.600			06/15/2027		18,663
	20,000	Deerfield, NY GO		5.600			06/15/2028		18,541
	25,000	Deerfield, NY GO		5.600			06/15/2029		23,070
	25,000	Deerfield, NY GO		5.600			06/15/2030		22,887
	25,000	Deerfield, NY GO		5.600			06/15/2031		22,759
	25,000	Deerfield, NY GO		5.600			06/15/2032		22,701
	30,000	Deerfield, NY GO		5.600			06/15/2033		27,175
	30,000	Deerfield, NY GO		5.600			06/15/2034		27,062
	30,000	Deerfield, NY GO		5.600			06/15/2035		26,944
	35,000	Deerfield, NY GO		5.600			06/15/2036		31,219
	55,460,000	Dutchess County, NY IDA (Bard College)		5.000			08/01/2046		48,329,508

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Principal
Amount			Coupon			Maturity		Value

New York Continued
$	8,440,000	Dutchess County, NY IDA (Elant Fishkill)		5.250	%		01/01/2037	$	6,333,376
	1,840,000	East Rochester, NY Hsg. Authority (St. John’s Meadows)		5.000			02/15/2047		1,593,293
	500,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		467,205
	1,200,000	Erie County, NY IDA (DePaul Properties)		5.750			09/01/2028		904,200
	160,000	Erie County, NY IDA (DePaul Properties)		6.500			09/01/2018		142,160
	200,000	Erie County, NY IDA (Global Concepts Charter School)		6.250			10/01/2037		171,020
	5,600,000	Erie County, NY IDA (Medaille College)		7.625			04/01/2035		5,769,232
	1,000,000	Erie County, NY IDA (Orchard Park CCRC)		5.000			11/15/2014		924,170
	1,485,000	Erie County, NY IDA (Orchard Park CCRC)		5.125			11/15/2016		1,340,153
	4,750,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2036		3,872,200
	9,175,000	Erie County, NY IDA (The Episcopal Church Home)		5.875			02/01/2018		8,464,488
	10,170,000	Erie County, NY IDA (The Episcopal Church Home)¹		6.000			02/01/2028		8,726,063
	36,405,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038		27,846,549
	29,515,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2045		22,153,074
	56,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.875	³		06/01/2050		1,601,040
	30,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.029	³		06/01/2055		472,500
	100,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.000			06/01/2020		90,051
	130,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		111,613
	110,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.300			06/01/2035		89,458
	175,000	Franklin County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		150,248
	815,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2027		624,486
	3,750,000	Geneva, NY IDA (Hobart & William Smith Colleges)¹		5.375			02/01/2033		3,667,538
	4,285,000	Green Island, NY Power Authority¹		5.125			03/15/2033		3,752,589
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2024		68,370
	70,000	Hempstead Village, NY GO¹		5.000			09/15/2025		63,234
	70,000	Hempstead Village, NY GO¹		5.000			09/15/2026		62,864
	50,000	Hempstead, NY IDA (Hofstra University)¹		5.000			07/01/2033		46,193
	410,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		352,571
	5,210,000	Hempstead, NY IDA (WORCA)		6.900			08/01/2033		4,529,835
	875,000	Herkimer County, NY IDA (Folts Adult Home)		5.500			03/20/2040		835,625
	1,790,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.250			08/01/2034		1,656,466
	25,685,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2047		22,977,801
	11,500,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2047		10,353,680
	2,420,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		1,958,385
	280,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		226,590
	665,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2040		557,164

F3 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	10,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.000	%		05/01/2013	$	9,437
	125,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.640	⁴		05/01/2033		122,905
	350,000	Monroe County, NY IDA (Rochester Institute of Technology)¹		5.250			04/01/2019		328,465
	525,000	Monroe County, NY IDA (Rochester Institute of Technology)¹		5.375			04/01/2029		455,942
	50,000	Monroe County, NY IDA (St. John Fisher College)¹		5.200			06/01/2019		46,623
	200,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		151,912
	400,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		318,736
	302,900,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	³		06/01/2061		2,798,796
	1,000,000	Monroe, NY Newpower Corp.¹		5.625			01/01/2026		875,170
	4,000,000	Monroe, NY Newpower Corp.¹		5.500			01/01/2034		3,285,080
	225,000	Nassau County, NY Bridge Authority¹		5.500			10/01/2019		227,635
	115,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		102,667
	510,000	Nassau County, NY IDA (ALIA-ACDS)		6.125			09/01/2018		471,322
	1,975,000	Nassau County, NY IDA (ALIA-AP)		7.000			09/01/2028		1,841,352
	710,000	Nassau County, NY IDA (ALIA-CMA)		6.125			09/01/2018		656,154
	785,000	Nassau County, NY IDA (ALIA-CSMR)		6.125			09/01/2018		725,466
	505,000	Nassau County, NY IDA (ALIA-EFLI)		6.125			09/01/2018		466,701
	405,000	Nassau County, NY IDA (ALIA-HAII)		6.125			09/01/2018		374,285
	470,000	Nassau County, NY IDA (ALIA-NCMRS)		6.125			09/01/2018		434,355
	180,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2027		172,028
	1,295,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		1,240,053
	765,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		682,961
	100,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		89,276
	185,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		159,546
	2,655,000	Nassau County, NY IDA (Hispanic Counseling Center)		7.625			06/01/2033		2,418,174
	100,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		89,276
	180,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		160,835
	70,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		60,369
	50,000	Nassau County, NY IDA, Series A-A		6.000			07/02/2021		45,350
	840,000	Nassau County, NY IDA, Series A-B		6.000			07/01/2021		761,880
	30,000	Nassau County, NY IDA, Series A-C		6.000			07/01/2021		27,210
	35,000	Nassau County, NY IDA, Series A-D		6.000			07/01/2021		31,745
	25,550,000	Nassau County, NY Tobacco Settlement Corp.		5.125			06/01/2046		19,567,212
	85,990,000	Nassau County, NY Tobacco Settlement Corp.		6.151	³		06/01/2046		4,091,404
	60,000,000	Nassau County, NY Tobacco Settlement Corp.		6.763	³		06/01/2060		730,800
	42,830,000	Nassau County, NY Tobacco Settlement Corp. (TASC)¹		5.000			06/01/2035		33,113,586
	115,000	New Hartford, NY GO¹		5.000			09/15/2022		106,691

F4 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


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	$	2,335,775
	975,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		969,004
	500,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034		490,875
	375,000	Niagara County, NY Tobacco Asset Securitization Corp.		6.250			05/15/2040		362,693
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)¹		5.500			05/15/2019		19,120
	1,185,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035		1,187,868
	14,670,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035		13,060,848
	20,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		17,829
	5,120,000	NY Counties Tobacco Trust III		6.000			06/01/2043		4,738,816
	850,000	NY Counties Tobacco Trust IV¹		5.000			06/01/2038		650,174
	3,500,000	NY Counties Tobacco Trust IV (TASC)		0.000	⁵		06/01/2041		3,290,035
	5,900,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2042		4,461,757
	9,240,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2045		6,935,267
	3,500,000	NY Counties Tobacco Trust IV (TASC)		6.650	⁴		06/01/2041		355,775
	84,200,000	NY Counties Tobacco Trust V		6.850	³		06/01/2055		1,571,172
	334,000,000	NY Counties Tobacco Trust V		7.850	³		06/01/2060		3,373,400
	400,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)¹		5.250			10/01/2035		336,308
	19,420,000	NY MTA Service Contract, Series A¹		5.125			01/01/2029		18,153,233
	30,000,000	NY MTA, Series A⁶		5.000			11/15/2031		27,390,450
	13,840,000	NY MTA, Series A⁶		5.125			11/15/2031		12,924,761
	2,000,000	NY MTA, Series F¹		5.000			11/15/2030		1,825,080
	1,680,000	NY Seneca Nation Indians Capital Improvements¹		5.000			12/01/2023		1,393,610
	50,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2012		50,046
	25,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2020		25,102
	10,240,000	NY Triborough Bridge & Tunnel Authority, Series B⁶		5.000			11/15/2027		9,837,312
	64,340,000	NY Triborough Bridge & Tunnel Authority, Series B^2,6		5.000			11/15/2032		61,137,912
	18,200,000	NY Triborough Bridge & Tunnel Authority, Series B^2,6		5.125			11/15/2029		17,684,171
	3,620,000	NY TSASC, Inc. (TFABs)¹		4.750			06/01/2022		3,103,100
	4,875,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034		3,784,316
	125,445,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		96,794,616
	20,000,000	NYC GO⁶		5.000			08/01/2021		19,477,700
	10,000	NYC GO¹		5.300			01/15/2026		9,747
	10,000	NYC GO¹		5.375			08/01/2027		10,011
	70,000	NYC GO¹		5.500			08/01/2010		70,491
	45,000	NYC GO¹		5.500			06/01/2022		45,154
	105,000	NYC GO¹		5.500			11/15/2037		103,344
	680,000	NYC GO¹		5.875			08/01/2019		718,053
	45,000	NYC GO¹		6.000			05/15/2022		45,085

F5 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	5,000	NYC GO¹		7.500	%		02/01/2019	$	5,017
	1,262,859	NYC HDC (Keith Plaza)		6.500			02/15/2018		1,264,362
	2,000,000	NYC HDC (Multifamily Hsg.)¹		5.250			11/01/2031		1,887,580
	250,000	NYC HDC (Multifamily Hsg.), Series E¹		6.250			05/01/2036		253,633
	100,000	NYC Health & Hospital Corp.¹		5.375			02/15/2026		94,386
	1,975,000	NYC Health & Hospital Corp.¹		5.450			02/15/2026		1,880,101
	1,425,000	NYC IDA (American Council of Learned Societies)¹		5.250			07/01/2027		1,346,882
	60,000	NYC IDA (Assoc. for Metroarea Autistic Children)		4.500			07/01/2021		47,606
	2,760,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		2,457,338
	500,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		454,130
	2,100,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		1,868,874
	6,000,000	NYC IDA (Calhoun School)		6.625			12/01/2034		5,880,480
	500,000	NYC IDA (Calhoun School)		6.625			12/01/2034		490,040
	960,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		879,610
	830,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		648,479
	205,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		160,544
	3,240,000	NYC IDA (Chapin School)		5.000			11/01/2038		2,621,452
	3,675,000	NYC IDA (Community Resource Developmentally Disabled)		7.500			08/01/2026		3,723,841
	150,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		127,595
	350,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		294,396
	980,000	NYC IDA (Eger Harbor House)		5.875			05/20/2044		986,390
	725,000	NYC IDA (Family Support Systems)		7.500			11/01/2034		653,363
	1,530,000	NYC IDA (Gateway School of New York)		5.550			06/01/2039		1,259,006
	220,000	NYC IDA (Global Country World Peace)		7.250			11/01/2025		187,909
	170,000	NYC IDA (Global Country World Peace)		7.250			11/01/2025		145,202
	1,825,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		1,439,232
	790,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		695,421
	24,110,000	NYC IDA (Liberty-7 World Trade Center)^1,2		6.250			03/01/2015		24,108,553
	16,000,000	NYC IDA (Liberty-7 World Trade Center)^2,7		6.500			03/01/2035		16,130,080
	10,850,000	NYC IDA (Liberty-7 World Trade Center)¹		6.750			03/01/2015		11,077,416
	12,050,000	NYC IDA (Liberty-IAC/Interactive Corp.)¹		5.000			09/01/2035		9,693,141
	3,700,000	NYC IDA (Lycee Francais De New York)¹		5.375			06/01/2023		3,202,609
	4,000,000	NYC IDA (Lycee Francais De New York)¹		6.800			06/01/2028		4,021,440
	950,000	NYC IDA (Magen David Yeshivah)		5.700			06/15/2027		832,010
	420,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		331,376
	210,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		182,307
	1,020,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		885,493

F6 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	180,000	NYC IDA (Metropolitan College of New York)		5.750	%		03/01/2020	$	166,491
	2,300,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2035		2,182,240
	6,510,000	NYC IDA (Mount St. Vincent)¹		5.250			06/01/2036		5,349,007
	1,375,000	NYC IDA (Polytechnic University)¹		5.250			11/01/2027		1,156,719
	1,200,000	NYC IDA (Polytechnic University)¹		5.250			11/01/2037		961,692
	1,380,000	NYC IDA (PSCH)		6.375			07/01/2033		1,264,701
	750,000	NYC IDA (Reece School)		7.500			12/01/2037		712,605
	295,000	NYC IDA (Reece School)		7.500			12/01/2037		280,291
	1,445,000	NYC IDA (Staten Island University Hospital)¹		6.450			07/01/2032		1,285,833
	756,500	NYC IDA (Studio School)		7.000			11/01/2038		611,411
	5,345,000	NYC IDA (The Child School)		7.550			06/01/2033		5,023,926
	995,000	NYC IDA (Tides Two Rivers Foundation)		5.650			12/01/2039		783,901
	3,560,000	NYC IDA (Unicef)		5.300			11/01/2038		2,749,815
	5,600,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		5,149,816
	785,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2021		656,040
	310,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2021		259,073
	150,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2028		113,466
	360,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2028		272,318
	100,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2031		73,580
	2,020,000	NYC IDA (Vaughn College Aeronautics)¹		5.250			12/01/2036		1,503,021
	5,600,000	NYC IDA (Vocational Instruction)⁸		7.750			02/01/2033		4,025,840
	9,900,000	NYC IDA (Yankee Stadium)		5.000			03/01/2046		8,585,973
	2,700,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		2,143,260
	4,555,000	NYC IDA (YMCA of Greater New York)¹		5.250			08/01/2021		4,494,874
	80,000	NYC IDA (YMCA of Greater New York)¹		5.800			08/01/2016		82,350
	20,000,000	NYC Municipal Water Finance Authority^2,6		4.750			06/15/2035		17,782,759
	20,000,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2037		18,563,219
	50,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2032		47,148
	20,000	NYC Municipal Water Finance Authority¹		5.250			06/15/2025		20,025
	50,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.000			07/01/2022		45,624
	100,000	NYS DA (Amsterdam Memorial Hospital)		6.000			08/01/2035		100,136
	20,000	NYS DA (Audit & Control)¹		5.000			04/01/2029		18,733
	385,000	NYS DA (Chapel Oaks)¹		5.450			07/01/2026		376,068
	425,000	NYS DA (Concord Nursing Home)¹		5.500			02/15/2030		404,371
	175,000	NYS DA (Health Quest Systems)¹		5.250			07/01/2027		171,308
	300,000	NYS DA (Health Quest Systems)¹		5.250			07/01/2027		293,670
	1,870,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.500			07/01/2030		1,588,266
	1,000,000	NYS DA (Maimonides Medical Center)¹		5.750			08/01/2024		1,001,180
	365,000	NYS DA (Manhattan College)¹		5.300			07/01/2037		331,084

F7 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,290,000	NYS DA (Memorial Sloan-Kettering)¹		5.000	%		07/01/2035	$	1,198,384
	735,000	NYS DA (Montefiore Medical Center)¹		5.450			08/01/2029		730,414
	600,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)¹		5.500			07/01/2026		552,084
	8,990,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)¹		6.500			07/01/2025		9,076,484
	900,000	NYS DA (Mt. Sinai/NYU Health)¹		5.500			07/01/2026		829,935
	40,000	NYS DA (Mt. Sinai/NYU Health)¹		6.500			07/01/2017		40,984
	270,000	NYS DA (Municipal Health Facilities)¹		5.500			05/15/2017		273,143
	1,360,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2024		1,228,583
	6,885,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)⁶		2.706	⁴		05/01/2033		4,888,340
	2,500,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)¹		5.000			05/01/2032		2,163,925
	1,000,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)¹		5.000			05/01/2037		851,980
	5,500,000	NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group)¹		5.000			11/01/2026		4,881,030
	680,000	NYS DA (Nursing Home)		4.900			02/15/2041		597,183
	810,000	NYS DA (Nursing Home)		4.950			02/15/2045		713,699
	2,000,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2036		1,612,120
	275,000	NYS DA (Orange Regional Medical Center)¹		6.125			12/01/2029		250,038
	2,120,000	NYS DA (Orange Regional Medical Center)¹		6.250			12/01/2037		1,915,865
	325,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2026		307,938
	490,000	NYS DA (Providence Rest)		5.000			07/01/2035		340,888
	1,300,000	NYS DA (Providence Rest)		5.125			07/01/2030		982,449
	340,000	NYS DA (Providence Rest)		5.250			07/01/2025		273,768
	650,000	NYS DA (Rochester General Hospital)¹		5.000			12/01/2035		530,569
	70,000	NYS DA (Sarah Neuman Nursing Home)¹		5.500			08/01/2037		69,196
	4,000,000	NYS DA (SS Joachim & Anne Residence)¹		5.250			07/01/2027		3,741,480
	65,000	NYS DA (St. Joseph’s Hospital Health Center)¹		5.250			07/01/2018		65,552
	13,200,000	NYS DA (St. Luke’s Roosevelt Hospital)^2,6		4.900			08/15/2031		11,750,728
	5,420,000	NYS DA (The Highlands Living)		6.600			02/01/2034		5,438,699
	1,000,000	NYS DA (W.K. Nursing Home)¹		6.125			02/01/2036		1,000,400
	1,220,000	NYS DA (Winthrop University Hospital)¹		5.500			07/01/2023		1,149,325
	100,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)¹		5.500			07/01/2032		88,965
	20,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			06/15/2027		19,292
	85,000	NYS EFC (NYS Water Services)¹		6.600			09/15/2012		85,244
	10,000	NYS EFC (State Water Revolving Fund)¹		5.750			01/15/2013		10,020
	1,815,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021		1,821,806
	10,000	NYS HFA (Hospital & Healthcare)¹		5.150			11/01/2016		10,114

F8 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	9,260,000	NYS HFA, Series A¹		6.100	%		11/01/2015	$	9,282,780
	120,000	NYS Medcare (Hospital & Nursing Home)¹		5.400			08/15/2033		117,580
	65,000	NYS Medcare (Hospital & Nursing Home)¹		6.200			08/15/2023		65,124
	640,000	NYS Medcare (Hospital & Nursing Home)¹		6.300			08/15/2023		641,274
	50,000	NYS Medcare (Hospital & Nursing Home)¹		6.375			08/15/2033		50,084
	15,000	NYS UDC (Subordinated Lien)¹		5.375			07/01/2022		15,006
	295,000	NYS UDC (Subordinated Lien)¹		5.500			07/01/2022		295,047
	250,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019		225,020
	55,000	Onondaga County, NY IDA (Salina Free Library)		5.500			12/01/2022		53,369
	1,000,000	Orange County, NY IDA (Glen Arden)		5.625			01/01/2018		901,700
	275,000	Orange County, NY IDA (Glen Arden)		5.700			01/01/2028		220,913
	1,600,000	Otsego County, NY IDA (Hartwick College)¹		5.900			07/01/2022		1,459,136
	38,280,000	Port Authority NY/NJ, 140th Series⁶		5.000			12/01/2034		36,099,188
	3,180,000	Rensselaer County, NY IDA (Emma Willard School)¹		5.000			01/01/2026		3,062,308
	3,550,000	Rensselaer County, NY IDA (Emma Willard School)¹		5.000			01/01/2031		3,349,532
	6,275,000	Rensselaer County, NY IDA (Emma Willard School)¹		5.000			01/01/2036		5,867,627
	2,680,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.625			06/01/2035		2,386,031
	2,000,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.750			06/01/2043		1,782,900
	230,000	Rensselaer County, NY Water Service Sewer Authority¹		5.250			09/01/2038		213,348
	285,000	Rensselaer County, NY Water Service Sewer Authority		5.250			09/01/2038		265,133
	340,000	Rensselaer County, NY Water Service Sewer Authority		5.350			09/01/2047		314,932
	415,000	Rensselaer County, NY Water Service Sewer Authority		5.350			09/01/2047		384,402
	10,605,000	Rensselaer, NY City School District COP¹		5.000			06/01/2026		9,363,579
	1,060,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.625			08/15/2035		943,411
	3,150,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.750			08/15/2043		2,807,595
	101,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.252	³		08/15/2045		4,782,350
	53,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.637	³		08/15/2050		1,489,300
	50,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.676	³		08/15/2060		495,500
	2,500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.125			12/01/2033		2,131,375
	450,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)¹		5.125			12/01/2027		397,521
	1,000,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)¹		5.250			12/01/2032		864,910
	350,000	Seneca County, NY IDA (New York Chiropractic College)¹		5.000			10/01/2027		298,379
	45,000	Sodus Village, NY GO¹		5.000			05/15/2032		41,186
	45,000	Sodus Village, NY GO¹		5.000			05/15/2033		41,077
	45,000	Sodus Village, NY GO¹		5.000			05/15/2034		40,943
	45,000	Sodus Village, NY GO¹		5.000			05/15/2035		40,765

F9 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	45,000	Sodus Village, NY GO¹		5.000	%		05/15/2036	$	40,468
	45,000	Sodus Village, NY GO¹		5.000			05/15/2037		40,344
	250,000	SONYMA, Series 83¹		5.550			10/01/2027		250,023
	15,000	St. Lawrence County, NY IDA (Clarkson University)¹		5.000			07/01/2033		13,450
	115,000	Suffolk County, NY IDA (ALIA-ACLD)		5.950			10/01/2021		98,533
	95,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		81,058
	170,000	Suffolk County, NY IDA (ALIA-Civic Facility)		5.950			11/01/2022		150,385
	245,000	Suffolk County, NY IDA (ALIA-DDI)		5.950			10/01/2021		209,918
	45,000	Suffolk County, NY IDA (ALIA-FREE)		5.950			10/01/2021		38,556
	25,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			10/01/2021		21,420
	115,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		101,731
	20,000	Suffolk County, NY IDA (ALIA-IGHL)		6.000			10/01/2031		16,147
	4,000,000	Suffolk County, NY IDA (ALIA-IGHL)		7.250			12/01/2033		3,911,440
	305,000	Suffolk County, NY IDA (ALIA-LIHIA)		5.950			11/01/2022		269,809
	110,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950			11/01/2022		97,308
	100,000	Suffolk County, NY IDA (ALIA-UCPAGS)		5.950			10/01/2021		85,681
	390,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500			11/01/2037		332,764
	105,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		92,885
	10,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		9,074
	8,460,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		6,059,813
	195,000	Suffolk County, NY IDA (Dowling College)¹		6.700			12/01/2020		193,124
	660,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375			01/01/2027		520,040
	685,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.500			01/01/2037		514,853
	10,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		9,074
	10,550,000	Suffolk County, NY IDA (Jefferson’s Ferry)¹		5.000			11/01/2028		8,778,128
	1,000,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550			02/01/2034		924,930
	620,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		511,977
	210,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		173,412
	5,985,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.000			11/01/2035		5,753,021
	505,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		497,349
	150,000	Suffolk County, NY IDA (Southampton Hospital Assoc.)		7.250			01/01/2020		148,053
	215,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		184,644
	25,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		22,685
	6,350,000	Suffolk, NY Tobacco Asset Securitization Corp.		0.000	⁵		06/01/2044		4,294,823

F10 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	500,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375	%		06/01/2028	$	438,960
	1,500,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		1,326,570
	15,750,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	³		06/01/2048		590,783
	494,000	Sullivan County, NY Community College COP⁷		5.750			08/15/2025		406,187
	530,000	Sullivan County, NY IDA (Center for Discovery)		5.625			06/01/2013		493,388
	1,570,000	Sullivan County, NY IDA (Center for Discovery)		5.875			07/01/2022		1,328,832
	645,000	Sullivan County, NY IDA (Center for Discovery)		6.000			06/01/2019		566,807
	1,540,000	Sullivan County, NY IDA (Center for Discovery)		6.000			07/01/2037		1,232,000
	430,000	Sullivan County, NY IDA (Center for Discovery)		6.500			06/01/2025		375,188
	505,000	Sullivan County, NY IDA (Center for Discovery)		6.950			02/01/2035		486,658
	445,000	Syracuse, NY IDA (Crouse Irving Companies)¹		5.250			01/01/2017		446,406
	175,000	Tompkins County, NY IDA (Kendal at Ithaca)¹		5.500			07/01/2024		163,107
	1,475,000	Ulster County, NY IDA (Benedictine Hospital)		6.500			11/01/2036		1,246,021
	1,000,000	Ulster County, NY IDA (Kingston Regional Senior Living Corp.)		6.000			09/15/2042		851,700
	25,000	Ulster County, NY IDA (Mid-Hudson Family Health Institute)¹		5.300			07/01/2016		25,267
	4,000,000	Utica, NY IDA (Utica College Civic Facility)		5.750			08/01/2028		3,479,280
	1,250,000	Utica, NY IDA (Utica College Civic Facility)		6.750			12/01/2021		1,267,488
	30,000	Voorheesville, NY GO		5.000			02/15/2023		29,189
	35,000	Voorheesville, NY GO		5.000			02/15/2024		33,761
	35,000	Voorheesville, NY GO		5.000			02/15/2025		33,489
	35,000	Voorheesville, NY GO		5.000			02/15/2026		33,281
	40,000	Voorheesville, NY GO		5.000			02/15/2027		37,951
	40,000	Voorheesville, NY GO		5.000			02/15/2028		37,750
	40,000	Voorheesville, NY GO		5.000			02/15/2029		37,565
	45,000	Voorheesville, NY GO		5.000			02/15/2030		41,922
	45,000	Voorheesville, NY GO		5.000			02/15/2031		41,577
	50,000	Voorheesville, NY GO		5.000			02/15/2032		46,107
	50,000	Voorheesville, NY GO		5.000			02/15/2033		45,972
	55,000	Voorheesville, NY GO		5.000			02/15/2034		50,457
	55,000	Voorheesville, NY GO		5.000			02/15/2035		50,195
	60,000	Voorheesville, NY GO		5.000			02/15/2036		54,364
	60,000	Voorheesville, NY GO		5.000			02/15/2037		54,201
	370,000	Westchester County, NY IDA (Field Home)		6.500			08/15/2022		337,174
	250,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		5.375			08/01/2024		226,318
	1,765,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029		1,495,079
	320,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2013		319,165
	600,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		536,724

F11 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	300,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000	%		06/01/2026	$	256,617
	10,790,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2045		8,278,520

									1,053,968,106

U.S. Possessions—37.7%
	3,280,000	Guam GO¹		5.400			11/15/2018		3,094,024
	1,000,000	Guam Government Waterworks Authority and Wastewater System¹		5.875			07/01/2035		894,340
	5,295,000	Guam Power Authority, Series A¹		5.125			10/01/2029		4,682,527
	10,100,000	Guam Power Authority, Series A¹		5.250			10/01/2034		8,927,895
	1,000,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.625			06/01/2047		833,130
	21,210,000	Puerto Rico Aqueduct & Sewer Authority¹		0.000	⁵		07/01/2024		17,148,709
	16,060,000	Puerto Rico Aqueduct & Sewer Authority^1,2		6.000			07/01/2038		15,351,915
	14,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		13,952,145
	15,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		13,006
	11,900,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		9,904,251
	30,000,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		25,290,900
	124,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.426	³		05/15/2050		4,460,280
	4,030,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2027		3,571,305
	5,200,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2024		4,810,624
	4,940,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2031		4,409,889
	12,380,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		11,025,133
	1,185,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2034		1,047,907
	3,500,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2037		3,064,460
	1,005,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2018		1,006,407
	10,000,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2021		9,705,000
	27,225,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2032		25,091,105
	5,235,000	Puerto Rico Commonwealth GO		6.000			07/01/2027		5,159,145
	580,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		572,019
	19,075,000	Puerto Rico Electric Power Authority, Series TT¹		5.000			07/01/2032		16,762,156
	3,575,000	Puerto Rico Electric Power Authority, Series TT¹		5.000			07/01/2037		3,100,848
	40,500,000	Puerto Rico Electric Power Authority, Series UU⁶		2.550	⁴		07/01/2045		26,677,148
	19,600,000	Puerto Rico Electric Power Authority, Series UU⁶		2.570	⁴		07/01/2031		12,910,422
	10,000,000	Puerto Rico Electric Power Authority, Series UU⁷		2.550	⁴		07/01/2025		6,750,000
	2,000,000	Puerto Rico Electric Power Authority, Series WW¹		5.250			07/01/2033		1,795,820
	10,000,000	Puerto Rico Electric Power Authority, Series WW¹		5.500			07/01/2038		9,374,800
	200,000	Puerto Rico HFA Capital Fund Modernization (Puerto Rico Public Hsg.)¹		5.125			12/01/2027		184,052

F12 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	355,000	Puerto Rico Highway & Transportation Authority¹		5.000	%		07/01/2028	$	313,082
	15,000	Puerto Rico Highway & Transportation Authority, Series A¹		5.000			07/01/2038		12,837
	1,100,000	Puerto Rico Highway & Transportation Authority, Series AA¹		5.000			07/01/2035		933,614
	7,045,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		5,985,221
	5,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		4,430,900
	20,855,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2030		18,200,576
	5,000,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		4,209,050
	22,000,000	Puerto Rico Highway & Transportation Authority, Series N⁶		2.400	⁴		07/01/2045		12,539,977
	20,225,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2039		18,327,895
	5,480,000	Puerto Rico IMEPCF (American Airlines)¹		6.450			12/01/2025		2,847,901
	24,550,000	Puerto Rico Infrastructure		5.000			07/01/2041		20,891,805
	43,180,000	Puerto Rico Infrastructure		5.000			07/01/2046		36,349,356
	15,000,000	Puerto Rico Infrastructure		5.650	⁵		07/01/2029		4,044,900
	105,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)¹		5.625			07/01/2022		100,485
	4,305,000	Puerto Rico ITEMECF (Polytechnic University)¹		5.000			08/01/2022		3,735,362
	5,000,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2036		4,285,800
	2,500,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2037		2,141,050
	10,000	Puerto Rico Public Buildings Authority¹		5.125			07/01/2022		9,223
	910,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029		818,554
	1,000,000	Puerto Rico Public Buildings Authority¹		6.000			07/01/2028		986,240
	1,000,000	Puerto Rico Public Buildings Authority, Series D¹		5.250			07/01/2036		878,400
	16,000,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		2.806	⁴		08/01/2057		10,560,000
	35,495,000	Puerto Rico Sales Tax Financing Corp., Series A		5.250			08/01/2057		31,727,916
	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.950	³		08/01/2056		891,290
	402,125,000	Puerto Rico Sales Tax Financing Corp., Series A		6.461	³		08/01/2054		22,454,660
	4,080,000	University of Puerto Rico¹		5.000			06/01/2025		3,645,562
	1,000,000	University of Puerto Rico¹		5.000			06/01/2025		902,290
	5,925,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		5,172,347
	1,700,000	University of Puerto Rico, Series Q¹		5.000			06/01/2036		1,457,478
	1,000,000	University of V.I. Series A¹		5.375			06/01/2034		869,280
	1,700,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)¹		5.000			10/01/2031		1,528,453
	1,485,000	V.I. Public Finance Authority, Series A¹		5.500			10/01/2022		1,401,899
	250,000	V.I. Water & Power Authority		5.300			07/01/2018		239,842

									474,464,607

Total Investments, at Value (Cost $1,764,363,711)–121.4%									1,528,432,713
Liabilities in Excess of Other Assets–(21.4)									(269,434,083	)

Net Assets–100.0%								$	1,258,998,630

Industry classifications are unaudited.

F13 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments


1.		All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.

2.		When-issued security or delayed delivery to be delivered and settled after September 30, 2008. See Note 1 of accompanying Notes.

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

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

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

6.		Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.

7.		Illiquid security. The aggregate value of illiquid securities as of September 30, 2008 was $23,286,267, which represents 1.85% of the Fund’s net assets. See Note 5 of accompanying Notes.

8.		Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.

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


ACDS		Assoc. for Children with Down Syndrome
ACLD		Adults and Children with Learning and Developmental Disabilities
ALIA		Alliance of Long Island Agencies
AP		Advantage Planning, Inc.
ARC		Assoc. of Retarded Citizens
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
EFC		Environmental Facilities Corp.
EFLI		Epilepsy Foundation of L.I., Inc.
ERDA		Energy Research and Devel. Authority
FREE		Family Residences and Essential Enterprises
GO		General Obligation
HAII		Homes Anew II, Inc.
HDC		Housing Devel. Corp.
HFA		Housing Finance Agency
HJDOI		Hospital for Joint Diseases Orthopedic Institute
IDA		Industrial Devel. Agency
IGHL		Independent Group Home for Living
IMEPCF		Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
L.I.		Long Island
LIHIA		Long Island Head Injury Assoc.
LIMC		Long Island Medical Center
MSH/NYU		Mount Sinai Hospital/New York University
MTA		Metropolitan Transportation Authority
NCMRS		Nassau Community Mental Retardation Services Company
NSLIJHS		North Shore Long Island Jewish Health System
NSUHGC		North Shore University Hospital at Glen Cove
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
NYU		New York University
PSCH		Professional Service Centers for the Handicapped, Inc.
RITES		Residual Interest Tax Exempt Security
ROLs		Residual Option Longs
SONYMA		State of New York Mortgage Agency
TASC		Tobacco Settlement Asset-Backed Bonds
TFABs		Tobacco Flexible Amortization Bonds
UCPAGS		United Cerebral Palsy Assoc. of Greater Suffolk
UDC		Urban Devel. Corp.
UVBH		United Veteran’s Beacon House
V.I.		United States Virgin Islands
WORCA		Working Organization for Retarded Children and Adults
YMCA		Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES September 30, 2008


Assets
Investments, at value (cost $1,764,363,711)—see accompanying statement of investments	$	1,528,432,713
Receivables and other assets:
Investments sold (including $68,302,512 sold on a when-issued or delayed delivery basis)		78,715,271
Interest		22,314,104
Shares of beneficial interest sold		1,677,678
Other		132,077

Total assets		1,631,271,843

Liabilities
Bank overdraft		3,961,123
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		249,550,000
Investments purchased (including $93,415,116 purchased on a when-issued or delayed delivery basis)		110,931,353
Shares of beneficial interest redeemed		3,525,295
Payable on borrowings (See Note 6)		2,000,000
Dividends		1,141,996
Distribution and service plan fees		807,664
Trustees’ compensation		187,654
Shareholder communications		44,229
Transfer and shareholder servicing agent fees		39,208
Interest expense on borrowings		13,462
Other		71,229

Total liabilities		372,273,213

Net Assets	$	1,258,998,630


Composition of Net Assets
Par value of shares of beneficial interest	$	118,726
Additional paid-in capital		1,508,595,898
Accumulated net investment income		5,782,013
Accumulated net realized loss on investments		(19,567,009	)
Net unrealized depreciation on investments		(235,930,998	)


Net Assets	$	1,258,998,630

F15 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,095,340,999 and 103,297,854 shares of beneficial interest outstanding)	$	10.60
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	11.13

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $22,079,293 and 2,081,339 shares of beneficial interest outstanding)	$	10.61

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $141,578,338 and 13,346,631 shares of beneficial interest outstanding)	$	10.61

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF OPERATIONS For the Year Ended September 30, 2008


Investment Income

Interest	$	93,937,122
Other income		2,975

Total investment income		93,940,097

Expenses

Management fees		6,396,472
Distribution and service plan fees:
Class A		2,896,847
Class B		276,463
Class C		1,610,843
Transfer and shareholder servicing agent fees:
Class A		366,119
Class B		21,864
Class C		66,902
Shareholder communications:
Class A		106,273
Class B		6,447
Class C		17,083
Interest expense and fees on short-term floating rate notes issued (See Note 1)		8,642,002
Interest expense on borrowings		945,613
Custodian fees and expenses		68,058
Trustees’ compensation		54,924
Other		412,458

Total expenses		21,888,368
Less reduction to custodian expenses		(27,565	)

Net expenses		21,860,803

Net Investment Income		72,079,294

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(11,623,182	)
Increase from payment by affiliate		60,414

Net realized loss		(11,562,768	)
Net change in unrealized depreciation on investments		(240,934,289	)

Net Decrease in Net Assets Resulting from Operations	$	(180,417,763	)

See accompanying Notes to Financial Statements.

F17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended September 30,	2008			2007

Operations

Net investment income	$	72,079,294		$	57,657,872
Net realized loss		(11,562,768	)		(6,766,269	)
Net change in unrealized appreciation (depreciation)		(240,934,289	)		(56,008,516	)

Net decrease in net assets resulting from operations		(180,417,763	)		(5,116,913	)

Dividends and/or Distributions to Shareholders

Dividends from net investment income:
Class A		(58,981,189	)		(50,787,239	)
Class B		(1,075,501	)		(1,144,591	)
Class C		(6,361,364	)		(5,020,664	)

		(66,418,054	)		(56,952,494	)
Distributions from net realized gain:
Class A		—			(125,198	)
Class B		—			(3,742	)
Class C		—			(14,095	)

		—			(143,035	)

Beneficial Interest Transactions

Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		34,304,971			323,496,770
Class B		(4,358,755	)		(466,729	)
Class C		5,340,254			64,362,269

		35,286,470			387,392,310

Net Assets

Total increase (decrease)		(211,549,347	)		325,179,868
Beginning of period		1,470,547,977			1,145,368,109


End of period (including accumulated net investment income of $5,782,013 and $120,773, respectively)	$	1,258,998,630		$	1,470,547,977

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF CASH FLOWS For the Year Ended September 30, 2008


Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(180,417,763	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(525,313,050	)
Proceeds from disposition of investment securities		537,570,324
Short-term investment securities, net		(17,558,799	)
Premium amortization		2,447,134
Discount accretion		(5,932,367	)
Net realized loss on investments		11,562,768
Net change in unrealized depreciation on investments		240,934,289
Increase in interest receivable		(822,781	)
Increase in receivable for securities sold		(77,581,251	)
Increase in other assets		(82,007	)
Increase in payable for securities purchased		104,318,512
Decrease in payable for accrued expenses		(86,823	)

Net cash provided by operating activities		89,038,186

Cash Flows from Financing Activities
Proceeds from bank borrowings		362,900,000
Payments on bank borrowings		(387,600,000	)
Payments on short-term floating rate notes issued		(42,115,000	)
Proceeds from shares sold		407,657,348
Proceeds from bank overdraft		3,961,123
Payments on shares redeemed		(413,085,534	)
Cash distributions paid		(21,241,742	)

Net cash used in financing activities		(89,523,805	)
Net decrease in cash		(485,619	)
Cash, beginning balance		485,619

Cash, ending balance	$	—

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $44,984,291.

Cash paid for interest on bank borrowings-$997,874.

Cash paid for interest on short-term floating rate notes issued-$8,642,002.

See accompanying Notes to Financial Statements.

F19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS


Class A Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	12.68		$	13.22		$	12.91		$	12.45		$	12.31
Income (loss) from investment operations:
Net investment income		.62	¹		.57	¹		.61	¹		.66	¹		.72
Net realized and unrealized gain (loss)		(2.13	)		(.55	)		.34			.49			.11

Total from investment operations		(1.51	)		.02			.95			1.15			.83

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.57	)		(.56	)		(.64	)		(.69	)		(.69	)
Distributions from net realized gain		—			—	²		—			—			—

Total dividends and/or distributions to shareholders		(.57	)		(.56	)		(.64	)		(.69	)		(.69	)


Net asset value, end of period	$	10.60		$	12.68		$	13.22		$	12.91		$	12.45


Total Return, at Net Asset Value³		(12.31	)%		0.15	%		7.61	%		9.41	%		6.91	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	1,095,341		$	1,275,590		$	1,005,912		$	659,975		$	539,834

Average net assets (in thousands)	$	1,244,330		$	1,181,757		$	824,276		$	580,413		$	536,613

Ratios to average net assets:⁴
Net investment income		5.13	%		4.35	%		4.76	%		5.17	%		5.84	%
Expenses excluding interest and fees on short-term floating rate notes issued		0.82	%		0.82	%		0.90	%		0.93	%		0.91	%
Interest and fees on short-term floating rate notes issued⁵		0.60	%		0.69	%		0.61	%		0.43	%		0.26	%

Total expenses		1.42	%		1.51	%		1.51	%		1.36	%		1.17	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.42	%		1.51	%		1.51	%		1.36	%		1.14	%

Portfolio turnover rate		34	%		26	%		36	%		8	%		5	%


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

2.		Less than $0.005 per share.

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

4.		Annualized for periods less than one full year.

5.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjuction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

See accompanying Notes to Financial Statements.

F20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Class B Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	12.68		$	13.22		$	12.91		$	12.45		$	12.32

Income (loss) from investment operations:
Net investment income		.52	¹		.47	¹		.51	¹		.56	¹		.62
Net realized and unrealized gain (loss)		(2.12	)		(.55	)		.34			.49			.10

Total from investment operations		(1.60	)		(.08	)		.85			1.05			.72

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.47	)		(.46	)		(.54	)		(.59	)		(.59	)
Distributions from net realized gain		—			—	²		—			—			—

Total dividends and/or distributions to shareholders		(.47	)		(.46	)		(.54	)		(.59	)		(.59	)


Net asset value, end of period	$	10.61		$	12.68		$	13.22		$	12.91		$	12.45


Total Return, at Net Asset Value³		(12.96	)%		(0.65	)%		6.76	%		8.55	%		5.99	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	22,079		$	30,982		$	32,793		$	26,680		$	27,555

Average net assets (in thousands)	$	27,621		$	32,663		$	29,544		$	26,977		$	30,212

Ratios to average net assets:⁴
Net investment income		4.29	%		3.55	%		3.99	%		4.41	%		5.05	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.65	%		1.62	%		1.70	%		1.71	%		1.69	%
Interest and fees on short-term floating rate notes issued⁵		0.60	%		0.69	%		0.61	%		0.43	%		0.26	%

Total expenses		2.25	%		2.31	%		2.31	%		2.14	%		1.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.25	%		2.31	%		2.30	%		2.14	%		1.92	%

Portfolio turnover rate		34	%		26	%		36	%		8	%		5	%


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

2.		Less than $0.005 per share.

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

4.		Annualized for periods less than one full year.

5.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjuction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

See accompanying Notes to Financial Statements.

F21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	12.68		$	13.22		$	12.91		$	12.45		$	12.32

Income (loss) from investment operations:
Net investment income		.53	¹		.47	¹		.50	¹		.55	¹		.62
Net realized and unrealized gain (loss)		(2.12	)		(.55	)		.35			.50			.10

Total from investment operations		(1.59	)		(.08	)		.85			1.05			.72

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.48	)		(.46	)		(.54	)		(.59	)		(.59	)
Distributions from net realized gain		—			—	²		—			—			—

Total dividends and/or distributions to shareholders		(.48	)		(.46	)		(.54	)		(.59	)		(.59	)


Net asset value, end of period	$	10.61		$	12.68		$	13.22		$	12.91		$	12.45


Total Return, at Net Asset Value³		(12.92	)%		(0.62	)%		6.78	%		8.55	%		5.99	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	141,579		$	163,976		$	106,663		$	31,119		$	15,723

Average net assets (in thousands)	$	160,910		$	142,905		$	64,991		$	20,347		$	14,598

Ratios to average net assets:⁴
Net investment income		4.35	%		3.58	%		3.89	%		4.32	%		5.04	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.60	%		1.59	%		1.66	%		1.70	%		1.69	%
Interest and fees on short-term floating rate notes issued⁵		0.60	%		0.69	%		0.61	%		0.43	%		0.26	%

Total expenses		2.20	%		2.28	%		2.27	%		2.13	%		1.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.20	%		2.28	%		2.27	%		2.13	%		1.92	%

Portfolio turnover rate		34	%		26	%		36	%		8	%		5	%


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

2.		Less than $0.005 per share.

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

4.		Annualized for periods less than one full year.

5.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjuction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

See accompanying Notes to Financial Statements.

F22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS

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 and Class C 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”). 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 have separate distribution and/or service plans. 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.

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. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the closing price reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing “bid” and “asked” prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the “bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of

F23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

the Board of Trustees. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of September 30, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed
	Delivery Basis Transactions

Purchased securities	$	93,415,116
Sold securities		68,302,512

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $213,786,717 as of September 30, 2008, which represents 13.11% of the Fund’s total assets.

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The

F24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but do not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At September 30, 2008, municipal bond holdings with a value of $300,224,087 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $249,550,000 in short-term floating rate notes issued and outstanding at that date.

At September 30, 2008, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	3,460,000	NY MTA ROLs³		2.910	%		11/15/31	$	2,544,761
	7,500,000	NY MTA ROLs³		1.930			11/15/31		4,890,450
	8,115,000	NY Triborough Bridge & Tunnel Authority DRIVERS		0.000	⁴		11/15/32		6,903,512
	2,560,000	NY Triborough Bridge & Tunnel Authority DRIVERS		0.320			11/15/27		2,157,312
	10,000,000	NY Triborough Bridge & Tunnel Authority DRIVERS		0.320			11/15/32		8,009,400
	6,070,000	NY Triborough Bridge & Tunnel Authority ROLs³		0.000	⁴		11/15/29		5,554,171
	5,000,000	NYC GO RITES		1.917			8/1/21		4,477,700
	6,670,000	NYC Municipal Water Finance Authority DRIVERS		0.000	⁴		6/15/35		4,452,759
	4,160,000	NYC Municipal Water Finance Authority ROLs³		0.000			6/15/37		2,723,219
	4,400,000	NYS DA (St. Lukes Roosevelt Hospital Center) DRIVERS		0.000	⁴		8/15/26		2,950,728

F25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	2,195,000	NYS DA ROLs³		0.039	%		5/1/33	$	198,340
	9,570,000	Port Authority NY/NJ, 3095th Series DRIVERS		0.500			12/1/34		7,389,188
	18,500,000	Puerto Rico Electric Power Authority ROLs³		0.000			7/1/31		(2,012,430	)
	7,335,000	Puerto Rico Highway & Transportation Authority ROLs³		(0.870	)		7/1/45		(2,125,023	)
	8,000,000	Puerto Rico Sales Tax Financing Corp. ROLs³		(0.220	)		8/1/57		2,560,000

								$	50,674,087


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F14 of the Statement of Investments.

2.		Represents the current interest rate for a variable rate bond known as an “inverse floater”.

3.		Security is subject to a shortfall and forbearance agreement.

4.		The underlying bond was purchased on a when-issued or delayed delivery basis. Therefore, the interest rate will be determined upon settlement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of September 30, 2008, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $125,667,547.

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

Credit Risk. The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of September 30, 2008, securities with an aggregate market value of $4,025,840, representing 0.32% of the Fund’s net assets, were subject to these forbearance agreements. As of September 30, 2008, no interest was owed to the Fund and no principal payments were deferred under these agreements.

F26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Net Unrealized

Depreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

$7,694,083

—

19,758,974

235,739,039


1.		As of September 30, 2008, the Fund had $6,750,776 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of September 30, 2008, details of the capital loss carryforward were as follows:


Expiring

2016	$	6,750,776

2.		As of September 30, 2008, the Fund had $13,008,198 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017.

3.		During the fiscal year ended September 30, 2008, the Fund did not utilize any capital loss carryforward.

4.		During the fiscal year ended September 30, 2007, the Fund did not utilize any capital loss carryforward.

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.

F27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

The tax character of distributions paid during the years ended September 30, 2008 and September 30, 2007 was as follows:


	Year Ended		Year Ended
	September 30, 2008		September 30, 2007

Distributions paid from:
Exempt-interest dividends	$	65,949,696	$	56,626,410
Ordinary income		468,358		326,084
Long-term capital gain		—		143,035

Total	$	66,418,054	$	57,095,529

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 September 30, 2008 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	$	1,522,129,669

Gross unrealized appreciation	$	17,724,587
Gross unrealized depreciation		(253,463,626	)

Net unrealized depreciation	$	(235,739,039	)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended September 30, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	24,541
Payments Made to Retired Trustees		12,036
Accumulated Liability as of September 30, 2008		124,861

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

F28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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 to the compensation deferral plan.

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

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. 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.

F29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

2. 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:


	Year Ended September 30, 2008						Year Ended September 30, 2007
	Shares			Amount			Shares			Amount

Class A					��
Sold		28,502,373		$	348,444,950			36,225,517		$	475,962,216
Dividends and/or distributions reinvested		3,335,143			40,209,415			2,642,399			34,533,192
Redeemed		(29,146,349	)		(354,349,394	)		(14,369,019	)		(186,998,638	)

Net increase		2,691,167		$	34,304,971			24,498,897		$	323,496,770


Class B
Sold		367,414		$	4,461,731			643,385		$	8,494,157
Dividends and/or distributions reinvested		59,300			715,789			57,320			750,483
Redeemed		(787,977	)		(9,536,275	)		(738,301	)		(9,711,369	)

Net decrease		(361,263	)	$	(4,358,755	)		(37,596	)	$	(466,729	)


Class C
Sold		4,194,547		$	51,197,643			6,888,631		$	90,679,430
Dividends and/or distributions reinvested		336,905			4,059,087			235,413			3,073,909
Redeemed		(4,112,864	)		(49,916,476	)		(2,263,503	)		(29,391,070	)

Net increase		418,588		$	5,340,254			4,860,541		$	64,362,269

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended September 30, 2008, were as follows:


	Purchases		Sales

Investment securities	$	525,313,050	$	537,570,324

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

Up to $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

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

F30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

per account fee. For the year ended September 30, 2008, the Fund paid $455,381 to OFS for services to the Fund.

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 average annual 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 Class C shares. 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. The Distributor’s aggregate uncompensated expenses under the Plans at September 30, 2008 for Class B and Class C shares were $1,744,051 and $2,010,385, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

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

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

September 30, 2008

248,345

106,449

57,404

41,786

F31 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

During the year ended September 30, 2008, the Manager voluntarily reimbursed the Fund $60,414 for certain transactions. The payment increased the Fund’s total return by less than 0.01%.

5. Illiquid Securities

As of September 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

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 to purchase portfolio securities, to meet redemption obligations or for temporary and emergency purposes. 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 a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $1.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (2.9074% as of September 30, 2008). 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 commitment fee on the amount of the unused portion of the total facility size. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

F32 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

As of September 30, 2008, the Fund had borrowings outstanding at an interest rate of 2.9074%. Details of the borrowings for the year ended September 30, 2008 are as follows:


Average Daily Loan Balance	$	27,495,082
Average Daily Interest Rate		3.622	%
Fees Paid	$	224,454
Interest Paid	$	997,874

7. Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

F33 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of
Oppenheimer AMT-Free New York Municipals:

We have audited the accompanying statement of assets and liabilities of Oppenheimer AMT-Free New York Municipals, including the statement of investments, as of September 30, 2008, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2008, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer AMT-Free New York Municipals as of September 30, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
November 13, 2008

F34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

None of the dividends paid by the Fund during the fiscal year ended September 30, 2008 are eligible for the corporate dividend-received deduction. 99.29% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

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

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

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

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact

30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Ronald Fielding, Daniel Loughran, Scott Cottier, and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load New York municipal debt funds (including both funds advised by the Manager and funds advised by other investment advisers). The Board noted that the Fund’s three-year, five-year and ten-year performance were better than its peer group median although its one-year performance was below its peer group median.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other New York municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s the contractual and actual management fees and total expenses are lower than its peer group median.

Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the

31 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders.

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

32 | 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 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, 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 http://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.

33 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships / Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 65		General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995- December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfolios in the OppenheimerFunds complex.

David K. Downes, Trustee (since 2007) Age: 68		Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trusts (since January 2006); President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993- 2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 64 portfolios in the OppenheimerFunds complex.

Matthew P. Fink, Trustee (since 2005) Age: 67		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 54 portfolios in the OppenheimerFunds complex.

34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships / Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Galli, Trustee (since 1993) Age: 75		A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds complex.

Phillip A. Griffiths, Trustee (since 1999) Age: 70		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 54 portfolios in the OppenheimerFunds complex.

Mary F. Miller, Trustee (since 2004) Age: 66		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 54 portfolios in the OppenheimerFunds complex.

Joel W. Motley, Trustee (since 2002) Age: 56		Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 54 portfolios in the OppenheimerFunds complex.

Russell S. Reynolds, Jr., Trustee (since 1989) Age: 76		Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Retired CEO of Russell Reynolds Associates (executive recruiting) (October 1969 - March 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 54 portfolios in the OppenheimerFunds complex.

Joseph M. Wikler, Trustee (since 2005) Age: 67		Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Director of Lakes Environmental Association (environmental protection organization) (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994- December 2001). Oversees 54 portfolios in the OppenheimerFunds complex.

Peter I. Wold, Trustee (since 2005) Age: 60		President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 54 portfolios in the OppenheimerFunds complex.

35 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships / Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee and President and Principal Executive Officer (since 2001) Age: 59		Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Zack and Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Petersen, Szilagyi, Vandehey, Wixted and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924 and for Messrs. Fielding, Loughran, Cottier, Willis and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Ronald H. Fielding, Vice President and Senior Portfolio Manager (since 2002) Age: 59		Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 44		Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

36 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships / Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 36		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 35		Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Richard Stein Vice President (since 2007) Age: 51		Director of the Rochester Credit Analysis team (since 2003) and a Vice President of the Manager (since 1997); headed Rochester’s Credit Analysis team (since 1993).

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997- February 2004). An officer of 103 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Assistant Treasurer (since 2004) Age: 38		Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex.

Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38		Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

Robert G. Zack, Secretary (since 2001) Age: 60		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice

37 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships / Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Zack, Continued		President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40		Vice President (since May 2004) and Deputy General Counsel (since May 2008) of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex.

Kathleen T. Ives, Assistant Secretary (since 2001) Age: 43		Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

38 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $41,200 in fiscal 2008 and $35,000 in fiscal 2007.

(b)

Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed $195,000 in fiscal 2008 and $272,786 in fiscal 2007 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: internal control reviews, audit of capital accumulation plan and professional services relating to FAS 123R.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(d)

All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,369 for fiscal 2008 and $34,675 in fiscal 2007.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(e)

(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

		The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

		Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

		(2) 100%

(f)		Not applicable as less than 50%.

(g)

The principal accountant for the audit of the registrant’s annual financial statements billed $197,369 in fiscal 2008 and $307,461 in fiscal 2007 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

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

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.

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.

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.

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.”

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 09/30/2008, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)		(1) Exhibit attached hereto.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.

SIGNATURES

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

Oppenheimer AMT — Free New York Municipals


By:		/s/ John V. Murphy
		John V. Murphy
		Principal Executive Officer

Date: 11/11/2008

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


By:		/s/ John V. Murphy
		John V. Murphy Principal Executive Officer

Date: 11/11/2008


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

Date: 11/11/2008

Oppenheimer Rochester Amt-free New York Municipal Fund Inactive N-CSRCertified annual shareholder report (management investment company)