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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-4054

Oppenheimer AMT — Free New York Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

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:  03/31/2009

Item 1.  Reports to Stockholders.

March 31, 2009 Oppenheimer AMT-Free New York Municipals Management Commentaries and Semiannual Report M A N A G E M E N T C O M M E N TA R I E S An Interview with Your Fund’s Managers Listing of Top Holdings S E M I A N N U A L R E P O RT Listing of Investments Financial Statements “Covering every twist and turn of the financial markets may be a lucrative media strategy, but investors should focus instead on the significant advantages of investing for the long term in funds that offer attractive yields and monthly streams of tax-free income.” — Dan Loughran, Senior Vice President and Senior Portfolio Manager, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	21.9	%
Higher Education	9.6
Electric Utilities	7.7
Highways/Commuter Facilities	7.3
General Obligation	6.2
Hospital/Health Care	5.6
Sales Tax Revenue	4.9
Special Tax	4.1
Real Estate	3.9
Sewer Utilities	3.7

Portfolio holdings are subject to change. Percentages are as of March 31, 2009, and are based on total assets.

Credit Allocation
AAA	3.3	%
AA	23.3
A	14.4
BBB	45.1
BB or lower	13.9

Allocations are subject to change. Percentages are as of March 31, 2009, 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 16.05% 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

NOTES

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

This semiannual report must be preceded or accompanied by the current prospectus of Oppenheimer AMT-Free New York Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

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

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

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

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

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

18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and 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 March 31, 2009.

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

19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FUND EXPENSES Continued

less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	October 1, 2008		March 31, 2009		March 31, 2009
Actual
Class A	$	1,000.00	$	858.30	$	9.46
Class B		1,000.00		854.80		13.42
Class C		1,000.00		855.10		13.09
Hypothetical (5% return before expenses)
Class A		1,000.00		1,014.81		10.25
Class B		1,000.00		1,010.57		14.54
Class C		1,000.00		1,010.92		14.19

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended March 31, 2009 are as follows:

Class	Expense Ratios
Class A		2.03	%
Class B		2.88
Class C		2.81

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.

20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—135.8%
New York—97.8%
$	700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625	%		12/01/2034	$	491,918
	200,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		144,662
	125,000	Albany County, NY IDA (Wildwood Programs)		5.000			07/01/2026		83,515
	3,000,000	Albany, NY IDA (Albany Law School)1		5.000			07/01/2031		2,258,190
	310,000	Albany, NY IDA (Albany Law School)1		5.000			07/01/2037		224,177
	335,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		228,939
	150,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		94,838
	100,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		60,726
	14,500,000	Albany, NY IDA (Charitable Leadership)1		5.750			07/01/2026		10,483,355
	1,000,000	Albany, NY IDA (Charitable Leadership)1		6.000			07/01/2019		840,400
	100,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		67,146
	890,000	Albany, NY IDA (Sage Colleges)1		5.250			04/01/2019		705,654
	500,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		331,315
	2,550,000	Albany, NY IDA (St. Peter’s Hospital)1		5.250			11/15/2027		2,034,186
	3,350,000	Albany, NY IDA (St. Peter’s Hospital)1		5.250			11/15/2032		2,501,981
	1,000,000	Albany, NY IDA (St. Peter’s Hospital)1		5.500			11/15/2027		828,380
	1,380,000	Albany, NY IDA, Series B1		5.750			11/15/2032		1,113,784
	4,205,000	Albany, NY IDA, Series D1		5.375			11/15/2032		3,212,998
	1,365,000	Albany, NY IDA, Series D1		5.750			11/15/2027		1,165,478
	100,000	Albany, NY Municipal Water Finance Authority1		5.000			12/01/2033		90,292
	10,000	Albany, NY Parking Authority		5.625			07/15/2025		9,878
	5,730,000	Allegany County, NY IDA (Houghton College)1		5.250			01/15/2024		5,471,405
	4,375,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		2,269,225
	5,895,000	Brookhaven, NY IDA (Alternatives for Children)		7.550			02/01/2033		4,741,761
	9,235,000	Brookhaven, NY IDA (Dowling College)1		6.750			11/01/2032		6,742,751
	100,000	Broome County, NY IDA (Good Shepard Village)		6.750			07/01/2028		75,847
	200,000	Broome County, NY IDA (Good Shepard Village)		6.875			07/01/2040		141,688
	350,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		202,199
	250,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		136,955
	300,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		208,746
	25,000	Canandaigua & Bristol, NY GO		5.000			12/15/2027		23,223
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2028		27,322
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2029		27,227
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2030		27,022
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2031		31,124
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2032		30,736
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2033		30,640
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2034		34,615
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2035		34,515

F1 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	45,000	Canandaigua & Bristol, NY GO		5.000	%		12/15/2036	$	38,470
	45,000	Canandaigua & Bristol, NY GO		5.000			12/15/2037		38,166
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2038		42,288
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2039		42,180
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2040		46,278
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2041		46,163
	60,000	Canandaigua & Bristol, NY GO		5.000			12/15/2042		50,239
	85,000	Cattaraugus County, NY IDA (Olean General Hospital)1		5.250			08/01/2023		82,929
	500,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.000			05/01/2023		376,145
	620,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.100			05/01/2031		412,994
	1,480,000	Cayuga County, NY COP (Auburn Memorial Hospital)1		6.000			01/01/2021		1,420,844
	90,000	Chautauqua, NY Utility District1		5.000			06/01/2022		90,171
	110,000	Chautauqua, NY Utility District1		5.000			06/01/2026		105,346
	130,000	Coeymans, NY Fire District		5.000			10/15/2024		129,914
	135,000	Coeymans, NY Fire District		5.000			10/15/2025		133,234
	140,000	Coeymans, NY Fire District		5.000			10/15/2026		136,643
	1,040,000	Colonie, NY GO1		6.000			04/01/2032		1,063,202
	840,000	Colonie, NY GO1		6.000			04/01/2033		856,960
	15,000	Deerfield, NY GO		5.500			06/15/2021		14,942
	15,000	Deerfield, NY GO		5.500			06/15/2022		14,849
	15,000	Deerfield, NY GO		5.500			06/15/2023		14,703
	15,000	Deerfield, NY GO		5.500			06/15/2024		14,582
	20,000	Deerfield, NY GO		5.500			06/15/2025		19,226
	20,000	Deerfield, NY GO		5.600			06/15/2026		18,982
	20,000	Deerfield, NY GO		5.600			06/15/2027		18,803
	20,000	Deerfield, NY GO		5.600			06/15/2028		18,440
	25,000	Deerfield, NY GO		5.600			06/15/2029		22,774
	25,000	Deerfield, NY GO		5.600			06/15/2030		22,614
	25,000	Deerfield, NY GO		5.600			06/15/2031		22,345
	25,000	Deerfield, NY GO		5.600			06/15/2032		22,206
	30,000	Deerfield, NY GO		5.600			06/15/2033		26,461
	30,000	Deerfield, NY GO		5.600			06/15/2034		26,313
	30,000	Deerfield, NY GO		5.600			06/15/2035		26,146
	35,000	Deerfield, NY GO		5.600			06/15/2036		30,284
	55,460,000	Dutchess County, NY IDA (Bard College)1		5.000			08/01/2046		44,840,519
	8,340,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		4,561,146
	1,230,000	East Hampton, NY Town Hsg. Authority1		6.250			05/01/2034		1,310,885
	1,840,000	East Rochester, NY Hsg. Authority (St. John’s Meadows)1		5.000			02/15/2047		1,639,771
	500,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		375,525

F2 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,200,000	Erie County, NY IDA (DePaul Properties)		5.750	%		09/01/2028	$	745,476
	160,000	Erie County, NY IDA (DePaul Properties)		6.500			09/01/2018		123,830
	200,000	Erie County, NY IDA (Global Concepts Charter School)		6.250			10/01/2037		136,508
	5,600,000	Erie County, NY IDA (Medaille College)		7.625			04/01/2035		4,812,416
	950,000	Erie County, NY IDA (Orchard Park CCRC)		5.000			11/15/2014		863,474
	1,485,000	Erie County, NY IDA (Orchard Park CCRC)		5.125			11/15/2016		1,192,975
	4,750,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2036		2,917,308
	8,475,000	Erie County, NY IDA (The Episcopal Church Home)		5.875			02/01/2018		7,232,480
	10,170,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		7,291,788
	36,405,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		22,325,730
	29,515,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		17,618,684
	56,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.8753			06/01/2050		636,720
	92,000,000	Erie County, NY Tobacco Asset Securitization Corp.		9.6073			06/01/2055		489,440
	100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		79,782
	130,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		94,866
	110,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		71,268
	175,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		127,705
	815,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2027		487,150
	4,240,000	Green Island, NY Power Authority1		5.125			03/15/2033		3,727,638
	75,000	Hempstead Village, NY GO1		5.000			09/15/2024		72,071
	70,000	Hempstead Village, NY GO1		5.000			09/15/2025		66,868
	70,000	Hempstead Village, NY GO1		5.000			09/15/2026		66,253
	50,000	Hempstead, NY IDA (Hofstra University)1		5.000			07/01/2033		46,355
	410,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		284,294
	5,210,000	Hempstead, NY IDA (WORCA)		6.900			08/01/2033		3,835,967
	1,790,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		1,338,884
	24,685,000	Hudson Yards, NY Infrastructure Corp1		5.000			02/15/2047		20,090,628
	11,500,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		9,359,620
	2,420,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		1,659,757
	280,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		192,038
	5,000,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		5,069,450
	5,000,000	L.I., NY Power Authority, Series A1		6.250			04/01/2033		5,310,400
	665,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		484,472
	10,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.000			05/01/2013		9,624
	125,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.6404			05/01/2033		120,233

F3 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	350,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.250	%		04/01/2019	$	299,810
	525,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.375			04/01/2029		376,163
	200,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		117,946
	400,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		261,564
	302,900,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3		06/01/2061		814,801
	1,000,000	Monroe, NY Newpower Corp1		5.625			01/01/2026		729,540
	4,000,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		2,596,040
	500,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		367,610
	110,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		83,560
	510,000	Nassau County, NY IDA (ALIA-ACDS)		6.125			09/01/2018		415,380
	1,975,000	Nassau County, NY IDA (ALIA-AP)		7.000			09/01/2028		1,563,983
	710,000	Nassau County, NY IDA (ALIA-CMA)		6.125			09/01/2018		580,638
	785,000	Nassau County, NY IDA (ALIA-CSMR)		6.125			09/01/2018		639,359
	505,000	Nassau County, NY IDA (ALIA-EFLI)		6.125			09/01/2018		411,307
	405,000	Nassau County, NY IDA (ALIA-HAII)		6.125			09/01/2018		329,860
	470,000	Nassau County, NY IDA (ALIA-NCMRS)		6.125			09/01/2018		382,801
	180,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2027		147,352
	1,295,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		986,699
	640,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		486,170
	100,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		75,964
	185,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		129,728
	2,635,000	Nassau County, NY IDA (Hispanic Counseling Center)		7.625			06/01/2033		2,045,972
	100,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		75,964
	140,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		106,660
	70,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		49,086
	50,000	Nassau County, NY IDA, Series A-A		6.000			07/02/2021		39,179
	840,000	Nassau County, NY IDA, Series A-B		6.000			07/01/2021		658,207
	30,000	Nassau County, NY IDA, Series A-C		6.000			07/01/2021		23,507
	35,000	Nassau County, NY IDA, Series A-D		6.000			07/01/2021		27,425
	30,550,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		18,609,838
	85,990,000	Nassau County, NY Tobacco Settlement Corp.		6.151	3		06/01/2046		1,937,355
	60,000,000	Nassau County, NY Tobacco Settlement Corp.		6.763	3		06/01/2060		229,800
	42,830,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		26,707,931
	2,500,000	Niagara County, NY IDA (American Ref-Fuel Company)1		5.550			11/15/2024		2,231,525
	975,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		821,818
	500,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		393,980
	375,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		282,810
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)1		5.500			05/15/2019		16,650
	1,185,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		962,173

F4 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	14,670,000	NY Counties Tobacco Trust II (TASC)1		5.625	%		06/01/2035	$	10,425,822
	20,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		13,879
	5,120,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		3,694,592
	850,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		521,271
	3,500,000	NY Counties Tobacco Trust IV (TASC)1		0.000	5		06/01/2041		3,694,775
	5,900,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		3,557,700
	9,240,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		5,515,726
	3,500,000	NY Counties Tobacco Trust IV (TASC)1		6.650	4		06/01/2041		348,075
	84,200,000	NY Counties Tobacco Trust V		6.850	3		06/01/2055		555,720
	334,000,000	NY Counties Tobacco Trust V		7.850	3		06/01/2060		1,008,680
	400,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		333,168
	3,580,000	NY Seneca Nation Indians Capital Improvements1		5.000			12/01/2023		2,281,534
	2,000,000	NY Seneca Nation Indians Capital Improvements1		5.250			12/01/2016		1,564,000
	50,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.250			06/01/2012		50,088
	10,240,000	NY Triborough Bridge & Tunnel Authority, Series B6		5.000			11/15/2027		10,296,655
	64,340,000	NY Triborough Bridge & Tunnel Authority, Series B6		5.000			11/15/2032		63,285,774
	18,200,000	NY Triborough Bridge & Tunnel Authority, Series B6		5.125			11/15/2029		18,273,508
	3,600,000	NY TSASC, Inc. (TFABs)1		4.750			06/01/2022		2,663,748
	4,875,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2034		3,059,794
	120,445,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		74,184,484
	20,000,000	NYC GO6		5.000			08/01/2021		20,372,900
	11,000,000	NYC GO6		5.125			03/01/2026		11,028,270
	27,755,000	NYC GO6		5.250			03/01/2021		28,964,503
	10,000	NYC GO1		5.300			01/15/2026		10,067
	10,000	NYC GO1		5.375			08/01/2027		10,024
	20,000,000	NYC GO6		5.625			11/15/2031		20,303,152
	45,000	NYC GO1		6.000			05/15/2022		45,173
	5,000	NYC GO1		7.500			02/01/2019		5,024
	250,000	NYC HDC (Multifamily Hsg.), Series E1		6.250			05/01/2036		251,400
	60,000	NYC IDA (Assoc. for Metroarea Autistic Children)		4.500			07/01/2021		40,727
	2,760,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		2,045,850
	500,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		362,880
	2,100,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		1,443,981
	500,000	NYC IDA (Calhoun School)		6.625			12/01/2034		360,315
	6,000,000	NYC IDA (Calhoun School)		6.625			12/01/2034		4,323,780
	960,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		742,512
	830,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		532,893
	1,105,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		709,454
	3,240,000	NYC IDA (Chapin School)		5.000			11/01/2038		1,799,626
	150,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		102,252

F5 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	350,000	NYC IDA (Comprehensive Care Management)		6.125	%		11/01/2035	$	228,165
	780,000	NYC IDA (Eger Harbor House)1		5.875			05/20/2044		785,920
	725,000	NYC IDA (Family Support Systems)		7.500			11/01/2034		555,256
	1,530,000	NYC IDA (Gateway School of New York)		5.550			06/01/2039		919,913
	220,000	NYC IDA (Global Country World Peace)		7.250			11/01/2025		158,752
	170,000	NYC IDA (Global Country World Peace)		7.250			11/01/2025		122,672
	1,825,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		1,191,324
	790,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		614,999
	27,110,000	NYC IDA (Liberty-7 World Trade Center)		6.250			03/01/2015		22,749,628
	18,500,000	NYC IDA (Liberty-7 World Trade Center)7		6.500			03/01/2035		12,657,515
	10,850,000	NYC IDA (Liberty-7 World Trade Center)		6.750			03/01/2015		9,343,369
	12,050,000	NYC IDA (Liberty-IAC/Interactive Corp.)1		5.000			09/01/2035		7,310,253
	3,700,000	NYC IDA (Lycee Francais De New York)1		5.375			06/01/2023		2,999,812
	4,000,000	NYC IDA (Lycee Francais De New York)1		6.800			06/01/2028		3,840,520
	950,000	NYC IDA (Magen David Yeshivah)		5.700			06/15/2027		685,311
	420,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		275,814
	210,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		137,894
	1,020,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		669,773
	115,000	NYC IDA (Metropolitan College of New York)		5.750			03/01/2020		95,833
	2,300,000	NYC IDA (Montefiore Medical Center Corp.)1		5.125			11/01/2035		2,252,482
	6,510,000	NYC IDA (Mount St. Vincent)1		5.250			06/01/2036		5,045,510
	1,375,000	NYC IDA (Polytechnic University)1		5.250			11/01/2027		1,106,751
	1,380,000	NYC IDA (PSCH)1		6.375			07/01/2033		1,028,072
	750,000	NYC IDA (Reece School)		7.500			12/01/2037		572,115
	1,445,000	NYC IDA (Staten Island University Hospital)1		6.450			07/01/2032		999,954
	756,500	NYC IDA (Studio School)		7.000			11/01/2038		506,424
	5,345,000	NYC IDA (The Child School)		7.550			06/01/2033		4,264,508
	995,000	NYC IDA (Tides Two Rivers Foundation)		5.650			12/01/2039		633,785
	3,560,000	NYC IDA (Unicef)		5.300			11/01/2038		2,211,401
	5,600,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		4,220,440
	785,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		562,900
	310,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		222,292
	150,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		91,997
	360,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		220,792
	100,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2031		58,612
	2,020,000	NYC IDA (Vaughn College Aeronautics)1		5.250			12/01/2036		1,185,982
	5,600,000	NYC IDA (Vocational Instruction)2		7.750			02/01/2033		3,448,256
	9,900,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2046		7,395,102
	2,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		2,784,575
	2,700,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		1,730,349

F6 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	80,000	NYC IDA (YMCA of Greater New York)1		5.800	%		08/01/2016	$	80,114
	20,000,000	NYC Municipal Water Finance Authority6		4.750			06/15/2035		18,370,700
	20,000,000	NYC Municipal Water Finance Authority6		5.000			06/15/2037		19,468,851
	50,000	NYC Municipal Water Finance Authority1		5.000			06/15/2032		49,187
	20,000	NYC Municipal Water Finance Authority1		5.250			06/15/2025		20,331
	40,000,000	NYC Municipal Water Finance Authority6		5.500			06/15/2040		41,177,400
	50,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.000			07/01/2022		40,218
	100,000	NYS DA (Amsterdam Memorial Hospital)		6.000			08/01/2035		100,036
	20,000	NYS DA (Audit & Control)1		5.000			04/01/2029		19,337
	1,870,000	NYS DA (Lenox Hill Hospital Obligated Group)1		5.500			07/01/2030		1,317,359
	365,000	NYS DA (Manhattan College)1		5.300			07/01/2037		274,845
	600,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)1		5.500			07/01/2026		553,140
	8,990,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)1		6.500			07/01/2025		7,956,330
	300,000	NYS DA (Mt. Sinai/NYU Health)1		5.500			07/01/2026		276,570
	40,000	NYS DA (Mt. Sinai/NYU Health)1		6.500			07/01/2017		40,946
	1,360,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2024		1,022,407
	6,885,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)7		1.614	4		05/01/2033		3,132,675
	2,500,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)1		5.000			05/01/2032		2,138,275
	1,000,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)1		5.000			05/01/2037		839,500
	800,000	NYS DA (Nursing Home)1		4.950			02/15/2045		710,584
	3,500,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		2,109,975
	275,000	NYS DA (Orange Regional Medical Center)1		6.125			12/01/2029		205,153
	2,120,000	NYS DA (Orange Regional Medical Center)1		6.250			12/01/2037		1,513,192
	325,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000			11/01/2026		315,731
	490,000	NYS DA (Providence Rest)		5.000			07/01/2035		265,350
	1,300,000	NYS DA (Providence Rest)		5.125			07/01/2030		767,416
	340,000	NYS DA (Providence Rest)		5.250			07/01/2025		225,134
	650,000	NYS DA (Rochester General Hospital)1		5.000			12/01/2035		481,748
	70,000	NYS DA (Sarah Neuman Nursing Home)1		5.500			08/01/2037		67,184
	250,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		289,665
	360,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		414,616
	200,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		231,088
	4,000,000	NYS DA (SS Joachim & Anne Residence)1		5.250			07/01/2027		3,626,360
	65,000	NYS DA (St. Joseph’s Hospital Health Center)1		5.250			07/01/2018		62,148
	11,700,000	NYS DA (St. Luke’s Roosevelt Hospital)1		4.900			08/15/2031		10,656,243
	760,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		756,550

F7 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,070,000	NYS DA (Winthrop University Hospital)1		5.500	%		07/01/2023	$	940,198
	100,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)1		5.500			07/01/2032		78,089
	20,000,000	NYS DA (State Personal Income Tax Authority)6		5.750			03/15/2036		21,117,092
	20,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2027		20,127
	85,000	NYS EFC (NYS Water Services)1		6.600			09/15/2012		85,377
	10,000	NYS EFC (State Water Revolving Fund)1		5.750			01/15/2013		10,036
	9,500,000	NYS GO6		5.000			02/15/2039		9,426,708
	10,000	NYS HFA (Hospital & Healthcare)1		5.150			11/01/2016		9,866
	10,000,000	NYS IDA (Bronx Parking Devel. Company)		5.875			10/01/2046		4,026,600
	65,000	NYS Medcare (Hospital & Nursing Home)1		6.200			08/15/2023		65,051
	50,000	NYS Medcare (Hospital & Nursing Home)1		6.375			08/15/2033		50,066
	295,000	NYS UDC (Subordinated Lien)1		5.500			07/01/2022		295,888
	250,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019		196,750
	55,000	Onondaga County, NY IDA (Salina Free Library)		5.500			12/01/2022		55,724
	920,000	Orange County, NY IDA (Glen Arden)		5.625			01/01/2018		723,396
	275,000	Orange County, NY IDA (Glen Arden)		5.700			01/01/2028		181,341
	1,600,000	Otsego County, NY IDA (Hartwick College)1		5.900			07/01/2022		1,247,728
	38,280,000	Port Authority NY/NJ, 140th Series6		5.000			12/01/2034		37,857,479
	2,680,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		1,904,649
	2,000,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		1,387,900
	285,000	Rensselaer County, NY Water Service Sewer Authority1		5.250			09/01/2038		262,049
	340,000	Rensselaer County, NY Water Service Sewer Authority1		5.350			09/01/2047		330,647
	415,000	Rensselaer County, NY Water Service Sewer Authority1		5.350			09/01/2047		379,559
	10,435,000	Rensselaer, NY City School District COP		5.000			06/01/2026		8,915,768
	1,060,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035		752,674
	3,150,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		2,184,998
	101,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.252	3		08/15/2045		2,225,030
	53,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.637	3		08/15/2050		589,360
	50,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.676	3		08/15/2060		147,500
	2,500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1		5.125			12/01/2033		1,887,700
	450,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)1		5.125			12/01/2027		365,000
	1,000,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)1		5.250			12/01/2032		776,560
	350,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000			10/01/2027		238,133
	45,000	Sodus Village, NY GO1		5.000			05/15/2032		42,523
	45,000	Sodus Village, NY GO1		5.000			05/15/2033		42,183
	45,000	Sodus Village, NY GO1		5.000			05/15/2034		41,976

F8 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	45,000	Sodus Village, NY GO1		5.000	%		05/15/2035	$	41,663
	45,000	Sodus Village, NY GO1		5.000			05/15/2036		41,312
	45,000	Sodus Village, NY GO1		5.000			05/15/2037		41,018
	12,000,000	SONYMA, Series 1616		5.875			10/01/2039		12,117,440
	15,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000			07/01/2033		14,174
	50,000	Suffolk County, NY IDA (ALIA-ACLD)		5.950			10/01/2021		37,865
	95,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		65,533
	130,000	Suffolk County, NY IDA (ALIA-Civic Facility)		5.950			11/01/2022		97,338
	240,000	Suffolk County, NY IDA (ALIA-DDI)		5.950			10/01/2021		181,752
	30,000	Suffolk County, NY IDA (ALIA-FREE)		5.950			10/01/2021		22,719
	5,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			10/01/2021		3,787
	110,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		82,363
	15,000	Suffolk County, NY IDA (ALIA-IGHL)		6.000			10/01/2031		10,303
	4,000,000	Suffolk County, NY IDA (ALIA-IGHL)		7.250			12/01/2033		3,033,840
	270,000	Suffolk County, NY IDA (ALIA-LIHIA)		5.950			11/01/2022		202,163
	105,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950			11/01/2022		78,619
	45,000	Suffolk County, NY IDA (ALIA-UCPAGS)		5.950			10/01/2021		34,079
	390,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500			11/01/2037		269,030
	80,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		59,900
	10,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		7,855
	8,460,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		4,460,112
	185,000	Suffolk County, NY IDA (Dowling College)1		6.700			12/01/2020		154,795
	475,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375			01/01/2027		307,620
	685,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.500			01/01/2037		396,985
	10,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		7,891
	10,550,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000			11/01/2028		7,472,776
	1,000,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550			02/01/2034		766,630
	620,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		432,543
	210,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		146,507
	5,985,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.000			11/01/2035		4,442,486
	505,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		387,103
	185,000	Suffolk County, NY IDA (Southampton Hospital Assoc.)		7.250			01/01/2020		160,491
	215,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		156,959
	25,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		19,728
	6,350,000	Suffolk, NY Tobacco Asset Securitization Corp.1		0.000	5		06/01/2044		3,885,248
	500,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		358,560
	1,500,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		1,074,285
	15,750,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3		06/01/2048		244,755
	494,000	Sullivan County, NY Community College COP7		5.750			08/15/2025		338,005
	430,000	Sullivan County, NY IDA (Center for Discovery)		5.625			06/01/2013		391,025

F9 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,570,000	Sullivan County, NY IDA (Center for Discovery)		5.875	%		07/01/2022	$	1,125,612
	645,000	Sullivan County, NY IDA (Center for Discovery)		6.000			06/01/2019		531,499
	1,540,000	Sullivan County, NY IDA (Center for Discovery)		6.000			07/01/2037		968,075
	430,000	Sullivan County, NY IDA (Center for Discovery)		6.500			06/01/2025		338,410
	495,000	Sullivan County, NY IDA (Center for Discovery)		6.950			02/01/2035		367,721
	445,000	Syracuse, NY IDA (Crouse Irving Companies)1		5.250			01/01/2017		448,124
	200,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		178,994
	175,000	Tompkins County, NY IDA (Kendal at Ithaca)1		5.500			07/01/2024		155,339
	1,000,000	Ulster County, NY IDA (Kingston Regional Senior Living Corp.)		6.000			09/15/2042		601,430
	20,000	Ulster County, NY IDA (Mid-Hudson Family Health Institute)1		5.300			07/01/2016		20,231
	4,000,000	Utica, NY IDA (Utica College Civic Facility)		5.750			08/01/2028		2,814,120
	1,250,000	Utica, NY IDA (Utica College Civic Facility)		6.750			12/01/2021		1,118,588
	30,000	Voorheesville, NY GO		5.000			02/15/2023		31,056
	35,000	Voorheesville, NY GO		5.000			02/15/2024		35,863
	35,000	Voorheesville, NY GO		5.000			02/15/2025		35,588
	35,000	Voorheesville, NY GO		5.000			02/15/2026		35,407
	40,000	Voorheesville, NY GO		5.000			02/15/2027		40,420
	40,000	Voorheesville, NY GO		5.000			02/15/2028		40,086
	40,000	Voorheesville, NY GO		5.000			02/15/2029		39,600
	45,000	Voorheesville, NY GO		5.000			02/15/2030		44,253
	45,000	Voorheesville, NY GO		5.000			02/15/2031		43,261
	50,000	Voorheesville, NY GO		5.000			02/15/2032		47,958
	50,000	Voorheesville, NY GO		5.000			02/15/2033		47,460
	55,000	Voorheesville, NY GO		5.000			02/15/2034		52,084
	55,000	Voorheesville, NY GO		5.000			02/15/2035		51,585
	60,000	Voorheesville, NY GO		5.000			02/15/2036		55,811
	60,000	Voorheesville, NY GO		5.000			02/15/2037		55,423
	370,000	Westchester County, NY IDA (Field Home)		6.500			08/15/2022		289,951
	250,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		211,003
	1,765,000	Westchester County, NY IDA (Rippowam-Cisqua School)1		5.750			06/01/2029		1,578,122
	320,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2013		305,098
	600,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		414,774
	300,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		208,317
	10,790,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		6,589,453
									975,475,656
U.S. Possessions—38.0%
	10,000,000	Guam GO1		5.000			11/15/2023		7,284,600
	3,280,000	Guam GO1		5.400			11/15/2018		2,727,418
	1,000,000	Guam Government Waterworks Authority and Wastewater System1		5.875			07/01/2035		791,820

F10 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	5,345,000	Guam Power Authority, Series A1		5.125	%		10/01/2029	$	4,056,160
	10,100,000	Guam Power Authority, Series A1		5.250			10/01/2034		7,547,225
	1,000,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.625			06/01/2047		666,290
	21,210,000	Puerto Rico Aqueduct & Sewer Authority1		0.000	5		07/01/2024		16,006,339
	16,680,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		14,213,362
	14,645,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		12,117,419
	15,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		10,683
	11,900,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		7,957,887
	30,000,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		20,042,400
	124,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.426	3		05/15/2050		2,065,840
	4,030,000	Puerto Rico Commonwealth GO1		5.000			07/01/2027		3,147,108
	4,840,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		3,769,150
	12,380,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		9,592,519
	1,185,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		910,424
	3,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037		2,646,385
	485,000	Puerto Rico Commonwealth GO1		5.500			07/01/2018		446,554
	27,225,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		21,853,235
	19,825,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2032		15,938,904
	3,575,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2037		2,782,458
	50,500,000	Puerto Rico Electric Power Authority, Series UU1		1.642	4		07/01/2025		22,674,500
	19,600,000	Puerto Rico Electric Power Authority, Series UU7		1.662	4		07/01/2031		8,232,000
	2,000,000	Puerto Rico Electric Power Authority, Series WW1		5.250			07/01/2033		1,654,500
	9,950,000	Puerto Rico Electric Power Authority, Series WW1		5.500			07/01/2038		8,337,603
	355,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		273,368
	15,000	Puerto Rico Highway & Transportation Authority, Series A1		5.000			07/01/2038		10,839
	1,100,000	Puerto Rico Highway & Transportation Authority, Series AA1		5.000			07/01/2035		809,105
	7,045,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2042		5,005,966
	5,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		3,904,600
	17,405,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		13,190,727
	5,000,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		3,509,450
	22,000,000	Puerto Rico Highway & Transportation Authority, Series N7		1.491	4		07/01/2045		8,283,000
	20,225,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		15,172,593
	5,480,000	Puerto Rico IMEPCF (American Airlines)		6.450			12/01/2025		2,162,279
	24,550,000	Puerto Rico Infrastructure1		5.000			07/01/2041		17,520,599
	43,180,000	Puerto Rico Infrastructure1		5.000			07/01/2046		30,307,610
	15,000,000	Puerto Rico Infrastructure		5.650	3		07/01/2029		3,253,200
	500,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		307,225
	1,500,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		1,042,650

F11 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	105,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)1		5.625	%		07/01/2022	$	104,991
	4,305,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2022		3,023,272
	1,500,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2031		1,163,775
	5,000,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		3,656,600
	2,500,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2037		1,815,975
	10,000	Puerto Rico Public Buildings Authority1		5.125			07/01/2022		8,389
	910,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		719,828
	1,000,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		760,770
	16,000,000	Puerto Rico Sales Tax Financing Corp., Series A7		1.714	4		08/01/2057		8,500,000
	34,995,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.250			08/01/2057		28,740,344
	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.950	3		08/01/2056		595,840
	402,125,000	Puerto Rico Sales Tax Financing Corp., Series A		6.461	3		08/01/2054		14,597,138
	1,000,000	University of Puerto Rico1		5.000			06/01/2025		771,840
	4,080,000	University of Puerto Rico1		5.000			06/01/2025		3,149,107
	5,925,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		4,330,227
	1,700,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		1,202,325
	1,000,000	University of V.I., Series A1		5.375			06/01/2034		779,120
	1,700,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2031		1,275,646
	1,485,000	V.I. Public Finance Authority, Series A1		5.500			10/01/2022		1,283,144
									378,704,325
Total Investments, at Value (Cost $1,734,260,522)-135.8%									1,354,179,981
Liabilities in Excess of Other Assets—(35.8)									(356,687,462	)
Net Assets—100.0%								$	997,492,519

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.	Subject to a deferred-interest forebearance agreement. Rate shown is current rate. 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 March 31, 2009 was $41,143,195, which represents 4.12% of the Fund’s net assets. See Note 5 of accompanying Notes.

F12 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Valuation Inputs

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

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

The market value of the Fund’s investments was determined based on the following inputs as of March 31, 2009:

	Investments in		Other Financial
Valuation Description	Securities		Instruments*
Level 1—Quoted Prices	$	—	$	—
Level 2—Other Significant Observable Inputs		1,354,179,981		—
Level 3—Significant Unobservable Inputs		—		—
Total	$	1,354,179,981	$	—

* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date.

See accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

F13 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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	Derivatives Inverse Tax Exempt Receipts
EFC	Environmental Facilities Corp.
EFLI	Epilepsy Foundation of L.I., Inc.
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.
MSH/NYU	Mount Sinai Hospital/New York University
NCMRS	Nassau Community Mental Retardation Services Company
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PSCH	Professional Service Centers for the Handicapped, Inc.
ROLS	Residual Option Longs
SONYMA	State of New York Mortgage Agency
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
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 Unaudited

March 31, 2009

Assets
Investments, at value (cost $1,734,260,522)—see accompanying statement of investments	$	1,354,179,981
Cash		306,765
Receivables and other assets:
Interest		21,311,389
Shares of beneficial interest sold		525,072
Investments sold		165,000
Other		1,981,978
Total assets		1,378,470,185
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		224,995,000
Payable on borrowings (See Note 6)		147,100,000
Investments purchased		4,192,270
Shares of beneficial interest redeemed		2,097,933
Dividends		1,370,981
Distribution and service plan fees		605,148
Trustees’ compensation		173,244
Interest expense on borrowings		104,976
Transfer and shareholder servicing agent fees		36,907
Shareholder communications		20,001
Other		281,206
Total liabilities		380,977,666
Net Assets	$	997,492,519
Composition of Net Assets
Par value of shares of beneficial interest	$	113,311
Additional paid-in capital		1,456,350,113
Accumulated net investment income		7,978,283
Accumulated net realized loss on investments		(86,868,647	)
Net unrealized depreciation on investments		(380,080,541	)
Net Assets	$	997,492,519

F15 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $867,823,580 and 98,586,567 shares of beneficial interest outstanding)	$	8.80
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.24
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $16,050,124 and 1,822,461 shares of beneficial interest outstanding)	$	8.81
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $113,618,815 and 12,901,782 shares of beneficial interest outstanding)	$	8.81

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 31, 2009

Investment Income
Interest	$	46,195,680
Expenses
Management fees		2,467,826
Distribution and service plan fees:
Class A		1,086,931
Class B		85,922
Class C		585,191
Transfer and shareholder servicing agent fees:
Class A		176,927
Class B		10,890
Class C		34,972
Shareholder communications:
Class A		14,307
Class B		1,023
Class C		2,317
Interest expense and fees on short-term floating rate notes issued (See Note 1)		2,646,361
Interest expense on borrowings		1,121,058
Trustees’ compensation		24,011
Custodian fees and expenses		6,890
Borrowing fees		2,493,824
Other		111,426
Total expenses		10,869,876
Less reduction to custodian expenses		(2,090	)
Net expenses		10,867,786
Net Investment Income		35,327,894
Realized and Unrealized Loss
Net realized loss on investments		(67,301,638	)
Net change in unrealized depreciation on investments		(144,149,543	)
Net Decrease in Net Assets Resulting from Operations	$	(176,123,287	)

See accompanying Notes to Financial Statements.

F17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	March 31, 2009			September 30,
	(Unaudited)			2008
Operations
Net investment income	$	35,327,894		$	72,079,294
Net realized loss		(67,301,638	)		(11,562,768	)
Net change in unrealized depreciation		(144,149,543	)		(240,934,289	)
Net decrease in net assets resulting from operations		(176,123,287	)		(180,417,763	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(29,232,121	)		(58,981,189	)
Class B		(492,005	)		(1,075,501	)
Class C		(3,407,498	)		(6,361,364	)
		(33,131,624	)		(66,418,054	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(45,614,123	)		34,304,971
Class B		(2,382,671	)		(4,358,755	)
Class C		(4,254,406	)		5,340,254
		(52,251,200	)		35,286,470
Net Assets
Total decrease		(261,506,111	)		(211,549,347	)
Beginning of period		1,258,998,630			1,470,547,977
End of period (including accumulated net investment income of $7,978,283 and $5,782,013, respectively)	$	997,492,519		$	1,258,998,630

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF CASH FLOWS

For the Six Months Ended March 31, 2009

Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(176,123,287	)
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(177,310,937	)
Proceeds from disposition of investment securities		137,391,675
Short-term investment securities, net		6,277,435
Premium amortization		543,214
Discount accretion		(4,099,836	)
Net realized loss on investments		67,301,638
Net change in unrealized depreciation on investments		144,149,543
Decrease in interest receivable		1,002,715
Decrease in receivable for securities sold		78,550,271
Increase in other assets		(1,849,901	)
Decrease in payable for securities purchased		(106,739,083	)
Increase in payable for accrued expenses		58,036
Net cash used in operating activities		(30,848,517	)
Cash Flows from Financing Activities
Proceeds from bank borrowings		369,400,000
Payments on bank borrowings		(224,300,000	)
Payments on short-term floating rate notes issued		(24,555,000	)
Proceeds from shares sold		172,712,380
Payments on bank overdraft		(3,961,123	)
Payments on shares redeemed		(247,316,082	)
Cash distributions paid		(10,824,893	)
Net cash provided by financing activities		31,155,282
Net increase in cash		306,765
Cash, beginning balance		—
Cash, ending balance	$	306,765
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $22,077,746.
Cash paid for interest on bank borrowings—$1,029,544.
Cash paid for interest on short-term floating rate notes issued—$2,646,361.

See accompanying Notes to Financial Statements.

F19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class A	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	10.60		$	12.68		$	13.22		$	12.91		$	12.45		$	12.31
Income (loss) from investment operations:
Net investment income		.32	1		.62	1		.57	1		.61	1		.66	1		.72
Net realized and unrealized gain (loss)		(1.83	)		(2.13	)		(.55	)		.34			.49			.11
Total from investment operations		(1.51	)		(1.51	)		.02			.95			1.15			.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.29	)		(.57	)		(.56	)		(.64	)		(.69	)		(.69	)
Distributions from net realized gain		—			—			—	2		—			—			—
Total dividends and/or distributions to shareholders		(.29	)		(.57	)		(.56	)		(.64	)		(.69	)		(.69	)
Net asset value, end of period	$	8.80		$	10.60		$	12.68		$	13.22		$	12.91		$	12.45
Total Return, at Net Asset Value3		(14.17	)%		(12.31	)%		0.15	%		7.61	%		9.41	%		6.91	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	867,824		$	1,095,341		$	1,275,590		$	1,005,912		$	659,975		$	539,834
Average net assets (in thousands)	$	888,853		$	1,244,330		$	1,181,757		$	824,276		$	580,413		$	536,613
Ratios to average net assets:4
Net investment income		7.02	%		5.13	%		4.35	%		4.76	%		5.17	%		5.84	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.51	%		0.82	%		0.82	%		0.90	%		0.93	%		0.91	%
Interest and fees on short-term floating rate notes issued5		0.52	%		0.60	%		0.69	%		0.61	%		0.43	%		0.26	%
Total expenses		2.03	%		1.42	%		1.51	%		1.51	%		1.36	%		1.17	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.03	%		1.42	%		1.51	%		1.51	%		1.36	%		1.14	%
Portfolio turnover rate		11	%		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 accompanying Notes to Financial Statements.

F20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class B	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	10.61		$	12.68		$	13.22		$	12.91		$	12.45		$	12.32
Income (loss) from investment operations:
Net investment income		.28	1		.52	1		.47	1		.51	1		.56	1		.62
Net realized and unrealized gain (loss)		(1.82	)		(2.12	)		(.55	)		.34			.49			.10
Total from investment operations		(1.54	)		(1.60	)		(.08	)		.85			1.05			.72
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.26	)		(.47	)		(.46	)		(.54	)		(.59	)		(.59	)
Distributions from net realized gain		—			—			—	2		—			—			—
Total dividends and/or distributions to shareholders		(.26	)		(.47	)		(.46	)		(.54	)		(.59	)		(.59	)
Net asset value, end of period	$	8.81		$	10.61		$	12.68		$	13.22		$	12.91		$	12.45
Total Return, at Net Asset Value3		(14.52	)%		(12.96	)%		(0.65	)%		6.76	%		8.55	%		5.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,050		$	22,079		$	30,982		$	32,793		$	26,680		$	27,555
Average net assets (in thousands)	$	17,246		$	27,621		$	32,663		$	29,544		$	26,977		$	30,212
Ratios to average net assets:4
Net investment income		6.16	%		4.29	%		3.55	%		3.99	%		4.41	%		5.05	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.36	%		1.65	%		1.62	%		1.70	%		1.71	%		1.69	%
Interest and fees on short-term floating rate notes issued5		0.52	%		0.60	%		0.69	%		0.61	%		0.43	%		0.26	%
Total expenses		2.88	%		2.25	%		2.31	%		2.31	%		2.14	%		1.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.88	%		2.25	%		2.31	%		2.30	%		2.14	%		1.92	%
Portfolio turnover rate		11	%		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 accompanying Notes to Financial Statements.

F21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class C	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	10.61		$	12.68		$	13.22		$	12.91		$	12.45		$	12.32
Income (loss) from investment operations:
Net investment income		.28	1		.53	1		.47	1		.50	1		.55	1		.62
Net realized and unrealized gain (loss)		(1.82	)		(2.12	)		(.55	)		.35			.50			.10
Total from investment operations		(1.54	)		(1.59	)		(.08	)		.85			1.05			.72
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.26	)		(.48	)		(.46	)		(.54	)		(.59	)		(.59	)
Distributions from net realized gain		—			—			—	2		—			—			—
Total dividends and/or distributions to shareholders		(.26	)		(.48	)		(.46	)		(.54	)		(.59	)		(.59	)
Net asset value, end of period	$	8.81		$	10.61		$	12.68		$	13.22		$	12.91		$	12.45
Total Return, at Net Asset Value3		(14.49	)%		(12.92	)%		(0.62	)%		6.78	%		8.55	%		5.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	113,619		$	141,579		$	163,976		$	106,663		$	31,119		$	15,723
Average net assets (in thousands)	$	117,371		$	160,910		$	142,905		$	64,991		$	20,347		$	14,598
Ratios to average net assets:4
Net investment income		6.26	%		4.35	%		3.58	%		3.89	%		4.32	%		5.04	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.29	%		1.60	%		1.59	%		1.66	%		1.70	%		1.69	%
Interest and fees on short-term floating rate notes issued5		0.52	%		0.60	%		0.69	%		0.61	%		0.43	%		0.26	%
Total expenses		2.81	%		2.20	%		2.28	%		2.27	%		2.13	%		1.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.81	%		2.20	%		2.28	%		2.27	%		2.13	%		1.92	%
Portfolio turnover rate		11	%		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 accompanying Notes to Financial Statements.

F22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

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

     The Fund offers Class A, Class B 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.

     Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

     Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs.

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to

F23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

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

     Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

     “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2.

     In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

     Fair valued securities may be classified as “Level 3” if the valuation primarily reflects the Manager’s own assumptions about the inputs that market participants would use in valuing such securities.

F24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $226,017,810 as of March 31, 2009, which represents 16.40% 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 municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. 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 March 31, 2009, municipal bond holdings with a value of $332,060,432 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $224,995,000 in short-term floating rate notes issued and outstanding at that date.

     The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating

F25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

At March 31, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	12,170,000	NY Triborough Bridge & Tunnel Authority DRIVERS		7.741	%		11/15/32	$	11,771,189
	3,415,000	NY Triborough Bridge & Tunnel Authority DRIVERS		11.273			11/15/27		3,471,655
	13,335,000	NY Triborough Bridge & Tunnel Authority DRIVERS		11.277			11/15/32		12,679,585
	6,070,000	NY Triborough Bridge & Tunnel Authority ROLs3		10.547			11/15/29		6,143,508
	6,670,000	NYC GO DRIVERS		12.145			11/15/31		6,973,152
	2,375,000	NYC GO DRIVERS		13.809			2/15/39		2,301,708
	5,000,000	NYC GO ROLs3		13.171			8/1/21		5,372,900
	6,940,000	NYC GO ROLs3		14.638			3/1/21		8,149,503
	2,750,000	NYC GO ROLs		16.890			3/1/26		2,778,270
	10,000,000	NYC Municipal Water Finance Authority DRIVERS		7.308			6/15/35		8,370,700
	10,000,000	NYC Municipal Water Finance Authority ROLs3		18.540			6/15/40		11,177,400
	4,160,000	NYC Municipal Water Finance Authority ROLs3		15.750			6/15/37		3,628,851
	6,670,000	NYS DA (State Personal Income Tax Authority)		12.470			9/15/16		7,787,092
	12,765,000	Port Authority NY/NJ, 3095th Series DRIVERS		11.274			12/1/34		12,342,479
	4,000,000	SONYMA ROLs		12.481			10/1/39		4,117,440
								$	107,065,432

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.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of March 31, 2009, in addition to the

F26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $93,785,000.

Concentration Risk. There are certain risks arising from geographic concentration in any state or U.S. possession. 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 March 31, 2009, securities with an aggregate market value of $3,515,402, representing 0.35% of the Fund’s net assets, were subject to these forbearance agreements. As of March 31, 2009, no interest was owed to the Fund and no principal payments were deferred under these agreements.

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.

During the fiscal year ended September 30, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of September 30, 2008, the Fund had available for federal income tax purposes post-October losses of $13,008,198 and unused capital loss carryforward as follows:

Expiring
2016	$	6,750,776

As of March 31, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $87,060,612 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 31, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

F27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 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	$	1,766,392,085
Gross unrealized appreciation	$	7,661,863
Gross unrealized depreciation		(419,873,967	)
Net unrealized depreciation	$	(412,212,104	)

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 six months ended March 31, 2009, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	8,060
Payments Made to Retired Trustees		12,272
Accumulated Liability as of March 31, 2009		120,649

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

F28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive earnings on cash balances maintained by the Fund, at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

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

F29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / 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:

	Six Months Ended March 31, 2009						Year Ended September 30, 2008
	Shares			Amount			Shares			Amount
Class A
Sold		16,667,225		$	147,673,813			28,502,373		$	348,444,950
Dividends and/or distributions reinvested		2,209,314			19,666,071			3,335,143			40,209,415
Redeemed		(23,587,826	)		(212,954,007	)		(29,146,349	)		(354,349,394	)
Net increase (decrease)		(4,711,287	)	$	(45,614,123	)		2,691,167		$	34,304,971
Class B
Sold		177,678		$	1,604,963			367,414		$	4,461,731
Dividends and/or distributions reinvested		36,239			322,853			59,300			715,789
Redeemed		(472,795	)		(4,310,487	)		(787,977	)		(9,536,275	)
Net decrease		(258,878	)	$	(2,382,671	)		(361,263	)	$	(4,358,755	)
Class C
Sold		2,508,224		$	22,280,998			4,194,547		$	51,197,643
Dividends and/or distributions reinvested		234,528			2,088,822			336,905			4,059,087
Redeemed		(3,187,601	)		(28,624,226	)		(4,112,864	)		(49,916,476	)
Net increase (decrease)		(444,849	)	$	(4,254,406	)		418,588		$	5,340,254

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended March 31, 2009, were as follows:

	Purchases		Sales
Investment securities	$	177,310,937	$	137,391,675

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

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Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 31, 2009, the Fund paid $225,090 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 March 31, 2009 for Class B and Class C shares were $1,697,219 and $1,975,726, 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.

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor
March 31, 2009	$	49,518	$	65,326	$	37,235	$	25,481

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.

5. Illiquid Securities

As of March 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

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. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund can also borrow for other purposes, such as to raise money to unwind or “collapse” trusts that issued “inverse floaters” to the Fund, or to contribute to such trusts to enable them to meet tenders of their short-term securities by the holders of those securities. The Fund also may borrow 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 $3.0 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 (0.8403% as of March 31, 2009). The Fund pays additional fees annually to its lender on its outstanding

F32 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

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. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended March 31, 2009 equal 0.71% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of March 31, 2009, the Fund had borrowings outstanding at an interest rate of 0.8403%. Details of the borrowings for the six months ended March 31, 2009 are as follows:

Average Daily Loan Balance	$	100,943,407
Average Daily Interest Rate		2.439	%
Fees Paid	$	4,209,413
Interest Paid	$	1,029,544

7. Recent Accounting Pronouncement

In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards (“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.

8. Pending Litigation

During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and certain of the funds in the Oppenheimer family of funds (the “Defendant Funds”) advised by the Manager and distributed by the Distributor. The complaints naming the Defendant Funds also name certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs are seeking class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The complaints against the Defendant Funds raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. Additionally, a complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not the Fund), on behalf of the Oregon College Savings Plan Trust. The complaint alleges breach of contract, breach of fiduciary duty, negligence and

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

violation of state securities laws, and seeks compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     Other complaints have been filed in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those lawsuits, in 2008 and 2009, allege a variety of claims including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief, and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits vigorously on behalf of those Funds, their boards and the individual Trustees named in those suits. The Manager believes that it is premature to render any opinion as to the likelihood of an outcome unfavorable to it and that no estimate can be made with any degree of certainty as to the amount or range of any potential loss. The Manager also believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund.

F34 | 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.

Householding—Delivery of Shareholder Documents

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

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

21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments.

a) Not applicable.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and

whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

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

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

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

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

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

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

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

Item 11.  Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12.  Exhibits.

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

SIGNATURES

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

Oppenheimer AMT — Free New York Municipals

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

Date: 05/14/2009

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

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

Date: 05/14/2009

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

Date: 05/14/2009