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: October 1, 2003 - March 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS March 31, 2004 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--100.7%
- -------------------------------------------------------------------------------------------------------------
NEW YORK--94.1%
$14,500,000 Albany IDA (Charitable Leadership) 5.750% 07/01/2026 $ 14,890,920
- -------------------------------------------------------------------------------------------------------------
1,000,000 Albany IDA (Charitable Leadership) 6.000 07/01/2019 1,067,520
- -------------------------------------------------------------------------------------------------------------
1,140,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,171,213
- -------------------------------------------------------------------------------------------------------------
500,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 508,500
- -------------------------------------------------------------------------------------------------------------
30,000 Albany Parking Authority 5.625 07/15/2025 31,811
- -------------------------------------------------------------------------------------------------------------
30,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 30,696
- -------------------------------------------------------------------------------------------------------------
1,000,000 Amherst IDA (Daemen College) 6.000 10/01/2021 1,049,060
- -------------------------------------------------------------------------------------------------------------
170,000 Bayshore HDC 7.500 02/01/2023 177,378
- -------------------------------------------------------------------------------------------------------------
5,895,000 Brookhaven IDA (Alternatives for Children) 7.550 02/01/2033 6,141,057
- -------------------------------------------------------------------------------------------------------------
9,235,000 Brookhaven IDA (Dowling College) 6.750 11/01/2032 9,251,531
- -------------------------------------------------------------------------------------------------------------
750,000 Buffalo Municipal Water Finance Authority,
Series B 5.000 07/01/2027 782,123
- -------------------------------------------------------------------------------------------------------------
30,000 East Rochester Hsg. Authority (St. John's
Meadows) 5.750 08/01/2037 33,386
- -------------------------------------------------------------------------------------------------------------
1,095,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 854,801
- -------------------------------------------------------------------------------------------------------------
200,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 187,978
- -------------------------------------------------------------------------------------------------------------
5,600,000 Erie County IDA (Medaille College) 7.625 04/01/2035 5,624,640
- -------------------------------------------------------------------------------------------------------------
9,050,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 9,332,632
- -------------------------------------------------------------------------------------------------------------
9,875,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 10,110,223
- -------------------------------------------------------------------------------------------------------------
100,000 Erie County Tobacco Asset Securitization
Corp. 5.750 07/15/2015 102,288
- -------------------------------------------------------------------------------------------------------------
125,000 Erie County Tobacco Asset Securitization
Corp. 6.125 07/15/2030 125,788
- -------------------------------------------------------------------------------------------------------------
4,915,000 Erie County Tobacco Asset Securitization
Corp. 6.250 07/15/2040 4,981,795
- -------------------------------------------------------------------------------------------------------------
5,500,000 Erie County Tobacco Asset Securitization
Corp. 6.500 07/15/2032 5,654,935
- -------------------------------------------------------------------------------------------------------------
3,750,000 Geneva IDA (Hobart & William Smith Colleges) 5.375 02/01/2033 4,002,263
- -------------------------------------------------------------------------------------------------------------
5,500,000 Hempstead IDA
(Working Organization for Retarded Children) 6.900 08/01/2033 5,548,730
- -------------------------------------------------------------------------------------------------------------
1,790,000 Herkimer County IDA
(Herkimer County College Foundation) 6.250 08/01/2034 1,873,915
- -------------------------------------------------------------------------------------------------------------
5,750,000 L.I. Power Authority RITES i 15.513 r 09/01/2033 6,686,790
- -------------------------------------------------------------------------------------------------------------
4,395,000 L.I. Power Authority, Series A 5.125 09/01/2029 4,517,577
- -------------------------------------------------------------------------------------------------------------
30,000 L.I. Power Authority, Series A 5.250 12/01/2026 30,984
- -------------------------------------------------------------------------------------------------------------
25,000 L.I. Power Authority, Series A 5.300 12/01/2019 27,398
- -------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Cloverwood Senior
Living) 6.875 05/01/2033 1,009,450
- -------------------------------------------------------------------------------------------------------------
525,000 Monroe County IDA (Collegiate Hsg.
Foundation-RIT) 5.375 04/01/2029 523,567
- -------------------------------------------------------------------------------------------------------------
1,965,000 Monroe County IDA (Depaul Community
Facilities) 5.875 02/01/2028 1,645,255
- -------------------------------------------------------------------------------------------------------------
40,000 Monroe County IDA (Rochester Institute of
Technology) 5.250 04/01/2019 40,361
- -------------------------------------------------------------------------------------------------------------
4,000,000 Monroe Newpower Corp. 5.500 01/01/2034 4,176,280
- -------------------------------------------------------------------------------------------------------------
1,000,000 Monroe Newpower Corp. 5.625 01/01/2026 1,050,980
- -------------------------------------------------------------------------------------------------------------
18,000,000 MTA Service Contract, Series A 5.125 01/01/2029 18,748,080
- -------------------------------------------------------------------------------------------------------------
665,000 Nassau County IDA (ALIA-ACDS) 6.125 09/01/2018 678,460
- -------------------------------------------------------------------------------------------------------------
2,170,000 Nassau County IDA (ALIA-AP) 7.000 09/01/2028 2,209,906
10 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL MARKET VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 935,000 Nassau County IDA (ALIA-CMA) 6.125% 09/01/2018 $ 953,924
- -------------------------------------------------------------------------------------------------------------
1,035,000 Nassau County IDA (ALIA-CSMR) 6.125 09/01/2018 1,055,948
- -------------------------------------------------------------------------------------------------------------
700,000 Nassau County IDA (ALIA-EFLI) 6.125 09/01/2018 714,168
- -------------------------------------------------------------------------------------------------------------
530,000 Nassau County IDA (ALIA-HAII) 6.125 09/01/2018 540,727
- -------------------------------------------------------------------------------------------------------------
620,000 Nassau County IDA (ALIA-NCMRS) 6.125 09/01/2018 632,549
- -------------------------------------------------------------------------------------------------------------
2,775,000 Nassau County IDA (Hispanic Counseling
Center) 7.625 06/01/2033 2,802,778
- -------------------------------------------------------------------------------------------------------------
210,000 New Rochelle Municipal Hsg. Authority,
Series A 5.550 12/01/2014 245,026
- -------------------------------------------------------------------------------------------------------------
100,000 New Rochelle Municipal Hsg. Authority,
Series B 6.500 12/01/2014 118,298
- -------------------------------------------------------------------------------------------------------------
35,000 Newport Highlands HDC 6.100 08/01/2024 35,251
- -------------------------------------------------------------------------------------------------------------
2,500,000 Niagara County IDA (American Ref-Fuel
Company) 5.550 11/15/2024 2,681,125
- -------------------------------------------------------------------------------------------------------------
100,000 Niagara County Tobacco Asset Securitization
Corp. 5.500 05/15/2019 97,559
- -------------------------------------------------------------------------------------------------------------
500,000 Niagara County Tobacco Asset Securitization
Corp. 6.250 05/15/2034 505,530
- -------------------------------------------------------------------------------------------------------------
285,000 Niagara County Tobacco Asset Securitization
Corp. 6.250 05/15/2040 288,152
- -------------------------------------------------------------------------------------------------------------
7,645,000 Niagara Falls City School District COP 5.375 06/15/2028 8,207,366
- -------------------------------------------------------------------------------------------------------------
3,400,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 3,494,520
- -------------------------------------------------------------------------------------------------------------
13,315,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 12,586,536
- -------------------------------------------------------------------------------------------------------------
250,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2014 258,783
- -------------------------------------------------------------------------------------------------------------
250,000 NY Counties Tobacco Trust III 5.750 06/01/2033 248,753
- -------------------------------------------------------------------------------------------------------------
1,000,000 NY Counties Tobacco Trust III 6.000 06/01/2043 1,000,810
- -------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.000 08/01/2022 35,806
- -------------------------------------------------------------------------------------------------------------
2,305,000 NYC GO 5.250 03/15/2032 2,636,805
- -------------------------------------------------------------------------------------------------------------
1,270,000 NYC GO 5.250 03/15/2032 1,327,468
- -------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 5.375 12/01/2026 2,637,875
- -------------------------------------------------------------------------------------------------------------
1,300,000 NYC GO 5.500 06/01/2022 1,417,585
- -------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.875 08/01/2019 1,111,860
- -------------------------------------------------------------------------------------------------------------
7,935,000 NYC GO 6.125 08/01/2025 8,856,412
- -------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 02/01/2019 5,022
- -------------------------------------------------------------------------------------------------------------
1,593,937 NYC HDC (Keith Plaza) 6.500 02/15/2018 1,676,934
- -------------------------------------------------------------------------------------------------------------
2,420,990 NYC HDC (Seaview Towers) 6.500 01/15/2018 2,547,051
- -------------------------------------------------------------------------------------------------------------
100,000 NYC Health & Hospital Corp. 5.375 02/15/2026 102,835
- -------------------------------------------------------------------------------------------------------------
1,920,000 NYC Health & Hospital Corp. 5.450 02/15/2026 1,983,744
- -------------------------------------------------------------------------------------------------------------
1,475,000 NYC IDA (American Council of Learned
Societies) 5.250 07/01/2027 1,548,676
- -------------------------------------------------------------------------------------------------------------
2,760,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 2,841,227
- -------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 515,550
- -------------------------------------------------------------------------------------------------------------
2,100,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 2,165,688
- -------------------------------------------------------------------------------------------------------------
6,000,000 NYC IDA (Calhoun School) 6.625 12/01/2034 6,018,000
- -------------------------------------------------------------------------------------------------------------
3,965,000 NYC IDA
(Community Resource Developmentally
Disabled) 7.500 08/01/2026 4,050,485
- -------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,115,800
- -------------------------------------------------------------------------------------------------------------
12,000,000 NYC IDA (Legal Aid Society) 8.600 11/01/2033 12,629,040
11 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,700,000 NYC IDA (Lycee Francais De New York) 5.375% 06/01/2023 $ 3,855,807
- -------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Lycee Francais De New York) 6.800 06/01/2028 4,175,320
- -------------------------------------------------------------------------------------------------------------
2,100,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 1,855,371
- -------------------------------------------------------------------------------------------------------------
4,080,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 3,514,267
- -------------------------------------------------------------------------------------------------------------
1,380,000 NYC IDA (PSCH) 6.375 07/01/2033 1,464,842
- -------------------------------------------------------------------------------------------------------------
1,495,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,551,107
- -------------------------------------------------------------------------------------------------------------
6,020,000 NYC IDA (The Child School) 7.550 06/01/2033 6,170,620
- -------------------------------------------------------------------------------------------------------------
15,785,000 NYC IDA (Touro College) 6.350 06/01/2029 15,367,960
- -------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 5,617,696
- -------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 5,848,528
- -------------------------------------------------------------------------------------------------------------
4,245,000 NYC IDA (YMCA of Greater NY) 5.250 08/01/2021 4,428,978
- -------------------------------------------------------------------------------------------------------------
3,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2032 3,090,300
- -------------------------------------------------------------------------------------------------------------
75,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 77,135
- -------------------------------------------------------------------------------------------------------------
6,000,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 6,264,960
- -------------------------------------------------------------------------------------------------------------
105,000 NYC Municipal Water Finance Authority 5.250 06/15/2029 108,814
- -------------------------------------------------------------------------------------------------------------
8,000,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 8,736,960
- -------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Dept. of Health) 5.500 07/01/2025 53,603
- -------------------------------------------------------------------------------------------------------------
5,750,000 NYS DA (Ithaca College) 5.250 07/01/2026 6,013,523
- -------------------------------------------------------------------------------------------------------------
230,000 NYS DA (Judicial Facilities Lease) 7.375 07/01/2016 292,128
- -------------------------------------------------------------------------------------------------------------
1,620,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 1,691,329
- -------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Mental Health) 5.375 02/15/2026 21,824
- -------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health) 5.375 02/15/2026 5,325
- -------------------------------------------------------------------------------------------------------------
9,750,000 NYS DA
(MSH/NYU Hospital Center/HJDOI Obligated
Group) 6.500 07/01/2025 9,983,805
- -------------------------------------------------------------------------------------------------------------
10,000,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2026 10,092,800
- -------------------------------------------------------------------------------------------------------------
9,330,000 NYS DA (Mt. Sinai/NYU Health) 6.250 07/01/2022 9,441,400
- -------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2030 5,642,550
- -------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (SS Joachim & Anne Residence) 5.250 07/01/2027 4,118,400
- -------------------------------------------------------------------------------------------------------------
35,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 37,006
- -------------------------------------------------------------------------------------------------------------
70,000 NYS DA (St. Vincent's Hospital & Medical
Center) 7.375 08/01/2011 70,320
- -------------------------------------------------------------------------------------------------------------
13,090,000 NYS DA (State University Educational
Facilities) 5.250 05/15/2015 14,734,759
- -------------------------------------------------------------------------------------------------------------
2,510,000 NYS DA (State University Educational
Facilities) 5.250 05/15/2021 2,782,235
- -------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Upstate Community College) 5.000 07/01/2028 5,182,300
- -------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Winthrop University Hospital) 5.500 07/01/2023 1,047,530
- -------------------------------------------------------------------------------------------------------------
85,000 NYS EFC (NYS Water Services) 6.600 09/15/2012 86,212
- -------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (NYS Water Services) 7.200 03/15/2011 20,095
- -------------------------------------------------------------------------------------------------------------
5,395,000 NYS HFA RITES i 10.742 r 11/01/2015 6,020,065
- -------------------------------------------------------------------------------------------------------------
45,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 45,598
- -------------------------------------------------------------------------------------------------------------
2,800,000 NYS Medcare (Long Term Health Care) 6.400 11/01/2014 2,811,004
- -------------------------------------------------------------------------------------------------------------
80,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 82,320
12 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL MARKET VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,000,000 NYS UDC (Personal Income Tax) 5.125% 03/15/2027 $ 3,141,540
- -------------------------------------------------------------------------------------------------------------
1,750,000 NYS UDC RITES i 15.557 r 03/15/2025 2,050,055
- -------------------------------------------------------------------------------------------------------------
100,000 Oneida County IDA
(Mohawk Valley Handicapped Services) 5.300 03/15/2019 103,877
- -------------------------------------------------------------------------------------------------------------
55,000 Onondaga County IDA (Salina Free Library) 5.500 12/01/2022 58,346
- -------------------------------------------------------------------------------------------------------------
1,000,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 893,690
- -------------------------------------------------------------------------------------------------------------
275,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 229,438
- -------------------------------------------------------------------------------------------------------------
1,500,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 1,463,055
- -------------------------------------------------------------------------------------------------------------
8,880,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 8,885,861
- -------------------------------------------------------------------------------------------------------------
2,475,000 Rensselaer County Tobacco Asset
Securitization Corp. 5.625 06/01/2035 2,339,593
- -------------------------------------------------------------------------------------------------------------
2,000,000 Rensselaer County Tobacco Asset
Securitization Corp. 5.750 06/01/2043 1,920,340
- -------------------------------------------------------------------------------------------------------------
1,000,000 Rockland County Tobacco Asset
Securitization Corp. 5.625 08/15/2035 945,180
- -------------------------------------------------------------------------------------------------------------
3,150,000 Rockland County Tobacco Asset
Securitization Corp. 5.750 08/15/2043 3,024,410
- -------------------------------------------------------------------------------------------------------------
2,500,000 Saratoga County IDA (Saratoga Hospital) 5.125 12/01/2033 2,616,250
- -------------------------------------------------------------------------------------------------------------
9,515,000 SONYMA, Series 29 RITES i 9.395 r 10/01/2024 9,788,937
- -------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 83 5.550 10/01/2027 261,563
- -------------------------------------------------------------------------------------------------------------
4,000,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 4,112,720
- -------------------------------------------------------------------------------------------------------------
150,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 149,982
- -------------------------------------------------------------------------------------------------------------
1,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 1,578,450
- -------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (L.I. Network
Community Services) 7.550 02/01/2034 1,003,870
- -------------------------------------------------------------------------------------------------------------
100,000 Syracuse IDA (Crouse Irving Companies) 5.250 01/01/2017 103,168
- -------------------------------------------------------------------------------------------------------------
25,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2020 26,403
- -------------------------------------------------------------------------------------------------------------
15,000 Triborough Bridge & Tunnel Authority 5.250 01/01/2028 16,686
- -------------------------------------------------------------------------------------------------------------
3,585,000 Triborough Bridge & Tunnel Authority
RITES i 15.441 r 11/15/2032 4,086,828
- -------------------------------------------------------------------------------------------------------------
2,560,000 Triborough Bridge & Tunnel Authority
RITES i 15.454 r 11/15/2027 2,962,842
- -------------------------------------------------------------------------------------------------------------
10,000,000 Triborough Bridge & Tunnel Authority
RITES i 15.454 r 11/15/2032 11,399,800
- -------------------------------------------------------------------------------------------------------------
4,550,000 Triborough Bridge & Tunnel Authority
RITES i 15.941 r 11/15/2029 5,427,513
- -------------------------------------------------------------------------------------------------------------
2,500,000 Triborough Bridge & Tunnel Authority
RITES i 16.557 r 11/15/2023 3,293,800
- -------------------------------------------------------------------------------------------------------------
260,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 260,853
- -------------------------------------------------------------------------------------------------------------
2,255,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 2,204,668
- -------------------------------------------------------------------------------------------------------------
94,785,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 93,407,774
- -------------------------------------------------------------------------------------------------------------
100,000 TSASC, Inc. (TFABs) 6.000 07/15/2018 102,352
- -------------------------------------------------------------------------------------------------------------
100,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 101,821
- -------------------------------------------------------------------------------------------------------------
15,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 15,273
- -------------------------------------------------------------------------------------------------------------
150,000 TSASC, Inc. (TFABs) 6.000 07/15/2021 151,586
- -------------------------------------------------------------------------------------------------------------
1,190,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 1,215,561
- -------------------------------------------------------------------------------------------------------------
15,350,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 15,679,718
- -------------------------------------------------------------------------------------------------------------
435,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 447,171
- -------------------------------------------------------------------------------------------------------------
325,000 Ulster County IDA (Benedictine Hospital) 6.400 06/01/2014 317,460
- -------------------------------------------------------------------------------------------------------------
1,950,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,816,913
13 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,000,000 Utica IDA (Utica College Civic Facility) 5.750% 08/01/2028 $ 2,902,500
- -------------------------------------------------------------------------------------------------------------
1,250,000 Utica IDA (Utica College Civic Facility) 6.750 12/01/2021 1,263,538
- -------------------------------------------------------------------------------------------------------------
175,000 Westchester County Healthcare Corp. 6.000 11/01/2030 170,457
- -------------------------------------------------------------------------------------------------------------
500,000 Westchester County IDA (Kendal on Hudson) 6.500 01/01/2034 504,480
- -------------------------------------------------------------------------------------------------------------
1,965,000 Westchester County IDA (Rippowam-Cisqua
School) 5.750 06/01/2029 2,019,352
- -------------------------------------------------------------------------------------------------------------
320,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 332,102
- -------------------------------------------------------------------------------------------------------------
600,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 628,920
- -------------------------------------------------------------------------------------------------------------
55,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 59,800
--------------
564,463,229
- -------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--6.6%
8,375,000 Guam GO, Series A 5.400 11/15/2018 8,091,171
- -------------------------------------------------------------------------------------------------------------
1,085,000 Guam GO, Series A 6.000 09/01/2006 1,085,553
- -------------------------------------------------------------------------------------------------------------
5,250,000 Guam Power Authority, Series A 5.125 10/01/2029 5,501,843
- -------------------------------------------------------------------------------------------------------------
10,000,000 Guam Power Authority, Series A 5.250 10/01/2034 10,584,900
- -------------------------------------------------------------------------------------------------------------
3,720,000 Puerto Rico Highway & Transportation
Authority, Series D 5.250 07/01/2038 3,844,955
- -------------------------------------------------------------------------------------------------------------
4,305,000 Puerto Rico ITEMECF
(Polytechnic University of Puerto Rico) 5.000 08/01/2022 4,466,567
- -------------------------------------------------------------------------------------------------------------
3,950,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 4,219,351
- -------------------------------------------------------------------------------------------------------------
1,485,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 1,527,026
- -------------------------------------------------------------------------------------------------------------
250,000 V.I. Water & Power Authority 5.300 07/01/2018 253,566
--------------
39,574,932
- -------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $573,706,124)--100.7% 604,038,161
- -------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.7) (4,356,470)
--------------
NET ASSETS--100.0% $599,681,691
==============
14 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FOOTNOTES TO STATEMENT OF INVESTMENTS
i. Identifies issues considered to be illiquid. See Note 5 of Notes to Financial
Statements.
r. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Association for Children with Down Syndrome
ALIA Alliance of Long Island Agencies
AP Advantage Planning, Inc.
CMA Community Mainstreaming Associates, Inc.
COP Certificates of Participation
CSMR Community Services for the Mentally Retarded
DA Dormitory Authority
EFC Environmental Facilities Corp.
EFLI Epilepsy Foundation of L.I., Inc.
GO General Obligation
HAII Homes Anew II, Inc.
HDC Housing Development Corp.
HFA Housing Finance Agency
HJDOI Hospital for Joint Diseases Orthopaedic Institute
IDA Industrial Development Agency
IGHL Independent Group Home for Living
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
L.I. Long Island
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NCMRS Nassau Community Mental Retardation Services Co.
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYU New York University
RIT Rochester Institute of Technology
RITES Residual Interest Tax Exempt Security
SONYMA State of New York Mortgage Agency
TASC Tobacco Settlement Asset-Backed Bonds
TFABs Tobacco Flexible Amortization Bonds
UDC Urban Development Corp.
V.I. United States Virgin Islands
YMCA Young Men's Christian Association
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- ---------------------------------------------------------------------
Tobacco Settlements $151,161,749 25.0%
Higher Education 87,890,203 14.6
Not-for-Profit Organization 78,902,544 13.1
Highways/Railways 49,806,907 8.2
Hospital/Health Care 44,149,675 7.3
Electric Utilities 32,830,318 5.4
Adult Living Facilities 31,868,862 5.3
Education 27,881,649 4.6
General Obligation 27,263,903 4.5
Water Utilities 19,166,599 3.2
Multifamily Housing 11,969,189 2.0
Sales Tax Revenue 10,937,972 1.8
Single Family Housing 10,050,500 1.7
Airlines 8,885,861 1.5
Municipal Leases 8,559,294 1.4
Resource Recovery 2,681,125 0.4
Parking Fee Revenue 31,811 --
--------------------------------
Total $604,038,161 100.0%
================================
15 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------
SUMMARY OF RATINGS March 31, 2004
- -------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATING CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATING PERCENT
- --------------------------------------------------------------------
AAA 11.9%
AA 15.9
A 8.1
BBB 38.8
BB 8.5
B 3.0
Not Rated 13.8
------
Total 100.0%
======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
March 31, 2004
- -----------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------------------------------
Investments, at value (cost $573,706,124)--see accompanying
statement of investments $604,038,161
- -----------------------------------------------------------------------------------
Cash 443,503
- -----------------------------------------------------------------------------------
Receivables and other assets:
Interest 10,151,651
Shares of beneficial interest sold 1,029,053
Investments sold 30,375
Other 17,245
-------------
Total assets 615,709,988
- -----------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------
Payables and other liabilities:
Notes payable to bank (interest rate 1.8100% at March 31, 2004) 13,900,000
Shares of beneficial interest redeemed 907,851
Dividends 612,516
Distribution and service plan fees 336,818
Trustees' compensation 120,041
Shareholder communications 79,343
Transfer and shareholder servicing agent fees 31,945
Other 39,783
-------------
Total liabilities 16,028,297
- -----------------------------------------------------------------------------------
NET ASSETS $599,681,691
=============
- -----------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 46,921
- -----------------------------------------------------------------------------------
Additional paid-in capital 572,740,033
- -----------------------------------------------------------------------------------
Accumulated net investment income 1,877,146
- -----------------------------------------------------------------------------------
Accumulated net realized loss on investments (5,314,446)
- -----------------------------------------------------------------------------------
Net unrealized appreciation on investments 30,332,037
-------------
NET ASSETS $599,681,691
=============
17 | 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
$552,974,681 and 43,267,774 shares of beneficial interest outstanding) $12.78
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $13.42
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $31,037,835 and 2,427,771 shares of beneficial interest
outstanding) $12.78
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $15,669,175 and 1,225,822 shares of beneficial interest
outstanding) $12.78
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2004
- -----------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------
Interest $19,572,439
- -----------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------
Management fees 1,578,651
- -----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 610,724
Class B 160,672
Class C 71,100
- -----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 164,814
Class B 10,158
Class C 4,965
- -----------------------------------------------------------------------------------
Shareholder communications:
Class A 2,868
Class B 174
- -----------------------------------------------------------------------------------
Interest expense 183,452
- -----------------------------------------------------------------------------------
Custodian fees and expenses 16,976
- -----------------------------------------------------------------------------------
Trustees' compensation 14,947
- -----------------------------------------------------------------------------------
Other 26,713
------------
Total expenses 2,846,214
Less reduction to custodian expenses (316)
Less waiver of management fees (146,728)
Less voluntary waiver of transfer and shareholder servicing agent fees:
Class A (5,446)
Class B (84)
Class C (50)
------------
Net expenses 2,693,590
- -----------------------------------------------------------------------------------
NET INVESTMENT INCOME 16,878,849
- -----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- -----------------------------------------------------------------------------------
Net realized gain on investments 132,589
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 20,489,933
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $37,501,371
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPTEMBER 30,
(UNAUDITED) 2003
- -------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------
Net investment income $ 16,878,849 $ 31,920,176
- -------------------------------------------------------------------------------------
Net realized gain 132,589 3,976,493
- -------------------------------------------------------------------------------------
Net change in unrealized appreciation 20,489,933 (24,736,955)
-----------------------------
Net increase in net assets resulting from operations 37,501,371 11,159,714
- -------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (14,793,984) (29,702,221)
Class B (746,719) (1,724,048)
Class C (330,948) (566,285)
- -------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A (513,633) 16,406,594
Class B (3,015,359) (6,602,592)
Class C 2,087,894 2,897,386
- -------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------
Total increase (decrease) 20,188,622 (8,131,452)
- -------------------------------------------------------------------------------------
Beginning of period 579,493,069 587,624,521
-----------------------------
End of period (including accumulated net investment income
of $1,877,146 and $869,948, respectively) $599,681,691 $579,493,069
=============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS A (UNAUDITED) 2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.31 $12.75 $12.67 $12.15 $12.24 $13.17
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .36 .71 .68 .67 .64 .64
Net realized and unrealized gain (loss) .45 (.44) .06 .50 (.09) (.94)
------------------------------------------------------------------
Total from investment operations .81 .27 .74 1.17 .55 (.30)
- ---------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.34) (.71) (.66) (.65) (.64) (.63)
Distributions from net realized gain -- -- -- -- -- 1 --
------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.34) (.71) (.66) (.65) (.64) (.63)
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.78 $12.31 $12.75 $12.67 $12.15 $12.24
==================================================================
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.66% 2.07% 6.11% 9.77% 4.78% (2.36)%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $552,975 $533,563 $536,126 $530,464 $509,288 $575,254
- ---------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $543,324 $531,977 $525,519 $526,333 $529,839 $603,604
- ---------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.77% 5.57% 5.44% 5.30% 5.45% 5.04%
Total expenses 0.90% 0.93% 0.89% 0.84% 0.89% 0.88%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses 0.85% N/A 4,5 N/A 4 N/A 4 N/A 4 N/A 4
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 3% 63% 73% 10% 26% 18%
<FN>
1. Less than $0.005 per share.
2. 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 of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of management fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS B (UNAUDITED) 2003 2002 2001 2000 1999
- -----------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.32 $12.75 $12.68 $12.16 $12.25 $13.18
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .31 .60 .58 .56 .53 .54
Net realized and unrealized gain (loss) .44 (.42) .06 .51 (.07) (.94)
--------------------------------------------------------------
Total from investment operations .75 .18 .64 1.07 .46 (.40)
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.29) (.61) (.57) (.55) (.55) (.53)
Distributions from net realized gain -- -- -- -- -- 1 --
--------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.29) (.61) (.57) (.55) (.55) (.53)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.78 $12.32 $12.75 $12.68 $12.16 $12.25
==============================================================
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.17% 1.36% 5.22% 8.94% 3.98% (3.11)%
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $31,038 $32,851 $40,896 $46,422 $49,671 $78,526
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $32,108 $36,000 $42,021 $48,115 $60,299 $98,597
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.00% 4.77% 4.67% 4.53% 4.68% 4.25%
Total expenses 1.68% 1.71% 1.66% 1.61% 1.67% 1.65%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses 1.63% N/A 4,5 N/A 4 N/A 4 N/A 4 N/A 4
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 3% 63% 73% 10% 26% 18%
<FN>
1. Less than $0.005 per share.
2. 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 of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of management fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS C (UNAUDITED) 2003 2002 2001 2000 1999
- --------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.32 $12.75 $12.68 $12.15 $12.24 $13.17
- --------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .31 .60 .57 .56 .56 .56
Net realized and unrealized gain (loss) .44 (.42) .07 .52 (.10) (.96)
-----------------------------------------------------------
Total from investment operations .75 .18 .64 1.08 .46 (.40)
- --------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.29) (.61) (.57) (.55) (.55) (.53)
Distributions from net realized gain -- -- -- -- -- 1 --
-----------------------------------------------------------
Total dividends and/or distributions
to shareholders (.29) (.61) (.57) (.55) (.55) (.53)
- --------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.78 $12.32 $12.75 $12.68 $12.15 $12.24
===========================================================
- --------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.16% 1.35% 5.22% 9.03% 3.97% (3.11)%
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $15,669 $13,080 $10,603 $8,251 $5,954 $6,450
- --------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $14,232 $11,852 $ 9,183 $6,979 $6,121 $6,622
- --------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.97% 4.78% 4.66% 4.51% 4.68% 4.26%
Total expenses 1.69% 1.72% 1.66% 1.61% 1.66% 1.65%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses 1.64% N/A 4,5 N/A 4 N/A 4 N/A 4 N/A 4
- --------------------------------------------------------------------------------------------------------
Portfolio turnover rate 3% 63% 73% 10% 26% 18%
<FN>
1. Less than $0.005 per share.
2. 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 of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of management fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23 | 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 Funds 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 advisor 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 by
minor amounts due to each class having its own expenses directly attributable
to that class. Classes A, B and C have separate distribution and/or service
plans. Class B shares will automatically convert to Class A shares six years
after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. Securities listed or traded on National Stock Exchanges
or other domestic or foreign exchanges are valued based on the last sale price
of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets are valued.
In the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing bid and asked
prices, and if not, at the closing bid price. Securities may be valued
primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities (including restricted
securities) for which market quotations are not readily available are valued at
their fair value. Foreign securities whose values have been materially affected
by what the Manager identifies as a significant event occurring before the
Fund's assets are valued but after the close of their respective foreign
exchanges will be fair valued. Fair value is determined in good faith using
consistently applied procedures under the supervision of the Board of Trustees.
Short-term "money market type" debt securities with remaining maturities of
sixty days or less are valued at amortized cost (which approximates market
value).
- --------------------------------------------------------------------------------
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 intends to invest no more than 20% of its total assets in inverse
floaters. Inverse floaters amount to $51,716,630 as of March 31, 2004.
Including the
24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
effect of leverage, inverse floaters represent 18.09% of the Fund's total
assets as of March 31, 2004.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any State. Certain revenue or tax related events in a state
may impair the ability of certain issuers of municipal securities to pay
principal and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
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.
As of March 31, 2004, the Fund had available for federal income tax purposes
an estimated unused capital loss carryforward of $1,718,338 expiring by 2011.
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, 2004 and the year ended September 30,
2003, the Fund used $132,589 and $2,846,086, respectively, of carryforward to
offset capital gains realized.
As of September 30, 2003, the Fund had available for federal income tax
purposes an unused capital loss carryforward as follows:
EXPIRING
----------------------
2009 $1,850,927
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for
the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended March 31, 2004, the Fund's projected benefit obligations were increased
by $6,336 and payments of $10,000 were made to retired trustees, resulting in
an accumulated liability of $102,133 as of March 31, 2004.
25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
The Board of Trustees has adopted a deferred compensation 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. Under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Fund or are invested in other
Oppenheimer funds selected by the Trustee. Deferral of trustees' fees under the
plan will not affect the net assets of the Fund, and will not materially affect
the Fund's assets, liabilities or net investment income per share. Amounts will
be deferred until distributed in accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income distributions, if any, are
declared daily and paid monthly.
Capital gain distributions, if any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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 income and
expenses during the reporting period. Actual results could differ from those
estimates.
- --------------------------------------------------------------------------------
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, 2004 YEAR ENDED SEPTEMBER 30, 2003
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------
CLASS A
Sold 1,887,929 $23,983,034 5,818,730 $71,829,097
Dividends and/or
distributions reinvested 770,094 9,794,048 1,668,859 20,587,368
Redeemed (2,722,002) (34,290,715) (6,201,237) (76,009,871)
---------------------------------------------------------
Net increase (decrease) (63,979) $ (513,633) 1,286,352 $16,406,594
=========================================================
26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
SIX MONTHS ENDED MARCH 31, 2004 YEAR ENDED SEPTEMBER 30, 2003
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------
CLASS B
Sold 167,047 $ 2,124,348 709,641 $ 8,780,005
Dividends and/or
distributions reinvested 38,167 485,416 98,823 1,220,174
Redeemed (444,419) (5,625,123) (1,347,750) (16,602,771)
----------------------------------------------------------
Net decrease (239,205) $(3,015,359) (539,286) $(6,602,592)
==========================================================
- --------------------------------------------------------------------------------------
CLASS C
Sold 227,522 $ 2,891,655 453,368 $ 5,622,411
Dividends and/or
distributions reinvested 16,451 209,297 31,731 391,119
Redeemed (80,165) (1,013,058) (254,461) (3,116,144)
----------------------------------------------------------
Net increase 163,808 $ 2,087,894 230,638 $ 2,897,386
==========================================================
- --------------------------------------------------------------------------------
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, 2004, were
$14,293,454 and $16,541,384, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.60% of the first $200 million of average annual net assets,
0.55% of the next $100 million, 0.50% of the next $200 million, 0.45% of the
next $250 million, 0.40% of the next $250 million, and 0.35% of average annual
net assets in excess of $1 billion.
The Manager voluntarily agreed to waive a portion of its advisory fee at an
annual rate equal to 0.10% of each class's average daily net assets while the
Fund's trailing one-year performance at the end of the preceding calendar
quarter is in the fifth quintile of the Fund's Lipper peer group. The Manager
will voluntarily waive a portion of its advisory fee at an annual rate equal to
0.05% of each class's average daily net assets while the Fund's trailing
one-year performance at the end of the preceding calendar quarter is in the
fourth quintile of the Fund's Lipper peer group. The foregoing advisory fee
waiver automatically terminates while the Fund's trailing one-year performance
at the end of the preceding calendar quarter is in the first, second or third
quintile of the Fund's Lipper peer group, and did so terminate effective
January 1, 2004.
- --------------------------------------------------------------------------------
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, 2004, the
Fund paid $179,100 to OFS for services to the Fund.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees for all classes, up to an annual rate of 0.35% of average net assets per
class. This undertaking may be amended or withdrawn at any time.
27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 for Class
A shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly 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 the fees it receives
from the Fund to pay brokers, dealers and other financial institutions for
personal services and account maintenance services they provide for their
customers who 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 years. 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 for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of these shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% per year on Class B
shares and on Class C shares. The Distributor also receives a service fee of up
to 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 plan at March 31, 2004 for Class B and Class C shares were $1,510,435 and
$249,686, 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 table below for the period indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
March 31, 2004 $54,913 $8,955 $58,176 $159
28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of March 31, 2004, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund intends to invest no more than 15% of its net assets (determined at the
time of purchase and reviewed periodically) in illiquid securities. The
aggregate value of illiquid securities subject to this limitation as of March
31, 2004 was $51,716,630, which represents 8.62% of the Fund's net assets.
- --------------------------------------------------------------------------------
6. BANK BORROWINGS
The Fund may borrow up to one third of its total assets from a bank to purchase
portfolio securities, or for temporary and emergency purposes. The purchase of
securities with borrowed funds creates leverage in the Fund. The Fund has
entered into an agreement which enables it to participate with certain other
Oppenheimer funds in a committed, unsecured line of credit with a bank, which
permits borrowings up to $540 million, collectively. Interest is charged to
each fund, based on its borrowings, at a rate equal to the Federal Funds Rate
plus 0.75%. The rate of 0.625% was effective from January 1, 2003 to November
8, 2003; thereafter, the rate is 0.75%. The Fund also pays a commitment fee
equal to its pro rata share of the average unutilized amount of the credit
facility at a rate of 0.09% per annum.
The Fund had borrowings outstanding of $13,900,000 at March 31, 2004 at an
interest rate of 1.81%. For the six months ended March 31, 2004, the average
monthly loan balance was $20,271,169 at an average daily interest rate of
1.758%. The Fund had gross borrowings and gross loan repayments of $38,800,000
and $48,700,000, respectively, during the six months ended March 31, 2004. The
maximum amount of borrowings outstanding at any month-end was $29,900,000. The
Fund paid commitment fees of $3,966 and interest of $180,868 during the six
months ended March 31, 2004.
29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES 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 1.800.225.5677, (ii) on the Fund's website at
www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In
addition, the Fund will be required to file new 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 first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX
filing will be available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the registrant has determined that Edward V.
Regan, the Chairman of the Board's Audit Committee, possesses the technical
attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as
an "audit committee financial expert," and has designated Mr. Regan as the Audit
Committee's financial expert. Mr. Regan is an "independent" Trustee pursuant to
paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At a meeting of the Board of Trustees of the registrant held on
February 18, 2004, the Board adopted (1) a policy that, should the Board
determine that a vacancy exists or is likely to exist on the Board, the
Governance Committee of the Board, which is comprised entirely of independent
trustees, shall consider any candidates for Board membership recommended by the
registrant's security holders and (2) a policy that security holders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., Two World Financial Center, 225
Liberty Street - 11th Floor, New York, NY 10281-1008, to the attention of the
Chair of the Governance Committee. Prior to February 18, 2004, the Board did not
have a formalized policy with respect to consideration of security holder
nominees or a procedure by which security holders may make their submissions. In
addition to security holder nominees, the Governance Committee may also consider
nominees recommended by independent Board members or recommended by any other
Board members and is authorized under its Charter, upon Board approval, to
retain an executive search firm to assist in screening potential candidates.
Upon Board approval, the Governance Committee may also obtain legal, financial,
or other external counsel that may be necessary or desirable in the screening
process.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(c)) as of March 31, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by 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.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the
registrant's last fiscal half-year that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)