UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-2668
OPPENHEIMER AMT-FREE 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: JULY 31
Date of reporting period: JANUARY 31, 2006
ITEM 1. REPORTS TO STOCKHOLDERS.
[GRAPHIC]
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Higher Education 13.0%
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Special Assessment 11.1
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Hospital/Health Care 11.0
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Multifamily Housing 10.1
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Hotels, Restaurants & Leisure 5.7
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Special Tax 5.3
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Adult Living Facilities 5.1
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Tobacco Settlement Payments 4.8
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Airlines 4.6
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Electric Utilities 4.4
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are based on the total market value of investments.
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CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 10.0%
AA 7.7
A 21.5
BBB 37.8
BB 3.2
B 4.1
CCC 1.5
C 0.3
D 0.1
Not Rated 13.8
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are dollar-weighted based on the total market value of
investments. Securities rated by any rating organization are included in the
equivalent S & P rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
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14 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES
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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
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 10/27/76. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/16/93. The average
annual total returns are shown net of 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. The average
annual total returns are shown net of 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.
15 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND EXPENSES
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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 any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
16 | OPPENHEIMER AMT-FREE MUNICIPALS
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are 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.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(8/1/05) (1/31/06) JANUARY 31, 2006
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Class A Actual $1,000.00 $1,022.40 $5.01
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Class A Hypothetical 1,000.00 1,020.27 5.00
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Class B Actual 1,000.00 1,017.50 9.09
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Class B Hypothetical 1,000.00 1,016.23 9.09
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Class C Actual 1,000.00 1,017.60 8.89
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Class C Hypothetical 1,000.00 1,016.43 8.88
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2006 are as follows:
CLASS EXPENSE RATIOS
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Class A 0.98%
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Class B 1.78
- --------------------------
Class C 1.74
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17 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS January 31, 2006 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--103.6%
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ALABAMA--0.2%
$ 15,000 AL HFA (Pelican) 6.550% 03/20/2030 $ 15,462
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1,580,000 AL Space Science Exhibit Finance Authority 6.000 10/01/2025 1,538,256
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55,000 Birmingham, AL Airport Authority 5.625 07/01/2026 56,482
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25,000 Birmingham, AL Private Educational Building Authority
(Birmingham-Southern College) 6.125 12/01/2025 25,558
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15,000 Birmingham, AL Special Care Facilities Financing
Authority (Children's Hospital of Alabama) 5.500 06/01/2022 15,629
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1,000,000 Camden, AL Industrial Devel. Board (Weyerhaeuser
Company), Series A 6.125 12/01/2024 1,107,390
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130,000 Cooperative District, AL Fort Deposit 6.000 02/01/2036 135,844
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40,000 McIntosh, AL Industrial Devel. Board (CIBA Specialty
Chemicals) 5.375 06/01/2028 40,853
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15,000 Montgomery, AL Medical Clinic Board
(Jackson Hospital & Clinic) 7.000 03/01/2015 15,034
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15,000 West Morgan-East Lawrence, AL Water Authority 5.625 08/15/2025 15,458
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2,965,966
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ALASKA--0.4%
2,500,000 AK HFC RITES 1 9.572 2 06/01/2032 2,735,450
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2,000,000 AK HFC ROLs 1,3 10.438 2 12/01/2033 2,108,080
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175,000 AK Northern Tobacco Securitization Corp. (TASC) 5.500 06/01/2029 178,899
--------------
5,022,429
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ARIZONA--4.1%
30,000 Apache County, AZ IDA (Tucson Electric Power Company) 5.875 03/01/2033 30,009
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750,000 AZ West Campus Hsg. (Arizona State University) 6.375 07/01/2022 870,728
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1,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750 07/01/2022 1,003,440
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2,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 2,005,260
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849,950 Central AZ Irrigation & Drain District, Series A 6.000 06/01/2013 820,057
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200,000 Estrella, AZ Mountain Ranch Community Facilities District 5.625 07/15/2025 197,896
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100,000 Estrella, AZ Mountain Ranch Community Facilities District 5.800 07/15/2030 99,158
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800,000 Litchfield, AZ Park Community Facility District 6.375 07/15/2026 847,832
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6,055,000 Maricopa County, AZ IDA (Affordable Hsg.) 5.000 4 01/01/2039 6,055,000
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980,000 Maricopa County, AZ IDA (Christian Care Apartments) 6.500 01/01/2036 982,215
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2,000,000 Maricopa County, AZ IDA (Christian Care Mesa II) 6.625 01/01/2034 2,013,300
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1,000,000 Maricopa County, AZ IDA (Metro Gardens-Mesa Ridge) 3 5.150 07/01/2029 1,026,070
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1,500,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 1,359,915
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1,260,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 1,075,095
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30,000 Maricopa County, AZ Pollution Control
(Public Service Company of New Mexico) 6.300 12/01/2026 31,385
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75,000 Maricopa County, AZ Pollution Control Corp. 5.750 11/01/2022 76,026
18 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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ARIZONA Continued
$ 350,000 Mesa, AZ IDA (Mesa Student Hsg.) 6.000% 07/01/2032 $ 362,586
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50,000 Mesa, AZ IDA (Mesa Student Hsg.) 6.250 07/01/2032 54,871
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200,000 Mesa, AZ IDA Student Hsg. (Arizona State University East) 6.000 07/01/2026 217,904
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3,000,000 Peoria, AZ IDA (Sierra Winds) 3 6.375 08/15/2029 3,080,130
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5,535,000 Phoenix, AZ IDA (Christian Care) 5.500 07/01/2035 5,490,831
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1,000,000 Phoenix, AZ IDA (Summit Apartments) 3 6.550 07/20/2037 1,083,280
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1,735,000 Pima County, AZ IDA (Arizona Charter School) 6.100 07/01/2024 1,792,810
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500,000 Pima County, AZ IDA (Arizona Charter School) 6.300 07/01/2031 517,755
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1,570,000 Pima County, AZ IDA (Arizona Charter School) 6.500 07/01/2023 1,654,262
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1,290,000 Pima County, AZ IDA (Arizona Charter School) 6.750 07/01/2031 1,361,505
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1,100,000 Pima County, AZ IDA (Noah Webster Basic School) 6.125 12/15/2034 1,122,517
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120,000 Pima County, AZ IDA (Paradise Education Center) 5.875 06/01/2033 114,959
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2,845,000 Pima County, AZ IDA (Phoenix Advantage Charter School) 3 5.600 07/01/2023 3,018,431
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1,000,000 San Luis, AZ Facility Devel. Corp.
(Regional Detention Center) 7.000 05/01/2020 984,830
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1,420,000 Show Low, AZ IDA (Navapache Regional Medical Center) 5.000 12/01/2025 1,467,840
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3,620,000 Show Low, AZ IDA (Navapache Regional Medical Center) 5.000 12/01/2030 3,710,247
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4,000,000 Show Low, AZ IDA (Navapache Regional Medical Center) 3 5.000 12/01/2035 4,090,200
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5,000,000 Verrado, AZ Community Facilities District 6.500 07/15/2027 5,473,250
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1,375,000 Vistancia, AZ Community Facilities District 5.500 07/15/2020 1,385,546
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1,200,000 Vistancia, AZ Community Facilities District 5.750 07/15/2024 1,216,992
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45,000 Yuma, AZ IDA (Regency Apartments) 5.500 12/20/2032 45,123
--------------
56,739,255
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ARKANSAS--0.1%
100,000 Independence County, AR Hydroelectric Power 5.300 05/01/2033 102,832
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195,000 Pine Bluff, AR IDA (Colt Industries) 6.500 02/15/2009 195,351
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670,000 Pope County, AR Pollution Control
(Arkansas Power & Light Company) 6.300 11/01/2020 674,824
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100,000 University of Central Arkansas, Series B 6.125 04/01/2026 102,427
--------------
1,075,434
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CALIFORNIA--3.2%
2,220,000 Beaumont, CA Financing Authority, Series B 5.875 09/01/2023 2,337,860
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1,200,000 CA GO Fixed Receipts 5.250 02/01/2025 1,285,536
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4,700,000 CA GO RITES 1 8.665 2 02/01/2025 6,039,970
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1,500,000 CA Golden State Tobacco Securitization Corp. 3 6.625 06/01/2040 1,673,805
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6,000,000 CA Statewide CDA (East Campus Apartments) 5.625 08/01/2034 6,302,640
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2,000,000 CA Statewide CDA (East Valley Tourist) 11.000 10/01/2020 2,050,240
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590,000 Independent Cities, CA Lease Finance Authority
(Morgan Hill-Hacienda Valley) 5.950 11/15/2039 623,105
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1,270,000 Lake Elsinore, CA Special Tax 5.150 09/01/2025 1,287,767
19 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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CALIFORNIA Continued
$ 1,195,000 Lake Elsinore, CA Special Tax 5.250% 09/01/2030 $ 1,204,751
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1,225,000 Lake Elsinore, CA Special Tax 5.250 09/01/2035 1,209,541
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4,900,000 Los Angeles, CA Community Redevel. Agency ROLs 1,3 10.468 2 09/01/2030 5,663,126
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4,175,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta Airlines) 3,5 6.350 11/01/2025 3,159,765
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3,000,000 Redding, CA Electric System COP Linked SAVRS & RIBS 3 6.368 4 07/01/2022 3,611,160
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Riverside, CA Unified School District Special Tax 6.200 09/01/2030 51,465
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7,000,000 Santa Rosa, CA Rancheria Tachi Yokut Tribe Enterprise 3 6.625 03/01/2018 7,747,670
--------------
44,248,401
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COLORADO--4.3%
500,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 494,860
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1,000,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 993,870
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2,800,000 Arista, CO Metropolitan District 6.750 12/01/2035 2,853,816
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500,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 503,065
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4,735,000 Broomfield, CO Village Metropolitan District No. 2 6.250 12/01/2032 4,694,942
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1,000,000 Central Marksheffel, CO Metropolitan District 7.250 12/01/2029 1,068,370
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5,000,000 CO Educational & Cultural Facilities Authority 6.000 07/01/2042 4,966,700
- --------------------------------------------------------------------------------------------------------------------------------
10,000 CO Health Facilities Authority (Denver Options) 5.375 02/01/2022 10,357
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30,000 CO Health Facilities Authority
(Northern Colorado Medical Center) 6.000 05/15/2020 30,060
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2,270,000 CO Health Facilities Authority RITES 1 10.572 2 03/01/2022 2,847,488
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465,000 Denver, CO City & County Airport 5.500 11/15/2025 476,420
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670,000 Denver, CO City & County Airport 5.500 11/15/2025 686,455
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115,000 Denver, CO Health & Hospital Authority, Series A 5.375 12/01/2028 118,112
- --------------------------------------------------------------------------------------------------------------------------------
800,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 823,272
- --------------------------------------------------------------------------------------------------------------------------------
3,290,000 Eagle Bend, CO Metropolitan District 5.000 12/01/2035 3,358,991
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Elkhorn Ranch, CO Metropolitan District 6.375 12/01/2035 990,010
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15,000 Fort Collins, CO Pollution Control
(Anheuser-Busch Companies) 6.000 09/01/2031 15,301
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500,000 High Plains, CO Metropolitan District 6.250 12/01/2035 503,670
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1,200,000 Kiowa, CO Water & Sewer 5.500 12/01/2030 1,187,880
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1,000,000 Northwest CO Metropolitan District No. 3 6.125 12/01/2025 1,010,930
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1,875,000 Northwest CO Metropolitan District No. 3 6.250 12/01/2035 1,898,831
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Park Creek, CO Metropolitan District 5.500 12/01/2030 2,074,060
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5,000,000 Park Creek, CO Metropolitan District 5.500 12/01/2037 5,158,600
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 SBC Metropolitan, CO District 3 5.000 12/01/2020 2,074,600
- --------------------------------------------------------------------------------------------------------------------------------
2,250,000 SBC Metropolitan, CO District 3 5.000 12/01/2025 2,303,415
- --------------------------------------------------------------------------------------------------------------------------------
1,440,000 SBC Metropolitan, CO District 3 5.000 12/01/2029 1,457,208
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5,330,000 SBC Metropolitan, CO District 3 5.000 12/01/2034 5,368,749
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190,000 Silver Dollar, CO Metropolitan District 5.100 12/01/2030 194,999
20 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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COLORADO Continued
$ 1,000,000 Southlands, CO Medical District 7.000% 12/01/2024 $ 1,089,500
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4,000,000 Southlands, CO Medical District 7.125 12/01/2034 4,349,200
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1,000,000 Wheatlands, CO Metropolitan District 6.000 12/01/2025 1,007,660
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4,250,000 Woodmen Heights, CO Metropolitan District 7.000 12/01/2030 4,364,240
--------------
58,975,631
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CONNECTICUT--2.1%
585,000 CT Devel. Authority Pollution Control
(Connecticut Light & Power Company) 5.850 09/01/2028 620,159
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3,465,000 CT Devel. Authority Pollution Control
(Western Massachusetts Electric Company) 5.850 09/01/2028 3,667,806
- --------------------------------------------------------------------------------------------------------------------------------
130,000 CT H&EFA (Bridgeport Hospital) 5.375 07/01/2025 133,437
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 CT H&EFA (Bridgeport Hospital) 6.625 07/01/2018 1,013,150
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 CT H&EFA (Eastern Connecticut Health Network) 5.000 07/01/2025 3,104,670
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 CT H&EFA (Eastern Connecticut Health Network) 5.125 07/01/2030 5,175,400
- --------------------------------------------------------------------------------------------------------------------------------
1,280,000 CT H&EFA (Griffin Hospital) 5.000 07/01/2023 1,329,638
- --------------------------------------------------------------------------------------------------------------------------------
610,000 CT H&EFA (New Britain General Hospital), Series B 6.000 07/01/2024 625,518
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 CT H&EFA (St. Joseph's Manor) 6.250 11/01/2016 3,073,620
- --------------------------------------------------------------------------------------------------------------------------------
100,000 CT H&EFA (Veterans Memorial Medical Center) 5.500 07/01/2026 102,737
- --------------------------------------------------------------------------------------------------------------------------------
25,000 CT H&EFA (Westminster School) 5.500 07/01/2026 25,449
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265,000 CT H&EFA (Yale-New Haven Hospital) 5.700 07/01/2025 272,611
- --------------------------------------------------------------------------------------------------------------------------------
9,900,000 Mashantucket, CT Western Pequot Tribe, Series B 5.750 09/01/2027 10,177,893
--------------
29,322,088
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DELAWARE--0.3%
4,000,000 Bridgeville, DE Special Obligation (Heritage Shores) 5.450 07/01/2035 4,011,760
- --------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--0.3%
1,000,000 District of Columbia (Carnegie Endowment) 5.750 11/15/2026 1,025,870
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 District of Columbia Friendship Public Charter School 5.250 06/01/2033 2,038,380
- --------------------------------------------------------------------------------------------------------------------------------
610,000 District of Columbia Tobacco Settlement Financing Corp. 6.750 05/15/2040 664,156
--------------
3,728,406
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA--13.5%
20,000 Auburndale, FL Water & Sewer 5.250 12/01/2025 20,424
- --------------------------------------------------------------------------------------------------------------------------------
1,990,000 Bartram Park, FL Community Devel. District 5.300 05/01/2035 2,000,627
- --------------------------------------------------------------------------------------------------------------------------------
140,000 Bay, FL Medical Center 5.650 10/01/2026 144,507
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 2,156,300
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Canaveral, FL Port Authority 5.625 06/01/2021 30,824
- --------------------------------------------------------------------------------------------------------------------------------
355,000 Clearwater, FL Hsg. Authority (Hamptons at Clearwater) 5.350 05/01/2024 366,853
- --------------------------------------------------------------------------------------------------------------------------------
2,350,000 Concorde Estates, FL Community Devel. District 5.850 05/01/2035 2,383,088
- --------------------------------------------------------------------------------------------------------------------------------
130,000 Dade County, FL Aviation (Miami International Airport) 5.600 10/01/2026 134,170
- --------------------------------------------------------------------------------------------------------------------------------
1,970,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000 06/01/2022 2,003,234
21 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 100,000 Dade County, FL Water & Sewer System 5.250% 10/01/2026 $ 103,336
- --------------------------------------------------------------------------------------------------------------------------------
1,975,000 Double Branch, FL Special Assessment Community
Devel. District 6.700 05/01/2034 2,141,177
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 East Homestead, FL Community Devel. District 6 5.375 05/01/2036 1,005,490
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 East Homestead, FL Community Devel. District 5.450 11/01/2036 1,517,715
- --------------------------------------------------------------------------------------------------------------------------------
2,520,000 FL Capital Trust Agency (American Opportunity) 5.875 06/01/2038 2,479,252
- --------------------------------------------------------------------------------------------------------------------------------
10,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 5.300 07/01/2035 10,048,300
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 5.350 07/01/2040 5,012,350
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 6,002,220
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 2,005,240
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 FL Capital Trust Agency (Seminole Tribe Convention) 3 8.950 10/01/2033 1,478,508
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 FL Capital Trust Agency Multifamily Affordable Hsg.,
Series C 8.125 10/01/2038 981,870
- --------------------------------------------------------------------------------------------------------------------------------
245,000 FL Gateway Services Community Devel. District
(Sun City Center) 6.500 05/01/2033 261,466
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 FL Principal One Community Devel. District 5.650 05/01/2035 1,007,250
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Forest Creek, FL Community Devel. District 5.450 05/01/2036 4,981,150
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Heritage Bay, FL Community Devel. District 5.500 05/01/2036 4,049,600
- --------------------------------------------------------------------------------------------------------------------------------
990,000 Heritage Harbour South, FL Community Devel. District 6.500 05/01/2034 1,056,538
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 Highlands, FL Community Devel. District 5.550 05/01/2036 6,044,760
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 254,278
- --------------------------------------------------------------------------------------------------------------------------------
1,530,000 Hillsborough County, FL IDA (Tampa Electric Company) 6.250 12/01/2034 1,548,207
- --------------------------------------------------------------------------------------------------------------------------------
1,985,000 Hillsborough County, FL IDA (Tampa Electric Company) 6.250 12/01/2034 2,008,403
- --------------------------------------------------------------------------------------------------------------------------------
1,600,000 Islands at Doral, FL Southwest Community Devel. District 6.375 05/01/2035 1,713,408
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Jacksonville, FL Electric Authority (St. Johns River) 5.375 10/01/2016 101,345
- --------------------------------------------------------------------------------------------------------------------------------
1,875,000 Jacksonville, FL Electric Authority RITES 1,3 7.038 2 10/01/2022 1,898,400
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Jacksonville, FL Health Facilities Authority
(Daughters of Charity Health Services of Austin) 5.250 08/15/2027 20,695
- --------------------------------------------------------------------------------------------------------------------------------
2,935,000 Keys Cove, FL Community Devel. District 5.500 05/01/2036 2,961,210
- --------------------------------------------------------------------------------------------------------------------------------
1,225,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,272,677
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Lake County, FL School Board COP RITES 1 8.735 2 06/01/2030 2,880,900
- --------------------------------------------------------------------------------------------------------------------------------
4,500,000 Lee County, FL IDA (Cypress Cove Healthpark) 6.750 10/01/2032 4,772,520
- --------------------------------------------------------------------------------------------------------------------------------
2,215,000 Lucaya, FL Community Devel. District 5.375 05/01/2035 2,173,181
- --------------------------------------------------------------------------------------------------------------------------------
600,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 600,348
- --------------------------------------------------------------------------------------------------------------------------------
85,000 Marion County, FL Hospital District
(Munroe Regional Medical Center) 5.625 10/01/2024 88,725
- --------------------------------------------------------------------------------------------------------------------------------
1,925,000 Marsh Harbor, FL Community Devel. District, Series A 5.450 05/01/2036 1,935,241
- --------------------------------------------------------------------------------------------------------------------------------
2,240,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.800 11/15/2031 2,447,312
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Midtown Miami, FL Community Devel. District
Special Assessment 6.500 05/01/2037 2,705,950
- --------------------------------------------------------------------------------------------------------------------------------
22 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 150,000 Mira Lago West, FL Community Devel. District 5.375% 05/01/2036 $ 150,597
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Monterra, FL Community Devel. District Special
Assessment 5.000 11/01/2010 499,520
- --------------------------------------------------------------------------------------------------------------------------------
7,940,000 Oakland, FL Charter School 6.950 12/01/2032 8,254,662
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Orange County, FL Health Facilities Authority (Orlando
Lutheran Towers) 8.750 07/01/2026 525,080
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Palm Beach County, FL Health Facilities Authority
(Boca Raton Community Hospital) 5.500 12/01/2021 20,942
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Palm Beach County, FL Health Facilities Authority
(Boca Raton Community Hospital) 5.625 12/01/2031 26,151
- --------------------------------------------------------------------------------------------------------------------------------
195,000 Palm Beach County, FL Multifamily (Boynton Apartments) 5 8.000 01/01/2014 131,670
- --------------------------------------------------------------------------------------------------------------------------------
2,995,000 Parkway Center, FL Community Devel. District, Series A 6.125 05/01/2024 3,176,916
- --------------------------------------------------------------------------------------------------------------------------------
2,205,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 2,338,711
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Pinellas County, FL Educational Facilities Authority
(Barry University) 5.375 10/01/2028 51,503
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Quarry, FL Community Devel. District 5.500 05/01/2036 2,512,100
- --------------------------------------------------------------------------------------------------------------------------------
9,500,000 Renaissance Commons, FL Community Devel. District,
Series A 5.600 05/01/2036 9,632,620
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Reunion East, FL Community Devel. District 5.800 05/01/2036 257,133
- --------------------------------------------------------------------------------------------------------------------------------
6,025,000 Reunion East, FL Community Devel. District, Series A 3 7.375 05/01/2033 6,706,849
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Reunion West, FL Community Devel. District Special
Assessment 6.250 05/01/2036 2,631,200
- --------------------------------------------------------------------------------------------------------------------------------
275,000 Santa Rosa Bay, FL Bridge Authority 6.250 07/01/2028 282,695
- --------------------------------------------------------------------------------------------------------------------------------
1,305,000 Sonoma Bay, FL Community Devel. District, Series A 5.450 05/01/2036 1,307,232
- --------------------------------------------------------------------------------------------------------------------------------
75,000 South Lake County, FL Hospital District
(Orlando Regional Healthcare System) 5.800 10/01/2034 78,107
- --------------------------------------------------------------------------------------------------------------------------------
100,000 South Miami, FL Health Facilities Authority
(SMH/BHM/BHSSF/SMHS/HHI Obligated Group) 5.375 10/01/2016 102,122
- --------------------------------------------------------------------------------------------------------------------------------
1,280,000 South-Dade, FL Venture Community Devel. District 6.125 05/01/2034 1,351,040
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 St. John's Forest, FL Community Devel. District, Series A 3 6.125 05/01/2034 3,103,620
- --------------------------------------------------------------------------------------------------------------------------------
975,000 Stonegate, FL Community Devel. District 6.000 05/01/2024 1,035,655
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Stonegate, FL Community Devel. District 6.125 05/01/2034 1,049,540
- --------------------------------------------------------------------------------------------------------------------------------
780,000 Summerville, FL Community Devel. District 5.500 05/01/2036 783,128
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Sumter Landing, FL Community Devel. District 6.875 05/01/2023 2,166,520
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Sumter Landing, FL Community Devel. District 6.950 05/01/2033 2,133,360
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 5,145,150
- --------------------------------------------------------------------------------------------------------------------------------
900,000 Village Community, FL Devel. District No. 5, Series A 6.100 05/01/2034 942,318
- --------------------------------------------------------------------------------------------------------------------------------
830,000 Village Community, FL Devel. District No. 5, Series A 6.500 05/01/2033 890,499
- --------------------------------------------------------------------------------------------------------------------------------
10,230,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.000 10/15/2025 10,627,947
- --------------------------------------------------------------------------------------------------------------------------------
6,770,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.000 10/15/2035 6,915,758
23 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 6,250,000 Volusia County, FL Educational Facility Authority ROLs 1 10.428% 2 10/15/2035 $ 6,788,375
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Waters Edge, FL Community Devel. District 5.300 05/01/2036 5,005,450
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 West Villages, FL Improvement District 5.800 05/01/2036 3,062,430
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Westside FL Community Devel. District 5.650 05/01/2037 4,041,240
- --------------------------------------------------------------------------------------------------------------------------------
2,800,000 World Commerce, FL Community Devel. District
Special Assessment 6.500 05/01/2036 2,911,048
--------------
185,437,937
- --------------------------------------------------------------------------------------------------------------------------------
GEORGIA--3.2%
13,000,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.000 07/01/2036 14,224,600
- --------------------------------------------------------------------------------------------------------------------------------
3,905,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 3 6.250 07/01/2024 4,399,178
- --------------------------------------------------------------------------------------------------------------------------------
2,445,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 3 6.250 07/01/2036 2,729,818
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Atlanta, GA Tax Allocation (Eastside) 5.400 01/01/2020 1,018,200
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 2,558,075
- --------------------------------------------------------------------------------------------------------------------------------
20,000 De Kalb County, GA Devel. Authority
(General Motors Corp.) 6.000 03/15/2021 16,418
- --------------------------------------------------------------------------------------------------------------------------------
9,745,000 De Kalb County, GA Devel. Authority Public Purpose 3 5.500 12/10/2023 9,802,885
- --------------------------------------------------------------------------------------------------------------------------------
995,000 De Kalb County, GA Hsg. Authority
(Alternative Hsg. Snapwoods) 3 5.500 12/20/2032 1,023,099
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Fulton County, GA Residential Care Facilities
(Canterbury Court) 6.125 02/15/2034 2,053,480
- --------------------------------------------------------------------------------------------------------------------------------
2,815,000 GA Municipal Electric Authority RITES 1,3 14.562 2 01/01/2017 4,913,526
- --------------------------------------------------------------------------------------------------------------------------------
500,000 GA Municipal Electric Authority, Series X 6.500 01/01/2012 552,070
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Gwinnett County, GA Hospital Authority
(Gwinnett Hospital System) 5.000 09/01/2019 15,015
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Savannah, GA EDA (Stone Container Corp.) 8.125 07/01/2015 1,021,820
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Savannah, GA EDA (University Financing Foundation) 6.750 11/15/2020 33,409
- --------------------------------------------------------------------------------------------------------------------------------
125,000 Savannah, GA EDA (University Financing Foundation) 6.750 11/15/2031 138,519
--------------
44,500,112
- --------------------------------------------------------------------------------------------------------------------------------
HAWAII--0.8%
5,000,000 HI Airports System RITES 1 8.168 2 07/01/2020 5,854,250
- --------------------------------------------------------------------------------------------------------------------------------
4,200,000 HI Department of Budget & Finance Special Purpose
(Kahala Nui) 8.000 11/15/2033 4,871,790
- --------------------------------------------------------------------------------------------------------------------------------
500,000 HI Department of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 579,725
--------------
11,305,765
- --------------------------------------------------------------------------------------------------------------------------------
IDAHO--2.2%
2,500,000 ID Health Facilities Authority ROLs 1 10.348 2 09/01/2035 2,630,750
- --------------------------------------------------------------------------------------------------------------------------------
1,780,000 ID Health Facilities Authority ROLS 1 10.348 2 09/01/2035 1,873,094
24 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
IDAHO Continued
$ 20,000 ID Hsg. Agency (Multifamily Hsg.) 6.700% 07/01/2024 $ 20,116
- --------------------------------------------------------------------------------------------------------------------------------
16,720,000 Nez Perce County, ID Pollution Control (Potlatch Corp.) 6.000 10/01/2024 17,089,010
- --------------------------------------------------------------------------------------------------------------------------------
5,360,000 Pocatello, ID Devel. Authority Revenue Allocation Tax
Increment, Series A 6.000 08/01/2028 5,356,730
- --------------------------------------------------------------------------------------------------------------------------------
2,980,000 Twin Falls, ID Urban Renewal Agency, Series A 3 5.450 08/01/2022 2,961,107
--------------
29,930,807
- --------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--8.7%
1,825,000 Bedford Park, IL Tax 5.125 12/30/2018 1,817,244
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Bryant, IL Pollution Control (Central Illinois
Light Company) 5.900 08/01/2023 75,218
- --------------------------------------------------------------------------------------------------------------------------------
355,000 Carol Stream, IL Tax (Geneva Crossing) 5.000 12/30/2021 350,957
- --------------------------------------------------------------------------------------------------------------------------------
6,875,000 Chicago, IL GO 3 5.125 01/01/2025 7,019,719
- --------------------------------------------------------------------------------------------------------------------------------
10,030,000 Chicago, IL Midway Airport 5.500 01/01/2029 10,312,645
- --------------------------------------------------------------------------------------------------------------------------------
21,000,000 Chicago, IL O'Hare International Airport
(American Airlines) 3 8.200 12/01/2024 20,355,930
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Chicago, IL Tax (Pilsen Redevel.) 6.750 06/01/2022 5,247,600
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Chicago, IL Waterworks 5.000 11/01/2025 51,326
- --------------------------------------------------------------------------------------------------------------------------------
2,400,000 Cook County, IL Community School District GO 3 7.125 06/01/2024 3,056,544
- --------------------------------------------------------------------------------------------------------------------------------
75,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.700 08/15/2026 75,128
- --------------------------------------------------------------------------------------------------------------------------------
12,000,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.950 08/15/2026 12,349,800
- --------------------------------------------------------------------------------------------------------------------------------
50,000 IL Devel. Finance Authority Pollution Control
(Illinois Power Company) 5.400 03/01/2028 50,069
- --------------------------------------------------------------------------------------------------------------------------------
25,000 IL Devel. Finance Authority Pollution Control
(Illinois Power Company) 5.400 03/01/2028 25,034
- --------------------------------------------------------------------------------------------------------------------------------
1,625,000 IL Educational Facilities Authority (Augustana College) 5.625 10/01/2022 1,715,009
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 IL Educational Facilities Authority (Augustana College) 5.700 10/01/2032 3,115,170
- --------------------------------------------------------------------------------------------------------------------------------
1,050,000 IL Educational Facilities Authority
(Educational Advancement Fund) 6.250 05/01/2034 1,078,214
- --------------------------------------------------------------------------------------------------------------------------------
35,000 IL Educational Facilities Authority (Lewis University) 6.000 10/01/2024 35,111
- --------------------------------------------------------------------------------------------------------------------------------
1,920,000 IL Finance Authority (Bethel Terrace Apartments) 5.125 09/01/2025 1,882,714
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 3 5.375 02/15/2025 1,998,760
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 3 5.625 02/15/2037 2,014,020
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 IL Finance Authority Student Hsg.
(MJH Education Assistance) 3 5.125 06/01/2035 3,020,010
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 IL Health Facilities Authority
(Covenant Retirement Communities) 3 5.625 12/01/2032 5,280,150
- --------------------------------------------------------------------------------------------------------------------------------
35,000 IL Health Facilities Authority (Edward Hospital) 6.000 02/15/2019 35,069
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 IL Health Facilities Authority (Lake Forest Hospital) 6.000 07/01/2033 4,339,200
- --------------------------------------------------------------------------------------------------------------------------------
650,000 IL Health Facilities Authority (Rush-Presbyterian-St. Luke's
Medical Center) 5.500 11/15/2025 655,805
25 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 3,500,000 IL Health Facilities Authority ROLs 1,3 10.843% 2 08/15/2033 $ 3,816,120
- --------------------------------------------------------------------------------------------------------------------------------
55,000 IL Hsg. Devel. Authority (Multifamily Hsg.) 7.000 07/01/2017 55,596
- --------------------------------------------------------------------------------------------------------------------------------
90,000 IL Hsg. Devel. Authority (Multifamily Hsg.),
Series 1991-A 8.250 07/01/2016 91,391
- --------------------------------------------------------------------------------------------------------------------------------
15,000 IL Hsg. Devel. Authority (Multifamily Hsg.), Series A 6.125 07/01/2025 15,015
- --------------------------------------------------------------------------------------------------------------------------------
50,000 IL Hsg. Devel. Corp. (Multifamily) 6.100 07/01/2028 50,041
- --------------------------------------------------------------------------------------------------------------------------------
40,000 IL Metropolitan Pier & Exposition Authority 5.250 06/15/2027 41,010
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 IL Metropolitan Pier & Exposition Authority RITES 1 8.562 2 12/15/2028 2,851,450
- --------------------------------------------------------------------------------------------------------------------------------
170,000 Lake County, IL HFC, Series A 6.700 11/01/2014 170,270
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Lakemoor, IL Special Tax 7.800 03/01/2027 2,672,900
- --------------------------------------------------------------------------------------------------------------------------------
2,725,000 Lincolnshire, IL Special Service Area No. 1 Special Tax
(Sedgebrook) 6.250 03/01/2034 2,892,778
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 3 5.250 01/01/2025 3,165,990
- --------------------------------------------------------------------------------------------------------------------------------
4,455,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 3 5.250 01/01/2036 4,650,842
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 3 5.500 01/01/2030 3,189,600
- --------------------------------------------------------------------------------------------------------------------------------
1,575,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 5.500 01/01/2036 1,669,406
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 7.125 01/01/2036 3,150,900
- --------------------------------------------------------------------------------------------------------------------------------
40,000 Quincy, IL (Blessing Hospital) 6.000 11/15/2018 40,048
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Schaumburg, IL Multifamily Hsg. (Plum Grove) 6.050 02/01/2031 513,930
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Volo Village, IL Special Service Area (Remington Pointe) 6.450 03/01/2034 4,366,400
--------------
119,360,133
- --------------------------------------------------------------------------------------------------------------------------------
INDIANA--0.9%
25,000 IN Devel. Finance Authority (USX Corp.) 5.600 12/01/2032 25,877
- --------------------------------------------------------------------------------------------------------------------------------
180,000 IN Devel. Finance Authority (USX Corp.) 6.150 07/15/2022 187,106
- --------------------------------------------------------------------------------------------------------------------------------
15,000 IN HFA (Single Family Mtg.) 6.800 01/01/2017 15,163
- --------------------------------------------------------------------------------------------------------------------------------
15,000 IN HFFA (Deaconess Hospital) 5.500 03/01/2029 15,450
- --------------------------------------------------------------------------------------------------------------------------------
30,000 IN HFFA (Sisters of St. Francis) 5.500 11/01/2031 31,399
- --------------------------------------------------------------------------------------------------------------------------------
25,000 IN Municipal Power Agency, Series A 5.300 01/01/2023 25,036
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Indianapolis, IN Economic Devel. (Roman Catholic
Archdiocese of Indiana) 5.500 07/01/2026 513,835
- --------------------------------------------------------------------------------------------------------------------------------
3,250,000 Indianapolis, IN Local Public Improvement Bond Bank
RITES 1 9.572 2 07/01/2033 4,472,715
- --------------------------------------------------------------------------------------------------------------------------------
1,605,000 Marion, IN Redevel. District County
Optional Income Tax 3 5.250 01/15/2025 1,692,280
- --------------------------------------------------------------------------------------------------------------------------------
4,750,000 North Manchester, IN (Estelle Peabody
Memorial Home) 7.125 07/01/2022 4,977,288
26 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
INDIANA Continued
$ 65,000 Petersburg, IN Pollution Control (Indianapolis
Power & Light Company) 5.400% 08/01/2017 $ 65,432
- --------------------------------------------------------------------------------------------------------------------------------
125,000 Petersburg, IN Pollution Control (Indianapolis
Power & Light Company) 6.625 12/01/2024 126,436
--------------
12,148,017
- --------------------------------------------------------------------------------------------------------------------------------
IOWA--1.4%
400,000 Bremer County, IA Retirement Facilities (Bartels Lutheran) 5.125 11/15/2020 399,392
- --------------------------------------------------------------------------------------------------------------------------------
700,000 Bremer County, IA Retirement Facilities (Bartels Lutheran) 5.375 11/15/2027 702,849
- --------------------------------------------------------------------------------------------------------------------------------
50,000 IA Finance Authority (Boys & Girls Home & Family Services) 6.250 12/01/2028 52,171
- --------------------------------------------------------------------------------------------------------------------------------
500,000 IA Finance Authority Retirement Community (Friendship
Haven) 5.750 11/15/2019 505,450
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 IA Finance Authority Retirement Community (Friendship
Haven) 6.000 11/15/2024 1,015,940
- --------------------------------------------------------------------------------------------------------------------------------
900,000 IA Finance Authority Retirement Community (Friendship
Haven) 6.125 11/15/2032 913,086
- --------------------------------------------------------------------------------------------------------------------------------
4,185,000 IA Higher Education Loan Authority (Wartburg College) 6 5.250 10/01/2030 4,206,971
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 3,012,720
- --------------------------------------------------------------------------------------------------------------------------------
3,250,000 IA Tobacco Settlement Authority 5.625 06/01/2046 3,244,053
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 IA Tobacco Settlement Authority ROLs 1,8 10.316 2 06/01/2046 4,970,000
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Iowa City, IA Sewer 5.750 07/01/2021 30,289
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Johnston, IA Community School District 5.350 06/01/2015 503,595
--------------
19,556,516
- --------------------------------------------------------------------------------------------------------------------------------
KANSAS--0.4%
1,770,000 Hays, KS Sales Tax 6.000 01/01/2025 1,791,559
- --------------------------------------------------------------------------------------------------------------------------------
2,735,000 KS Devel. Finance Authority (Luther Gardens) 3 5.600 05/20/2034 2,964,658
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Wyandotte County/Kansas City, KS Unified Government
Pollution Control (General Motors) 6.000 06/01/2025 599,198
--------------
5,355,415
- --------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.4%
580,000 Boone County, KY Pollution Control (Dayton
Power & Light Company) 6.500 11/15/2022 583,399
- --------------------------------------------------------------------------------------------------------------------------------
970,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 5 7.250 02/01/2022 638,561
- --------------------------------------------------------------------------------------------------------------------------------
105,000 KY Economic Devel. Finance Authority (St. Claire
Medical Center) 5.625 09/01/2021 106,218
- --------------------------------------------------------------------------------------------------------------------------------
4,595,000 Muhlenberg County, KY Hospital (Muhlenberg
Community Hospital) 6.750 07/01/2010 4,732,115
--------------
6,060,293
- --------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--3.0%
10,000 Calcasieu Parish, LA Industrial Devel. Board (Entergy
Gulf States) 5.450 07/01/2010 10,021
27 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
LOUISIANA Continued
$ 5,010,000 Calcasieu Parish, LA Industrial Devel. Board (Olin Corp.) 6.625% 02/01/2016 $ 5,352,884
- --------------------------------------------------------------------------------------------------------------------------------
60,000 Epps, LA COP 1 8.000 06/01/2018 62,165
- --------------------------------------------------------------------------------------------------------------------------------
3,940,000 LA HFA (VOA New Orleans Affordable Hsg. Corp.) 6.800 05/01/2029 3,940,670
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 LA Local Government EF&CD (Bellemont Apartments) 6.000 09/01/2022 1,038,140
- --------------------------------------------------------------------------------------------------------------------------------
1,750,000 LA Local Government EF&CD (Bellemont Apartments) 6.000 09/01/2027 1,804,985
- --------------------------------------------------------------------------------------------------------------------------------
3,810,000 LA Local Government EF&CD (Bellemont Apartments) 3 6.000 09/01/2035 3,908,527
- --------------------------------------------------------------------------------------------------------------------------------
890,000 LA Local Government EF&CD (Bellemont Apartments) 7.500 09/01/2016 938,202
- --------------------------------------------------------------------------------------------------------------------------------
1,510,000 LA Local Government EF&CD (Capital Projects &
Equipment) 3 6.550 09/01/2025 1,678,259
- --------------------------------------------------------------------------------------------------------------------------------
6,155,000 LA Local Government EF&CD (Oakleigh Apartments),
Series A 6.375 06/01/2038 6,521,346
- --------------------------------------------------------------------------------------------------------------------------------
1,240,000 LA Local Government EF&CD (Oakleigh Apartments),
Series A 7.500 06/01/2038 1,308,460
- --------------------------------------------------------------------------------------------------------------------------------
25,000 LA Public Facilities Authority (Dillard University) 5.300 08/01/2026 26,626
- --------------------------------------------------------------------------------------------------------------------------------
140,000 LA Stadium & Exposition District, Series B 5.250 07/01/2020 141,833
- --------------------------------------------------------------------------------------------------------------------------------
305,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 319,475
- --------------------------------------------------------------------------------------------------------------------------------
10,695,000 LA Tobacco Settlement Financing Corp. RITES 1 7.285 2 05/15/2039 11,710,062
- --------------------------------------------------------------------------------------------------------------------------------
1,050,000 LA Tobacco Settlement Financing Corp. RITES 1 7.285 2 05/15/2039 1,149,656
- --------------------------------------------------------------------------------------------------------------------------------
50,000 New Orleans, LA Aviation Board (Passenger Facility Charge) 6.000 09/01/2019 50,323
- --------------------------------------------------------------------------------------------------------------------------------
135,000 New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial) 5.500 07/15/2018 137,531
- --------------------------------------------------------------------------------------------------------------------------------
250,000 New Orleans, LA GO 5.500 12/01/2021 274,940
- --------------------------------------------------------------------------------------------------------------------------------
60,000 Orleans Parish, LA School Board 5.375 09/01/2018 60,053
- --------------------------------------------------------------------------------------------------------------------------------
285,000 Pointe Coupee Parish, LA Pollution Control (Gulf State
Utilities Company) 6.700 03/01/2013 287,400
- --------------------------------------------------------------------------------------------------------------------------------
500,000 St. Tammany Parish, LA Hospital Service District
(St. Tammany Parish Hospital) 5.000 07/01/2022 499,700
- --------------------------------------------------------------------------------------------------------------------------------
10,000 West Feliciana Parish, LA Pollution Control (Entergy Corp.) 7.000 11/01/2015 10,119
--------------
41,231,377
- --------------------------------------------------------------------------------------------------------------------------------
MAINE--0.0%
35,000 ME H&HEFA (University of New England) 5.750 07/01/2023 35,061
- --------------------------------------------------------------------------------------------------------------------------------
MARYLAND--2.4%
1,540,000 Anne Arundel County, MD Pollution Control
(Baltimore Gas & Electric) 6.000 04/01/2024 1,566,396
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Baltimore, MD City Hsg. Corp. 7.750 10/01/2009 10,018
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Baltimore, MD City Hsg. Corp., Series A 7.250 07/01/2023 50,112
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Baltimore, MD Convention Center 6 5.875 09/01/2039 1,041,130
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Baltimore, MD Pollution Control (General Motors Corp.) 5.350 04/01/2008 46,778
- --------------------------------------------------------------------------------------------------------------------------------
55,000 Calvert County, MD Pollution Control
(Baltimore Gas & Electric Company) 5.550 07/15/2014 55,699
- --------------------------------------------------------------------------------------------------------------------------------
7,785,000 Frederick County, MD Education Facilities
(Mount St. Mary University) 5.625 09/01/2038 8,075,069
28 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MARYLAND Continued
$ 25,000 MD EDC Student Hsg. (Allegheny College Hsg.) 5.750% 09/01/2020 $ 26,726
- --------------------------------------------------------------------------------------------------------------------------------
40,000 MD EDC Student Hsg. (Allegheny College Hsg.) 6.000 09/01/2032 42,912
- --------------------------------------------------------------------------------------------------------------------------------
5,100,000 MD EDC Student Hsg. (Bowie State University) 5.375 06/01/2033 5,114,892
- --------------------------------------------------------------------------------------------------------------------------------
335,000 MD EDC Student Hsg. (Collegiate Hsg. Foundation) 6.000 06/01/2030 349,616
- --------------------------------------------------------------------------------------------------------------------------------
485,000 MD EDC Student Hsg. (Collegiate Hsg.) 5.750 06/01/2029 499,637
- --------------------------------------------------------------------------------------------------------------------------------
1,535,000 MD EDC Student Hsg. (Morgan State University) 6.000 07/01/2022 1,644,231
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MD EDC Student Hsg. (University of Maryland) 5.625 10/01/2023 2,049,220
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MD EDC Student Hsg. (University of Maryland) 5.750 10/01/2033 2,033,260
- --------------------------------------------------------------------------------------------------------------------------------
65,000 MD EDC Student Hsg. (University Village at
Sheppard Pratt) 6.000 07/01/2033 69,711
- --------------------------------------------------------------------------------------------------------------------------------
55,000 MD H&HEFA (Doctors Community Hospital) 5.500 07/01/2024 55,032
- --------------------------------------------------------------------------------------------------------------------------------
75,000 MD H&HEFA (Frederick Memorial Hospital) 5.000 07/01/2028 75,068
- --------------------------------------------------------------------------------------------------------------------------------
65,000 MD H&HEFA (Johns Hopkins Hospital) 5.375 07/01/2020 66,810
- --------------------------------------------------------------------------------------------------------------------------------
575,000 MD H&HEFA (Loyola College) 5.375 10/01/2026 594,475
- --------------------------------------------------------------------------------------------------------------------------------
20,000 MD H&HEFA (Medstar Health) 5.500 08/15/2033 20,964
- --------------------------------------------------------------------------------------------------------------------------------
45,000 MD H&HEFA (Montgomery General Hospital) 5.625 07/01/2018 45,077
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 MD H&HEFA (Peninsula Regional Medical Center) 6 5.000 07/01/2036 5,124,300
- --------------------------------------------------------------------------------------------------------------------------------
1,400,000 MD Hsg. Community Devel. People's Resource Center 3 5.600 04/01/2018 1,432,396
- --------------------------------------------------------------------------------------------------------------------------------
100,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 5.500 05/01/2020 102,209
- --------------------------------------------------------------------------------------------------------------------------------
150,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 6.000 05/01/2035 156,194
- --------------------------------------------------------------------------------------------------------------------------------
250,000 MD Stadium Authority (Convention Center Expansion) 5.875 12/15/2013 253,035
- --------------------------------------------------------------------------------------------------------------------------------
125,000 MD Stadium Authority Sports Facility 5.750 03/01/2018 126,493
- --------------------------------------------------------------------------------------------------------------------------------
85,000 MD Stadium Authority Sports Facility 5.800 03/01/2026 86,006
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Montgomery County, MD Pollution Control
(Potomac Electric Power Company) 5.375 02/15/2024 30,047
- --------------------------------------------------------------------------------------------------------------------------------
105,000 Prince Georges County, MD Pollution Control
(Potomac Electric Power Company) 6.000 09/01/2022 105,132
- --------------------------------------------------------------------------------------------------------------------------------
145,000 Prince Georges County, MD Pollution Control
(Potomac Electric Power Company) 6.375 01/15/2023 147,306
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Prince Georges County, MD Special District (Victoria Falls) 5.250 07/01/2035 1,263,325
--------------
32,359,276
- --------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--1.4%
105,000 Boston, MA Hsg. Devel. Corp. 5.500 07/01/2024 105,060
- --------------------------------------------------------------------------------------------------------------------------------
250,000 MA Devel. Finance Agency (Boston Biomedical Research) 5.750 02/01/2029 259,940
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MA Devel. Finance Agency (Curry College) 5.000 03/01/2035 2,022,920
- --------------------------------------------------------------------------------------------------------------------------------
800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2019 806,704
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2029 2,001,160
29 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS Continued
$ 500,000 MA Devel. Finance Agency (Evergreen Center) 5.500% 01/01/2035 $ 503,650
- --------------------------------------------------------------------------------------------------------------------------------
150,000 MA Devel. Finance Agency (Nichols College) 6.000 10/01/2024 153,056
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MA Devel. Finance Agency
(Northern Berkshire Community Services) 6.250 08/15/2029 52,781
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency
(Pharmacy & Allied Health Sciences) 3 5.750 07/01/2033 1,056,590
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 MA Devel. Finance Agency
(Seven Hills Foundation & Affiliates) 5.000 09/01/2035 5,099,000
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 MA Devel. Finance Agency (Symmes Life Care) 5.000 03/01/2035 1,277,888
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MA H&EFA (New England Medical Center) 5.375 07/01/2024 50,343
- --------------------------------------------------------------------------------------------------------------------------------
1,400,000 MA H&EFA (Nichols College) 6.125 10/01/2029 1,478,554
- --------------------------------------------------------------------------------------------------------------------------------
90,000 MA H&EFA (North Adams Regional Hospital) 6.750 07/01/2009 92,190
- --------------------------------------------------------------------------------------------------------------------------------
90,000 MA H&EFA (Schepens Eye Research Institute) 6.500 07/01/2028 98,636
- --------------------------------------------------------------------------------------------------------------------------------
210,000 MA H&EFA (VC/TC/FRS/VCS Obligated Group) 5.300 11/15/2028 213,755
- --------------------------------------------------------------------------------------------------------------------------------
3,510,000 MA H&EFA RITES 1 8.700 2 08/15/2025 3,917,581
- --------------------------------------------------------------------------------------------------------------------------------
100,000 MA Industrial Finance Agency (Cambridge Friends School) 5.800 09/01/2028 97,598
- --------------------------------------------------------------------------------------------------------------------------------
175,000 MA Industrial Finance Agency (College of the Holy Cross) 5.500 03/01/2020 178,827
- --------------------------------------------------------------------------------------------------------------------------------
285,000 MA Industrial Finance Agency (General Motors Corp.) 5.550 04/01/2009 263,844
- --------------------------------------------------------------------------------------------------------------------------------
30,000 MA Industrial Finance Agency (St. John's High School) 5.350 06/01/2028 30,908
--------------
19,760,985
- --------------------------------------------------------------------------------------------------------------------------------
MICHIGAN--1.8%
25,000 Dearborn, MI EDC (Oakwood Hospital Corp.) 5.875 11/15/2025 25,547
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Detroit, MI GO 5.000 04/01/2025 1,049,120
- --------------------------------------------------------------------------------------------------------------------------------
310,000 Flint, MI Hospital Building Authority
(Hurley Medical Center) 5.375 07/01/2028 318,593
- --------------------------------------------------------------------------------------------------------------------------------
2,470,000 Flint, MI Hospital Building Authority
(Hurley Medical Center) 6.000 07/01/2020 2,569,393
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Galesburg-Augusta, MI Community Schools GO 5.500 05/01/2030 26,541
- --------------------------------------------------------------------------------------------------------------------------------
765,000 Grand Rapids, MI Downtown Devel. Authority 6.875 06/01/2024 788,340
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Jenison, MI Public Schools 5.750 05/01/2016 20,324
- --------------------------------------------------------------------------------------------------------------------------------
350,000 MI Hospital Finance Authority (Detroit Medical Center) 5.250 08/15/2023 358,666
- --------------------------------------------------------------------------------------------------------------------------------
10,000 MI Hospital Finance Authority (Detroit Medical Group) 5.250 08/15/2027 10,395
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MI Hospital Finance Authority (Henry Ford Health System) 5.250 11/15/2025 51,211
- --------------------------------------------------------------------------------------------------------------------------------
20,000 MI Hospital Finance Authority (Port Huron Hospital/
Marwood Manor Nursing Home) 5.500 07/01/2015 20,432
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MI Hsg. Devel. Authority (Charter Square) 5.500 01/15/2021 50,196
- --------------------------------------------------------------------------------------------------------------------------------
3,625,000 MI Job Devel. Authority Pollution Control
(General Motors Corp.) 3 5.550 04/01/2009 3,317,093
- --------------------------------------------------------------------------------------------------------------------------------
30,000 MI Municipal Bond Authority 6.000 12/01/2013 30,367
- --------------------------------------------------------------------------------------------------------------------------------
1,355,000 MI Public Educational Facilities Authority
(Old Redford) 6.000 12/01/2035 1,362,358
30 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 10,000,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 3 8.000% 4 04/01/2008 $ 10,000,000
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Mount Clemens, MI Hsg. Corp. (FHA Section 8),
Series A 6.600 06/01/2022 10,087
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Plymouth, MI Educational Center Charter School
(Public School Academy) 5.375 11/01/2030 500,710
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Plymouth, MI Educational Center Charter School
(Public School Academy) 5.625 11/01/2035 1,526,325
- --------------------------------------------------------------------------------------------------------------------------------
2,250,000 Pontiac, MI Tax Increment Finance Authority 6.375 06/01/2031 2,415,983
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Wayne, MI University 5.650 11/15/2015 20,040
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Willow Run, MI Community Schools 5.000 05/01/2016 507,185
--------------
24,978,906
- --------------------------------------------------------------------------------------------------------------------------------
MINNESOTA--1.3%
125,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 125,541
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Cuyuna Range, MN Hospital District Health Facilities 5.500 06/01/2035 252,708
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Hastings, MN Health Care Facility (Regina Medical Center) 5.300 09/15/2028 50,711
- --------------------------------------------------------------------------------------------------------------------------------
230,000 McLeod County, MN Commercial Devel.
(Southwest Minnesota Foundation) 5.125 12/01/2031 231,219
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Minneapolis, MN Tax Increment (St. Anthony Falls) 5.750 02/01/2027 1,013,750
- --------------------------------------------------------------------------------------------------------------------------------
20,000 MN HEFA (College of St. Benedict) 5.350 03/01/2020 20,166
- --------------------------------------------------------------------------------------------------------------------------------
660,000 St. Paul, MN Hsg. & Redevel. Authority
(Great Northern Lofts) 6.250 03/01/2029 692,525
- --------------------------------------------------------------------------------------------------------------------------------
15,000 St. Paul, MN Hsg. & Redevel. Authority
(St. Paul Ramsey Medical Center) 5.550 05/15/2023 15,024
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 3 7.000 03/01/2029 6,979,560
- --------------------------------------------------------------------------------------------------------------------------------
500,000 St. Paul, MN Port Authority (Healtheast Midway Campus) 6.000 05/01/2030 509,895
- --------------------------------------------------------------------------------------------------------------------------------
130,000 Washington County, MN Hsg. & Redevel. Authority
(Healtheast) 5.500 11/15/2027 133,461
- --------------------------------------------------------------------------------------------------------------------------------
8,000,000 Washington County, MN Hsg. & Redevel. Authority
(Seasons Villas) 6.950 12/01/2023 8,227,760
--------------
18,252,320
- --------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.9%
50,000 Gulfport, MS Hospital Facility (Memorial Hospital at
Gulfport) 5.750 07/01/2031 50,869
- --------------------------------------------------------------------------------------------------------------------------------
6,055,000 MS Business Finance Corp. (System Energy Resources) 5.875 04/01/2022 6,144,009
- --------------------------------------------------------------------------------------------------------------------------------
1,550,000 MS Business Finance Corp. (System Energy Resources) 3 5.900 05/01/2022 1,574,335
- --------------------------------------------------------------------------------------------------------------------------------
5,030,000 MS Home Corp. Hsg. (Valley State Student Hsg.) 5.500 12/01/2035 5,215,708
--------------
12,984,921
- --------------------------------------------------------------------------------------------------------------------------------
MISSOURI--3.2%
365,000 Branson, MO IDA (Branson Hills) 7.050 05/01/2027 365,829
- --------------------------------------------------------------------------------------------------------------------------------
2,340,000 Branson, MO IDA (Branson Landing) 5.250 06/01/2021 2,347,535
31 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 220,000 Cameron, MO IDA Health Facilities
(Cameron Community Hospital) 6.375% 12/01/2029 $ 235,147
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Hanley Road & North of Folk Ave, MO Transportation
District 5.400 10/01/2031 751,148
- --------------------------------------------------------------------------------------------------------------------------------
10,280,678 Hanley/Eager Road, MO Transportation Devel. District,
Series A 7.750 7 12/01/2023 2,648,817
- --------------------------------------------------------------------------------------------------------------------------------
13,500,000 Hazelwood, MO Transportation Devel. District
(370/Missouri Bottom Road/Tausig Road) 7.200 05/01/2033 14,676,390
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Maplewood, MO Tax (Maplewood South Redevel.) 5.750 11/01/2026 751,305
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MO H&EFA (Freeman Health System) 5.500 02/15/2024 50,073
- --------------------------------------------------------------------------------------------------------------------------------
175,000 Ozark Centre, MO Transportation Devel. District 5.375 09/01/2032 175,019
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Raymore, MO Tax Increment 5.375 03/01/2020 1,502,055
- --------------------------------------------------------------------------------------------------------------------------------
3,750,000 Raymore, MO Tax Increment 5.625 03/01/2028 3,769,650
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Richmond Heights, MO Tax Increment & Transportation
Sales Tax 5.625 11/01/2025 2,520,700
- --------------------------------------------------------------------------------------------------------------------------------
9,000,000 St. Joseph, MO IDA (Living Community of St. Joseph) 7.000 08/15/2032 9,625,230
- --------------------------------------------------------------------------------------------------------------------------------
250,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 248,810
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Joseph, MO IDA, Series B 5.375 11/01/2023 992,010
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Joseph, MO IDA, Series B 5.500 11/01/2027 999,280
- --------------------------------------------------------------------------------------------------------------------------------
150,000 St. Louis County, MO IDA (Multifamily Hsg.) 5.950 03/20/2031 154,394
- --------------------------------------------------------------------------------------------------------------------------------
10,000 St. Louis County, MO IDA (Waterford) 5.400 12/01/2028 10,003
- --------------------------------------------------------------------------------------------------------------------------------
1,930,000 St. Louis, MO Tax Increment Financing 5.500 03/09/2027 1,823,232
--------------
43,646,627
- --------------------------------------------------------------------------------------------------------------------------------
MONTANA--0.1%
215,000 Forsyth, MT Pollution Control (Northwestern Corp.) 5.900 12/01/2023 215,421
- --------------------------------------------------------------------------------------------------------------------------------
1,040,000 Forsyth, MT Pollution Control (Northwestern Corp.) 6.125 05/01/2023 1,052,761
- --------------------------------------------------------------------------------------------------------------------------------
15,000 MT Board of Hsg., Series A 5.200 08/01/2029 14,832
--------------
1,283,014
- --------------------------------------------------------------------------------------------------------------------------------
NEBRASKA--0.3%
3,730,000 NE Educational Facilities Authority
(Midland Lutheran College) 5.600 09/15/2029 3,738,206
- --------------------------------------------------------------------------------------------------------------------------------
NEVADA--0.8%
2,220,000 Clark County, NV Economic Devel. (Alexander Dawson
School at Rainbow Mountain) 3 5.375 05/15/2033 2,317,680
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Director of the State of NV Dept. of Business & Industry
(Las Ventanas Retirement) 7.000 11/15/2034 1,037,010
- --------------------------------------------------------------------------------------------------------------------------------
6,200,000 Las Vegas, NV Paiute Tribe, Series A 3 6.625 11/01/2017 6,928,252
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.200 08/01/2016 99,084
- --------------------------------------------------------------------------------------------------------------------------------
145,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.250 08/01/2017 143,583
- --------------------------------------------------------------------------------------------------------------------------------
300,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.300 08/01/2018 295,665
--------------
10,821,274
32 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--2.6%
$ 305,000 Manchester, NH Hsg. & Redevel. Authority, Series B 5.650% 7 01/01/2029 $ 84,128
- --------------------------------------------------------------------------------------------------------------------------------
3,220,000 Manchester, NH Hsg. & Redevel. Authority, Series B 5.700 7 01/01/2030 845,508
- --------------------------------------------------------------------------------------------------------------------------------
495,000 Manchester, NH Hsg. & Redevel. Authority, Series B 6.000 7 01/01/2023 194,466
- --------------------------------------------------------------------------------------------------------------------------------
90,000 NH Business Finance Authority (Proctor Academy) 5.400 06/01/2017 92,657
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 NH H&EFA (Catholic Medical Center) 6.125 07/01/2032 1,062,680
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 NH H&EFA (Franklin Pierce College) 3 6.050 10/01/2034 4,333,080
- --------------------------------------------------------------------------------------------------------------------------------
40,000 NH H&EFA (New Hampshire College) 6.375 01/01/2027 41,830
- --------------------------------------------------------------------------------------------------------------------------------
1,980,000 NH H&EFA (Portsmouth Christian Academy) 5.750 07/01/2023 2,120,996
- --------------------------------------------------------------------------------------------------------------------------------
6,115,000 NH H&EFA (Portsmouth Christian Academy) 5.850 07/01/2033 6,483,612
- --------------------------------------------------------------------------------------------------------------------------------
3,555,000 NH H&EFA (Southern New Hampshire University) 5.000 01/01/2030 3,594,354
- --------------------------------------------------------------------------------------------------------------------------------
16,410,000 NH H&EFA (Southern New Hampshire University) 5.000 01/01/2036 16,520,768
- --------------------------------------------------------------------------------------------------------------------------------
25,000 NH HE&H Facilities Authority (Dartmouth College) 5.450 06/01/2025 25,535
- --------------------------------------------------------------------------------------------------------------------------------
165,000 NH HE&HFA (Franklin Pierce Law Center) 5.500 07/01/2028 169,622
- --------------------------------------------------------------------------------------------------------------------------------
500,000 NH Turnpike System, Series A 6.750 11/01/2011 522,585
--------------
36,091,821
- --------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--2.4%
1,000,000 NJ EDA (Cigarette Tax) 3 5.500 06/15/2031 1,034,840
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA (Cigarette Tax) 3 5.750 06/15/2029 2,111,960
- --------------------------------------------------------------------------------------------------------------------------------
7,480,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.000 06/01/2037 7,908,230
- --------------------------------------------------------------------------------------------------------------------------------
9,800,000 NJ Tobacco Settlement Financing Corp. (TASC) 3 6.125 06/01/2042 10,426,906
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 7,582,470
- --------------------------------------------------------------------------------------------------------------------------------
3,250,000 NJ Transit Corp. ROLs, Series 15 1,3 9.110 2 09/15/2015 3,830,060
--------------
32,894,466
- --------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--1.4%
1,495,000 Cabezon, NM Public Improvement District 6.300 09/01/2034 1,532,584
- --------------------------------------------------------------------------------------------------------------------------------
7,895,000 Eldorado, NM Area Water & Sanitation District 6.000 02/01/2023 7,865,867
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Farmington, NM Pollution Control (Public Service
Company of New Mexico) 5.800 04/01/2022 101,459
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Farmington, NM Pollution Control (Public Service
Company of New Mexico) 5.800 04/01/2022 202,918
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Farmington, NM Pollution Control (Public Service
Company of New Mexico) 6.300 12/01/2016 26,000
- --------------------------------------------------------------------------------------------------------------------------------
3,365,000 NM Educational Assistance Foundation 3 5.900 09/01/2031 3,507,474
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 NM Hsg. Authority (Villa Del Oso Apartments) 3 6.250 01/01/2031 3,060,360
- --------------------------------------------------------------------------------------------------------------------------------
1,270,000 NM Hsg. Authority (Villa Del Oso Apartments) 7.500 01/01/2038 1,295,895
- --------------------------------------------------------------------------------------------------------------------------------
1,800,000 Sandoval County, NM (Santa Ana Pueblo) 3 7.750 07/01/2015 1,851,354
- --------------------------------------------------------------------------------------------------------------------------------
325,000 Santa Fe, NM Educational Facilities (College of Santa Fe) 5.875 10/01/2021 327,220
--------------
19,771,131
33 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
NEW YORK--0.2%
$ 2,700,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000% 06/01/2045 $ 2,607,552
- --------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 8.526 2 08/27/2015 50,173
--------------
2,657,725
- --------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--0.3%
95,000 Charlotte, NC Mtg. (Tryon Hills Associate) 5.875 01/01/2025 97,993
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Kinston, NC Enterprise System 5.700 04/01/2021 25,600
- --------------------------------------------------------------------------------------------------------------------------------
1,105,000 Kinston, NC Hsg. Authority (Kinston Towers) 6.750 12/01/2018 1,113,166
- --------------------------------------------------------------------------------------------------------------------------------
130,000 NC Eastern Municipal Power Agency, Series A 5.625 01/01/2024 135,034
- --------------------------------------------------------------------------------------------------------------------------------
140,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2017 140,230
- --------------------------------------------------------------------------------------------------------------------------------
695,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2021 700,233
- --------------------------------------------------------------------------------------------------------------------------------
475,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2021 475,770
- --------------------------------------------------------------------------------------------------------------------------------
20,000 NC Eastern Municipal Power Agency, Series B 6.250 01/01/2023 20,047
- --------------------------------------------------------------------------------------------------------------------------------
30,000 NC HFA (Multifamily Hsg.) 5.450 09/01/2024 30,017
- --------------------------------------------------------------------------------------------------------------------------------
750,000 NC Medical Care Commission (United Methodist) 5.250 10/01/2024 767,070
- --------------------------------------------------------------------------------------------------------------------------------
200,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 205,416
--------------
3,710,576
- --------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--0.0%
10,000 Grand Forks, ND Sewer 5.850 12/01/2015 10,016
- --------------------------------------------------------------------------------------------------------------------------------
OHIO--0.5%
490,000 Cleveland, OH Rock Glen Hsg. Assistance Corp.
(Ambleside Apartments) 7.000 06/01/2018 510,428
- --------------------------------------------------------------------------------------------------------------------------------
530,000 Cleveland-Cuyahoga County, OH Port Authority
(Myers University) 5.600 05/15/2025 546,833
- --------------------------------------------------------------------------------------------------------------------------------
180,000 Cuyahoga County, OH Hospital
(University Hospitals Health System) 5.625 01/15/2026 183,870
- --------------------------------------------------------------------------------------------------------------------------------
160,000 Garfield Heights, OH GO 6.625 11/01/2011 167,080
- --------------------------------------------------------------------------------------------------------------------------------
920,000 Glenwillow Village, OH GO 5.875 12/01/2024 992,174
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Greene County, OH University Hsg.
(Central State University) 5.625 09/01/2032 1,562,820
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Lorian County, OH Hospital
(Catholic Healthcare Partners) 5.500 09/01/2027 10,463
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Montgomery County, OH Hospital Revenue
(Kettering Medical Center) 5.500 04/01/2026 204,562
- --------------------------------------------------------------------------------------------------------------------------------
250,000 OH Air Quality Devel. Authority
(Cincinnati Gas & Electric Company) 5.450 01/01/2024 250,395
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Port of Greater Cincinnati, OH
(Public Parking Infrastructure) 6.300 02/15/2024 531,520
- --------------------------------------------------------------------------------------------------------------------------------
1,485,000 Port of Greater Cincinnati, OH
(Public Parking Infrastructure) 6.400 02/15/2034 1,594,712
- --------------------------------------------------------------------------------------------------------------------------------
655,000 Summit County, OH Port Authority
(Twinsburg Township) 5.125 05/15/2025 653,834
34 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
OHIO Continued
$ 110,000 Sylvania, OH Area Joint Recreational District 6.000% 12/01/2020 $ 112,422
--------------
7,321,113
- --------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA--5.1%
130,000 Claremore, OK Industrial & Redevel. Student Hsg.
(RSU Foundation) 5.750 09/01/2034 137,458
- --------------------------------------------------------------------------------------------------------------------------------
3,515,000 Comanche County, OK Hospital Authority 5.250 07/01/2020 3,732,051
- --------------------------------------------------------------------------------------------------------------------------------
3,040,000 Comanche County, OK Hospital Authority 5.250 07/01/2021 3,218,114
- --------------------------------------------------------------------------------------------------------------------------------
1,385,000 Eufaula, OK Public Works Authority 5.000 12/01/2030 1,403,711
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Grady County, OK Industrial Authority
(Correctional Facilities) 6.000 11/01/2029 15,417
- --------------------------------------------------------------------------------------------------------------------------------
6,500,000 Langston, OK EDA (Langston University) 5.000 05/01/2035 6,556,550
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Langston, OK EDA (LDF Student Hsg.) 5.000 05/01/2030 4,048,480
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Norman, OK Regional Hospital Authority 5.375 09/01/2036 2,007,920
- --------------------------------------------------------------------------------------------------------------------------------
8,000,000 Tulsa County, OK Industrial Authority
(Affordable Hsg.) 5.125 4 01/01/2039 8,000,000
- --------------------------------------------------------------------------------------------------------------------------------
33,785,000 Tulsa, OK Municipal Airport Trust (American Airlines) 6.250 06/01/2020 31,685,262
- --------------------------------------------------------------------------------------------------------------------------------
8,815,000 Tulsa, OK Municipal Airport Trust (American Airlines) 7.350 12/01/2011 8,815,176
--------------
69,620,139
- --------------------------------------------------------------------------------------------------------------------------------
OREGON--0.0%
30,000 OR Health Hsg. Educational & Cultural Facilities
Authority (Reed College) 5.375 07/01/2025 30,800
- --------------------------------------------------------------------------------------------------------------------------------
35,000 OR Hsg. & Community Services (Single Family Mtg.) 6.400 07/01/2018 35,204
- --------------------------------------------------------------------------------------------------------------------------------
50,000 OR Hsg. (Elderly & Disabled Hsg.) 5.500 08/01/2026 50,029
--------------
116,033
- --------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--1.6%
8,200,000 Allegheny County, PA HDA (West Penn
Allegheny Health System) 9.250 11/15/2030 9,730,202
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Beaver County, PA IDA (Ohio Edison Company) 1 5.450 09/15/2033 35,046
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Chester County, PA H&EFA (Jenners Pond) 7.750 07/01/2034 1,564,650
- --------------------------------------------------------------------------------------------------------------------------------
1,655,000 Cumberland County, PA Municipal Authority
(Wesley Affiliated Services) 7.250 01/01/2035 1,809,858
- --------------------------------------------------------------------------------------------------------------------------------
3,955,000 Northumberland County, PA IDA
(NHS Youth Services) 7.750 02/15/2029 4,140,252
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Philadelphia, PA H&HEFA (Centralized
Comprehensive Human Services) 7.250 01/01/2021 1,056,170
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 Philadelphia, PA H&HEFA (Temple University
Children's Medical Center) 5.625 06/15/2019 1,222,152
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Philadelphia, PA Redevel. Authority (Beech Student
Hsg. Complex), Series A 5.625 07/01/2023 1,082,060
35 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,500,000 Philadelphia, PA Redevel. Authority (Beech Student
Hsg. Complex), Series A 5.625% 07/01/2028 $ 1,588,515
--------------
22,228,905
- --------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--0.5%
5,000,000 Central Falls, RI Detention Facility 3 7.250 07/15/2035 5,388,650
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Providence, RI HDC (Barbara Jordan Apartments) 6.750 07/01/2025 50,376
- --------------------------------------------------------------------------------------------------------------------------------
40,000 RI Hsg. & Mtg. Finance Corp. (Homeownership
Opportunity) 6.500 04/01/2027 40,050
- --------------------------------------------------------------------------------------------------------------------------------
175,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 184,938
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Tiverton, RI Special Obligation Tax (Mount
Hope Bay Village) 6.875 05/01/2022 1,627,140
--------------
7,291,154
- --------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--1.4%
15,000 Greenville County, SC School District 5.500 12/01/2028 16,120
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Greenville County, SC School District ROLs 1,3 8.893 2 12/01/2020 2,819,900
- --------------------------------------------------------------------------------------------------------------------------------
45,000 Greenville, SC Hospital System Board, Series B 5.250 05/01/2023 46,022
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Marion County, SC Hospital District 5.375 11/01/2025 35,741
- --------------------------------------------------------------------------------------------------------------------------------
500,000 SC Connector 2000 Assoc. Toll Road, Series B 6.080 7 01/01/2021 219,520
- --------------------------------------------------------------------------------------------------------------------------------
10,355,000 SC Connector 2000 Assoc. Toll Road, Series B 3 6.780 7 01/01/2026 3,340,005
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 SC Educational Facilities Authority (Southern
Wesleyan University) 5.750 03/01/2029 1,046,480
- --------------------------------------------------------------------------------------------------------------------------------
10,660,000 SC Jobs--EDA (Coastal Hsg. Foundation) 3 5.000 04/01/2035 11,027,770
--------------
18,551,558
- --------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--1.2%
8,200,000 SD Educational Enhancement Funding Corp.
Tobacco Settlement 3 6.500 06/01/2032 8,903,724
- --------------------------------------------------------------------------------------------------------------------------------
7,550,000 Sioux Falls, SD Health Facilities (Rummel
Memorial Home) 6.750 11/15/2033 7,797,414
--------------
16,701,138
- --------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--2.3%
3,500,000 Bradley County, TN Industrial Devel. Board (Olin Corp.) 6.625 11/01/2017 3,801,490
- --------------------------------------------------------------------------------------------------------------------------------
7,710,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.000 10/01/2025 7,628,582
- --------------------------------------------------------------------------------------------------------------------------------
9,000,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.125 10/01/2035 8,931,510
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Hamilton County, TN Industrial Devel. Board
(Park at 58) 6.700 03/01/2021 91,784
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Johnson City, TN Health & Educational Facilities Board
(Mountain States Health Alliance) 6 5.500 07/01/2036 3,122,970
36 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
TENNESSEE Continued
$ 1,500,000 Shelby County, TN HE&HF (Cornerstone-Cameron
& Stonegate) 5 6.000% 07/01/2028 $ 974,865
- --------------------------------------------------------------------------------------------------------------------------------
5,980,000 Smyrna, TN Hsg. Assoc. (Imperial Garden Apartments) 3 6.450 10/20/2035 6,630,923
- --------------------------------------------------------------------------------------------------------------------------------
100,000 TN Metropolitan Government (Nashville & Davidson
County) 5.875 05/15/2021 101,674
--------------
31,283,798
- --------------------------------------------------------------------------------------------------------------------------------
TEXAS--10.1%
130,000 Alice, TX GO 5.200 02/01/2011 130,215
- --------------------------------------------------------------------------------------------------------------------------------
150,000 Anson, TX Education Facilities Corp.
(Odessa Student Hsg.) 5.400 07/01/2034 155,060
- --------------------------------------------------------------------------------------------------------------------------------
26,055,000 Austin, TX Convention Enterprises (Convention Center) 5.750 01/01/2032 27,038,576
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Austin, TX Convention Enterprises (Convention Center) 6.000 01/01/2023 212,946
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Austin, TX Utility System, Series B 5.700 11/15/2021 25,438
- --------------------------------------------------------------------------------------------------------------------------------
9,885,000 Beasley, TX Higher Education Finance Corp., Series A 5.125 12/01/2034 10,066,192
- --------------------------------------------------------------------------------------------------------------------------------
10,765,000 Bexar County, TX HFC (American Opportunity Hsg.) 6.750 12/01/2037 11,180,421
- --------------------------------------------------------------------------------------------------------------------------------
3,090,000 Bexar County, TX HFC (American Opportunity Hsg.
-Nob Hill Apartments) 6.000 06/01/2021 3,099,672
- --------------------------------------------------------------------------------------------------------------------------------
6,625,000 Bexar County, TX HFC (American Opportunity Hsg.
-Nob Hill Apartments) 6.000 06/01/2031 6,669,189
- --------------------------------------------------------------------------------------------------------------------------------
5,765,000 Bexar County, TX HFC (American Opportunity Hsg.-
Waterford) 7.000 12/01/2036 6,133,441
- --------------------------------------------------------------------------------------------------------------------------------
400,000 Bexar County, TX HFC (Doral Club) 8.750 10/01/2036 402,104
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Bexar County, TX HFC (The Army Retirement Residence
Foundation) 6.300 07/01/2032 1,068,700
- --------------------------------------------------------------------------------------------------------------------------------
150,000 Chimney Hill, TX Municipal Utility District 5.500 10/01/2011 151,536
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.000 11/01/2014 8,516
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Dallas-Fort Worth, TX Regional Airport 6.000 11/01/2009 200,416
- --------------------------------------------------------------------------------------------------------------------------------
500,000 De Soto, TX Independent School District 6.125 08/15/2023 504,695
- --------------------------------------------------------------------------------------------------------------------------------
265,000 El Paso County, TX HFC (American Village Communities),
Series A 6.250 12/01/2020 275,102
- --------------------------------------------------------------------------------------------------------------------------------
285,000 El Paso County, TX HFC (El Paso American Hsg.
Foundation), Series A 6.375 12/01/2032 293,541
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Folk, TX Avenue South Transportation District 5.625 11/01/2031 1,001,970
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Harris County, TX Health Facilities Devel. Authority
(Texas Children's Hospital) 5.250 10/01/2029 20,592
- --------------------------------------------------------------------------------------------------------------------------------
3,730,000 Harris County, TX Toll Road RITES 1 10.072 2 08/15/2024 4,933,746
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Irving, TX Hospital Authority (Irving Healthcare System) 5.750 07/01/2010 100,193
- --------------------------------------------------------------------------------------------------------------------------------
105,000 Keller, TX Independent School District, Series A 5.400 08/15/2023 106,047
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Leander, TX Independent School District 6.000 08/15/2018 10,135
- --------------------------------------------------------------------------------------------------------------------------------
650,000 Lewisville, TX Combination Contract 6.000 10/01/2015 711,659
37 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 1,325,000 Lewisville, TX Combination Contract 3 6.000% 10/01/2025 $ 1,455,870
- --------------------------------------------------------------------------------------------------------------------------------
5,510,000 Lewisville, TX Combination Contract 3 6.000 10/01/2034 6,013,945
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Lewisville, TX GO 5.700 09/01/2028 104,777
- --------------------------------------------------------------------------------------------------------------------------------
3,400,000 Lewisville, TX GO 3 6.125 09/01/2029 3,727,488
- --------------------------------------------------------------------------------------------------------------------------------
2,345,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 3 6.000 07/01/2022 2,411,997
- --------------------------------------------------------------------------------------------------------------------------------
1,530,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2025 1,565,420
- --------------------------------------------------------------------------------------------------------------------------------
655,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 667,511
- --------------------------------------------------------------------------------------------------------------------------------
20,350,000 Matagorda County, TX Navigation District
(Centerpoint Energy) 8.000 05/01/2029 22,056,755
- --------------------------------------------------------------------------------------------------------------------------------
270,000 Metro, TX HFDC (Wilson N. Jones Memorial Hospital) 5.375 01/01/2023 270,378
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Mission, TX EDC 6.600 01/01/2020 76,026
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 North Central, TX HFDC (Northwest Senior Hsg. Corp.) 7.250 11/15/2019 2,148,440
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 North Central, TX HFDC (Northwest Senior Hsg. Corp.) 7.500 11/15/2029 3,227,670
- --------------------------------------------------------------------------------------------------------------------------------
70,000 North Forest, TX Independent School District GO 6.000 08/15/2025 70,769
- --------------------------------------------------------------------------------------------------------------------------------
1,910,000 Nueces County, TX HFC (Dolphins Landing Apartments) 3 6.750 07/01/2020 2,046,049
- --------------------------------------------------------------------------------------------------------------------------------
1,865,000 Nueces County, TX HFC (Dolphins Landing Apartments) 3 6.875 07/01/2030 1,997,005
- --------------------------------------------------------------------------------------------------------------------------------
60,000 Nueces County, TX HFC (Dolphins Landing Apartments) 8.000 07/01/2030 63,986
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Pantego, TX EDC (Sales Tax) 5.850 02/15/2022 200,424
- --------------------------------------------------------------------------------------------------------------------------------
1,680,000 Retama, TX Devel. Corp. (Retama Racetrack) 3 10.000 12/15/2019 2,449,574
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Ridge Parc, TX Devel. Corp. (Multifamily) 6.100 06/20/2033 548,310
- --------------------------------------------------------------------------------------------------------------------------------
4,020,000 Sabine, TX River Authority Pollution Control
(TXU Electric Company) 6.150 08/01/2022 4,397,759
- --------------------------------------------------------------------------------------------------------------------------------
45,000 San Antonio, TX Hotel Occupancy Tax (Henry Gonzalez) 5.700 08/15/2026 46,386
- --------------------------------------------------------------------------------------------------------------------------------
25,000 San Antonio, TX Water 5.600 05/15/2026 25,635
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Temple, TX Junior College District 5.800 07/01/2014 101,063
- --------------------------------------------------------------------------------------------------------------------------------
445,000 TX Affordable Hsg. Corp.
(Ashton Place & Woodstock Apartments) 6.300 08/01/2033 344,595
- --------------------------------------------------------------------------------------------------------------------------------
50,000 TX Dormitory Finance Authority
(Temple Junior College Foundation) 5.750 09/01/2027 52,609
- --------------------------------------------------------------------------------------------------------------------------------
425,000 TX Dormitory Finance Authority
(Temple Junior College Foundation) 6.000 09/01/2033 449,425
- --------------------------------------------------------------------------------------------------------------------------------
545,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.625 03/01/2020 563,089
- --------------------------------------------------------------------------------------------------------------------------------
3,065,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 3 6.750 03/01/2031 3,162,436
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Westador, TX Municipal Utility District GO 6.875 03/01/2009 25,581
- --------------------------------------------------------------------------------------------------------------------------------
4,655,000 Wichita County, TX HFDC (Wichita Falls Retirement
Foundation) 6.250 01/01/2028 4,733,297
--------------
139,504,371
- --------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--1.6%
11,000,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2022 11,435,160
38 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 7,580,000 Puerto Rico Highway & Transportation Authority,
Series K 3 5.000% 07/01/2030 $ 7,722,201
- --------------------------------------------------------------------------------------------------------------------------------
850,000 Puerto Rico IMEPCF (American Airlines) 6.450 12/01/2025 676,022
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Municipal Finance Agency RITES 1 7.771 2 08/01/2015 1,786,695
--------------
21,620,078
- --------------------------------------------------------------------------------------------------------------------------------
UTAH--0.5%
3,260,000 Eagle Mountain, UT Gas & Electric 3 5.000 06/01/2024 3,367,841
- --------------------------------------------------------------------------------------------------------------------------------
160,000 Emery County, UT Pollution Control (Pacificorp) 5.650 11/01/2023 160,286
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Intermountain, UT Power Agency 6.150 07/01/2014 1,032,190
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Murray City, UT Hospital RITES 1,3 8.572 2 05/15/2022 2,108,640
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Sandy City, UT Industrial Devel. (King Properties) 6.125 08/01/2016 15,032
--------------
6,683,989
- --------------------------------------------------------------------------------------------------------------------------------
VERMONT--0.0%
225,000 VT EDA (Wake Robin Corp.) 6.000 03/01/2022 238,361
- --------------------------------------------------------------------------------------------------------------------------------
130,000 VT EDA (Wake Robin Corp.) 6.300 03/01/2033 138,512
--------------
376,873
- --------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--2.5%
20,000 Alexandria, VA IDA Pollution Control (Potomac Electric
Power Company) 5.375 02/15/2024 20,020
- --------------------------------------------------------------------------------------------------------------------------------
2,300,000 Buena Vista, VA Public Recreational Facilities Authority
(Golf Course) 3 5.250 07/15/2025 2,414,425
- --------------------------------------------------------------------------------------------------------------------------------
1,090,000 Buena Vista, VA Public Recreational Facilities Authority
(Golf Course) 3 5.500 07/15/2035 1,146,996
- --------------------------------------------------------------------------------------------------------------------------------
2,870,000 Fairfax County, VA Redevel. & Hsg. Authority
(Burke Shire Commons) 7.600 10/01/2036 3,051,585
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Fairfax County, VA Redevel. & Hsg. Authority
(Paul Spring Retirement Center) 6.000 12/15/2028 20,776
- --------------------------------------------------------------------------------------------------------------------------------
585,000 Louisa, VA IDA Pollution Control
(Virginia Electric & Power Company) 5.450 01/01/2024 588,223
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Norfolk, VA Water 3 5.875 11/01/2020 4,087,640
- --------------------------------------------------------------------------------------------------------------------------------
315,000 Norton, VA IDA (Norton Community Hospital) 6.000 12/01/2022 340,320
- --------------------------------------------------------------------------------------------------------------------------------
1,150,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 3 5.000 08/15/2010 1,181,418
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 3 5.000 08/15/2011 1,020,710
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.500 08/15/2028 25,185
- --------------------------------------------------------------------------------------------------------------------------------
1,105,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 3 5.500 08/15/2028 1,137,819
39 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
VIRGINIA Continued
$ 3,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 3 5.800% 7 08/15/2008 $ 2,572,980
- --------------------------------------------------------------------------------------------------------------------------------
585,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.870 7 08/15/2024 207,687
- --------------------------------------------------------------------------------------------------------------------------------
985,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.900 7 08/15/2030 241,946
- --------------------------------------------------------------------------------------------------------------------------------
4,610,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.030 7 08/15/2018 2,330,816
- --------------------------------------------------------------------------------------------------------------------------------
3,255,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.160 7 08/15/2020 1,468,591
- --------------------------------------------------------------------------------------------------------------------------------
700,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.190 7 08/15/2012 497,700
- --------------------------------------------------------------------------------------------------------------------------------
2,715,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.260 7 08/15/2017 1,467,648
- --------------------------------------------------------------------------------------------------------------------------------
12,270,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 3 6.330 7 08/15/2022 4,921,988
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.500 7 08/15/2015 21,147
- --------------------------------------------------------------------------------------------------------------------------------
13,855,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 3 6.510 7 08/15/2021 5,887,821
- --------------------------------------------------------------------------------------------------------------------------------
55,000 Prince William County, VA IDA (Prince William Hospital) 5.250 04/01/2019 55,036
- --------------------------------------------------------------------------------------------------------------------------------
100,000 VA Tobacco Settlement Authority (TASC) 5.625 06/01/2037 101,734
--------------
34,810,211
- --------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--5.0%
2,330,000 Bremerton, WA Hsg. Authority 5.300 06/01/2026 2,334,916
- --------------------------------------------------------------------------------------------------------------------------------
4,145,000 Bremerton, WA Hsg. Authority 5.500 06/01/2037 4,158,761
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 King County, WA Sewer RITES 1 9.072 2 01/01/2024 3,098,000
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Kitsap County, WA Consolidated Hsg. Authority 5.600 12/01/2028 203,732
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Port Camas, WA Public Industrial Corp.
(James River Corp. of VA) 6.700 04/01/2023 100,086
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Port of Seattle, WA, Series A 5.500 09/01/2021 20,460
- --------------------------------------------------------------------------------------------------------------------------------
2,460,000 Seattle, WA Hsg. Authority (Gamelin House & Genesee) 5.700 11/01/2035 2,463,223
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Skagit County, WA Public Hospital District
(Skagit Valley Hospital) 5.375 12/01/2022 519,310
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Skagit County, WA Public Hospital District
(Skagit Valley Hospital) 5.500 12/01/2030 513,140
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Snohomish County, WA Hsg. Authority 6.400 04/01/2026 503,000
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 5.250 01/01/2028 513,825
- --------------------------------------------------------------------------------------------------------------------------------
3,200,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 5.250 01/01/2034 3,269,472
40 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
WASHINGTON Continued
$ 3,250,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 6.000% 01/01/2034 $ 3,525,340
- --------------------------------------------------------------------------------------------------------------------------------
250,000 WA COP (Dept. of General Administration) 5.625 10/01/2020 253,583
- --------------------------------------------------------------------------------------------------------------------------------
2,600,000 WA Health Care Facilities Authority
(Grays Harbor Community Hospital) 5.900 07/01/2023 2,675,192
- --------------------------------------------------------------------------------------------------------------------------------
17,030,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2025 17,304,353
- --------------------------------------------------------------------------------------------------------------------------------
7,355,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2030 7,401,337
- --------------------------------------------------------------------------------------------------------------------------------
18,595,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2038 18,601,136
- --------------------------------------------------------------------------------------------------------------------------------
105,000 WA Health Care Facilities Authority
(Yakima Valley Memorial Hospital Assoc.) 5.375 12/01/2027 108,568
- --------------------------------------------------------------------------------------------------------------------------------
1,350,000 WA HFC (Nickerson Area Properties) 5.300 01/01/2028 1,386,140
- --------------------------------------------------------------------------------------------------------------------------------
215,000 WA Tobacco Settlement Authority (TASC) 6.500 06/01/2026 234,784
--------------
69,188,358
- --------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.5%
1,955,000 Ohio County, WV Commission Tax (Fort Henry Centre) 5.625 06/01/2034 2,011,656
- --------------------------------------------------------------------------------------------------------------------------------
1,540,000 West Liberty State College, WV, Series A 6.000 06/01/2023 1,582,550
- --------------------------------------------------------------------------------------------------------------------------------
1,695,000 West Liberty State College, WV, Series A 6.125 06/01/2028 1,752,393
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Wheeling, WV Tax Increment (Stone Building Renovation) 5.500 06/01/2033 993,620
- --------------------------------------------------------------------------------------------------------------------------------
110,000 WV GO 5.750 11/01/2021 114,034
--------------
6,454,253
- --------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--1.3%
6,640,000 Badger, WI Tobacco Asset Securitization Corp. 3 6.375 06/01/2032 7,116,818
- --------------------------------------------------------------------------------------------------------------------------------
870,000 Janesville, WI Pollution Control (General Motors Corp.) 5.550 04/01/2009 796,102
- --------------------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,750,788
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 WI H&EFA (AHC/SLMC/HMH/AMCS Obligated Group) 3 5.875 08/15/2026 2,064,400
- --------------------------------------------------------------------------------------------------------------------------------
340,000 WI H&EFA (Aurora Medical Group) 5.750 11/15/2025 348,833
- --------------------------------------------------------------------------------------------------------------------------------
20,000 WI H&EFA (Community Memorial Hospital) 5.375 10/01/2030 20,769
- --------------------------------------------------------------------------------------------------------------------------------
2,275,000 WI H&EFA (Hess Memorial Hospital Assoc.) 7.875 11/01/2022 2,326,734
- --------------------------------------------------------------------------------------------------------------------------------
870,000 WI H&EFA (Three Pillars Senior Living) 5.500 08/15/2034 877,910
- --------------------------------------------------------------------------------------------------------------------------------
1,075,000 WI H&EFA (WMA/MHCC/MVS Obligated Group) 5.600 08/15/2023 1,109,830
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (WMA/MHCC/MVS Obligated Group) 5.750 08/15/2026 1,031,090
- --------------------------------------------------------------------------------------------------------------------------------
130,000 WI Hsg. & EDA, Series A 6.850 11/01/2012 130,218
--------------
17,573,492
- --------------------------------------------------------------------------------------------------------------------------------
WYOMING--0.9%
11,680,000 Sweetwater County, WY Pollution Control
(Idaho Power Company) 6.050 07/15/2026 12,023,275
41 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,372,732,222)--103.6% $1,425,320,805
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(3.6) (50,057,378)
---------------
NET ASSETS--100.0% $1,375,263,427
===============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Illiquid security. The aggregate value of illiquid securities as of January
31, 2006 was $97,795,245, which represents 7.11% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
3. Security has been segregated for collateral to cover borrowings. See Note 6
of Notes to Financial Statements.
4. Represents the current interest rate for a variable or increasing rate
security.
5. Issue is in default. Non-income producing. See Note 1 of Notes to Financial
Statements.
6. When-issued security or forward commitment to be delivered and settled after
January 31, 2006. See Note 1 of Notes to Financial Statements.
7. Zero coupon bond reflects effective yield on the date of purchase.
8. Security is subject to a shortfall and forebearance agreement. See Note 1 of
Notes to Financial Statements.
42 | OPPENHEIMER AMT-FREE MUNICIPALS
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ADA Atlanta Development Authority
AHC Aurora Healthcare
AMCS Aurora Medical Center of Sheboygan
County
BHM Baptist Hospital of Miami
BHSSF Baptist Health System of South Florida
CAU Clark Atlanta University
CDA Communities Development Authority
COP Certificates of Participation
EDA Economic Development Authority
EDC Economic Development Corp.
EF&CD Environmental Facilities and Community
Development
FHA Federal Housing Agency
FRS Family Rehabilitation Services (Hancock
Manor)
GO General Obligation
H&EFA Health and Educational Facilities Authority
H&HEFA Hospitals and Higher Education Facilities
Authority
HDA Hospital Development Authority
HDC Housing Development Corp.
HE&H Higher Educational and Health
HE&HF Higher Educational and Housing Facilities
HE&HFA Higher Education and Health Facilities
Authority
HEFA Higher Education Facilities Authority
HFA Housing Finance Agency/Authority
HFC Housing Finance Corp.
HFDC Health Facilities Development Corp.
HFFA Health Facility Financing Authority
HHI Homestead Hospital
HMH Hartford Memorial Hospital
IDA Industrial Development Agency
IMEPCF Industrial, Medical and Environmental
Pollution Control Facilities
MHCC Masonic Health Care Center
MVS Masonic Village on the Square
NYC New York City
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
SAVRS Select Auction Variable Rate Securities
SLMC St. Luke's Medical Center
SMH South Miami Hospital
SMHS South Miami Health System
TASC Tobacco Settlement Asset-Backed Bonds
TC Travis Corp. (PeopleCare)
VC VinFen Corp.
VCS VinFen Clinical Services
WMA Wisconsin Masonic Home
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS January 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 10.0%
AA 7.7
A 21.5
BBB 37.8
BB 3.2
B 4.1
CCC 1.5
C 0.3
D 0.1
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.
43 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2006
- ------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,372,732,222)--see accompanying statement of investments $ 1,425,320,805
- ------------------------------------------------------------------------------------------------------------
Cash 1,519,566
- ------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 18,500,467
Interest 18,423,290
Investments sold 2,004,698
Other 42,010
----------------
Total assets 1,465,810,836
- ------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable on borrowings (See Note 6) 54,600,000
Investments purchased (including $14,529,041 purchased on a when-issued basis
or forward commitment) 31,576,844
Shares of beneficial interest redeemed 2,154,441
Dividends 1,473,685
Distribution and service plan fees 269,966
Interest expense 162,556
Trustees' compensation 138,594
Transfer and shareholder servicing agent fees 44,667
Shareholder communications 17,165
Other 109,491
----------------
Total liabilities 90,547,409
- ------------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,375,263,427
================
- ------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 136,251
- ------------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,339,940,644
- ------------------------------------------------------------------------------------------------------------
Accumulated net investment income 1,907,465
- ------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (19,309,516)
- ------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 52,588,583
----------------
NET ASSETS $ 1,375,263,427
================
44 | OPPENHEIMER AMT-FREE MUNICIPALS
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,163,020,241 and
115,159,171 shares of beneficial interest outstanding) $10.10
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $10.60
- -------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $52,785,264 and 5,245,104 shares of
beneficial interest outstanding) $10.06
- -------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $159,457,922 and 15,847,116 shares of
beneficial interest outstanding) $10.06
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2006
- ------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------------
Interest $ 34,010,010
- ------------------------------------------------------------------------------------------------------------
Other income 5,154
----------------
Total investment income 34,015,164
- ------------------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------------------
Management fees 2,657,936
- ------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,145,231
Class B 230,942
Class C 560,038
- ------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 221,295
Class B 17,246
Class C 27,922
- ------------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 37,872
Class B 2,932
Class C 3,398
- ------------------------------------------------------------------------------------------------------------
Interest expense 1,033,039
- ------------------------------------------------------------------------------------------------------------
Trustees' compensation 11,487
- ------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 4,954
- ------------------------------------------------------------------------------------------------------------
Other 203,826
----------------
Total expenses 6,158,118
- ------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 27,857,046
- ------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ------------------------------------------------------------------------------------------------------------
Net realized loss on investments (3,071,782)
- ------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 600,641
- ------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 25,385,905
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
(UNAUDITED) 2005
- ----------------------------------------------------------------------------------------------------------------
OPERATIONS
- ----------------------------------------------------------------------------------------------------------------
Net investment income $ 27,857,046 $ 39,521,397
- ----------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (3,071,782) 3,876,042
- ----------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 600,641 40,816,767
---------------------------------
Net increase in net assets resulting from operations 25,385,905 84,214,206
- ----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ----------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (27,041,449) (35,574,265)
Class B (1,116,730) (2,106,289)
Class C (2,713,161) (1,913,538)
- ----------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 387,234,161 172,919,909
Class B 11,181,404 (8,015,276)
Class C 89,088,537 40,746,553
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS
- ----------------------------------------------------------------------------------------------------------------
Total increase 482,018,667 250,271,300
- ----------------------------------------------------------------------------------------------------------------
Beginning of period 893,244,760 642,973,460
---------------------------------
End of period (including accumulated net investment income
of $1,907,465 and $4,921,759, respectively) $1,375,263,427 $ 893,244,760
=================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER AMT-FREE MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.16 $ 9.53 $ 9.19 $ 9.48 $ 9.57 $ 9.35
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .26 1 .55 1 .59 .57 .50 .52
Net realized and unrealized gain (loss) (.04) .63 .28 (.32) (.10) .22
-----------------------------------------------------------------------------------
Total from investment operations .22 1.18 .87 .25 .40 .74
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.28) (.55) (.53) (.54) (.49) (.52)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.10 $ 10.16 $ 9.53 $ 9.19 $ 9.48 $ 9.57
===================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 2.24% 12.69% 9.60% 2.46% 4.39% 8.03%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,163,020 $780,571 $568,156 $553,344 $568,935 $584,325
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 961,162 $639,474 $567,291 $569,881 $568,951 $531,286
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.05% 5.56% 6.18% 5.82% 5.35% 5.38%
Total expenses 0.98% 0.92% 0.92% 0.93% 0.88% 0.85% 4
Expenses after payments and waivers and
reduction to custodian expenses 0.98% 0.92% 0.92% 0.88% 0.85% 4 0.85%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 15% 31% 33% 99% 31% 20%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not annualized for periods 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. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER AMT-FREE MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.13 $ 9.50 $ 9.17 $ 9.45 $ 9.55 $ 9.33
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .22 1 .48 1 .52 .49 .43 .45
Net realized and unrealized gain (loss) (.05) .63 .27 (.31) (.11) .21
-----------------------------------------------------------------------------------
Total from investment operations .17 1.11 .79 .18 .32 .66
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.24) (.48) (.46) (.46) (.42) (.44)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.06 $ 10.13 $ 9.50 $ 9.17 $ 9.45 $ 9.55
===================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.75% 11.87% 8.68% 1.80% 3.50% 7.23%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 52,785 $ 41,867 $ 47,024 $ 63,104 $ 72,241 $ 76,880
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 46,042 $ 43,648 $ 55,864 $ 67,721 $ 73,571 $ 65,563
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.27% 4.83% 5.42% 5.04% 4.58% 4.60%
Total expenses 1.78% 1.69% 1.69% 1.69% 1.65% 1.62% 4
Expenses after payments and waivers and
reduction to custodian expenses 1.78% 1.69% 1.69% 1.64% 1.62% 4 1.62%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 15% 31% 33% 99% 31% 20%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not annualized for periods 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. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER AMT-FREE MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.13 $ 9.50 $ 9.16 $ 9.45 $ 9.55 $ 9.33
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .21 1 .47 1 .51 .49 .43 .44
Net realized and unrealized gain (loss) (.04) .64 .29 (.32) (.11) .22
-----------------------------------------------------------------------------------
Total from investment operations .17 1.11 .80 .17 .32 .66
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.24) (.48) (.46) (.46) (.42) (.44)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.06 $ 10.13 $ 9.50 $ 9.16 $ 9.45 $ 9.55
===================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.76% 11.87% 8.79% 1.67% 3.50% 7.23%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 159,458 $ 70,807 $ 27,793 $ 23,511 $ 20,491 $ 17,134
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 111,604 $ 40,236 $ 25,810 $ 22,345 $ 17,776 $ 14,506
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.25% 4.70% 5.39% 5.04% 4.57% 4.60%
Total expenses 1.74% 1.69% 1.70% 1.71% 1.65% 1.62% 4
Expenses after payments and waivers and
reduction to custodian expenses 1.74% 1.69% 1.70% 1.66% 1.62% 4 1.62%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 15% 31% 33% 99% 31% 20%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not annualized for periods 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. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer AMT-Free 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 as high a level of current interest
income exempt from federal income taxes as is available from investing in
municipal securities, while attempting to preserve 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 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 six years 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 business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic 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 traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Securities (including restricted securities)
for which market quotations are not readily available are valued at their fair
value. Foreign and domestic securities whose
51 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
determined in good faith using consistently applied procedures under the
supervision of 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).
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond trade date. During this period, such
securities do not earn interest, are subject to market fluctuation and may
increase or decrease in value prior to their delivery. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of January 31, 2006, the Fund had purchased
$14,529,041 of securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
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 will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $97,748,207 as of January 31, 2006, which represents
6.67% of the Fund's total assets.
The Fund has entered into so-called shortfall and forbearance agreements
with the sponsors of certain inverse floaters held by the Fund. Such agreements
commit the Fund to reimburse the sponsor of such inverse floater, upon the
termination of the trust issuing the inverse floater, 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 floating rate
security issued in conjunction with the inverse floater. Under the standard
terms of an inverse floater, absent such an interest and forbearance agreement,
the Fund would not be required to make such a reimbursement.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and
52 | OPPENHEIMER AMT-FREE MUNICIPALS
may be more sensitive to economic conditions than lower-yielding, higher-rated
fixed-income securities. The Fund may acquire securities in default, and is not
obligated to dispose of securities whose issuers subsequently default. As of
January 31, 2006, securities with an aggregate market value of $4,904,861,
representing 0.36% of the Fund's net assets, were in default.
- --------------------------------------------------------------------------------
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 January 31, 2006, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $19,309,516 expiring by 2014.
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. As of
January 31, 2006, it is estimated that the Fund will not utilize any capital
loss carryforward to offset realized capital gains. During the year ended July
31, 2005, the Fund utilized $3,857,110 of capital loss carryforward to offset
realized capital gains.
As of July 31, 2005, the Fund had available for federal income tax
purposes an unused capital loss carryforward as follows:
EXPIRING
-----------------------------
2010 $16,237,734
- --------------------------------------------------------------------------------
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
January 31, 2006, the Fund's projected benefit obligations were decreased by
$230 and payments of $10,287
53 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
were made to retired trustees, resulting in an accumulated liability of $103,123
as of January 31, 2006.
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.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets
of the Fund, and will not materially affect the Fund's assets, liabilities or
net investment income per share. Amounts will be deferred until distributed in
accordance 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.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts to the extent they are not
offset by positive cash balances maintained by the Fund at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent
54 | OPPENHEIMER AMT-FREE MUNICIPALS
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 U.S. generally
accepted accounting principles 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 JANUARY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------
CLASS A
Sold 43,809,392 $ 442,122,692 22,462,562 $ 225,450,851
Dividends and/or
distributions reinvested 1,639,941 16,576,292 2,353,091 23,430,233
Redeemed (7,080,613) (71,464,823) (7,639,925) (75,961,175)
-----------------------------------------------------------------------
Net increase 38,368,720 $ 387,234,161 17,175,728 $ 172,919,909
=======================================================================
- -------------------------------------------------------------------------------------------------------
CLASS B
Sold 1,789,511 $ 17,997,756 907,824 $ 9,033,823
Dividends and/or
distributions reinvested 64,279 647,364 126,314 1,251,676
Redeemed (741,238) (7,463,716) (1,851,835) (18,300,775)
-----------------------------------------------------------------------
Net increase (decrease) 1,112,552 $ 11,181,404 (817,697) $ (8,015,276)
=======================================================================
- -------------------------------------------------------------------------------------------------------
CLASS C
Sold 9,544,014 $ 95,976,988 4,627,986 $ 46,321,787
Dividends and/or
distributions reinvested 144,814 1,457,878 125,410 1,246,348
Redeemed (832,191) (8,346,329) (688,957) (6,821,582)
-----------------------------------------------------------------------
Net increase 8,856,637 $ 89,088,537 4,064,439 $ 40,746,553
=======================================================================
- --------------------------------------------------------------------------------
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 January 31, 2006,
were as follows:
PURCHASES SALES
----------------------------------------------------------------
Investment securities $516,431,981 $149,914,321
55 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 over $1 billion.
- --------------------------------------------------------------------------------
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 January 31, 2006, the Fund paid
$260,831 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 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
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 services 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
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 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 up to 0.25% 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 January 31,
2006 for Class B and Class C shares were $1,837,736 and $1,817,014,
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
56 | OPPENHEIMER AMT-FREE MUNICIPALS
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
- --------------------------------------------------------------------------------
January 31, 2006 $644,235 $35 $44,926 $22,425
- --------------------------------------------------------------------------------
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 January 31, 2006, 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 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 the applicable footnote on the Statement of
Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund.
The Fund has 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 $800 million, 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 (4.4016% as of January 31, 2006). The Fund pays
additional fees of 0.30% per annum on its outstanding borrowings to manage and
administer the facility and is allocated its pro-rata share of a 0.13% per annum
commitment fee for a liquidity backstop facility with respect to the $800
million facility size.
For the six months ended January 31, 2006, the average daily loan balance
was $52,308,152 at an average daily interest rate of 3.903%. The Fund had
borrowings outstanding of $54,600,000 at January 31, 2006 at an interest rate of
4.4016%. The Fund had
57 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS Continued
gross borrowings and gross loan repayments of $305,600,000 and $306,200,000,
respectively, during the six months ended January 31, 2006. The maximum amount
of borrowings outstanding at any month-end during the six months ended January
31, 2006 was $81,900,000. The Fund paid $100,482 in fees and $984,544 in
interest during the six months ended January 31, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A complaint was filed as a putative class action against the Manager and OFS
(and other defendants) in the U.S. District Court for the Southern District of
New York on January 10, 2005 and was amended on March 4, 2005. Seven of the
eight counts in the complaint, including claims against certain of the
Oppenheimer funds including the Fund, as nominal defendants, and against certain
present and former Directors, Trustees and officers of the funds, and the
Distributor, as defendants, were dismissed with prejudice, under a court order
dated March 10, 2006, in response to a motion to dismiss the suit that had been
filed by the defendants. The remaining count against the Adviser Defendants
alleges, among other things, that the defendants charged excessive fees in
violation of section 36(b) of the Investment Company Act of 1940. The plaintiffs
seek unspecified damages, an accounting of all fees paid, and an award of
attorneys' fees and litigation expenses.
The Adviser Defendants believe that the claims asserted in the remaining
count under this lawsuit are without merit, and intend to defend the suit
vigorously and contest any claimed liability. They believe that it is premature
to render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
58 | OPPENHEIMER AMT-FREE MUNICIPALS
REPORT OF SHAREHOLDER MEETING Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
On August 17, 2005, a shareholder meeting of the Oppenheimer AMT-Free Municipals
was held at which the eleven Trustees identified below were elected (Proposal
No. 1). The meeting on August 17, 2005 was adjourned until September 16, 2005
for Proposal 2. At the meeting on September 16, 2005, the sub-proposals in
(Proposal No. 2) were approved as described in the Fund's proxy statement for
that meeting. The following is a report of the votes cast:
- --------------------------------------------------------------------------------
PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- -------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 42,747,335.306 759,959.875 43,507,295.181
Robert G. Galli 42,694,667.769 812,627.412 43,507,295.181
Phillip A. Griffiths 42,768,068.560 739,226.621 43,507,295.181
Mary F. Miller 42,746,686.090 760,609.091 43,507,295.181
Joel W. Motley 42,771,579.178 735,716.003 43,507,295.181
John V. Murphy 42,739,613.064 767,682.117 43,507,295.181
Kenneth A. Randall 42,644,992.467 862,302.714 43,507,295.181
Russell S. Reynolds, Jr. 42,692,648.787 814,646.394 43,507,295.181
Joseph M. Wikler 42,789,544.559 717,750.622 43,507,295.181
Peter I. Wold 42,787,876.259 719,418.922 43,507,295.181
Clayton K. Yeutter 42,641,055.742 866,239.439 43,507,295.181
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PROPOSAL NO. 2
BROKER
FOR AGAINST ABSTAIN NON-VOTE TOTAL
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2L: Proposal to change the policy on Senior Securities
29,684,394.719 866,833.502 1,444,924.888 10,711,391.000 42,707,544.109
2O: Proposal to eliminate the policy on Investment Percentage Restrictions
29,472,984.754 1,122,382.235 1,400,786.120 10,711,391.000 42,707,544.109
59 | OPPENHEIMER AMT-FREE MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
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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.
60 | OPPENHEIMER AMT-FREE MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
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Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information on the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel that provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing, and supervising
the activities of, all administrative and clerical personnel that are necessary
in order to provide effective corporate administration for the Fund; compiling
and maintaining records with respect to the Fund's operations; preparing and
filing reports required by the Securities and Exchange Commission; preparing
periodic reports regarding the operations of the Fund for its shareholders;
preparing proxy materials for shareholder meetings; and preparing the
registration statements required by Federal and state securities laws for the
sale of the Fund's shares. The Manager also provides the Fund with office space,
facilities and equipment.
61 | OPPENHEIMER AMT-FREE MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
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QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the facts that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding and the Manager's Municipal Bond investment team and analysts. Mr.
Fielding has had over 28 years of experience managing tax exempt and fixed
income investments. The Board members also considered their experiences with the
Manager and its officers and other personnel through their service as directors
or trustees of the Fund and other funds advised by the Manager. The Board
considered information regarding the quality of services provided by affiliates
of the Manager, which it also reviews at other times during the year in
connection with the renewal of the Fund's service agreements. In light of the
foregoing, the Board concluded that the Fund benefits from the services provided
under the Agreement as a result of the Manager's experience, reputation,
personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the performance of the Fund and the Manager at
each Board meeting, including comparative performance information. The Board
also reviewed information, prepared by the Manager and by the independent
consultant, comparing the Fund's historical performance to relevant market
indices and to the performance of other general municipal debt funds advised by
the Manager and other investment advisers. The Board noted that the Fund's
one-year, three-year, five-year and ten-year performance were all better than
its peer group average.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to those of other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund, other general municipal debt funds and other funds with
comparable asset levels and distribution features. The Board noted that the
Fund's contractual management fees and total expenses were both lower than its
peer group average although its actual management fees were higher than its peer
group average.
62 | OPPENHEIMER AMT-FREE MUNICIPALS
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, to what extent
those economies of scale benefit the Fund shareholders and the current level of
Fund assets. The Board also noted the Fund's breakpoints, which are intended to
share economies of scale that may exist as the Fund grows with its shareholders.
PROFITS AND OTHER BENEFITS TO THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Fund's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Fund, and information regarding the Manager's profitability from
its relationship with the Fund. The Board considered that the Manager must be
able to pay and retain experienced professional personnel at competitive rates
to provide services to the Fund and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Fund and its shareholders. The Board also considered
information regarding the direct and indirect benefits the Manager receives as a
result of its relationship with the Fund, including compensation paid to the
Manager's affiliates for services provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the advisory
agreement for another year. In arriving at this decision, the Board did not
single out any factor or factors as being more important than others, but
considered all of the factors together. The Board judged the terms and
conditions of the advisory agreement, including the management fee, in light of
all of the surrounding circumstances.
63 | OPPENHEIMER AMT-FREE 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.
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:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o 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
o 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 January 31, 2006, 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 Municipals
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: March 15, 2006
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: March 15, 2006
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: March 15, 2006