UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4054
OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
ROBERT G. ZACK, ESQ.
OPPENHEIMERFUNDS, INC.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: SEPTEMBER 30
Date of reporting period: MARCH 31, 2006
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Tobacco Settlement Payments 33.9%
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Highways/Railways 11.2
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Higher Education 8.8
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Not-for-Profit Organization 8.3
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General Obligation 6.0
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Hospital/Health Care 5.8
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Marine/Aviation Facilities 5.0
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Electric Utilities 3.4
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Adult Living Facilities 3.1
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Education 3.1
Portfolio holdings and allocations are subject to change. Percentages are as of
March 31, 2006, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 19.8%
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AA 15.2
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A 9.7
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BBB 35.5
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BB 5.8
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B 1.3
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C 1.6
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Not Rated 11.1
Portfolio holdings and allocations are subject to change. Percentages are as of
March 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 Standard & Poor's 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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13 | OPPENHEIMER AMT-FREE NEW YORK 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 NEW
YORK MUNICIPALS. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS.
FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR
VISIT OUR WEB-SITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY
BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 8/16/84. 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 3/1/93. 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.
14 | OPPENHEIMER AMT-FREE NEW YORK 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 March 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
15 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FUND EXPENSES
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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.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(10/1/05) (3/31/06) MARCH 31, 2006
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Class A Actual $1,000.00 $1,028.70 $4.82
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Class A Hypothetical 1,000.00 1,020.19 4.80
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Class B Actual 1,000.00 1,025.50 8.82
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Class B Hypothetical 1,000.00 1,016.26 8.78
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Class C Actual 1,000.00 1,025.50 8.72
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Class C Hypothetical 1,000.00 1,016.36 8.68
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 182/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended March 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 0.95%
- ---------------------------
Class B 1.74
- ---------------------------
Class C 1.72
16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS March 31, 2006 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--101.9%
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK--91.7%
$ 14,500,000 Albany IDA (Charitable Leadership) 5.750% 07/01/2026 $15,001,845
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Albany IDA (Charitable Leadership) 6.000 07/01/2019 1,063,960
- --------------------------------------------------------------------------------------------------------------------------
100,000 Albany IDA (New Covenant Charter School) 7.000 05/01/2025 97,278
- --------------------------------------------------------------------------------------------------------------------------
1,140,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,160,794
- --------------------------------------------------------------------------------------------------------------------------
500,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 507,910
- --------------------------------------------------------------------------------------------------------------------------
30,000 Albany Parking Authority 5.625 07/15/2025 31,844
- --------------------------------------------------------------------------------------------------------------------------
30,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 30,577
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Amherst IDA (Daemen College) 6.000 10/01/2021 1,052,650
- --------------------------------------------------------------------------------------------------------------------------
5,895,000 Brookhaven IDA (Alternatives for Children) 7.550 02/01/2033 6,274,815
- --------------------------------------------------------------------------------------------------------------------------
9,235,000 Brookhaven IDA (Dowling College) 6.750 11/01/2032 9,529,504
- --------------------------------------------------------------------------------------------------------------------------
350,000 Broome County IDA (University Plaza) 5.200 08/01/2030 359,331
- --------------------------------------------------------------------------------------------------------------------------
250,000 Broome County IDA (University Plaza) 5.200 08/01/2036 255,355
- --------------------------------------------------------------------------------------------------------------------------
300,000 Bushnell Basin Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 301,611
- --------------------------------------------------------------------------------------------------------------------------
85,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 87,598
- --------------------------------------------------------------------------------------------------------------------------
1,715,000 Clarence IDA (Bristol Village) 6.000 01/20/2044 1,888,987
- --------------------------------------------------------------------------------------------------------------------------
70,000 East Rochester Hsg. Authority (St.John's Meadows) 5.750 08/01/2037 73,264
- --------------------------------------------------------------------------------------------------------------------------
500,000 Erie County IDA (Charter School Applied Tech) 6.875 06/01/2035 481,110
- --------------------------------------------------------------------------------------------------------------------------
1,170,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 962,407
- --------------------------------------------------------------------------------------------------------------------------
190,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 179,411
- --------------------------------------------------------------------------------------------------------------------------
5,600,000 Erie County IDA (Medaille College) 7.625 04/01/2035 5,947,088
- --------------------------------------------------------------------------------------------------------------------------
9,050,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 9,339,600
- --------------------------------------------------------------------------------------------------------------------------
9,895,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 10,225,097
- --------------------------------------------------------------------------------------------------------------------------
18,000,000 Erie County Tobacco Asset Securitization Corp. 6.030 1 06/01/2047 1,532,160
- --------------------------------------------------------------------------------------------------------------------------
55,000,000 Erie County Tobacco Asset Securitization Corp. 6.260 1 06/01/2050 3,440,800
- --------------------------------------------------------------------------------------------------------------------------
6,500,000 Erie County Tobacco Asset Securitization Corp. RITES 2 5.576 3 06/01/2045 5,868,330
- --------------------------------------------------------------------------------------------------------------------------
5,400,000 Erie County Tobacco Asset Securitization Corp. RITES 5.576 3 06/01/2045 4,875,228
- --------------------------------------------------------------------------------------------------------------------------
100,000 Essex County IDA (North Country
Community College Foundation) 5.000 06/01/2020 98,943
- --------------------------------------------------------------------------------------------------------------------------
130,000 Essex County IDA (North Country
Community College Foundation) 5.200 06/01/2025 130,131
- --------------------------------------------------------------------------------------------------------------------------
110,000 Essex County IDA (North Country
Community College Foundation) 5.300 06/01/2035 110,221
- --------------------------------------------------------------------------------------------------------------------------
175,000 Franklin County IDA (North Country
Community College Foundation) 5.200 06/01/2025 175,177
- --------------------------------------------------------------------------------------------------------------------------
3,750,000 Geneva IDA (Hobart & William Smith Colleges) 2 5.375 02/01/2033 3,955,613
- --------------------------------------------------------------------------------------------------------------------------
5,435,000 Hempstead IDA (WORC) 6.900 08/01/2033 5,585,821
- --------------------------------------------------------------------------------------------------------------------------
880,000 Herkimer County IDA (Folts Adult Home) 5.500 03/20/2040 964,850
- --------------------------------------------------------------------------------------------------------------------------
1,790,000 Herkimer County IDA (Herkimer County
College Foundation) 6.250 08/01/2034 1,879,321
17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,750,000 L.I. Power Authority RITES 8.078% 3 09/01/2033 $ 6,489,565
- --------------------------------------------------------------------------------------------------------------------------
4,395,000 L.I. Power Authority, Series A 5.125 09/01/2029 4,513,885
- --------------------------------------------------------------------------------------------------------------------------
30,000 L.I. Power Authority, Series A 5.250 12/01/2026 31,302
- --------------------------------------------------------------------------------------------------------------------------
25,000 L.I. Power Authority, Series A 5.300 12/01/2019 26,138
- --------------------------------------------------------------------------------------------------------------------------
40,000 Liberty HDC (Barkley Gardens) 6.850 02/01/2023 39,780
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 1,057,310
- --------------------------------------------------------------------------------------------------------------------------
100,000 Monroe County IDA (Rochester Institute of Technology) 5.250 04/01/2019 100,152
- --------------------------------------------------------------------------------------------------------------------------
525,000 Monroe County IDA (Rochester Institute of Technology) 5.375 04/01/2029 514,815
- --------------------------------------------------------------------------------------------------------------------------
302,900,000 Monroe County Tobacco Asset Securitization Corp. (TASC) 7.700 1 06/01/2061 5,003,908
- --------------------------------------------------------------------------------------------------------------------------
4,000,000 Monroe Newpower Corp. 5.500 01/01/2034 4,178,920
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe Newpower Corp. 5.625 01/01/2026 1,053,190
- --------------------------------------------------------------------------------------------------------------------------
18,000,000 MTA Service Contract, Series A 5.125 01/01/2029 18,849,240
- --------------------------------------------------------------------------------------------------------------------------
13,785,000 MTA, Series A 5.125 11/15/2031 14,436,066
- --------------------------------------------------------------------------------------------------------------------------
7,700,000 MTA, Series B 5.000 11/15/2031 7,939,932
- --------------------------------------------------------------------------------------------------------------------------
18,500,000 MTA, Series F 5.000 11/15/2035 19,032,985
- --------------------------------------------------------------------------------------------------------------------------
610,000 Nassau County IDA (ALIA-ACDS) 6.125 09/01/2018 629,227
- --------------------------------------------------------------------------------------------------------------------------
2,100,000 Nassau County IDA (ALIA-AP) 7.000 09/01/2028 2,178,267
- --------------------------------------------------------------------------------------------------------------------------
855,000 Nassau County IDA (ALIA-CMA) 6.125 09/01/2018 881,950
- --------------------------------------------------------------------------------------------------------------------------
945,000 Nassau County IDA (ALIA-CSMR) 6.125 09/01/2018 974,786
- --------------------------------------------------------------------------------------------------------------------------
615,000 Nassau County IDA (ALIA-EFLI) 6.125 09/01/2018 634,385
- --------------------------------------------------------------------------------------------------------------------------
485,000 Nassau County IDA (ALIA-HAII) 6.125 09/01/2018 500,287
- --------------------------------------------------------------------------------------------------------------------------
565,000 Nassau County IDA (ALIA-NCMRS) 6.125 09/01/2018 582,809
- --------------------------------------------------------------------------------------------------------------------------
2,740,000 Nassau County IDA (Hispanic Counseling Center) 7.625 06/01/2033 2,843,736
- --------------------------------------------------------------------------------------------------------------------------
2,500,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 2,610,900
- --------------------------------------------------------------------------------------------------------------------------
500,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2034 527,165
- --------------------------------------------------------------------------------------------------------------------------
285,000 Niagara County Tobacco Asset Securitization Corp. 6.250 05/15/2040 300,484
- --------------------------------------------------------------------------------------------------------------------------
1,185,000 NY Counties Tobacco Trust I 6.500 06/01/2035 1,260,887
- --------------------------------------------------------------------------------------------------------------------------
14,550,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 14,844,638
- --------------------------------------------------------------------------------------------------------------------------
20,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 20,514
- --------------------------------------------------------------------------------------------------------------------------
1,800,000 NY Counties Tobacco Trust III 6.000 06/01/2043 1,895,526
- --------------------------------------------------------------------------------------------------------------------------
100,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 96,055
- --------------------------------------------------------------------------------------------------------------------------
13,360,000 NY Counties Tobacco Trust IV 5.880 1 06/01/2050 983,563
- --------------------------------------------------------------------------------------------------------------------------
25,000,000 NY Counties Tobacco Trust IV 6.380 1 06/01/2055 1,146,250
- --------------------------------------------------------------------------------------------------------------------------
46,750,000 NY Counties Tobacco Trust IV 6.800 1 06/01/2060 1,277,210
- --------------------------------------------------------------------------------------------------------------------------
3,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 06/01/2041 2,666,580
- --------------------------------------------------------------------------------------------------------------------------
6,000,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2045 5,708,460
- --------------------------------------------------------------------------------------------------------------------------
3,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 705,950
- --------------------------------------------------------------------------------------------------------------------------
2,950,000 NY Counties Tobacco Trust IV RITES 5.576 3 06/01/2042 2,670,547
- --------------------------------------------------------------------------------------------------------------------------
54,160,000 NY Counties Tobacco Trust V 5.960 1 06/01/2038 8,351,472
18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$125,315,000 NY Counties Tobacco Trust V 6.090% 1 06/01/2050 $ 9,066,540
- --------------------------------------------------------------------------------------------------------------------------
84,200,000 NY Counties Tobacco Trust V 6.850 1 06/01/2055 3,207,178
- --------------------------------------------------------------------------------------------------------------------------
334,000,000 NY Counties Tobacco Trust V 7.850 1 06/01/2060 5,564,440
- --------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.000 08/01/2022 35,665
- --------------------------------------------------------------------------------------------------------------------------
1,600,000 NYC GO 5.000 08/01/2024 1,666,144
- --------------------------------------------------------------------------------------------------------------------------
885,000 NYC GO 5.000 08/01/2025 920,152
- --------------------------------------------------------------------------------------------------------------------------
400,000 NYC GO 5.000 08/01/2027 413,956
- --------------------------------------------------------------------------------------------------------------------------
950,000 NYC GO 5.000 10/15/2027 976,705
- --------------------------------------------------------------------------------------------------------------------------
250,000 NYC GO 5.000 08/01/2028 258,323
- --------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 11/01/2028 4,119,400
- --------------------------------------------------------------------------------------------------------------------------
3,050,000 NYC GO 5.000 03/01/2030 3,136,712
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 06/01/2030 1,028,900
- --------------------------------------------------------------------------------------------------------------------------
240,000 NYC GO 5.000 08/01/2030 247,298
- --------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 2 5.000 11/01/2034 5,128,550
- --------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 03/01/2035 3,079,110
- --------------------------------------------------------------------------------------------------------------------------
3,750,000 NYC GO 5.000 04/01/2035 3,849,788
- --------------------------------------------------------------------------------------------------------------------------
585,000 NYC GO 5.000 08/01/2035 600,994
- --------------------------------------------------------------------------------------------------------------------------
1,270,000 NYC GO 5.250 03/15/2032 1,324,305
- --------------------------------------------------------------------------------------------------------------------------
2,130,000 NYC GO 5.375 12/01/2026 2,259,887
- --------------------------------------------------------------------------------------------------------------------------
1,300,000 NYC GO 5.500 06/01/2022 1,399,827
- --------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.500 02/15/2026 15,246
- --------------------------------------------------------------------------------------------------------------------------
155,000 NYC GO 5.750 02/01/2020 157,548
- --------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.875 08/01/2019 83,781
- --------------------------------------------------------------------------------------------------------------------------
680,000 NYC GO 5.875 08/01/2019 746,089
- --------------------------------------------------------------------------------------------------------------------------
505,000 NYC GO 6.125 08/01/2025 524,862
- --------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 02/01/2019 5,015
- --------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO RITES 9.832 3 08/01/2021 5,940,200
- --------------------------------------------------------------------------------------------------------------------------
1,459,146 NYC HDC (Keith Plaza) 6.500 02/15/2018 1,534,904
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC HDC (Multifamily Hsg.) 4.650 11/01/2025 2,012,240
- --------------------------------------------------------------------------------------------------------------------------
750,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 753,990
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 1,045,490
- --------------------------------------------------------------------------------------------------------------------------
1,545,000 NYC HDC (Multifamily Hsg.), Series E-1 2 4.950 11/01/2033 1,592,215
- --------------------------------------------------------------------------------------------------------------------------
2,215,291 NYC HDC (Seaview Towers) 6.500 01/15/2018 2,330,309
- --------------------------------------------------------------------------------------------------------------------------
100,000 NYC Health & Hospital Corp. 5.375 02/15/2026 103,216
- --------------------------------------------------------------------------------------------------------------------------
1,945,000 NYC Health & Hospital Corp. 5.450 02/15/2026 2,015,856
- --------------------------------------------------------------------------------------------------------------------------
1,535,000 NYC IDA (American Council of Learned Societies) 5.250 07/01/2027 1,608,496
- --------------------------------------------------------------------------------------------------------------------------
2,760,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 2,926,042
- --------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 532,845
- --------------------------------------------------------------------------------------------------------------------------
2,100,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 2,224,173
19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,880,000 NYC IDA (Calhoun School) 6.625% 12/01/2034 $ 6,204,341
- --------------------------------------------------------------------------------------------------------------------------
1,070,000 NYC IDA (Center for Elimination of Family Violence) 4 7.375 11/01/2036 1,071,327
- --------------------------------------------------------------------------------------------------------------------------
320,000 NYC IDA (Center for Elimination of Family Violence) 4 7.375 11/01/2036 319,981
- --------------------------------------------------------------------------------------------------------------------------
3,880,000 NYC IDA (Community Resource Developmentally Disabled) 7.500 08/01/2026 3,969,667
- --------------------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 151,532
- --------------------------------------------------------------------------------------------------------------------------
350,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 353,871
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,100,860
- --------------------------------------------------------------------------------------------------------------------------
725,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 739,268
- --------------------------------------------------------------------------------------------------------------------------
220,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 219,168
- --------------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 169,357
- --------------------------------------------------------------------------------------------------------------------------
880,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 878,249
- --------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Liberty-7 World Trade Center) 5 6.750 03/01/2015 535,870
- --------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC IDA (Liberty-IAC/Interactive Corp.) 2 5.000 09/01/2035 3,022,290
- --------------------------------------------------------------------------------------------------------------------------
3,700,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 3,835,901
- --------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Lycee Francais De New York) 6.800 06/01/2028 4,310,920
- --------------------------------------------------------------------------------------------------------------------------
370,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 360,143
- --------------------------------------------------------------------------------------------------------------------------
2,300,000 NYC IDA (MMC Corp.) 5.125 11/01/2035 2,351,681
- --------------------------------------------------------------------------------------------------------------------------
2,175,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 2,200,165
- --------------------------------------------------------------------------------------------------------------------------
4,080,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 4,121,494
- --------------------------------------------------------------------------------------------------------------------------
1,380,000 NYC IDA (PSCH) 6.375 07/01/2033 1,468,486
- --------------------------------------------------------------------------------------------------------------------------
750,000 NYC IDA (Reece School) 7.500 12/01/2037 751,500
- --------------------------------------------------------------------------------------------------------------------------
295,000 NYC IDA (Reece School) 7.500 12/01/2037 295,035
- --------------------------------------------------------------------------------------------------------------------------
1,485,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,517,165
- --------------------------------------------------------------------------------------------------------------------------
6,020,000 NYC IDA (The Child School) 7.550 06/01/2033 6,353,327
- --------------------------------------------------------------------------------------------------------------------------
15,785,000 NYC IDA (Touro College) 6.350 06/01/2029 16,514,898
- --------------------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 5,908,896
- --------------------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 5,395,264
- --------------------------------------------------------------------------------------------------------------------------
4,245,000 NYC IDA (YMCA of Greater NY) 5.250 08/01/2021 4,388,184
- --------------------------------------------------------------------------------------------------------------------------
3,015,000 NYC Municipal Water Finance Authority 5.000 06/15/2032 3,083,380
- --------------------------------------------------------------------------------------------------------------------------
2,300,000 NYC Municipal Water Finance Authority 5.000 06/15/2037 2,378,039
- --------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 10,318,700
- --------------------------------------------------------------------------------------------------------------------------
120,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 122,953
- --------------------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 5.250 06/15/2025 21,195
- --------------------------------------------------------------------------------------------------------------------------
3,830,000 NYC Municipal Water Finance Authority RITES 8.217 3 06/15/2039 4,388,337
- --------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC Municipal Water Finance Authority ROLs 10.018 3 06/15/2039 5,728,900
- --------------------------------------------------------------------------------------------------------------------------
1,870,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 1,853,750
- --------------------------------------------------------------------------------------------------------------------------
2,100,000 NYS DA (Mental Health Services Facilities) 2 5.000 02/15/2035 2,161,278
- --------------------------------------------------------------------------------------------------------------------------
625,000 NYS DA (Montefiore Medical Center) 5.450 08/01/2029 659,544
20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 600,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 5.500% 07/01/2026 $ 607,470
- --------------------------------------------------------------------------------------------------------------------------
9,250,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2025 9,920,995
- --------------------------------------------------------------------------------------------------------------------------
680,000 NYS DA (Nursing Home) 4.900 02/15/2041 685,365
- --------------------------------------------------------------------------------------------------------------------------
835,000 NYS DA (Nursing Home) 4.950 02/15/2045 845,721
- --------------------------------------------------------------------------------------------------------------------------
1,570,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 1,547,753
- --------------------------------------------------------------------------------------------------------------------------
490,000 NYS DA (Providence Rest) 5.000 07/01/2035 497,032
- --------------------------------------------------------------------------------------------------------------------------
1,300,000 NYS DA (Providence Rest) 5.125 07/01/2030 1,339,494
- --------------------------------------------------------------------------------------------------------------------------
340,000 NYS DA (Providence Rest) 5.250 07/01/2025 356,082
- --------------------------------------------------------------------------------------------------------------------------
650,000 NYS DA (Rochester General Hospital) 5.000 12/01/2035 669,045
- --------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2030 5,492,600
- --------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (SS Joachim & Anne Residence) 5.250 07/01/2027 4,142,840
- --------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 41,520
- --------------------------------------------------------------------------------------------------------------------------
13,200,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 13,408,560
- --------------------------------------------------------------------------------------------------------------------------
13,090,000 NYS DA (State University Educational Facilities) 5.250 05/15/2015 14,063,503
- --------------------------------------------------------------------------------------------------------------------------
2,510,000 NYS DA (State University Educational Facilities) 5.250 05/15/2021 2,734,093
- --------------------------------------------------------------------------------------------------------------------------
5,850,000 NYS DA (The Highlands Living) 6.600 02/01/2034 5,908,500
- --------------------------------------------------------------------------------------------------------------------------
500,000 NYS DA (Various School Districts) 5.000 04/01/2035 519,270
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (W.K. Nursing Home) 6.125 02/01/2036 1,038,140
- --------------------------------------------------------------------------------------------------------------------------
1,030,000 NYS DA (Winthrop University Hospital) 5.500 07/01/2023 1,081,665
- --------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.000 06/15/2027 20,575
- --------------------------------------------------------------------------------------------------------------------------
85,000 NYS EFC (NYS Water Services) 6.600 09/15/2012 85,202
- --------------------------------------------------------------------------------------------------------------------------
200,000 NYS HFA (Fulton Manor) 6.100 11/15/2025 207,480
- --------------------------------------------------------------------------------------------------------------------------
4,865,000 NYS HFA RITES 2 8.253 3 11/01/2015 5,077,601
- --------------------------------------------------------------------------------------------------------------------------
95,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 95,124
- --------------------------------------------------------------------------------------------------------------------------
640,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 641,286
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS UDC (State Personal Income Tax) 2 5.000 03/15/2035 2,072,260
- --------------------------------------------------------------------------------------------------------------------------
250,000 Oneida County IDA (Mohawk Valley Handicapped Services) 5.300 03/15/2019 257,638
- --------------------------------------------------------------------------------------------------------------------------
55,000 Onondaga County IDA (Salina Free Library) 5.500 12/01/2022 58,119
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 1,020,130
- --------------------------------------------------------------------------------------------------------------------------
275,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 279,186
- --------------------------------------------------------------------------------------------------------------------------
1,600,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 1,637,120
- --------------------------------------------------------------------------------------------------------------------------
15,205,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 15,101,606
- --------------------------------------------------------------------------------------------------------------------------
19,140,000 Port Authority NY/NJ RITES 6.580 3 12/01/2034 20,789,485
- --------------------------------------------------------------------------------------------------------------------------
25,660,000 Port Authority NY/NJ, 121st Series 2 5.125 10/15/2030 26,424,668
- --------------------------------------------------------------------------------------------------------------------------
500,000 Port Authority NY/NJ, 132nd Series 5.000 09/01/2038 515,705
- --------------------------------------------------------------------------------------------------------------------------
2,680,000 Rensselaer County Tobacco Asset Securitization Corp. 5.625 06/01/2035 2,734,270
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 Rensselaer County Tobacco Asset Securitization Corp. 5.750 06/01/2043 2,051,400
21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,060,000 Rockland County Tobacco Asset Securitization Corp. 5.625% 08/15/2035 $ 1,082,080
- --------------------------------------------------------------------------------------------------------------------------
3,150,000 Rockland County Tobacco Asset Securitization Corp. 5.750 08/15/2043 3,233,286
- --------------------------------------------------------------------------------------------------------------------------
45,000,000 Rockland County Tobacco Asset Securitization Corp. 7.620 1 08/15/2060 810,900
- --------------------------------------------------------------------------------------------------------------------------
2,500,000 Saratoga County IDA (Saratoga Hospital) 5.125 12/01/2033 2,589,550
- --------------------------------------------------------------------------------------------------------------------------
9,730,000 SONYMA, Series 61 5.800 10/01/2016 9,737,492
- --------------------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 83 5.550 10/01/2027 257,450
- --------------------------------------------------------------------------------------------------------------------------
4,000,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 4,216,200
- --------------------------------------------------------------------------------------------------------------------------
70,000 Suffolk County IDA (Catholic Charities) 6.000 10/01/2020 70,341
- --------------------------------------------------------------------------------------------------------------------------
65,000 Suffolk County IDA (DDI) 6.000 10/01/2020 65,317
- --------------------------------------------------------------------------------------------------------------------------
65,000 Suffolk County IDA (DDI) 6.000 10/01/2020 65,317
- --------------------------------------------------------------------------------------------------------------------------
150,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 150,131
- --------------------------------------------------------------------------------------------------------------------------
205,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 208,198
- --------------------------------------------------------------------------------------------------------------------------
140,000 Suffolk County IDA (Independent Group Home Living) 6.000 10/01/2020 140,682
- --------------------------------------------------------------------------------------------------------------------------
1,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 1,620,525
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA (L.I. Network Community Services) 7.550 02/01/2034 1,038,960
- --------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County IDA (Lifes Working Organization
for Retarded Children) 6.000 10/01/2020 100,487
- --------------------------------------------------------------------------------------------------------------------------
620,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 4 6.750 11/01/2036 620,806
- --------------------------------------------------------------------------------------------------------------------------
210,000 Suffolk County IDA (Nassau-Suffolk Services for Autism) 4 6.750 11/01/2036 210,040
- --------------------------------------------------------------------------------------------------------------------------
5,985,000 Suffolk County IDA (Pederson-Krager Center) 7.000 11/01/2035 6,013,249
- --------------------------------------------------------------------------------------------------------------------------
505,000 Suffolk County IDA (Pederson-Krager Center) 7.200 02/01/2035 514,923
- --------------------------------------------------------------------------------------------------------------------------
60,000 Suffolk County IDA (Suffolk Hotels) 6.000 10/01/2020 60,292
- --------------------------------------------------------------------------------------------------------------------------
520,000 Sullivan County IDA (Center for Discovery) 6.950 02/01/2035 520,744
- --------------------------------------------------------------------------------------------------------------------------
100,000 Syracuse IDA (Crouse Irving Companies) 5.250 01/01/2017 102,398
- --------------------------------------------------------------------------------------------------------------------------
25,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2020 25,849
- --------------------------------------------------------------------------------------------------------------------------
3,585,000 Triborough Bridge & Tunnel Authority RITES 8.016 3 11/15/2032 4,003,370
- --------------------------------------------------------------------------------------------------------------------------
2,560,000 Triborough Bridge & Tunnel Authority RITES 8.020 3 11/15/2027 2,888,397
- --------------------------------------------------------------------------------------------------------------------------
10,000,000 Triborough Bridge & Tunnel Authority RITES 8.020 3 11/15/2032 11,167,000
- --------------------------------------------------------------------------------------------------------------------------
4,550,000 Triborough Bridge & Tunnel Authority RITES 2 8.516 3 11/15/2029 5,550,181
- --------------------------------------------------------------------------------------------------------------------------
2,500,000 Triborough Bridge & Tunnel Authority RITES 9.089 3 11/15/2023 3,192,250
- --------------------------------------------------------------------------------------------------------------------------
35,000,000 TSASC, Inc. (TFABs) 5.000 06/01/2034 34,044,150
- --------------------------------------------------------------------------------------------------------------------------
115,000,000 TSASC, Inc. (TFABs) 5.125 06/01/2042 111,857,050
- --------------------------------------------------------------------------------------------------------------------------
67,455,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 74,441,989
- --------------------------------------------------------------------------------------------------------------------------
3,000,000 Utica IDA (Utica College Civic Facility) 5.750 08/01/2028 3,030,030
- --------------------------------------------------------------------------------------------------------------------------
1,250,000 Utica IDA (Utica College Civic Facility) 6.750 12/01/2021 1,309,538
- --------------------------------------------------------------------------------------------------------------------------
250,000 Westchester County IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 257,985
- --------------------------------------------------------------------------------------------------------------------------
500,000 Westchester County IDA (Kendal on Hudson) 6.500 01/01/2034 533,625
- --------------------------------------------------------------------------------------------------------------------------
1,895,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,949,311
- --------------------------------------------------------------------------------------------------------------------------
320,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 339,011
- --------------------------------------------------------------------------------------------------------------------------
600,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 635,232
22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000,000 Westchester County Tobacco Asset Securitization Corp. 5.125% 06/01/2045 $ 4,851,800
- ---------------------------------------------------------------------------------------------------------------------------
500,000 Yonkers GO 5.000 08/01/2030 521,760
- ---------------------------------------------------------------------------------------------------------------------------
500,000 Yonkers GO 5.000 08/01/2035 519,820
- ---------------------------------------------------------------------------------------------------------------------------
800,000 Yonkers IDA (St. Joseph's Hospital) 5.900 03/01/2008 798,544
--------------
854,003,537
- ---------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--10.2%
8,510,000 Guam GO, Series A 5.400 11/15/2018 8,515,446
- ---------------------------------------------------------------------------------------------------------------------------
1,085,000 Guam GO, Series A 6.000 09/01/2006 1,094,776
- ---------------------------------------------------------------------------------------------------------------------------
500,000 Guam Government Waterworks Authority & Wastewater System 5.875 07/01/2035 526,175
- ---------------------------------------------------------------------------------------------------------------------------
5,250,000 Guam Power Authority, Series A 2 5.125 10/01/2029 5,486,828
- ---------------------------------------------------------------------------------------------------------------------------
10,000,000 Guam Power Authority, Series A 5.250 10/01/2034 10,496,600
- ---------------------------------------------------------------------------------------------------------------------------
84,000,000 Puerto Rico Children's Trust Fund (TASC) 6.340 1 05/15/2050 5,464,200
- ---------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 4,062,880
- ---------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 4,041,440
- ---------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Highway & Transportation Authority, Series A 5.000 07/01/2038 50,281
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority, Series AA 5.000 07/01/2035 1,009,000
- ---------------------------------------------------------------------------------------------------------------------------
6,000,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 6,043,080
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 1,020,720
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 1,011,000
- ---------------------------------------------------------------------------------------------------------------------------
9,500,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2045 9,581,225
- ---------------------------------------------------------------------------------------------------------------------------
26,395,000 Puerto Rico Infrastructure 5.000 07/01/2041 26,626,479
- ---------------------------------------------------------------------------------------------------------------------------
4,305,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 2 5.000 08/01/2022 4,359,243
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 1,054,780
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I., Series A 5.375 06/01/2034 1,041,820
- ---------------------------------------------------------------------------------------------------------------------------
1,700,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 1,724,089
- ---------------------------------------------------------------------------------------------------------------------------
1,485,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 1,538,920
- ---------------------------------------------------------------------------------------------------------------------------
250,000 V.I. Water & Power Authority 5.300 07/01/2018 254,245
--------------
95,003,227
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $911,477,993)--101.9% 949,006,764
- ---------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(1.9) (17,248,599)
--------------
NET ASSETS--100.0% $ 931,758,165
==============
23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Zero coupon bond reflects effective yield on the date of purchase.
2. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
3. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
4. When-issued security or forward commitment to be delivered and settled after
March 31, 2006. See Note 1 of accompanying Notes.
5. Illiquid security. The aggregate value of illiquid securities as of March 31,
2006 was $535,870, which represents 0.06% of the Fund's net assets. See Note 5
of accompanying Notes.
To simplify the listings of securities, abbreviations are used per the table
below:
ACDS Association for Children with Down
Syndrome
ALIA Alliance of Long Island Agencies
AP Advantage Planning, Inc.
CMA Community Mainstreaming Associates, Inc.
CSMR Community Services for the Mentally
Retarded
DA Dormitory Authority
DDI Developmental Disabilities Institute
EFC Environmental Facilities Corp.
EFLI Epilepsy Foundation of L.I., Inc.
GO General Obligation
HAII Homes Anew II, Inc.
HDC Housing Development Corp.
HFA Housing Finance Agency
HJDOI Hospital for Joint Diseases Orthopedic
Institute
IDA Industrial Development Agency
IGHL Independent Group Home for Living
ITEMECF Industrial, Tourist, Educational, Medical
and Environmental Community Facilities
L.I. Long Island
MMC Mercy Medical Center
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NCMRS Nassau Community Mental Retardation
Services Co.
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
PSCH Professional Service Centers for the
Handicapped, Inc.
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
SONYMA State of New York Mortgage Agency
TASC Tobacco Settlement Asset-Backed Bonds
TFABs Tobacco Flexible Amortization Bonds
UDC Urban Development Corp.
V.I. United States Virgin Islands
YMCA Young Men's Christian Association
24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- ----------------------------------------------------------------------------
Tobacco Settlement Payments $ 321,585,010 33.9%
Highways/Railways 105,800,576 11.2
Higher Education 83,569,785 8.8
Not-for-Profit Organization 79,222,469 8.3
General Obligation 56,732,698 6.0
Hospital/Health Care 55,465,762 5.8
Marine/Aviation Facilities 47,729,858 5.0
Electric Utilities 32,530,673 3.4
Adult Living Facilities 29,843,041 3.1
Education 29,771,323 3.1
Special Tax 28,698,739 3.0
Water Utilities 26,673,456 2.8
Multifamily Housing 15,768,133 1.7
Airlines 15,101,606 1.6
Single Family Housing 9,994,942 1.1
Sales Tax Revenue 4,317,789 0.5
Hotels, Restaurants & Leisure 3,022,290 0.3
Resource Recovery 2,610,900 0.3
Municipal Leases 535,870 0.1
Parking Fee Revenue 31,844 0.0
------------------------------
Total $ 949,006,764 100.0%
==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
March 31, 2006
- ------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------
Investments, at value (cost $911,477,993)--see accompanying statement of investments $ 949,006,764
- ------------------------------------------------------------------------------------------------------
Cash 1,077,789
- ------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 12,727,293
Shares of beneficial interest sold 5,360,091
Investments sold 4,654
Other 32,508
--------------
Total assets 968,209,099
- ------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased (including $2,220,000 purchased on a when-issued basis
or forward commitment) 29,241,643
Payable on borrowings (See Note 6) 4,600,000
Shares of beneficial interest redeemed 1,325,676
Distribution and service plan fees 491,760
Dividends 423,449
Interest expense 144,929
Trustees' compensation 122,610
Transfer and shareholder servicing agent fees 28,609
Shareholder communications 24,905
Other 47,353
--------------
Total liabilities 36,450,934
- ------------------------------------------------------------------------------------------------------
NET ASSETS $ 931,758,165
==============
- ------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 71,978
- ------------------------------------------------------------------------------------------------------
Additional paid-in capital 896,490,494
- ------------------------------------------------------------------------------------------------------
Accumulated net investment income 283,987
- ------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (2,617,065)
- ------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 37,528,771
--------------
NET ASSETS $ 931,758,165
==============
26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $835,493,004 and 64,543,642 shares of beneficial interest outstanding) $ 12.94
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $ 13.59
- ------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net assets
of $30,588,312 and 2,362,162 shares of beneficial interest outstanding) $ 12.95
- ------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net assets
of $65,676,849 and 5,072,621 shares of beneficial interest outstanding) $ 12.95
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2006
- ------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------
Interest $ 23,725,580
- ------------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------------
Management fees 2,028,395
- ------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 826,809
Class B 138,626
Class C 219,008
- ------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 150,397
Class B 8,462
Class C 9,749
- ------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 29,349
Class B 1,736
Class C 1,195
- ------------------------------------------------------------------------------------------------------
Interest expense 550,501
- ------------------------------------------------------------------------------------------------------
Trustees' compensation 9,791
- ------------------------------------------------------------------------------------------------------
Custodian fees and expenses 641
- ------------------------------------------------------------------------------------------------------
Other 83,341
--------------
Total expenses 4,058,000
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 19,667,580
- ------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ------------------------------------------------------------------------------------------------------
Net realized gain on investments 10,485,884
- ------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (6,952,604)
- ------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 23,200,860
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2006 SEPTEMBER 30,
(UNAUDITED) 2005
- ------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------
Net investment income $ 19,667,580 $ 32,063,361
- ------------------------------------------------------------------------------------------------------
Net realized gain (loss) 10,485,884 (8,107,100)
- ------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (6,952,604) 30,898,772
--------------------------------
Net increase in net assets resulting from operations 23,200,860 54,855,033
- ------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (18,890,101) (30,898,159)
Class B (614,157) (1,230,516)
Class C (957,992) (912,821)
- ------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 173,048,706 99,925,792
Class B 3,843,164 (1,865,322)
Class C 34,353,643 14,788,701
- ------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------
Total increase 213,984,123 134,662,708
- ------------------------------------------------------------------------------------------------------
Beginning of period 717,774,042 583,111,334
--------------------------------
End of period (including accumulated net investment income
of $283,987 and $1,078,657, respectively) $ 931,758,165 $ 717,774,042
================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2006 SEPT. 30,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.91 $ 12.45 $ 12.31 $ 12.75 $ 12.67 $ 12.15
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .32 1 .66 1 .72 .71 .68 .67
Net realized and unrealized gain (loss) .05 .49 .11 (.44) .06 .50
----------------------------------------------------------------------------
Total from investment operations .37 1.15 .83 .27 .74 1.17
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.34) (.69) (.69) (.71) (.66) (.65)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.94 $ 12.91 $ 12.45 $ 12.31 $ 12.75 $ 12.67
============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 2.87% 9.41% 6.91% 2.07% 6.11% 9.77%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 835,493 $ 659,975 $ 539,834 $ 533,563 $ 536,126 $ 530,464
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 728,329 $ 580,413 $ 536,613 $ 531,977 $ 525,519 $ 526,333
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.00% 5.17% 5.84% 5.57% 5.44% 5.30%
Total expenses 0.95% 0.93% 0.91% 0.93% 0.89% 0.84%
Expenses after payments and waivers and
reduction to custodian expenses 0.95% 0.93% 0.88% 0.93% 0.89% 0.84%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 32% 14% 6% 63% 73% 10%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2006 SEPT. 30,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.91 $ 12.45 $ 12.32 $ 12.75 $ 12.68 $ 12.16
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .27 1 .56 1 .62 .60 .58 .56
Net realized and unrealized gain (loss) .05 .49 .10 (.42) .06 .51
----------------------------------------------------------------------------
Total from investment operations .32 1.05 .72 .18 .64 1.07
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or
distributions to shareholders:
Dividends from net investment income (.28) (.59) (.59) (.61) (.57) (.55)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.95 $ 12.91 $ 12.45 $ 12.32 $ 12.75 $ 12.68
============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 2.55% 8.55% 5.99% 1.36% 5.22% 8.94%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 30,588 $ 26,680 $ 27,555 $ 32,851 $ 40,896 $ 46,422
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 27,876 $ 26,977 $ 30,212 $ 36,000 $ 42,021 $ 48,115
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.22% 4.41% 5.05% 4.77% 4.67% 4.53%
Total expenses 1.74% 1.71% 1.69% 1.71% 1.66% 1.61%
Expenses after payments and waivers and
reduction to custodian expenses 1.74% 1.71% 1.66% 1.71% 1.66% 1.61%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 32% 14% 6% 63% 73% 10%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2006 SEPT. 30,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.91 $ 12.45 $ 12.32 $ 12.75 $ 12.68 $ 12.15
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .26 1 .55 1 .62 .60 .57 .56
Net realized and unrealized gain (loss) .07 .50 .10 (.42) .07 .52
------------------------------------------------------------------------------------
Total from investment operations .33 1.05 .72 .18 .64 1.08
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.59) (.59) (.61) (.57) (.55)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.95 $ 12.91 $ 12.45 $ 12.32 $ 12.75 $ 12.68
====================================================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 2.55% 8.55% 5.99% 1.35% 5.22% 9.03%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 65,677 $ 31,119 $ 15,723 $ 13,080 $ 10,603 $ 8,251
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 44,253 $ 20,347 $ 14,598 $ 11,852 $ 9,183 $ 6,979
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.14% 4.32% 5.04% 4.78% 4.66% 4.51%
Total expenses 1.72% 1.70% 1.69% 1.72% 1.66% 1.61%
Expenses after payments and waivers and
reduction to custodian expenses 1.72% 1.70% 1.66% 1.72% 1.66% 1.61%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 32% 14% 6% 63% 73% 10%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
1.SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer AMT-Free New York Municipals (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek the maximum current income
exempt from federal, New York State and New York City income taxes for
individual investors consistent with preservation of capital. The Fund's
investment 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
33 | OPPENHEIMER AMT-FREE NEW YORK 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 March 31, 2006, the Fund had purchased $2,220,000
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 $88,629,391 as of March 31, 2006, which represents
9.15% of the Fund's total assets.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any state. Certain revenue or tax related events in a state may
impair the ability of certain issuers of municipal securities to pay principal
and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of March 31, 2006, it is estimated that the Fund will utilize
$9,936,637 of capital loss carryforward to offset realized capital gains. During
the year ended September 30, 2005, the Fund utilized $6,520 of capital loss
carryforward to offset capital gains realized in that fiscal year.
As of September 30, 2005, the Fund had available for federal income tax purposes
post-October losses of $8,485,839 and unused capital loss carryforward as
follows:
EXPIRING
-------------------------
2009 $1,450,798
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
March 31, 2006, the Fund's projected benefit obligations were decreased by $123
and payments of $8,675 were made to retired trustees, resulting in an
accumulated liability of $90,287 as of March 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
35 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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. At March 31, 2006, the Fund had $1,885 of such earnings on
cash balances available to offset future custodian fees or interest expenses
incurred during the next fiscal year.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with 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:
36 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
SIX MONTHS ENDED MARCH 31, 2006 YEAR ENDED SEPTEMBER 30, 2005
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------
CLASS A
Sold 15,516,475 $200,007,315 10,610,833 $136,386,348
Dividends and/or
distributions reinvested 960,825 12,390,167 1,627,749 20,754,931
Redeemed (3,057,458) (39,348,776) (4,491,381) (57,215,487)
------------------------------------------------------------------
Net increase 13,419,842 $173,048,706 7,747,201 $ 99,925,792
==================================================================
- ------------------------------------------------------------------------------------------------
CLASS B
Sold 454,873 $ 5,879,377 317,313 $ 4,053,977
Dividends and/or
distributions reinvested 27,996 361,031 61,813 787,655
Redeemed (186,690) (2,397,244) (526,394) (6,706,954)
------------------------------------------------------------------
Net increase (decrease) 296,179 $ 3,843,164 (147,268) $ (1,865,322)
==================================================================
- ------------------------------------------------------------------------------------------------
CLASS C
Sold 2,825,837 $ 36,446,471 1,372,677 $ 17,653,707
Dividends and/or
distributions reinvested 47,651 615,274 47,512 607,157
Redeemed (210,863) (2,708,102) (273,325) (3,472,163)
------------------------------------------------------------------
Net increase 2,662,625 $ 34,353,643 1,146,864 $ 14,788,701
==================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended March 31, 2006, were as
follows:
PURCHASES SALES
---------------------------------------------------------
Investment securities $397,655,814 $233,835,503
- --------------------------------------------------------------------------------
4.FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.60% of the first $200 million of average annual net assets,
0.55% of the next $100 million, 0.50% of the next $200 million, 0.45% of the
next $250 million, 0.40% of the next $250 million, and 0.35% of average annual
net assets in excess of $1 billion.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the six months ended March 31, 2006, the Fund paid
$168,630 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
37 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans 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 March 31, 2006
for Class B and Class C shares were $1,583,999 and $934,242, respectively. Fees
incurred by the Fund under the plans are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
March 31, 2006 $ 162,935 $ 916 $ 154,207 $ 8,441
- --------------------------------------------------------------------------------
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.
38 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of March 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 (4.6997% as of March 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 March 31, 2006, the average daily loan balance
was $24,685,714 at an average daily interest rate of 4.249%. The Fund had
borrowings outstanding of $4,600,000 at March 31, 2006 at an interest rate of
4.6997%. The Fund had gross borrowings and gross loan repayments of $223,100,000
and $234,500,000, respectively, during the six months ended March 31, 2006. The
maximum amount of borrowings outstanding at any month-end during the six months
ended March 31, 2006 was $84,800,000. The Fund paid $46,287 in fees and $455,219
in interest during the six months ended March 31, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A complaint was filed as a putative class action against the Manager and the
Transfer Agent (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. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified 68169-
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
39 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. LITIGATION Continued
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, 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, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that it is premature to render any opinion as to the
likelihood of an outcome unfavorable to them, the Funds, the Directors/Trustees
or the Officers on the appeal of the decisions of the district court, and that
no estimate can yet be made with any degree of certainty as to the amount or
range of any potential loss. However, the Manager believes that the allegations
contained in the complaints are without merit and that there are substantial
grounds to sustain the district court's rulings.
40 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF
INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
41 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information 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 manager 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.
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
42 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
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 municipal bond/tax exempt 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 New York municipal debt funds advised by
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 New York municipal debt funds and other funds with
comparable asset levels and distribution features. The Board noted that the
Fund's contractual and actual management fees and total expenses were higher
than its peer group median and average.
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 in
43 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT
Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
relation to the Fund's breakpoint schedule for its management fees. 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. In addition to
considering the profits realized by the Manager, the Board 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.
44 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
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 March 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 New York Municipals
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: May 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: May 15, 2006
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: May 15, 2006