UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-2668
OPPENHEIMER AMT-FREE MUNICIPALS
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
ROBERT G. ZACK, ESQ.
OPPENHEIMERFUNDS, INC.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JULY
Date of reporting period: 07/31/2006
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Special Assessment 17.0%
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Higher Education 12.5
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Hospital/Health Care 9.7
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Multifamily Housing 7.2
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Special Tax 6.8
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Hotels, Restaurants & Leisure 5.4
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Adult Living Facilities 4.9
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Airlines 4.9
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Tobacco Settlement Payments 4.6
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Electric Utilities 4.0
Portfolio holdings and allocations are subject to change. Percentages are as of
July 31, 2006, and are based on the total market value of investments.
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CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 11.7%
AA 12.4
A 19.2
BBB 31.1
BB 4.7
B 2.9
CCC 2.9
C 0.2
D 0.1
Not Rated 14.8
Portfolio holdings and allocations are subject to change. Percentages are as of
July 31, 2006, and are dollar-weighted based on the total market value of
investments. As of that date, no securities held by the Fund were rated lower
than D. 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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12 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2006, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. Across the past 12 months, the Fund
performed extremely well for shareholders seeking tax-free income as its yield
compared very favorably to those earned by its competitors and by other fixed
income investments. As of July 31, 2006, the Fund's Class A shares produced a
distribution yield of 5.37% without sales charges. Lipper Analytical Services,
Inc.--an independent mutual fund rating service--reported an average
distribution yield of 3.83% among the 265 funds in its Municipal Debt Funds
category as of the same date. 1 The Fund's holdings represent a wide variety of
industry sectors and credit qualities, and tax-free income not subject to the
federal Alternative Minimum Tax ("AMT") made up 100% of the Fund's positive
total return for the period. Strong asset growth fueled the Fund's strategy of
building diversification, and by the end of the report period the number of
holdings in the Fund rose to 959, from 468 a year earlier.
The Fund's income-oriented approach continued to provide significant
benefit to our investors in this report period. In the year ended July 31, 2006,
the Fund's Class A shares generated a total return of 4.78% without sales charge
(-0.20% with sales charge). By comparison, its primary benchmark, the Lehman
Brothers Municipal Bond Index, produced a total return of 2.55% for the
period. 2 In the 12 months ended July 31, 2006, distributions totaled 55.2 cents
per Class A share. Trends in the municipal bond market created dividend pressure
during the 12 months ended July 31, 2006, and the monthly distribution, which
had held steady at $0.047 per Class A share through January, was reduced by
$0.002 starting with the February payment. Distributions for other share classes
were adjusted accordingly. This reduction is not related to the Fund's net asset
value per share. Importantly, this dividend reduction was not the result from
any defaults of bonds in the Fund's portfolio.
In this period, the prices of lower-rated municipal bonds have increased
relative to prices of higher-grade bonds, a condition sometimes known as "credit
spread tightening." With generally higher prices of lower-rated and non-rated
municipal securities, the Fund began adopting a general strategy of investing a
larger portfolio of its assets in higher-quality bonds during this period. For
example, as of July 31, 2006, BBB-rated paper
1. Lipper Analytical Services, Inc. Lipper calculations do not include sales
charges which, if included, would reduce results.
2. The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad
range of investment-grade municipal bonds. The index cannot be purchased
directly by investors. Index performance is shown for illustrative purposes only
and does not predict or depict the performance of a fund.
13 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND PERFORMANCE DISCUSSION
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represented just less than one-third of the portfolio's market value, down from
more than 40% at the time of last year's annual report. In the same period, the
Fund's holdings in AA-rated paper have nearly tripled, representing more than
12% of the portfolio's investments as of July 31, 2006. Also during this report
period, newly issued municipal bonds have offered fewer higher-yielding
municipal bonds that possess what we consider to be a favorable balance of risk
and reward for the Fund.
The Fund's holdings in Master Settlement Agreement ("MSA") tobacco-backed
bonds, which accounted for 4.6% of the Fund's investments as of July 31, 2006,
have contributed strongly to the Fund's yield and total return performance
during this period. MSA bonds are backed by the issuing State's (or U.S.
territory's) share of proceeds from a national litigation settlement with
tobacco manufacturers.
During this period the litigation environment has continued to improve for
the tobacco industry and, by extension, for MSA bonds. On December 15, 2005, the
Illinois Supreme Court reversed a $10.1 billion judgment against Philip Morris
USA that had been awarded by a lower court in 2003. Near the end of the period
the Florida Supreme Court upheld an appellate court's reversal of a $145 billion
judgment against cigarette manufacturers in the long-running Engle case. An
action brought by the U.S. government against the tobacco industry is still
pending, but we believe that final resolution of this matter will not carry
negative consequences for the Fund's MSA bonds.
MSA bond prices rose early in the report period amid widespread market
speculation that these bonds might be "pre-refunded" by their issuers. In a
pre-refunding, a municipality issues a new bond whose proceeds are escrowed in
U.S. Government bonds and earmarked to pay off another previously issued--but
not yet callable--municipal bond. When an outstanding bond is pre-refunded, its
price generally rises significantly. During this report period $310 million in
MSA-backed bonds issued in the State of Iowa were pre-refunded, and their prices
rose. As a result, holdings in this issue contributed to the Fund's yield and
net asset value for the period. After the pre-refunding event, the Fund sold its
holdings at a gain over their purchase price. The Fund also took strategic
advantage of tax loss carry-forwards to ensure that no capital gain was
distributed to shareholders. Pre-refunding of MSA-backed tobacco bonds provides
a particularly good example of how our yield-oriented investment strategy can
result in both yield and price appreciation for individual bonds, generating
attractive total return.
In the Fund's last annual report, we noted that holdings in the Pocahontas
Parkway project, an under-used toll road near Richmond, Virginia, seemed poised
for pre-refunding. The Fund had invested in the $450 million project at prices
we believed were attractive, having fallen largely because of
lower-than-anticipated project revenues. The Fund's decision to buy
14 | OPPENHEIMER AMT-FREE MUNICIPALS
when others were selling reflected our strong, research-based belief that the
bonds represented a solid investment and that bondholders would ultimately be
rewarded. Fund performance was enhanced in June 2006 when a private company,
Transurban of Australia, paid off the roadway's debt in a pre-refunding that was
part of 99-year agreement with the State of Virginia to lease the toll road.
The airline sector continues to have a positive impact on Fund
performance. Airline-backed bonds comprised 4.9% of the Fund's investments as of
July 31, 2006, with the great majority of these holdings backed by payments from
American Airlines. Growing passenger traffic, capacity control and increased
fares have helped to stabilize the financial picture at American Airlines.
Despite increased fuel prices, the airline had a profitable second quarter this
year and many analysts expect this carrier to return to profitability in 2006.
The Fund's holdings in airline sector bonds have been a positive contributor to
total return in this report period.
New Fund holdings have included many municipal bonds issued to finance the
infrastructure of new real estate development projects during this report
period. These bonds, sometimes known as "Special Tax" and "Special Assessment"
bonds, represented 23.8% of the Fund's investments as of July 31, 2006. We
believe that their credit structure can be particularly advantageous for
municipal bond investors, as the payments that secure the bonds are on parity
with real estate taxes. We use our own, in-house research to identify bonds in
this sector that represent value for shareholders, and the Fund's holdings in
these bonds are broadly diversified throughout California, Florida and Colorado.
This broad diversification helps to reduce the risk of an economic downturn in
any single geographic area.
Investors have also benefited from the Fund's holdings in bonds issued by
the Commonwealth of Puerto Rico. Despite the financial difficulties that led
Moody's Investors Services and Standard & Poor's to issue downgrades, these
bonds contributed to the Fund's positive total return in this report period.
While prices on bonds issued by Puerto Rico have been weak during this report
period, we believe that the government's decision to raise taxes to balance the
budget as well its efforts to reinforce its financial structure will ultimately
strengthen municipal bonds that the Fund continues to own. As we have continued
to monitor developments in Puerto Rico, we have taken advantage of market
weakness to add to positions in these bonds at favorable prices.
The Fund has reduced holdings in municipal inverse-floating-rate
securities during this report period. These holdings are generally highly
liquid, tax-exempt securities whose interest payments move inversely to
short-term interest rates: stated differently, an increase in short-term
interest rates causes a decline in income from these securities. As the yield
curve flattened and long-term interest rates rose slightly during this period,
15 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND PERFORMANCE DISCUSSION
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these securities generated less income than in previous periods. The Fund's
diversified portfolio includes a variety of bond types, structures and
maturities, in an effort to mute the effects of any one variety. Additionally,
we have continued to invest in select premium-coupon, callable bonds that may
remain outstanding through periods of rising short-term interest rates, in an
effort to minimize overall income volatility in the Fund.
The "Rochester style" of municipal bond investing is flexible and
responsive to market conditions; our strategies are intended to balance many
different types of risk to reduce exposure to any individual risk. We continue
to comb the market for bonds that offer attractive yields, and to monitor
developing market conditions. Notwithstanding a change in the Fund's dividend
distribution, we believe that shareholders will continue to benefit from highly
competitive yields as market conditions continue to develop. Shareholders should
note that market conditions during this report period did not affect the Fund's
overall investment strategies or cause it to pay any capital gain distribution.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until July 31, 2006. In the case of Class A, Class B and Class C
shares, performance is measured over a ten-year period. The Fund's performance
reflects the deduction of the maximum initial sales charge on Class A shares,
the applicable contingent deferred sales charge on Class B and Class C shares,
and reinvestments of all dividends and capital gains distributions. Past
performance cannot guarantee future results.
The Fund's performance is compared to the performance of the Lehman
Brothers Municipal Bond Index, an unmanaged index of a broad range of investment
grade municipal bonds that is widely regarded as a measure of the performance of
the general municipal bond market. Index performance reflects the reinvestment
of income but does not consider the effect of transaction costs, and none of the
data in the graphs shows the effect of taxes. The Fund's performance reflects
the effects of the Fund's business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
16 | OPPENHEIMER AMT-FREE MUNICIPALS
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer AMT-Free Municipals (Class A)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer AMT-Free Lehman Brothers
Municipals (Class A) Municipal Bond Index
07/31/1996 9,525 10,000
10/31/1996 9,766 10,252
01/31/1997 9,941 10,415
04/30/1997 10,001 10,458
07/31/1997 10,570 11,025
10/31/1997 10,640 11,123
01/31/1998 10,995 11,468
04/30/1998 10,917 11,430
07/31/1998 11,156 11,686
10/31/1998 11,427 12,014
01/31/1999 11,669 12,231
04/30/1999 11,681 12,224
07/31/1999 11,443 12,022
10/31/1999 11,016 11,802
01/31/2000 10,797 11,787
04/30/2000 11,091 12,112
07/31/2000 11,345 12,541
10/31/2000 11,552 12,806
01/31/2001 11,907 13,353
04/30/2001 11,805 13,369
07/31/2001 12,256 13,804
10/31/2001 12,379 14,151
01/31/2002 12,267 14,140
04/30/2002 12,440 14,305
07/31/2002 12,794 14,731
10/31/2002 12,787 14,982
01/31/2003 12,980 15,196
04/30/2003 13,278 15,519
07/31/2003 13,108 15,262
10/31/2003 13,680 15,748
01/31/2004 14,249 16,136
04/30/2004 14,178 15,935
07/31/2004 14,367 16,145
10/31/2004 15,042 16,698
01/31/2005 15,519 16,919
04/30/2005 15,810 17,021
07/31/2005 16,190 17,169
10/31/2005 16,177 17,121
01/31/2006 16,554 17,398
04/30/2006 16,670 17,388
07/31/2006 16,964 17,607
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/06
1-Year -0.20% 5-Year 5.68% 10-Year 5.43%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 20 FOR FURTHER INFORMATION.
17 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND PERFORMANCE DISCUSSION
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CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer AMT-Free Municipals (Class B)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer AMT-Free Lehman Brothers
Municipals (Class B) Municipal Bond Index
07/31/1996 10,000 10,000
10/31/1996 10,223 10,252
01/31/1997 10,387 10,415
04/30/1997 10,431 10,458
07/31/1997 11,005 11,025
10/31/1997 11,056 11,123
01/31/1998 11,405 11,468
04/30/1998 11,302 11,430
07/31/1998 11,527 11,686
10/31/1998 11,784 12,014
01/31/1999 12,011 12,231
04/30/1999 12,001 12,224
07/31/1999 11,732 12,022
10/31/1999 11,272 11,802
01/31/2000 11,026 11,787
04/30/2000 11,306 12,112
07/31/2000 11,543 12,541
10/31/2000 11,731 12,806
01/31/2001 12,069 13,353
04/30/2001 11,943 13,369
07/31/2001 12,377 13,804
10/31/2001 12,477 14,151
01/31/2002 12,327 14,140
04/30/2002 12,478 14,305
07/31/2002 12,817 14,731
10/31/2002 12,810 14,982
01/31/2003 13,004 15,196
04/30/2003 13,302 15,519
07/31/2003 13,133 15,262
10/31/2003 13,705 15,748
01/31/2004 14,275 16,136
04/30/2004 14,204 15,935
07/31/2004 14,394 16,145
10/31/2004 15,070 16,698
01/31/2005 15,548 16,919
04/30/2005 15,839 17,021
07/31/2005 16,220 17,169
10/31/2005 16,207 17,121
01/31/2006 16,584 17,398
04/30/2006 16,701 17,388
07/31/2006 16,995 17,607
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/06
1-Year -1.09% 5-Year 5.56% 10-Year 5.45%
18 | OPPENHEIMER AMT-FREE MUNICIPALS
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer AMT-Free Municipals (Class C)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer AMT-Free Lehman Brothers
Municipals (Class C) Municipal Bond Index
07/31/1996 10,000 10,000
10/31/1996 10,223 10,252
01/31/1997 10,386 10,415
04/30/1997 10,430 10,458
07/31/1997 11,003 11,025
10/31/1997 11,054 11,123
01/31/1998 11,403 11,468
04/30/1998 11,300 11,430
07/31/1998 11,525 11,686
10/31/1998 11,782 12,014
01/31/1999 12,009 12,231
04/30/1999 11,999 12,224
07/31/1999 11,730 12,022
10/31/1999 11,271 11,802
01/31/2000 11,025 11,787
04/30/2000 11,304 12,112
07/31/2000 11,541 12,541
10/31/2000 11,729 12,806
01/31/2001 12,068 13,353
04/30/2001 11,941 13,369
07/31/2001 12,375 13,804
10/31/2001 12,475 14,151
01/31/2002 12,326 14,140
04/30/2002 12,476 14,305
07/31/2002 12,808 14,731
10/31/2002 12,776 14,982
01/31/2003 12,943 15,196
04/30/2003 13,216 15,519
07/31/2003 13,022 15,262
10/31/2003 13,564 15,748
01/31/2004 14,102 16,136
04/30/2004 14,006 15,935
07/31/2004 14,166 16,145
10/31/2004 14,790 16,698
01/31/2005 15,246 16,919
04/30/2005 15,504 17,021
07/31/2005 15,847 17,169
10/31/2005 15,787 17,121
01/31/2006 16,125 17,398
04/30/2006 16,225 17,388
07/31/2006 16,463 17,607
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/06
1-Year 2.90% 5-Year 5.88% 10-Year 5.11%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 20 FOR FURTHER INFORMATION.
19 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES
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Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. 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 ANNUAL REPORT MUST BE PRECEDED OR
ACCOMPANIED BY THE CURRENT PROSPECTUS OF THE OPPENHEIMER AMT-FREE MUNICIPALS.
BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY
CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND
PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE
INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 10/27/76. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 4.75% except where noted. The Fund's maximum sales charge for Class A
shares was lower prior to 1/31/86, so actual performance may have been higher.
CLASS B shares of the Fund were first publicly offered on 3/16/93. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to
Class A shares 72 months after purchase, the 10-year return for Class B uses
Class A performance for the period after conversion. Class B shares are subject
to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
20 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended July 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
21 | OPPENHEIMER AMT-FREE 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.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(2/1/06) (7/31/06) JULY 31, 2006
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Class A Actual $1,000.00 $1,024.80 $3.97
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Class A Hypothetical 1,000.00 1,020.88 3.97
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Class B Actual 1,000.00 1,020.90 8.00
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Class B Hypothetical 1,000.00 1,016.91 7.98
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Class C Actual 1,000.00 1,021.00 7.80
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Class C Hypothetical 1,000.00 1,017.11 7.78
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 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended July 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- --------------------------
Class A 0.79%
- --------------------------
Class B 1.59
- --------------------------
Class C 1.55
- --------------------------------------------------------------------------------
22 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS July 31, 2006
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--100.1%
- --------------------------------------------------------------------------------------------------------------------------------
ALABAMA--0.2%
$ 15,000 AL HFA (Pelican) 6.550% 03/20/2030 $ 15,316
- --------------------------------------------------------------------------------------------------------------------------------
1,580,000 AL Space Science Exhibit Finance Authority 6.000 10/01/2025 1,543,992
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Bessemer, AL Water, Series A 5.750 07/01/2026 25,536
- --------------------------------------------------------------------------------------------------------------------------------
55,000 Birmingham, AL Airport Authority 5.625 07/01/2026 56,161
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Birmingham, AL Baptist Medical Centers
(Baptist Health System) 5.625 11/15/2015 26,339
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Birmingham, AL Baptist Medical Centers
(Baptist Health System) 5.875 11/15/2024 15,841
- --------------------------------------------------------------------------------------------------------------------------------
125,000 Birmingham, AL Private Educational Building Authority
(Birmingham-Southern College) 6.125 12/01/2025 126,975
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Birmingham, AL Special Care Facilities Financing Authority
(Children's Hospital of Alabama) 5.500 06/01/2022 15,458
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Birmingham, AL Special Care Facilities Financing Authority
(Daughters of Charity) 5.000 11/01/2025 25,269
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Birmingham-Carraway, AL Special Care Facilities
(Carraway Methodist Hospitals) 5.875 08/15/2025 35,403
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Camden, AL Industrial Devel. Board
(Weyerhaeuser Company), Series A 6.125 12/01/2024 1,085,070
- --------------------------------------------------------------------------------------------------------------------------------
130,000 Cooperative District, AL Fort Deposit 6.000 02/01/2036 134,624
- --------------------------------------------------------------------------------------------------------------------------------
435,000 Greater Montgomery, AL Educational Building Authority
(Huntingdon College) 5.100 05/01/2016 433,412
- --------------------------------------------------------------------------------------------------------------------------------
115,000 Jefferson County, AL Sewer 5.375 02/01/2027 115,725
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Marshall County, AL Health Care Authority 5.400 02/01/2031 31,492
- --------------------------------------------------------------------------------------------------------------------------------
155,000 McIntosh, AL Industrial Devel. Board
(CIBA Specialty Chemicals) 5.375 06/01/2028 157,344
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Montgomery, AL Medical Clinic Board
(Jackson Hospital & Clinic) 5.875 03/01/2016 51,076
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Montgomery, AL Medical Clinic Board
(Jackson Hospital & Clinic) 6.000 03/01/2026 30,649
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Montgomery, AL Medical Clinic Board
(Jackson Hospital & Clinic) 7.000 03/01/2015 15,032
- --------------------------------------------------------------------------------------------------------------------------------
15,000 West Morgan-East Lawrence, AL Water Authority 5.625 08/15/2025 15,311
--------------
3,956,025
- --------------------------------------------------------------------------------------------------------------------------------
ALASKA--0.4%
2,500,000 AK HFC RITES 7.432 1 06/01/2032 2,701,550
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 AK HFC ROLs 8.578 1 12/01/2033 2,086,160
- --------------------------------------------------------------------------------------------------------------------------------
175,000 AK Northern Tobacco Securitization Corp. (TASC) 5.500 06/01/2029 178,140
- --------------------------------------------------------------------------------------------------------------------------------
15,000 AK Northern Tobacco Securitization Corp. (TASC) 6.500 06/01/2031 15,761
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Aleutians East Burough, AK (Aleutian Pribilof Islands) 5.500 06/01/2025 1,048,290
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Aleutians East Burough, AK (Aleutian Pribilof Islands) 5.500 06/01/2036 1,036,430
--------------
7,066,331
23 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
ARIZONA--3.1%
$ 30,000 Apache County, AZ IDA (Tucson Electric Power Company) 5.875% 03/01/2033 $ 30,013
- --------------------------------------------------------------------------------------------------------------------------------
10,000 AZ Health Facilities Authority
(FMC/SMC Obligated Group) 5.250 10/01/2026 10,247
- --------------------------------------------------------------------------------------------------------------------------------
750,000 AZ West Campus Hsg. (Arizona State University) 6.375 07/01/2022 854,243
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750 07/01/2022 1,026,160
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 2,067,040
- --------------------------------------------------------------------------------------------------------------------------------
764,950 Central AZ Irrigation & Drain District, Series A 6.000 06/01/2013 765,990
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Estrella, AZ Mountain Ranch Community Facilities District 5.625 07/15/2025 200,412
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Estrella, AZ Mountain Ranch Community Facilities District 5.800 07/15/2030 101,005
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Gladden Farms, AZ Community Facilities District 2 5.500 07/15/2031 250,278
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Glendale, AZ IDA (Midwestern University) 5.375 05/15/2028 10,305
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Glendale, AZ IDA (Midwestern University) 6.000 05/15/2026 102,166
- --------------------------------------------------------------------------------------------------------------------------------
800,000 Litchfield, AZ Park Community Facility District 6.375 07/15/2026 852,728
- --------------------------------------------------------------------------------------------------------------------------------
2,025,000 Maricopa County, AZ IDA (Christian Care Apartments) 6.500 01/01/2036 2,117,583
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Maricopa County, AZ IDA (Christian Care Mesa II) 6.625 01/01/2034 2,051,940
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Maricopa County, AZ IDA (Immanuel Campus Care) 8.500 04/20/2041 500,215
- --------------------------------------------------------------------------------------------------------------------------------
85,000 Maricopa County, AZ IDA (Madera Pointe Apartments) 5.800 06/01/2015 86,768
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 1,365,375
- --------------------------------------------------------------------------------------------------------------------------------
1,260,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 1,078,623
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Maricopa County, AZ Pollution Control Corp.
(Public Service Company of New Mexico) 5.750 11/01/2022 75,839
- --------------------------------------------------------------------------------------------------------------------------------
55,000 Maricopa County, AZ Pollution Control Corp.
(Public Service Company of New Mexico) 6.300 12/01/2026 56,672
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Merrill Ranch, AZ Community Facilities District No. 1
Special Assessment Lien 5.300 07/01/2030 500,550
- --------------------------------------------------------------------------------------------------------------------------------
400,000 Mesa, AZ IDA (Mesa Student Hsg.) 6.000 07/01/2032 414,556
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Mesa, AZ IDA (Mesa Student Hsg.) 6.250 07/01/2032 54,186
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Mesa, AZ IDA Student Hsg. (Arizona State University East) 6.000 07/01/2026 215,020
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Peoria, AZ IDA (Sierra Winds) 6.375 08/15/2029 3,097,290
- --------------------------------------------------------------------------------------------------------------------------------
5,535,000 Phoenix, AZ IDA (Christian Care) 5.500 07/01/2035 5,462,104
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Phoenix, AZ IDA (Summit Apartments) 6.550 07/20/2037 1,077,650
- --------------------------------------------------------------------------------------------------------------------------------
1,735,000 Pima County, AZ IDA (Arizona Charter School) 6.100 07/01/2024 1,782,591
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (Arizona Charter School) 6.300 07/01/2031 515,050
- --------------------------------------------------------------------------------------------------------------------------------
1,570,000 Pima County, AZ IDA (Arizona Charter School) 6.500 07/01/2023 1,643,052
- --------------------------------------------------------------------------------------------------------------------------------
1,315,000 Pima County, AZ IDA (Arizona Charter School) 6.750 07/01/2031 1,379,080
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (Facility Choice Education
& Devel. Corp.) 6.250 06/01/2026 503,780
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Pima County, AZ IDA (Facility Choice Education
& Devel. Corp.) 6.375 06/01/2036 755,910
- --------------------------------------------------------------------------------------------------------------------------------
1,100,000 Pima County, AZ IDA (Noah Webster Basic School) 6.125 12/15/2034 1,143,681
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (P.L.C. Charter Schools) 6.750 04/01/2036 526,215
24 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 120,000 Pima County, AZ IDA (Paradise Education Center) 5.875% 06/01/2033 $ 117,608
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Pima County, AZ IDA (Paradise Education Center) 6.000 06/01/2036 248,430
- --------------------------------------------------------------------------------------------------------------------------------
2,845,000 Pima County, AZ IDA (Phoenix Advantage Charter School) 5.600 07/01/2023 2,980,735
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pinal County, AZ IDA (Florence West Prison) 5.250 10/01/2021 1,035,390
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pinal County, AZ IDA (Florence West Prison) 5.250 10/01/2022 1,037,020
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Quail Creek, AZ Community Facilities District 5.550 07/15/2030 504,590
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 San Luis, AZ Facility Devel. Corp.
(Regional Detention Center) 7.000 05/01/2020 997,410
- --------------------------------------------------------------------------------------------------------------------------------
1,420,000 Show Low, AZ IDA (Navapache Regional Medical Center) 5.000 12/01/2025 1,455,571
- --------------------------------------------------------------------------------------------------------------------------------
3,620,000 Show Low, AZ IDA (Navapache Regional Medical Center) 5.000 12/01/2030 3,691,459
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Show Low, AZ IDA (Navapache Regional Medical Center) 5.000 12/01/2035 4,066,880
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Verrado, AZ Community Facilities District 6.500 07/15/2027 5,304,850
- --------------------------------------------------------------------------------------------------------------------------------
1,375,000 Vistancia, AZ Community Facilities District 5.500 07/15/2020 1,397,798
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 Vistancia, AZ Community Facilities District 5.750 07/15/2024 1,229,052
--------------
56,741,110
- --------------------------------------------------------------------------------------------------------------------------------
ARKANSAS--0.1%
100,000 Independence County, AR Hydroelectric Power 5.300 05/01/2033 101,974
- --------------------------------------------------------------------------------------------------------------------------------
195,000 Pine Bluff, AR IDA (Colt Industries) 6.500 02/15/2009 195,343
- --------------------------------------------------------------------------------------------------------------------------------
690,000 Pope County, AR Pollution Control
(Arkansas Power & Light Company) 6.300 11/01/2020 693,278
--------------
990,595
- --------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--7.2%
3,255,000 Apple Valley, CA Redevel. Agency Tax Allocation 5.000 06/01/2035 3,274,400
- --------------------------------------------------------------------------------------------------------------------------------
2,220,000 Beaumont, CA Financing Authority, Series B 5.875 09/01/2023 2,362,813
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 CA County Tobacco Securitization Agency 6.500 3 06/01/2046 565,950
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 CA County Tobacco Securitization Agency 6.650 3 06/01/2046 448,320
- --------------------------------------------------------------------------------------------------------------------------------
129,820,000 CA County Tobacco Securitization Agency 6.700 3 06/01/2050 7,177,748
- --------------------------------------------------------------------------------------------------------------------------------
38,650,000 CA County Tobacco Securitization Agency 7.550 3 06/01/2055 1,084,906
- --------------------------------------------------------------------------------------------------------------------------------
93,000,000 CA County Tobacco Securitization Agency (TASC) 6.650 3 06/01/2046 6,696,930
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 CA GO Fixed Receipts 5.250 02/01/2025 1,260,516
- --------------------------------------------------------------------------------------------------------------------------------
4,700,000 CA GO RITES 6.525 1 02/01/2025 5,648,084
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 CA Golden State Tobacco Securitization Corp. 4 6.625 06/01/2040 1,673,940
- --------------------------------------------------------------------------------------------------------------------------------
33,195,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2045 33,369,274
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 CA Golden State Tobacco Securitization Corp. ROLs 5 8.568 1 06/01/2045 5,105,100
- --------------------------------------------------------------------------------------------------------------------------------
1,125,000 CA Municipal Finance Authority
(Cancer Center of Santa Barbara) 5.000 06/01/2026 1,152,596
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 CA Statewide CDA (East Campus Apartments) 5.625 08/01/2034 6,246,840
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Corona-Norco, CA Unified School District
Community Facilities District No. 04-1 5.200 09/01/2036 1,998,400
25 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 5,060,000 East Palo Alto, CA Public Finance Authority
(University Circle Gateway) 5.000% 10/01/2029 $ 5,170,510
- --------------------------------------------------------------------------------------------------------------------------------
590,000 Independent Cities, CA Lease Finance Authority
(Morgan Hill-Hacienda Valley) 5.950 11/15/2039 617,535
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 Jurupa, CA Community Services District
(Eastvale Area) COP 2 5.125 09/01/2025 1,197,048
- --------------------------------------------------------------------------------------------------------------------------------
1,270,000 Lake Elsinore, CA Special Tax 5.150 09/01/2025 1,281,163
- --------------------------------------------------------------------------------------------------------------------------------
1,195,000 Lake Elsinore, CA Special Tax 5.250 09/01/2030 1,205,444
- --------------------------------------------------------------------------------------------------------------------------------
2,450,000 Lake Elsinore, CA Special Tax 5.250 09/01/2035 2,448,065
- --------------------------------------------------------------------------------------------------------------------------------
4,900,000 Los Angeles, CA Community Redevel. Agency ROLs 8.608 1 09/01/2030 5,453,994
- --------------------------------------------------------------------------------------------------------------------------------
4,175,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta Airlines) 4 6.350 11/01/2025 3,825,260
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Redding, CA Electric System COP Linked SAVRS & RIBS 6.368 6 07/01/2022 3,537,780
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Riverside, CA Unified School District 6.200 09/01/2030 51,641
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 Santa Rosa, CA Rancheria Tachi Yokut Tribe Enterprise 6.625 03/01/2018 7,697,620
- --------------------------------------------------------------------------------------------------------------------------------
13,675,000 Southern CA Tobacco Securitization Authority 6.400 3 06/01/2046 1,116,564
- --------------------------------------------------------------------------------------------------------------------------------
47,250,000 Southern CA Tobacco Securitization Authority 7.100 3 06/01/2046 3,020,220
- --------------------------------------------------------------------------------------------------------------------------------
1,465,000 Stockton, CA Public Financing Authority, Series A 4 5.000 09/01/2022 1,508,818
- --------------------------------------------------------------------------------------------------------------------------------
1,450,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2023 1,491,006
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2024 1,283,325
- --------------------------------------------------------------------------------------------------------------------------------
1,350,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2025 1,383,804
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2031 3,132,390
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2034 3,125,790
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Temecula, CA Public Financing Authority
(Roripaugh Community Facilities District) 5.450 09/01/2026 1,996,260
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Temecula, CA Public Financing Authority
(Roripaugh Community Facilities District) 5.500 09/01/2036 991,950
- --------------------------------------------------------------------------------------------------------------------------------
1,160,000 Victor Valley, CA Union High School District 5.100 09/01/2035 1,141,800
--------------
130,743,804
- --------------------------------------------------------------------------------------------------------------------------------
COLORADO--5.1%
140,000 Adams & Weld Counties, CO School District (Brighton) 5.600 12/01/2012 140,804
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 508,115
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 1,017,920
- --------------------------------------------------------------------------------------------------------------------------------
2,800,000 Arista, CO Metropolitan District 6.750 12/01/2035 2,975,868
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 526,070
- --------------------------------------------------------------------------------------------------------------------------------
4,735,000 Broomfield, CO Village Metropolitan District No. 2 6.250 12/01/2032 4,731,449
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Central Marksheffel, CO Metropolitan District 7.250 12/01/2029 1,069,430
- --------------------------------------------------------------------------------------------------------------------------------
500,000 CO Educational & Cultural Facilities Authority
(Banning Lewis Ranch Academy) 6.125 12/15/2035 509,175
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 6.000 07/01/2042 4,895,100
26 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 10,000 CO Health Facilities Authority (Denver Options) 5.375% 02/01/2022 $ 10,292
- --------------------------------------------------------------------------------------------------------------------------------
30,000 CO Health Facilities Authority (Denver Options) 5.625 02/01/2032 31,118
- --------------------------------------------------------------------------------------------------------------------------------
2,560,000 CO Health Facilities Authority (Longmont United Hospital) 5.000 12/01/2030 2,608,486
- --------------------------------------------------------------------------------------------------------------------------------
30,000 CO Health Facilities Authority
(Northern Colorado Medical Center) 6.000 05/15/2020 31,802
- --------------------------------------------------------------------------------------------------------------------------------
2,270,000 CO Health Facilities Authority RITES 8.432 1 03/01/2022 2,752,420
- --------------------------------------------------------------------------------------------------------------------------------
500,000 CO International Center Metropolitan District No. 3 6.500 12/01/2035 514,530
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Colorado Springs, CO Utilities 5.750 11/15/2023 65,346
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Colorado Springs, CO Utilities 5.750 11/15/2023 50,272
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Colorado Springs, CO Utilities 5.750 11/15/2025 100,524
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Crystal Crossing, CO Metropolitan District 6.000 12/01/2036 503,205
- --------------------------------------------------------------------------------------------------------------------------------
815,000 Denver, CO City & County Airport 4 5.500 11/15/2025 826,394
- --------------------------------------------------------------------------------------------------------------------------------
6,460,000 Denver, CO City & County Airport 5.500 11/15/2025 6,550,311
- --------------------------------------------------------------------------------------------------------------------------------
12,500,000 Denver, CO Convention Center Hotel Authority 5.000 12/01/2035 12,857,750
- --------------------------------------------------------------------------------------------------------------------------------
115,000 Denver, CO Health & Hospital Authority, Series A 5.375 12/01/2028 117,344
- --------------------------------------------------------------------------------------------------------------------------------
800,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 811,312
- --------------------------------------------------------------------------------------------------------------------------------
5,540,000 Eagle Bend, CO Metropolitan District 5.000 12/01/2035 5,624,263
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Elkhorn Ranch, CO Metropolitan District 6.375 12/01/2035 1,036,160
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Fort Collins, CO Pollution Control
(Anheuser-Busch Companies) 6.000 09/01/2031 15,170
- --------------------------------------------------------------------------------------------------------------------------------
500,000 High Plains, CO Metropolitan District 6.250 12/01/2035 527,980
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Huntington Trails, CO Metropolitan District 6.250 12/01/2036 503,960
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 Kiowa, CO Water & Sewer 5.500 12/01/2030 1,178,580
- --------------------------------------------------------------------------------------------------------------------------------
100,000 La Plata County, CO School District No. 9-R (Durango) 5.250 11/01/2017 100,330
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Municipal SubDistrict Northern CO
Water Conservancy District 5.250 12/01/2015 35,949
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Murphy Creek, CO Metropolitan District No. 3 6.000 12/01/2026 1,051,310
- --------------------------------------------------------------------------------------------------------------------------------
2,850,000 Murphy Creek, CO Metropolitan District No. 3 4 6.125 12/01/2035 3,011,453
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Northwest CO Metropolitan District No. 3 6.125 12/01/2025 1,045,430
- --------------------------------------------------------------------------------------------------------------------------------
1,875,000 Northwest CO Metropolitan District No. 3 6.250 12/01/2035 1,960,256
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Park Creek, CO Metropolitan District 5.500 12/01/2030 2,066,320
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Park Creek, CO Metropolitan District 5.500 12/01/2037 5,135,900
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 SBC Metropolitan, CO District 5.000 12/01/2020 2,037,960
- --------------------------------------------------------------------------------------------------------------------------------
2,250,000 SBC Metropolitan, CO District 5.000 12/01/2025 2,269,058
- --------------------------------------------------------------------------------------------------------------------------------
1,440,000 SBC Metropolitan, CO District 5.000 12/01/2029 1,442,563
- --------------------------------------------------------------------------------------------------------------------------------
5,330,000 SBC Metropolitan, CO District 5.000 12/01/2034 5,279,418
- --------------------------------------------------------------------------------------------------------------------------------
190,000 Silver Dollar, CO Metropolitan District 5.100 12/01/2030 193,219
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southlands, CO Medical District 7.000 12/01/2024 1,096,650
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Southlands, CO Medical District 7.125 12/01/2034 4,391,600
- --------------------------------------------------------------------------------------------------------------------------------
2,695,000 Tower, CO Metropolitan District 5.000 12/01/2029 2,744,130
27 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 1,000,000 Wheatlands, CO Metropolitan District 6.000% 12/01/2025 $ 1,036,400
- --------------------------------------------------------------------------------------------------------------------------------
4,250,000 Woodmen Heights, CO Metropolitan District 7.000 12/01/2030 4,377,883
--------------
92,366,979
- --------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--2.0%
955,000 CT Devel. Authority Pollution Control
(Connecticut Light & Power Company) 5.850 09/01/2028 998,949
- --------------------------------------------------------------------------------------------------------------------------------
3,465,000 CT Devel. Authority Pollution Control
(Western Massachusetts Electric Company) 5.850 09/01/2028 3,624,459
- --------------------------------------------------------------------------------------------------------------------------------
85,000 CT H&EFA (3030 Park Fairfield Health Center) 6.000 11/01/2015 87,047
- --------------------------------------------------------------------------------------------------------------------------------
660,000 CT H&EFA (Bridgeport Hospital) 5.375 07/01/2025 673,794
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 CT H&EFA (Bridgeport Hospital) 6.625 07/01/2018 1,002,400
- --------------------------------------------------------------------------------------------------------------------------------
15,000 CT H&EFA (Bridgeport Hospital/Bridgeport
Hospital Foundation Obligated Group) 5.250 07/01/2015 15,312
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 CT H&EFA (Canterbury School) 5.000 07/01/2036 1,015,990
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 CT H&EFA (Eastern Connecticut Health Network) 5.000 07/01/2025 3,083,520
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 CT H&EFA (Eastern Connecticut Health Network) 5.125 07/01/2030 5,158,650
- --------------------------------------------------------------------------------------------------------------------------------
610,000 CT H&EFA (New Britain General Hospital), Series B 6.000 07/01/2024 621,084
- --------------------------------------------------------------------------------------------------------------------------------
1,125,000 CT H&EFA (St. Camillus Health Center) 6.250 11/01/2018 1,137,814
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 CT H&EFA (St. Joseph's Manor) 6.250 11/01/2016 3,024,990
- --------------------------------------------------------------------------------------------------------------------------------
4,430,000 CT H&EFA (University of Hartford) 5.250 07/01/2036 4,622,971
- --------------------------------------------------------------------------------------------------------------------------------
60,000 CT HFA 5.600 06/15/2017 61,704
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Mashantucket, CT Western Pequot Tribe, Series B 5.500 09/01/2036 1,291,963
- --------------------------------------------------------------------------------------------------------------------------------
9,900,000 Mashantucket, CT Western Pequot Tribe, Series B 5.750 09/01/2027 10,107,801
--------------
36,528,448
- --------------------------------------------------------------------------------------------------------------------------------
DELAWARE--0.4%
4,000,000 Bridgeville, DE Special Obligation (Heritage Shores) 5.450 07/01/2035 3,956,720
- --------------------------------------------------------------------------------------------------------------------------------
255,000 DE EDA (General Motors Corp.) 5.600 04/01/2009 249,316
- --------------------------------------------------------------------------------------------------------------------------------
1,100,000 Kent County, DE Student Hsg.
(DE State University Student Hsg. Foundation) 5.000 07/01/2025 1,115,389
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Kent County, DE Student Hsg.
(DE State University Student Hsg. Foundation) 5.000 07/01/2030 1,009,400
--------------
6,330,825
- --------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--0.2%
2,000,000 District of Columbia Friendship Public Charter School 5.250 06/01/2033 2,037,780
- --------------------------------------------------------------------------------------------------------------------------------
130,000 District of Columbia Hospital
(MH/NRH/MEDE/MRI/MLTCC/MCAS Obligated Group) 5.750 08/15/2026 132,791
- --------------------------------------------------------------------------------------------------------------------------------
610,000 District of Columbia Tobacco Settlement Financing Corp. 6.750 05/15/2040 663,113
--------------
2,833,684
28 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA--14.6%
$ 700,000 Amelia Walk, FL Community Devel. District
Special Assessment 5.500% 05/01/2037 $ 704,928
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 Arlington Ridge, FL Community Devel. District 5.500 05/01/2036 1,207,752
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Auburndale, FL Water & Sewer 5.250 12/01/2025 20,297
- --------------------------------------------------------------------------------------------------------------------------------
325,000 Avelar Creek, FL Community Devel. District 5.375 05/01/2036 324,012
- --------------------------------------------------------------------------------------------------------------------------------
1,990,000 Bartram Park, FL Community Devel. District 5.300 05/01/2035 1,999,612
- --------------------------------------------------------------------------------------------------------------------------------
1,900,000 Bay Laurel Center, FL Community Devel. District 5.450 05/01/2037 1,914,839
- --------------------------------------------------------------------------------------------------------------------------------
145,000 Bay, FL Medical Center 5.650 10/01/2026 148,236
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Baywinds, FL Community Devel. District 5.250 05/01/2037 246,413
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 2,156,600
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Broward County, FL Educational Facilities Authority
(Nova Southeastern University) 5.625 04/01/2034 25,948
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Broward County, FL Professional Sports Facilities
(Civic Arena) 5.700 09/01/2016 25,291
- --------------------------------------------------------------------------------------------------------------------------------
90,000 Cape Coral, FL Health Facilities Authority (Gulf Care) 5.625 10/01/2027 93,181
- --------------------------------------------------------------------------------------------------------------------------------
130,000 Cape Coral, FL Health Facilities Authority (Gulf Care) 6.000 10/01/2025 132,795
- --------------------------------------------------------------------------------------------------------------------------------
560,000 Cascades, FL Groveland Community Devel. District 5.300 05/01/2036 556,220
- --------------------------------------------------------------------------------------------------------------------------------
355,000 Clearwater, FL Hsg. Authority (Hamptons at Clearwater) 5.350 05/01/2024 363,793
- --------------------------------------------------------------------------------------------------------------------------------
3,655,000 Concorde Estates, FL Community Devel. District 5.850 05/01/2035 3,816,076
- --------------------------------------------------------------------------------------------------------------------------------
2,700,000 Cordoba Ranch, FL Community Devel. District
Special Assessment 5.550 05/01/2037 2,731,158
- --------------------------------------------------------------------------------------------------------------------------------
400,000 Crestview II, FL Community Devel. District
Special Assessment 5.600 05/01/2037 400,408
- --------------------------------------------------------------------------------------------------------------------------------
175,000 Dade County, FL Aviation (Miami International Airport) 4 5.600 10/01/2026 178,896
- --------------------------------------------------------------------------------------------------------------------------------
1,820,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000 06/01/2022 1,850,703
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Dade County, FL Water & Sewer System 5.250 10/01/2026 102,199
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Destin, FL Community Redevel. Agency (Town Center Area) 5.300 05/01/2027 25,316
- --------------------------------------------------------------------------------------------------------------------------------
1,955,000 Double Branch, FL Special Assessment
Community Devel. District 6.700 05/01/2034 2,137,851
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 East Homestead, FL Community Devel. District 5.000 05/01/2011 1,005,590
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 East Homestead, FL Community Devel. District 5.375 05/01/2036 998,440
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 East Homestead, FL Community Devel. District 5.450 11/01/2036 1,511,715
- --------------------------------------------------------------------------------------------------------------------------------
960,000 Fiddlers Creek, FL Community Devel. District 5.875 05/01/2021 1,004,563
- --------------------------------------------------------------------------------------------------------------------------------
2,550,000 FL Capital Trust Agency (American Opportunity) 5.875 06/01/2038 2,504,712
- --------------------------------------------------------------------------------------------------------------------------------
10,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 5.300 07/01/2035 10,007,400
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 5.350 07/01/2040 4,986,550
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 5,918,340
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 1,973,340
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 FL Capital Trust Agency (Seminole Tribe Convention) 8.950 10/01/2033 1,479,360
- --------------------------------------------------------------------------------------------------------------------------------
955,000 FL Capital Trust Agency Multifamily Affordable Hsg.,
Series C 8.125 10/01/2038 995,301
29 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 245,000 FL Gateway Services Community Devel. District
(Sun City Center) 6.500% 05/01/2033 $ 263,559
- --------------------------------------------------------------------------------------------------------------------------------
950,000 FL Principal One Community Devel. District 5.650 05/01/2035 962,341
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Forest Creek, FL Community Devel. District 5.450 05/01/2036 5,018,550
- --------------------------------------------------------------------------------------------------------------------------------
5,000 Gainesville, FL Utilities System 5.200 10/01/2026 5,112
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Glades, FL Correctional Devel. Corp.
(Glades County Detention) 7.375 03/01/2030 4,982,900
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Heritage Bay, FL Community Devel. District 5.500 05/01/2036 4,023,440
- --------------------------------------------------------------------------------------------------------------------------------
975,000 Heritage Harbour South, FL Community Devel. District 6.500 05/01/2034 1,049,432
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Hialeah, FL Hsg. Authority 5.800 06/20/2033 10,516
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Highlands County, FL Health Facilities Authority
(Adventist) 5.250 11/15/2028 10,189
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 Highlands, FL Community Devel. District 5.550 05/01/2036 6,076,140
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 762,608
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Hillsborough County, FL IDA (Tampa General Hospital) 5.400 10/01/2028 26,150
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Hillsborough County, FL IDA
(University Community Hospital) 5.625 08/15/2023 3,111,990
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Hillsborough County, FL School Board COP 5.375 07/01/2021 10,334
- --------------------------------------------------------------------------------------------------------------------------------
1,600,000 Islands at Doral, FL Southwest Community Devel. District 6.375 05/01/2035 1,715,328
- --------------------------------------------------------------------------------------------------------------------------------
145,000 Jacksonville, FL Electric Authority 5.000 10/01/2031 145,062
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Jacksonville, FL Electric Authority (St. Johns River) 5.375 10/01/2016 100,949
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Jacksonville, FL Electric Authority (Water & Sewer) 5.250 10/01/2039 10,349
- --------------------------------------------------------------------------------------------------------------------------------
1,875,000 Jacksonville, FL Electric Authority RITES 4.897 1 10/01/2022 1,877,925
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Jacksonville, FL Health Facilities Authority
(Daughters of Charity Health Services of Austin) 5.250 08/15/2027 35,798
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Jacksonville, FL Pollution Control
(Anheuser-Busch Companies) 5.700 08/01/2031 101,092
- --------------------------------------------------------------------------------------------------------------------------------
2,935,000 Keys Cove, FL Community Devel. District 5.500 05/01/2036 2,953,960
- --------------------------------------------------------------------------------------------------------------------------------
1,205,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,257,574
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Lake County, FL School Board COP RITES 6.560 1 06/01/2030 2,776,100
- --------------------------------------------------------------------------------------------------------------------------------
4,500,000 Lee County, FL IDA (Cypress Cove Healthpark) 6.750 10/01/2032 4,814,550
- --------------------------------------------------------------------------------------------------------------------------------
2,185,000 Lucaya, FL Community Devel. District 5.375 05/01/2035 2,168,984
- --------------------------------------------------------------------------------------------------------------------------------
600,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 617,142
- --------------------------------------------------------------------------------------------------------------------------------
85,000 Marion County, FL Hospital District
(Munroe Regional Medical Center) 5.625 10/01/2024 87,938
- --------------------------------------------------------------------------------------------------------------------------------
1,925,000 Marsh Harbor, FL Community Devel. District, Series A 5.450 05/01/2036 1,938,802
- --------------------------------------------------------------------------------------------------------------------------------
3,050,000 Mediterranea, FL Community Devel. District
Special Assessment 5.600 05/01/2037 3,102,887
- --------------------------------------------------------------------------------------------------------------------------------
2,390,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.800 11/15/2031 2,628,737
30 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 2,500,000 Midtown Miami, FL Community Devel. District
Special Assessment 6.500% 05/01/2037 $ 2,754,275
- --------------------------------------------------------------------------------------------------------------------------------
150,000 Mira Lago West, FL Community Devel. District 5.375 05/01/2036 149,766
- --------------------------------------------------------------------------------------------------------------------------------
1,430,000 Miromar Lakes, FL Community Devel. District 6.875 05/01/2035 1,581,394
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monterra, FL Community Devel. District
Special Assessment 5.125 11/01/2014 1,004,530
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 New Port Tampa Bay, FL Community Devel. District 5.300 11/01/2012 1,005,140
- --------------------------------------------------------------------------------------------------------------------------------
4,260,000 New Port Tampa Bay, FL Community Devel. District 5.875 05/01/2038 4,303,622
- --------------------------------------------------------------------------------------------------------------------------------
7,940,000 Oakland, FL Charter School 6.950 12/01/2032 8,209,960
- --------------------------------------------------------------------------------------------------------------------------------
300,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 8.875 07/01/2021 333,501
- --------------------------------------------------------------------------------------------------------------------------------
800,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 9.000 07/01/2031 881,840
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Palm Bay, FL Educational Facilities (Patriot Charter School) 7.000 07/01/2036 1,332,738
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Palm Beach County, FL Health Facilities Authority
(Adult Community Services) 5.625 11/15/2020 25,559
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Palm Beach County, FL Health Facilities Authority
(Boca Raton Community Hospital) 5.500 12/01/2021 30,910
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Palm Beach County, FL Health Facilities Authority
(Boca Raton Community Hospital) 5.625 12/01/2031 25,899
- --------------------------------------------------------------------------------------------------------------------------------
195,000 Palm Beach County, FL Multifamily (Boynton Apartments) 7 8.000 01/01/2014 128,158
- --------------------------------------------------------------------------------------------------------------------------------
2,125,000 Palm Coast Park, FL Community Devel. District
Special Assessment 5.700 05/01/2037 2,138,600
- --------------------------------------------------------------------------------------------------------------------------------
325,000 Palm Glades, FL Community Devel. District 5.300 05/01/2036 325,413
- --------------------------------------------------------------------------------------------------------------------------------
2,910,000 Parkway Center, FL Community Devel. District, Series A 6.125 05/01/2024 3,095,978
- --------------------------------------------------------------------------------------------------------------------------------
2,205,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 2,345,657
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Pinellas County, FL Educational Facilities Authority
(Barry University) 5.375 10/01/2028 51,256
- --------------------------------------------------------------------------------------------------------------------------------
7,910,000 Pinellas County, FL Educational Facilities Authority
(Eckerd College) 5.250 10/01/2029 8,209,314
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Portico, FL Community Devel. District 5.450 05/01/2037 755,858
- --------------------------------------------------------------------------------------------------------------------------------
9,000,000 Quarry, FL Community Devel. District 5.250 05/01/2016 9,016,290
- --------------------------------------------------------------------------------------------------------------------------------
800,000 Quarry, FL Community Devel. District 5.250 05/01/2036 800,688
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Quarry, FL Community Devel. District 5.500 05/01/2036 2,514,650
- --------------------------------------------------------------------------------------------------------------------------------
11,500,000 Renaissance Commons, FL Community Devel. District,
Series A 5.600 05/01/2036 11,766,340
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Reunion East, FL Community Devel. District 5.800 05/01/2036 258,063
- --------------------------------------------------------------------------------------------------------------------------------
6,025,000 Reunion East, FL Community Devel. District, Series A 7.375 05/01/2033 6,689,497
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Reunion West, FL Community Devel. District
Special Assessment 6.250 05/01/2036 2,635,225
- --------------------------------------------------------------------------------------------------------------------------------
275,000 Santa Rosa Bay, FL Bridge Authority 6.250 07/01/2028 280,836
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Shingle Creek, FL Community Devel. District 6.100 05/01/2025 2,006,480
31 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,750,000 Shingle Creek, FL Community Devel. District 6.125% 05/01/2037 $ 1,743,315
- --------------------------------------------------------------------------------------------------------------------------------
1,305,000 Sonoma Bay, FL Community Devel. District, Series A 5.450 05/01/2036 1,314,357
- --------------------------------------------------------------------------------------------------------------------------------
75,000 South Lake County, FL Hospital District
(Orlando Regional Healthcare System) 5.800 10/01/2034 77,759
- --------------------------------------------------------------------------------------------------------------------------------
100,000 South Miami, FL Health Facilities Authority
(BHM/BHSSF/HHI/SMH/SMHS Obligated Group) 5.375 10/01/2016 101,381
- --------------------------------------------------------------------------------------------------------------------------------
1,280,000 South-Dade, FL Venture Community Devel. District 6.125 05/01/2034 1,355,341
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 St. John's Forest, FL Community Devel. District, Series A 6.125 05/01/2034 3,158,250
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Stonebrier, FL Community Devel. District 5.500 05/01/2037 1,006,360
- --------------------------------------------------------------------------------------------------------------------------------
945,000 Stonegate, FL Community Devel. District 6.000 05/01/2024 1,006,746
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Stonegate, FL Community Devel. District 6.125 05/01/2034 1,053,130
- --------------------------------------------------------------------------------------------------------------------------------
780,000 Summerville, FL Community Devel. District 5.500 05/01/2036 785,039
- --------------------------------------------------------------------------------------------------------------------------------
14,290,000 Tampa, FL (University of Tampa) 5.000 04/01/2035 14,723,273
- --------------------------------------------------------------------------------------------------------------------------------
4,940,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 5,101,538
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Verandah East, FL Community Devel. District 5.400 05/01/2037 2,535,550
- --------------------------------------------------------------------------------------------------------------------------------
600,000 Verano Center, FL Community Devel. District 5.375 05/01/2037 600,984
- --------------------------------------------------------------------------------------------------------------------------------
1,790,000 Villa Portofino West, FL Community Devel. District 5.350 05/01/2036 1,790,519
- --------------------------------------------------------------------------------------------------------------------------------
900,000 Village, FL Community Devel. District No. 5, Series A 6.100 05/01/2034 944,892
- --------------------------------------------------------------------------------------------------------------------------------
815,000 Village, FL Community Devel. District No. 5, Series A 6.500 05/01/2033 875,775
- --------------------------------------------------------------------------------------------------------------------------------
1,600,000 Villages of Westport, FL Community Devel. District 5.700 05/01/2035 1,622,640
- --------------------------------------------------------------------------------------------------------------------------------
1,660,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.000 10/15/2025 1,701,118
- --------------------------------------------------------------------------------------------------------------------------------
170,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.000 10/15/2035 172,938
- --------------------------------------------------------------------------------------------------------------------------------
2,550,000 Volusia County, FL Educational Facility Authority ROLs 8.568 1 10/15/2013 2,802,654
- --------------------------------------------------------------------------------------------------------------------------------
7,900,000 Volusia County, FL Educational Facility Authority ROLs 8.568 1 10/15/2035 8,446,048
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Watergrass, FL Community Devel. District 4.875 11/01/2010 2,001,820
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Waters Edge, FL Community Devel. District 5.300 05/01/2036 5,005,250
- --------------------------------------------------------------------------------------------------------------------------------
4,265,000 Wentworth Estates, FL Community Devel. District 5.125 11/01/2012 4,283,681
- --------------------------------------------------------------------------------------------------------------------------------
3,525,000 Wentworth Estates, FL Community Devel. District 5.625 05/01/2037 3,563,493
- --------------------------------------------------------------------------------------------------------------------------------
500,000 West Villages, FL Improvement District 5.500 05/01/2037 503,230
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 West Villages, FL Improvement District 5.800 05/01/2036 3,079,470
- --------------------------------------------------------------------------------------------------------------------------------
6,000,000 Westside FL Community Devel. District 5.650 05/01/2037 6,084,180
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Winter Garden Village at Fowler Groves, FL
Community Devel. District Special Tax 5.650 05/01/2037 510,280
- --------------------------------------------------------------------------------------------------------------------------------
2,800,000 World Commerce, FL Community Devel. District
Special Assessment 6.500 05/01/2036 2,962,820
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Zephyr Ridge, FL Community Devel. District 5.250 05/01/2013 500,575
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Zephyr Ridge, FL Community Devel. District 5.625 05/01/2037 1,008,150
--------------
263,274,266
32 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
GEORGIA--3.3%
$ 13,410,000 Athens, GA Area Facilities Corp. COP (GA Dept. of Labor) 5.000% 06/15/2037 $ 13,327,797
- --------------------------------------------------------------------------------------------------------------------------------
13,000,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.000 07/01/2036 14,000,870
- --------------------------------------------------------------------------------------------------------------------------------
3,905,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.250 07/01/2024 4,320,922
- --------------------------------------------------------------------------------------------------------------------------------
2,470,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.250 07/01/2036 2,714,184
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Atlanta, GA Tax Allocation (Eastside) 5.400 01/01/2020 1,016,580
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 2,548,525
- --------------------------------------------------------------------------------------------------------------------------------
1,235,000 Atlanta, GA Tax Allocation (Princeton Lakes) 5.500 01/01/2031 1,239,891
- --------------------------------------------------------------------------------------------------------------------------------
45,000 Clarke County, GA Hospital Authority
(Athens Regional Medical Center) 5.000 01/01/2027 45,105
- --------------------------------------------------------------------------------------------------------------------------------
45,000 Clarke County, GA Hospital Authority
(Athens Regional Medical Center) 5.250 01/01/2029 46,418
- --------------------------------------------------------------------------------------------------------------------------------
20,000 De Kalb County, GA Devel. Authority
(General Motors Corp.) 6.000 03/15/2021 20,004
- --------------------------------------------------------------------------------------------------------------------------------
9,745,000 De Kalb County, GA Devel. Authority Public Purpose 5.500 12/10/2023 9,894,196
- --------------------------------------------------------------------------------------------------------------------------------
995,000 De Kalb County, GA Hsg. Authority
(Alternative Hsg. Snapwoods) 5.500 12/20/2032 1,019,437
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Fulton County, GA Residential Care Facilities
(Canterbury Court) 6.125 02/15/2034 2,048,080
- --------------------------------------------------------------------------------------------------------------------------------
25,000 GA HFA (Hunters Grove) 5.850 01/01/2017 25,624
- --------------------------------------------------------------------------------------------------------------------------------
2,815,000 GA Municipal Electric Authority RITES 12.421 1 01/01/2017 4,624,088
- --------------------------------------------------------------------------------------------------------------------------------
500,000 GA Municipal Electric Authority, Series X 6.500 01/01/2012 541,060
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Gainesville & Hall County, GA Hospital Authority
(Northeast Georgia Health Systems) 5.500 05/15/2031 51,489
- --------------------------------------------------------------------------------------------------------------------------------
280,000 Gordon County, GA Hospital Authority
(AHS-Sunbelt/AHS-GA Obligated Group) 5.750 11/15/2025 285,998
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Gwinnett County, GA Hospital Authority
(Gwinnett Hospital System) 5.000 09/01/2019 15,009
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Private Colleges & University Authority, GA
(Mercer University) 5.375 10/01/2029 101,978
- --------------------------------------------------------------------------------------------------------------------------------
5,000 Private Colleges & University Authority, GA
(Mercer University) 5.375 06/01/2031 5,091
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2024 525,180
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Savannah, GA EDA (Stone Container Corp.) 8.125 07/01/2015 1,021,890
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Savannah, GA EDA (University Financing Foundation) 6.750 11/15/2020 32,871
- --------------------------------------------------------------------------------------------------------------------------------
125,000 Savannah, GA EDA (University Financing Foundation) 6.750 11/15/2031 136,809
--------------
59,609,096
- --------------------------------------------------------------------------------------------------------------------------------
HAWAII--0.6%
70,000 Hawaii County, HI Improvement District No. 17
(Kaloko Subdivision) 7.375 08/01/2011 72,654
33 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
HAWAII Continued
$ 5,000,000 HI Airports System RITES 7.454% 1 07/01/2020 $ 5,779,150
- --------------------------------------------------------------------------------------------------------------------------------
4,200,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Nui) 8.000 11/15/2033 4,834,074
- --------------------------------------------------------------------------------------------------------------------------------
500,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 575,105
- --------------------------------------------------------------------------------------------------------------------------------
125,000 HI Hsg. Finance & Devel. Corp. (Single Family Mtg.) 5.450 07/01/2017 128,603
--------------
11,389,586
- --------------------------------------------------------------------------------------------------------------------------------
IDAHO--1.8%
2,500,000 ID Health Facilities Authority ROLs 8.488 1 09/01/2035 2,607,400
- --------------------------------------------------------------------------------------------------------------------------------
1,780,000 ID Health Facilities Authority ROLs 8.488 1 09/01/2035 1,856,469
- --------------------------------------------------------------------------------------------------------------------------------
20,000 ID Hsg. Agency (Multifamily Hsg.) 6.700 07/01/2024 20,020
- --------------------------------------------------------------------------------------------------------------------------------
1,900,000 Madison County, ID Hospital (COP) 5.250 09/01/2037 1,927,854
- --------------------------------------------------------------------------------------------------------------------------------
16,855,000 Nez Perce County, ID Pollution Control (Potlatch Corp.) 6.000 10/01/2024 17,148,614
- --------------------------------------------------------------------------------------------------------------------------------
5,360,000 Pocatello, ID Devel. Authority Revenue Allocation
Tax Increment, Series A 6.000 08/01/2028 5,317,978
- --------------------------------------------------------------------------------------------------------------------------------
2,980,000 Twin Falls, ID Urban Renewal Agency, Series A 5.450 08/01/2022 2,947,101
--------------
31,825,436
- --------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--9.1%
1,825,000 Bedford Park, IL Tax 5.125 12/30/2018 1,807,571
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Bryant, IL Pollution Control (Central Illinois Light Company) 5.900 08/01/2023 75,197
- --------------------------------------------------------------------------------------------------------------------------------
355,000 Carol Stream, IL Tax (Geneva Crossing) 5.000 12/30/2021 348,809
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cary, IL Special Tax (Special Service Area No. 1) 5.000 03/01/2030 1,009,440
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Cary, IL Special Tax (Special Service Area No. 2) 5.000 03/01/2030 2,018,880
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Chicago, IL Board of Education (Chicago School Reform) 5.250 12/01/2030 67,058
- --------------------------------------------------------------------------------------------------------------------------------
1,515,000 Chicago, IL GO 4 5.125 01/01/2025 1,533,195
- --------------------------------------------------------------------------------------------------------------------------------
10,030,000 Chicago, IL Midway Airport 5.500 01/01/2029 10,193,790
- --------------------------------------------------------------------------------------------------------------------------------
31,245,000 Chicago, IL O'Hare International Airport
(American Airlines) 8.200 12/01/2024 32,088,615
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Chicago, IL O'Hare International Airport
(Passenger Facility Charge) 5.625 01/01/2014 51,066
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Chicago, IL Tax (Pilsen Redevel.) 6.750 06/01/2022 5,216,850
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Chicago, IL Waterworks 5.000 11/01/2025 50,837
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Cook County, IL (Jewish Federation) 6.000 08/15/2022 20,432
- --------------------------------------------------------------------------------------------------------------------------------
2,400,000 Cook County, IL Community School District GO 7.125 06/01/2024 3,006,816
- --------------------------------------------------------------------------------------------------------------------------------
1,125,000 Cortland, IL Special Tax (Sheaffer System) 5.500 03/01/2017 1,126,283
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Deerfield, IL Educational Facilities
(Chicagoland Jewish High School) 6.000 05/01/2041 503,795
- --------------------------------------------------------------------------------------------------------------------------------
270,000 Du Page County, IL Special Service Area No. 31
Special Tax (Monarch Landing) 5.400 03/01/2016 271,110
- --------------------------------------------------------------------------------------------------------------------------------
320,000 Du Page County, IL Special Service Area No. 31
Special Tax (Monarch Landing) 5.625 03/01/2036 321,818
34 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 130,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.700% 08/15/2026 $ 130,179
- --------------------------------------------------------------------------------------------------------------------------------
12,250,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.950 08/15/2026 12,443,918
- --------------------------------------------------------------------------------------------------------------------------------
330,000 IL Devel. Finance Authority Pollution Control
(Illinois Power Company) 5.400 03/01/2028 330,333
- --------------------------------------------------------------------------------------------------------------------------------
300,000 IL Devel. Finance Authority Pollution Control
(Illinois Power Company) 5.400 03/01/2028 300,303
- --------------------------------------------------------------------------------------------------------------------------------
1,625,000 IL Educational Facilities Authority (Augustana College) 5.625 10/01/2022 1,699,246
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 IL Educational Facilities Authority (Augustana College) 5.700 10/01/2032 3,099,900
- --------------------------------------------------------------------------------------------------------------------------------
1,125,000 IL Educational Facilities Authority
(Educational Advancement Fund) 6.250 05/01/2034 1,140,784
- --------------------------------------------------------------------------------------------------------------------------------
4,715,000 IL Educational Facilities Authority
(Northwestern University) 5.000 12/01/2038 4,794,542
- --------------------------------------------------------------------------------------------------------------------------------
1,450,000 IL Educational Facilities Authority
(Plum Creek Rolling Meadows) 6.500 12/01/2037 1,448,869
- --------------------------------------------------------------------------------------------------------------------------------
1,920,000 IL Finance Authority (Bethel Terrace Apartments) 5.125 09/01/2025 1,867,526
- --------------------------------------------------------------------------------------------------------------------------------
1,750,000 IL Finance Authority (Clare Oaks) 6.000 11/15/2039 1,754,603
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.375 02/15/2025 2,007,420
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.625 02/15/2037 2,016,800
- --------------------------------------------------------------------------------------------------------------------------------
500,000 IL Finance Authority (Luther Oaks) 5.700 08/15/2028 500,510
- --------------------------------------------------------------------------------------------------------------------------------
500,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2039 510,795
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 IL Finance Authority (Lutheran Hillside Village) 2 5.250 02/01/2037 5,088,500
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 IL Finance Authority (Lutheran Social Services
of Illinois/Vesper Management Corp. Obligated Group) 5.125 08/15/2028 968,540
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 IL Finance Authority Student Hsg.
(MJH Education Assistance) 5.125 06/01/2035 2,997,540
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 IL Health Facilities Authority
(Covenant Retirement Communities) 5.625 12/01/2032 5,283,250
- --------------------------------------------------------------------------------------------------------------------------------
1,755,000 IL Health Facilities Authority (Edward Hospital) 6.000 02/15/2019 1,787,906
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 IL Health Facilities Authority (Lake Forest Hospital) 6.000 07/01/2033 4,322,240
- --------------------------------------------------------------------------------------------------------------------------------
1,410,000 IL Health Facilities Authority
(Rush-Presbyterian-St. Luke's Medical Center) 5.500 11/15/2025 1,422,859
- --------------------------------------------------------------------------------------------------------------------------------
3,500,000 IL Health Facilities Authority ROLs 8.983 1 08/15/2033 3,769,010
- --------------------------------------------------------------------------------------------------------------------------------
75,000 IL Hsg. Devel. Authority (Multifamily Hsg.) 7.000 07/01/2017 75,861
- --------------------------------------------------------------------------------------------------------------------------------
90,000 IL Hsg. Devel. Authority (Multifamily Hsg.), Series 1991-A 8.250 07/01/2016 94,271
- --------------------------------------------------------------------------------------------------------------------------------
15,000 IL Hsg. Devel. Authority (Multifamily Hsg.), Series A 6.125 07/01/2025 15,014
- --------------------------------------------------------------------------------------------------------------------------------
50,000 IL Hsg. Devel. Authority (Multifamily) 6.100 07/01/2028 50,039
- --------------------------------------------------------------------------------------------------------------------------------
145,000 IL Metropolitan Pier & Exposition Authority 5.250 06/15/2027 147,733
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 IL Metropolitan Pier & Exposition Authority RITES 6.421 1 12/15/2028 2,747,700
- --------------------------------------------------------------------------------------------------------------------------------
160,000 Lake County, IL HFC, Series A 6.700 11/01/2014 160,227
- --------------------------------------------------------------------------------------------------------------------------------
3,740,000 Lakemoor Village, IL Special Tax 5.000 03/01/2027 3,812,593
35 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 2,725,000 Lincolnshire, IL Special Service Area No. 1 Special Tax
(Sedgebrook) 6.250% 03/01/2034 $ 2,873,867
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 4 5.250 01/01/2025 3,134,730
- --------------------------------------------------------------------------------------------------------------------------------
13,330,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.250 01/01/2036 13,856,402
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.500 01/01/2030 3,153,990
- --------------------------------------------------------------------------------------------------------------------------------
1,575,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.500 01/01/2036 1,644,930
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 7.125 01/01/2036 3,188,460
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Plano, IL Special Service Area No. 5 6.000 03/01/2036 1,262,938
- --------------------------------------------------------------------------------------------------------------------------------
40,000 Quincy, IL (Blessing Hospital) 6.000 11/15/2018 40,041
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Schaumburg, IL Multifamily Hsg. (Plum Grove) 6.050 02/01/2031 518,430
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Volo Village, IL Special Service Area (Remington Pointe) 6.450 03/01/2034 4,190,360
- --------------------------------------------------------------------------------------------------------------------------------
1,825,000 Yorkville, IL United City Special Services Area
Special Tax (Bristol Bay) 5.875 03/01/2036 1,799,706
- --------------------------------------------------------------------------------------------------------------------------------
1,750,000 Yorkville, IL United City Special Services Area
Special Tax (Raintree Village II) 6.250 03/01/2035 1,834,823
--------------
163,999,250
- --------------------------------------------------------------------------------------------------------------------------------
INDIANA--1.7%
4,815,000 Boone County, IN Redevel. Commission, Series A 5.250 02/01/2034 4,940,479
- --------------------------------------------------------------------------------------------------------------------------------
1,600,000 Hamilton County, IN Redevel. District (Thomas Electrics) 5.100 02/01/2031 1,577,760
- --------------------------------------------------------------------------------------------------------------------------------
25,000 IN Devel. Finance Authority (USX Corp.) 5.600 12/01/2032 25,743
- --------------------------------------------------------------------------------------------------------------------------------
180,000 IN Devel. Finance Authority (USX Corp.) 6.150 07/15/2022 185,254
- --------------------------------------------------------------------------------------------------------------------------------
30,000 IN Health Facility Financing Authority 5.250 07/01/2022 30,623
- --------------------------------------------------------------------------------------------------------------------------------
15,000 IN Health Facility Financing Authority
(Deaconess Hospital) 5.500 03/01/2029 15,353
- --------------------------------------------------------------------------------------------------------------------------------
15,000 IN HFA (Single Family Mtg.) 6.800 01/01/2017 15,360
- --------------------------------------------------------------------------------------------------------------------------------
25,000 IN Municipal Power Agency, Series A 5.300 01/01/2023 25,267
- --------------------------------------------------------------------------------------------------------------------------------
3,250,000 Indianapolis, IN Local Public Improvement Bond
Bank RITES 7.432 1 07/01/2033 4,222,140
- --------------------------------------------------------------------------------------------------------------------------------
1,605,000 Marion, IN Redevel. District County Optional Income Tax 5.250 01/15/2025 1,680,226
- --------------------------------------------------------------------------------------------------------------------------------
6,820,000 Nobelsville, IN Redevel. Authority (146th Street Extension) 2 5.250 02/01/2030 7,069,748
- --------------------------------------------------------------------------------------------------------------------------------
4,750,000 North Manchester, IN (Estelle Peabody Memorial Home) 7.125 07/01/2022 4,956,910
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Petersburg, IN Pollution Control
(Indianapolis Power & Light Company) 5.400 08/01/2017 67,347
- --------------------------------------------------------------------------------------------------------------------------------
1,625,000 Petersburg, IN Pollution Control
(Indianapolis Power & Light Company) 6.625 12/01/2024 1,656,915
- --------------------------------------------------------------------------------------------------------------------------------
1,195,000 Portage, IN Economic Devel. (Ameriplex) 5.000 07/15/2023 1,188,212
36 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
INDIANA Continued
$ 1,000,000 Portage, IN Economic Devel. (Ameriplex) 5.000% 01/15/2027 $ 982,380
- --------------------------------------------------------------------------------------------------------------------------------
240,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 6.000 05/15/2038 248,782
- --------------------------------------------------------------------------------------------------------------------------------
1,400,000 Vanderburgh County, IN Redevel. Commission 5.250 02/01/2031 1,437,814
--------------
30,326,313
- --------------------------------------------------------------------------------------------------------------------------------
IOWA--1.7%
400,000 Bremer County, IA Retirement Facilities (Bartels Lutheran) 5.125 11/15/2020 398,604
- --------------------------------------------------------------------------------------------------------------------------------
700,000 Bremer County, IA Retirement Facilities (Bartels Lutheran) 5.375 11/15/2027 702,478
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Coralville, IA Urban Renewal 5.750 06/01/2028 251,638
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Coralville, IA Urban Renewal 6.000 06/01/2036 253,718
- --------------------------------------------------------------------------------------------------------------------------------
750,000 IA Finance Authority (Amity Fellowserve) 6.500 10/01/2036 756,308
- --------------------------------------------------------------------------------------------------------------------------------
50,000 IA Finance Authority (Boys & Girls Home
& Family Services) 6.250 12/01/2028 51,662
- --------------------------------------------------------------------------------------------------------------------------------
325,000 IA Finance Authority (Mercy Health Services) 5.250 08/15/2027 332,176
- --------------------------------------------------------------------------------------------------------------------------------
1,235,000 IA Finance Authority Health Facilities (Care Initiatives) 2 5.500 07/01/2025 1,270,111
- --------------------------------------------------------------------------------------------------------------------------------
500,000 IA Finance Authority Retirement Community
(Friendship Haven) 5.750 11/15/2019 502,000
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.000 11/15/2024 1,011,400
- --------------------------------------------------------------------------------------------------------------------------------
900,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.125 11/15/2032 911,097
- --------------------------------------------------------------------------------------------------------------------------------
4,185,000 IA Higher Education Loan Authority (Wartburg College) 5.250 10/01/2030 4,188,390
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 2,988,420
- --------------------------------------------------------------------------------------------------------------------------------
20,000 IA State University Science & Technology
(Academic Building) 5.500 07/01/2015 20,026
- --------------------------------------------------------------------------------------------------------------------------------
210,000 IA Tobacco Settlement Authority 5.500 06/01/2042 214,028
- --------------------------------------------------------------------------------------------------------------------------------
25,000 IA Tobacco Settlement Authority 5.625 06/01/2046 25,734
- --------------------------------------------------------------------------------------------------------------------------------
15,420,000 IA Tobacco Settlement Authority ROLs 5 9.074 1 06/01/2046 16,778,194
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Iowa City, IA Sewer 5.750 07/01/2021 30,046
--------------
30,686,030
- --------------------------------------------------------------------------------------------------------------------------------
KANSAS--0.4%
1,730,000 Hays, KS Sales Tax 6.000 01/01/2025 1,741,712
- --------------------------------------------------------------------------------------------------------------------------------
2,735,000 KS Devel. Finance Authority (Luther Gardens) 5.600 05/20/2034 2,928,912
- --------------------------------------------------------------------------------------------------------------------------------
70,000 La Cygne, KS Pollution Control
(Kansas Gas & Electric Company) 5.100 03/01/2023 70,055
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Pittsburgh, KS Special Obligation
(North Broadway Redevel.) 4.900 04/01/2024 2,457,775
--------------
7,198,454
- --------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.4%
580,000 Boone County, KY Pollution Control
(Dayton Power & Light Company) 6.500 11/15/2022 585,243
37 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
KENTUCKY Continued
$ 970,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 7 7.250% 02/01/2022 $ 525,197
- --------------------------------------------------------------------------------------------------------------------------------
215,000 KY EDFA (St. Claire Medical Center) 5.625 09/01/2021 215,275
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Louisville & Jefferson County, KY Metropolitan
Government (AHSI/AOLM Obligated Group) 5.000 10/01/2035 2,516,875
- --------------------------------------------------------------------------------------------------------------------------------
3,790,000 Muhlenberg County, KY Hospital
(Muhlenberg Community Hospital) 6.750 07/01/2010 3,872,698
--------------
7,715,288
- --------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--2.1%
5,010,000 Calcasieu Parish, LA Industrial Devel. Board (Olin Corp.) 6.625 02/01/2016 5,362,854
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Calcasieu Parish, LA Industrial Devel. Board
Pollution Control (Entergy Gulf States) 5.450 07/01/2010 10,048
- --------------------------------------------------------------------------------------------------------------------------------
60,000 Epps, LA COP 8 8.000 06/01/2018 61,809
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 6.000 09/01/2022 1,033,060
- --------------------------------------------------------------------------------------------------------------------------------
1,750,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 6.000 09/01/2027 1,795,080
- --------------------------------------------------------------------------------------------------------------------------------
3,825,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 6.000 09/01/2035 3,893,888
- --------------------------------------------------------------------------------------------------------------------------------
865,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 7.500 09/01/2016 900,569
- --------------------------------------------------------------------------------------------------------------------------------
1,510,000 LA Local Government EF&CD Authority
(Capital Projects and Equipment) 6.550 09/01/2025 1,675,843
- --------------------------------------------------------------------------------------------------------------------------------
6,155,000 LA Local Government EF&CD Authority
(Oakleigh Apartments) Series A 6.375 06/01/2038 6,457,026
- --------------------------------------------------------------------------------------------------------------------------------
1,235,000 LA Local Government EF&CD Authority
(Oakleigh Apartments), Series A 7.500 06/01/2038 1,291,118
- --------------------------------------------------------------------------------------------------------------------------------
25,000 LA Public Facilities Authority (Dillard University) 5.300 08/01/2026 26,186
- --------------------------------------------------------------------------------------------------------------------------------
305,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 320,009
- --------------------------------------------------------------------------------------------------------------------------------
11,745,000 LA Tobacco Settlement Financing Corp. RITES 6.594 1 05/15/2039 12,900,943
- --------------------------------------------------------------------------------------------------------------------------------
50,000 New Orleans, LA Aviation Board
(Passenger Facility Charge) 6.000 09/01/2019 50,066
- --------------------------------------------------------------------------------------------------------------------------------
135,000 New Orleans, LA Exhibit Hall Special Tax
(Ernest N. Morial) 5.500 07/15/2018 136,512
- --------------------------------------------------------------------------------------------------------------------------------
140,000 New Orleans, LA Exhibit Hall Special Tax
(Ernest N. Morial) 5.600 07/15/2025 141,579
- --------------------------------------------------------------------------------------------------------------------------------
250,000 New Orleans, LA GO 5.500 12/01/2021 269,530
- --------------------------------------------------------------------------------------------------------------------------------
160,000 Orleans Parish, LA School Board 5.375 09/01/2018 160,115
- --------------------------------------------------------------------------------------------------------------------------------
300,000 Pointe Coupee Parish, LA Pollution Control
(Gulf State Utilities Company) 6.700 03/01/2013 301,482
- --------------------------------------------------------------------------------------------------------------------------------
500,000 St. Tammany Parish, LA Hospital Service District 5.000 07/01/2022 499,705
38 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
LOUISIANA Continued
$ 25,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 7.000% 11/01/2015 $ 25,275
--------------
37,312,697
- --------------------------------------------------------------------------------------------------------------------------------
MAINE--0.0%
35,000 ME H&HEFA (University of New England) 5.750 07/01/2023 35,026
- --------------------------------------------------------------------------------------------------------------------------------
MARYLAND--1.7%
10,000 Baltimore, MD City Hsg. Corp. 7.750 10/01/2009 10,017
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Baltimore, MD Convention Center 4 5.875 09/01/2039 1,046,330
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Baltimore, MD Pollution Control (General Motors Corp.) 5.350 04/01/2008 64,617
- --------------------------------------------------------------------------------------------------------------------------------
7,785,000 Frederick County, MD Education Facilities
(Mount St. Mary University) 5.625 09/01/2038 8,091,262
- --------------------------------------------------------------------------------------------------------------------------------
25,000 MD EDC Student Hsg. (Allegheny College Hsg.) 5.750 09/01/2020 26,449
- --------------------------------------------------------------------------------------------------------------------------------
40,000 MD EDC Student Hsg. (Allegheny College Hsg.) 6.000 09/01/2032 42,548
- --------------------------------------------------------------------------------------------------------------------------------
5,100,000 MD EDC Student Hsg. (Bowie State University) 5.375 06/01/2033 4,770,336
- --------------------------------------------------------------------------------------------------------------------------------
620,000 MD EDC Student Hsg. (Collegiate Hsg. Foundation) 5.750 06/01/2029 634,756
- --------------------------------------------------------------------------------------------------------------------------------
755,000 MD EDC Student Hsg. (Collegiate Hsg. Foundation) 6.000 06/01/2030 783,615
- --------------------------------------------------------------------------------------------------------------------------------
1,535,000 MD EDC Student Hsg. (Morgan State University) 6.000 07/01/2022 1,553,696
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MD EDC Student Hsg. (University of Maryland) 5.625 10/01/2023 1,923,220
- --------------------------------------------------------------------------------------------------------------------------------
3,500,000 MD EDC Student Hsg. (University of Maryland) 5.750 10/01/2033 3,344,775
- --------------------------------------------------------------------------------------------------------------------------------
65,000 MD EDC Student Hsg.
(University Village at Sheppard Pratt) 6.000 07/01/2033 69,112
- --------------------------------------------------------------------------------------------------------------------------------
4,115,000 MD H&EFA (Vivista Medical Center) 5.000 07/01/2037 4,171,211
- --------------------------------------------------------------------------------------------------------------------------------
145,000 MD H&HEFA (Doctors Community Hospital) 5.500 07/01/2024 145,070
- --------------------------------------------------------------------------------------------------------------------------------
750,000 MD H&HEFA (Edenwald) 5.200 01/01/2024 756,503
- --------------------------------------------------------------------------------------------------------------------------------
250,000 MD H&HEFA (Edenwald) 5.400 01/01/2031 254,658
- --------------------------------------------------------------------------------------------------------------------------------
250,000 MD H&HEFA (Edenwald) 5.400 01/01/2037 254,270
- --------------------------------------------------------------------------------------------------------------------------------
65,000 MD H&HEFA (Johns Hopkins Hospital) 5.375 07/01/2020 66,377
- --------------------------------------------------------------------------------------------------------------------------------
20,000 MD H&HEFA (Medstar Health) 5.500 08/15/2033 20,877
- --------------------------------------------------------------------------------------------------------------------------------
45,000 MD H&HEFA (Montgomery General Hospital) 5.625 07/01/2018 45,061
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MD H&HEFA (S&EPF/SPHS/SPI/SPPP Obligated Group) 5.250 07/01/2035 51,303
- --------------------------------------------------------------------------------------------------------------------------------
25,000 MD Industrial Devel. Financing Authority
(Bon Secours Health Systems) 5.500 08/15/2024 25,279
- --------------------------------------------------------------------------------------------------------------------------------
100,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 5.500 05/01/2020 104,112
- --------------------------------------------------------------------------------------------------------------------------------
150,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 6.000 05/01/2035 158,390
- --------------------------------------------------------------------------------------------------------------------------------
250,000 MD Stadium Authority (Convention Center Expansion) 5.875 12/15/2013 251,868
- --------------------------------------------------------------------------------------------------------------------------------
125,000 MD Stadium Authority Sports Facility 5.750 03/01/2018 126,435
- --------------------------------------------------------------------------------------------------------------------------------
195,000 MD Stadium Authority Sports Facility 5.800 03/01/2026 197,155
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Prince Georges County, MD Special District (Victoria Falls) 5.250 07/01/2035 1,245,325
--------------
30,234,627
39 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--1.7%
$ 70,000 Boston, MA Industrial Devel. Financing Authority
(Boston Alzheimers Center, Inc.) 5.900% 02/01/2022 $ 72,030
- --------------------------------------------------------------------------------------------------------------------------------
100,000 MA Devel. Finance Agency (Boston Biomedical Research) 5.750 02/01/2029 103,253
- --------------------------------------------------------------------------------------------------------------------------------
1,850,000 MA Devel. Finance Agency (Curry College) 5.000 03/01/2035 1,850,555
- --------------------------------------------------------------------------------------------------------------------------------
800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2019 813,368
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2029 2,022,280
- --------------------------------------------------------------------------------------------------------------------------------
260,000 MA Devel. Finance Agency (Evergreen Center) 5.500 01/01/2035 261,204
- --------------------------------------------------------------------------------------------------------------------------------
610,000 MA Devel. Finance Agency
(Loomis House/Loomis Communities Obligated Group) 5.750 07/01/2023 616,588
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MA Devel. Finance Agency
(Northern Berkshire Community Services) 6.250 08/15/2029 52,092
- --------------------------------------------------------------------------------------------------------------------------------
1,825,000 MA Devel. Finance Agency
(Pacific Rim Charter Public School) 5.125 06/01/2031 1,854,474
- --------------------------------------------------------------------------------------------------------------------------------
900,000 MA Devel. Finance Agency
(Pharmacy & Allied Health Sciences) 5.750 07/01/2033 946,044
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency
(Seven Hills Foundation & Affiliates) 5.000 09/01/2035 1,014,910
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 MA Devel. Finance Agency (Symmes Life Care) 5.000 03/01/2035 1,269,263
- --------------------------------------------------------------------------------------------------------------------------------
25,000 MA H&EFA (Beverly Hospital Corp.) 5.250 07/01/2023 25,020
- --------------------------------------------------------------------------------------------------------------------------------
30,000 MA H&EFA (Boston College) 5.250 06/01/2023 30,030
- --------------------------------------------------------------------------------------------------------------------------------
3,845,000 MA H&EFA (Emerson Hospital) 5.000 08/15/2035 3,885,334
- --------------------------------------------------------------------------------------------------------------------------------
1,400,000 MA H&EFA (Nichols College) 6.125 10/01/2029 1,470,490
- --------------------------------------------------------------------------------------------------------------------------------
150,000 MA H&EFA (Schepens Eye Research Institute) 6.500 07/01/2028 161,996
- --------------------------------------------------------------------------------------------------------------------------------
60,000 MA H&EFA (VC/TC/FRS/VCS Obligated Group) 5.300 11/15/2028 60,900
- --------------------------------------------------------------------------------------------------------------------------------
3,510,000 MA H&EFA RITES 6.560 1 08/15/2025 3,780,761
- --------------------------------------------------------------------------------------------------------------------------------
30,000 MA Industrial Finance Agency (Babson College) 5.250 10/01/2027 30,948
- --------------------------------------------------------------------------------------------------------------------------------
690,000 MA Industrial Finance Agency (St. John's High School) 5.350 06/01/2028 708,009
- --------------------------------------------------------------------------------------------------------------------------------
7,560,000 MA Turnpike Authority, Series B 5.125 01/01/2037 7,697,970
- --------------------------------------------------------------------------------------------------------------------------------
1,510,000 MA Turnpike Authority, Series B 5.250 01/01/2029 1,546,753
--------------
30,274,272
- --------------------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.3%
50,000 Byron Center, MI Public Schools 5.000 05/01/2024 50,674
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Clare County, MI Sewer Disposal System 5.850 11/01/2021 30,988
- --------------------------------------------------------------------------------------------------------------------------------
145,000 Dearborn, MI Economic Devel. Corp.
(OHC/UC Obligated Group) 5.875 11/15/2025 148,125
- --------------------------------------------------------------------------------------------------------------------------------
40,000 Dearborn, MI EDC (OHC/UC Obligated Group) 5.750 11/15/2015 40,795
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Detroit, MI GO 5.000 04/01/2025 1,035,210
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Detroit, MI Local Devel. Finance Authority 5.500 05/01/2021 10,225
- --------------------------------------------------------------------------------------------------------------------------------
45,000 Detroit, MI Water Supply System, Series A 5.000 07/01/2027 45,465
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Detroit, MI Wayne County Stadium Authority 5.250 02/01/2027 25,631
40 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 45,000 Detroit, MI Wayne County Stadium Authority 5.500% 02/01/2017 $ 46,253
- --------------------------------------------------------------------------------------------------------------------------------
1,350,000 Dickinson County, MI Healthcare System 5.500 11/01/2013 1,411,061
- --------------------------------------------------------------------------------------------------------------------------------
130,000 Flint, MI Hospital Building Authority
(Hurley Medical Center) 5.375 07/01/2028 132,811
- --------------------------------------------------------------------------------------------------------------------------------
2,470,000 Flint, MI Hospital Building Authority
(Hurley Medical Center) 6.000 07/01/2020 2,605,430
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Galesburg-Augusta, MI Community Schools GO 5.500 05/01/2030 26,484
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Hamilton, MI Community School District 5.000 05/01/2024 25,337
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Howell, MI Public Schools 5.000 05/01/2025 51,642
- --------------------------------------------------------------------------------------------------------------------------------
60,000 John Tolfree, MI Health System Corp. 6.000 09/15/2023 60,996
- --------------------------------------------------------------------------------------------------------------------------------
5,000 Kalamazoo, MI Hospital Finance Authority
(Bronson Methodist Hospital) 5.250 05/15/2018 5,143
- --------------------------------------------------------------------------------------------------------------------------------
570,000 MI Hospital Finance Authority (Detroit Medical Group) 5.250 08/15/2027 584,934
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 MI Hospital Finance Authority
(Henry Ford Health System) 5.250 11/15/2032 5,195,050
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 MI Hospital Finance Authority
(Henry Ford Health System) 5.250 11/15/2046 7,214,480
- --------------------------------------------------------------------------------------------------------------------------------
35,000 MI Hospital Finance Authority
(Mclaren Health Care Corp.) 5.000 06/01/2028 35,460
- --------------------------------------------------------------------------------------------------------------------------------
20,000 MI Hospital Finance Authority
(MidMichigan Obligated Group) 5.375 06/01/2027 20,678
- --------------------------------------------------------------------------------------------------------------------------------
10,000 MI Hospital Finance Authority
(OHC/OUH Obligated Group) 5.000 08/15/2018 10,236
- --------------------------------------------------------------------------------------------------------------------------------
75,000 MI Hospital Finance Authority
(OHC/OUH Obligated Group) 5.000 08/15/2031 76,024
- --------------------------------------------------------------------------------------------------------------------------------
5,000 MI Hospital Finance Authority
(Pontiac Osteopathic Hospital) 6.000 02/01/2014 5,000
- --------------------------------------------------------------------------------------------------------------------------------
265,000 MI Hospital Finance Authority (Port Huron
Hospital/Marwood Manor Nursing Home) 5.500 07/01/2015 267,936
- --------------------------------------------------------------------------------------------------------------------------------
10,000 MI Hospital Finance Authority
(Sisters of Mercy Health System) 5.250 08/15/2021 10,010
- --------------------------------------------------------------------------------------------------------------------------------
15,000 MI Hsg. Devel. Authority (Walled Lake Villa) 6.000 04/15/2018 15,361
- --------------------------------------------------------------------------------------------------------------------------------
3,625,000 MI Job Devel. Authority Pollution Control
(General Motors Corp.) 5.550 04/01/2009 3,587,663
- --------------------------------------------------------------------------------------------------------------------------------
385,000 MI Municipal Bond Authority 5.500 11/01/2027 387,965
- --------------------------------------------------------------------------------------------------------------------------------
30,000 MI Municipal Bond Authority 6.000 12/01/2013 30,215
- --------------------------------------------------------------------------------------------------------------------------------
150,000 MI Public Educational Facilities Authority
(Black River School) 5.800 09/01/2030 151,302
- --------------------------------------------------------------------------------------------------------------------------------
1,155,000 MI Public Educational Facilities Authority (Old Redford) 6.000 12/01/2035 1,150,934
- --------------------------------------------------------------------------------------------------------------------------------
9,815,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 7.750 6 04/01/2008 9,815,000
- --------------------------------------------------------------------------------------------------------------------------------
50,000 MI Trunk Line Dept. of Treasury 5.000 11/01/2026 51,032
41 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 250,000 Monroe County, MI Hospital Finance Authority
(Mercy Memorial Hospital Corp.) 5.500% 06/01/2035 $ 256,433
- --------------------------------------------------------------------------------------------------------------------------------
120,000 Mount Clemens, MI Hsg. Corp. (FHA Section 8), Series A 6.600 06/01/2022 124,129
- --------------------------------------------------------------------------------------------------------------------------------
80,000 Northern MI University 5.000 12/01/2025 81,506
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Oakland County, MI Sewer Disposal
(White Lake Township) 6.000 05/01/2013 15,546
- --------------------------------------------------------------------------------------------------------------------------------
450,000 Plymouth, MI Educational Center Charter School
(Public School Academy) 5.375 11/01/2030 447,548
- --------------------------------------------------------------------------------------------------------------------------------
1,325,000 Plymouth, MI Educational Center Charter School
(Public School Academy) 5.625 11/01/2035 1,337,707
- --------------------------------------------------------------------------------------------------------------------------------
1,450,000 Pontiac, MI Tax Increment Finance Authority 6.250 06/01/2022 1,551,863
- --------------------------------------------------------------------------------------------------------------------------------
2,475,000 Pontiac, MI Tax Increment Finance Authority 6.375 06/01/2031 2,637,855
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Reeths-Puffer, MI Schools 5.000 05/01/2025 50,199
- --------------------------------------------------------------------------------------------------------------------------------
40,000 Royal Oak, MI Hospital Finance Authority
(William Beaumont Hospital) 5.250 11/15/2031 41,348
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Royal Oak, MI Hospital Finance Authority
(William Beaumont Hospital) 5.250 11/15/2035 10,323
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Wayne County, MI Building Authority 5.250 06/01/2016 102,106
- --------------------------------------------------------------------------------------------------------------------------------
70,000 Western MI University 5.125 11/15/2022 70,879
--------------
41,088,992
- --------------------------------------------------------------------------------------------------------------------------------
MINNESOTA--1.8%
125,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 125,518
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Cuyuna Range, MN Hospital District Health Facilities 5.500 06/01/2035 252,243
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Hastings, MN Health Care Facility (Regina Medical Center) 5.300 09/15/2028 50,461
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 2 5.700 09/01/2036 501,000
- --------------------------------------------------------------------------------------------------------------------------------
230,000 McLeod County, MN Commercial Devel.
(Southwest Minnesota Foundation) 5.125 12/01/2031 229,335
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Minneapolis, MN Tax Increment (St. Anthony Falls) 5.750 02/01/2027 1,017,960
- --------------------------------------------------------------------------------------------------------------------------------
20,000 MN HEFA (College of St. Benedict) 5.350 03/01/2020 20,065
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 MN Municipal Power Agency 5.000 10/01/2030 2,030,000
- --------------------------------------------------------------------------------------------------------------------------------
7,385,000 MN Municipal Power Agency 5.000 10/01/2035 7,479,380
- --------------------------------------------------------------------------------------------------------------------------------
1,855,000 Pine City, MN Health Care & Hsg. (North Branch) 5.000 10/20/2047 1,919,851
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Pine City, MN Health Care & Hsg. (North Branch) 6.000 10/20/2036 249,903
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Pine City, MN Health Care & Hsg. (North Branch) 6.125 10/20/2047 500,245
- --------------------------------------------------------------------------------------------------------------------------------
250,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 2 5.375 08/01/2021 251,293
- --------------------------------------------------------------------------------------------------------------------------------
250,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 2 5.625 02/01/2031 251,738
- --------------------------------------------------------------------------------------------------------------------------------
660,000 St. Paul, MN Hsg. & Redevel. Authority
(Great Northern Lofts) 6.250 03/01/2029 697,099
42 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 125,000 St. Paul, MN Hsg. & Redevel. Authority
(St. Paul Ramsey Medical Center) 5.500% 05/15/2013 $ 125,155
- --------------------------------------------------------------------------------------------------------------------------------
25,000 St. Paul, MN Hsg. & Redevel. Authority
(St. Paul Ramsey Medical Center) 5.550 05/15/2023 25,030
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 7.000 03/01/2029 7,530,600
- --------------------------------------------------------------------------------------------------------------------------------
570,000 St. Paul, MN Port Authority (Great Northern) 6.000 03/01/2030 588,622
- --------------------------------------------------------------------------------------------------------------------------------
500,000 St. Paul, MN Port Authority (Healtheast Midway Campus) 6.000 05/01/2030 508,790
- --------------------------------------------------------------------------------------------------------------------------------
130,000 Washington County, MN Hsg. & Redevel. Authority
(Healtheast) 5.500 11/15/2027 132,724
- --------------------------------------------------------------------------------------------------------------------------------
7,885,000 Washington County, MN Hsg. & Redevel. Authority
(Seasons Villas) 6.950 12/01/2023 8,069,351
--------------
32,556,363
- --------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.7%
80,000 Gulfport, MS Hospital Facility
(Memorial Hospital at Gulfport) 5.750 07/01/2031 81,277
- --------------------------------------------------------------------------------------------------------------------------------
60,000 Lowndes County, MS Solid Waste Disposal
& Pollution Control (Weyerhaeuser Co.) 6.800 04/01/2022 71,427
- --------------------------------------------------------------------------------------------------------------------------------
6,055,000 MS Business Finance Corp. (System Energy Resources) 5.875 04/01/2022 6,072,802
- --------------------------------------------------------------------------------------------------------------------------------
1,550,000 MS Business Finance Corp. (System Energy Resources) 5.900 05/01/2022 1,554,790
- --------------------------------------------------------------------------------------------------------------------------------
5,030,000 MS Home Corp. Hsg. (Valley State Student Hsg.) 5.500 12/01/2035 5,190,256
- --------------------------------------------------------------------------------------------------------------------------------
290,000 MS Hospital Equipment & Facilities Authority
(Rush Medical Foundation) 6.000 01/01/2016 295,554
--------------
13,266,106
- --------------------------------------------------------------------------------------------------------------------------------
MISSOURI--3.1%
20,000 Bates County, MO Hospital
(Bates County Memorial Hospital) 5.650 03/01/2021 20,282
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Belton, MO Tax Increment (Belton Town Center) 5.625 03/01/2025 199,532
- --------------------------------------------------------------------------------------------------------------------------------
365,000 Branson, MO IDA (Branson Hills) 7.050 05/01/2027 390,853
- --------------------------------------------------------------------------------------------------------------------------------
2,340,000 Branson, MO IDA (Branson Landing) 5.250 06/01/2021 2,338,619
- --------------------------------------------------------------------------------------------------------------------------------
675,000 Broadway-Fairview, MO Transportation Devel. District
(Columbia) 5.875 12/01/2031 680,657
- --------------------------------------------------------------------------------------------------------------------------------
270,000 Cameron, MO IDA Health Facilities
(Cameron Community Hospital) 6.375 12/01/2029 285,919
- --------------------------------------------------------------------------------------------------------------------------------
400,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.500 04/01/2021 397,780
- --------------------------------------------------------------------------------------------------------------------------------
400,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.625 04/01/2027 398,032
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Hanley Road & North of Folk Ave, MO
Transportation District 5.400 10/01/2031 748,403
- --------------------------------------------------------------------------------------------------------------------------------
10,280,678 Hanley/Eager Road, MO Transportation Devel. District,
Series A 7.750 3 12/01/2023 2,751,315
- --------------------------------------------------------------------------------------------------------------------------------
13,500,000 Hazelwood, MO Transportation Devel. District
(370/Missouri Bottom Road/Tausig Road) 7.200 05/01/2033 14,775,615
43 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 4,665,000 Johnson County, MO Hospital
(Western Missouri Medical Center) 5.000% 06/01/2025 $ 4,786,850
- --------------------------------------------------------------------------------------------------------------------------------
1,385,000 Kansas City, MO Tax (Briarcliff West) 5.150 06/01/2016 1,396,274
- --------------------------------------------------------------------------------------------------------------------------------
1,250,000 Kansas City, MO Tax Increment (Briarcliff West) 5.400 06/01/2024 1,263,688
- --------------------------------------------------------------------------------------------------------------------------------
2,100,000 Maplewood, MO Tax (Maplewood South Redevel.) 5.750 11/01/2026 2,134,944
- --------------------------------------------------------------------------------------------------------------------------------
185,000 MO H&EFA (Freeman Health System) 5.500 02/15/2024 186,258
- --------------------------------------------------------------------------------------------------------------------------------
200,000 MO H&EFA (St. Lukes/Shawnee Mission Health System) 5.375 11/15/2026 204,614
- --------------------------------------------------------------------------------------------------------------------------------
60,000 MO Hsg. Devel. Commission (Single Family Mtg.) 5.550 03/01/2029 60,927
- --------------------------------------------------------------------------------------------------------------------------------
175,000 Ozark Centre, MO Transportation Devel. District 5.375 09/01/2032 173,056
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Raymore, MO Tax Increment 5.375 03/01/2020 1,494,210
- --------------------------------------------------------------------------------------------------------------------------------
3,750,000 Raymore, MO Tax Increment 5.625 03/01/2028 3,747,488
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 Richmond Heights, MO Tax Increment
& Transportation Sales Tax 5.625 11/01/2025 2,509,500
- --------------------------------------------------------------------------------------------------------------------------------
9,000,000 St. Joseph, MO IDA (Living Community of St. Joseph) 7.000 08/15/2032 9,583,560
- --------------------------------------------------------------------------------------------------------------------------------
250,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 249,115
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Joseph, MO IDA, Series B 5.375 11/01/2023 998,800
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Joseph, MO IDA, Series B 5.500 11/01/2027 1,001,550
- --------------------------------------------------------------------------------------------------------------------------------
150,000 St. Louis County, MO IDA (Multifamily Hsg.) 5.950 03/20/2031 153,606
- --------------------------------------------------------------------------------------------------------------------------------
25,000 St. Louis County, MO IDA (Waterford) 5.400 12/01/2028 25,006
- --------------------------------------------------------------------------------------------------------------------------------
486,000 St. Louis, MO Tax Increment
(1505 Missouri Avenue Redevel.) 6.000 08/04/2025 484,090
- --------------------------------------------------------------------------------------------------------------------------------
545,000 St. Louis, MO Tax Increment (Printers Lofts) 6.000 08/21/2026 551,077
- --------------------------------------------------------------------------------------------------------------------------------
1,930,000 St. Louis, MO Tax Increment Financing 5.500 03/09/2027 1,811,402
--------------
55,803,022
- --------------------------------------------------------------------------------------------------------------------------------
MONTANA--0.2%
3,200,000 Forsyth, MT Pollution Control (Northwestern Corp.) 4.650 08/01/2023 3,202,784
- --------------------------------------------------------------------------------------------------------------------------------
15,000 MT Board of Hsg., Series A 5.200 08/01/2029 14,765
- --------------------------------------------------------------------------------------------------------------------------------
375,000 MT Facilities Finance Authority (St. John's Lutheran) 2 6.000 05/15/2025 380,505
- --------------------------------------------------------------------------------------------------------------------------------
500,000 MT Facilities Finance Authority (St. John's Lutheran) 2 6.125 05/15/2036 508,370
--------------
4,106,424
- --------------------------------------------------------------------------------------------------------------------------------
NEBRASKA--0.2%
3,980,000 NE Educational Facilities Authority
(Midland Lutheran College) 5.600 09/15/2029 3,952,697
- --------------------------------------------------------------------------------------------------------------------------------
NEVADA--0.8%
2,220,000 Clark County, NV Economic Devel.
(Alexander Dawson School at Rainbow Mountain) 5.375 05/15/2033 2,294,992
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Director of the State of NV Dept. of Business & Industry
(Las Ventanas Retirement) 7.000 11/15/2034 1,007,090
- --------------------------------------------------------------------------------------------------------------------------------
6,200,000 Las Vegas, NV Paiute Tribe, Series A 6.625 11/01/2017 6,853,108
44 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
NEVADA Continued
$ 100,000 Mesquite, NV Special Improvement District
(Canyon Creek) 5.200% 08/01/2016 $ 97,799
- --------------------------------------------------------------------------------------------------------------------------------
145,000 Mesquite, NV Special Improvement District
(Canyon Creek) 5.250 08/01/2017 142,213
- --------------------------------------------------------------------------------------------------------------------------------
300,000 Mesquite, NV Special Improvement District
(Canyon Creek) 5.300 08/01/2018 292,341
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Reno-Sparks, NV Indian Colony 5.000 06/01/2024 2,042,740
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Reno-Sparks, NV Indian Colony 5.125 06/01/2027 2,060,620
--------------
14,790,903
- --------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--2.0%
305,000 Manchester, NH Hsg. & Redevel. Authority, Series B 5.650 3 01/01/2029 91,771
- --------------------------------------------------------------------------------------------------------------------------------
3,220,000 Manchester, NH Hsg. & Redevel. Authority, Series B 5.700 3 01/01/2030 916,251
- --------------------------------------------------------------------------------------------------------------------------------
495,000 Manchester, NH Hsg. & Redevel. Authority, Series B 6.000 3 01/01/2023 207,722
- --------------------------------------------------------------------------------------------------------------------------------
85,000 NH Business Finance Authority (Proctor Academy) 5.400 06/01/2017 87,007
- --------------------------------------------------------------------------------------------------------------------------------
120,000 NH H&EFA (Catholic Medical Center) 6.125 07/01/2032 128,335
- --------------------------------------------------------------------------------------------------------------------------------
4,010,000 NH H&EFA (Franklin Pierce College) 6.050 10/01/2034 4,244,505
- --------------------------------------------------------------------------------------------------------------------------------
1,980,000 NH H&EFA (Portsmouth Christian Academy) 5.750 07/01/2023 2,088,920
- --------------------------------------------------------------------------------------------------------------------------------
6,115,000 NH H&EFA (Portsmouth Christian Academy) 5.850 07/01/2033 6,411,516
- --------------------------------------------------------------------------------------------------------------------------------
4,555,000 NH H&EFA (Southern New Hampshire University) 5.000 01/01/2030 4,590,620
- --------------------------------------------------------------------------------------------------------------------------------
16,410,000 NH H&EFA (Southern New Hampshire University) 5.000 01/01/2036 16,448,399
- --------------------------------------------------------------------------------------------------------------------------------
40,000 NH H&EFA (St. Joseph Hospital/Youville House/Cove) 5.500 07/01/2034 41,806
- --------------------------------------------------------------------------------------------------------------------------------
25,000 NH HE&HFA (Concord Hospital) 6.000 10/01/2026 25,583
- --------------------------------------------------------------------------------------------------------------------------------
25,000 NH HE&HFA (Dartmouth College) 5.450 06/01/2025 25,277
- --------------------------------------------------------------------------------------------------------------------------------
10,000 NH HE&HFA (Franklin Pierce College) 5.300 10/01/2028 10,174
- --------------------------------------------------------------------------------------------------------------------------------
265,000 NH HE&HFA (Franklin Pierce Law Center) 5.500 07/01/2028 270,841
- --------------------------------------------------------------------------------------------------------------------------------
40,000 NH HE&HFA (New Hampshire College) 6.375 01/01/2027 41,216
- --------------------------------------------------------------------------------------------------------------------------------
10,000 NH HE&HFA (St. Anselm College) 5.150 07/01/2029 10,285
- --------------------------------------------------------------------------------------------------------------------------------
500,000 NH Turnpike System, Series A 6.750 11/01/2011 513,490
--------------
36,153,718
- --------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--1.2%
1,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 1,037,150
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 2,119,980
- --------------------------------------------------------------------------------------------------------------------------------
7,000,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 7,595,420
- --------------------------------------------------------------------------------------------------------------------------------
2,490,000 NJ Tobacco Settlement Financing Corp. (TASC) RITES 4 7.932 1 06/01/2037 2,911,657
- --------------------------------------------------------------------------------------------------------------------------------
3,265,000 NJ Tobacco Settlement Financing Corp. (TASC) RITES 4 8.307 1 06/01/2042 3,879,408
- --------------------------------------------------------------------------------------------------------------------------------
3,250,000 NJ Transit Corp. ROLs, Series 15 8 8.500 1 09/15/2015 3,693,593
--------------
21,237,208
- --------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--1.0%
1,495,000 Cabezon, NM Public Improvement District 6.300 09/01/2034 1,542,436
45 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO Continued
$ 7,640,000 Eldorado, NM Area Water & Sanitation District 6.000% 02/01/2023 $ 7,572,997
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Farmington, NM Pollution Control 5.800 04/01/2022 100,932
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 5.800 04/01/2022 100,932
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 5.800 04/01/2022 201,864
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 6.300 12/01/2016 25,660
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 6.000 09/01/2032 512,320
- --------------------------------------------------------------------------------------------------------------------------------
3,365,000 NM Educational Assistance Foundation 4 5.900 09/01/2031 3,490,144
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 NM Hsg. Authority (Villa Del Oso Apartments) 6.250 01/01/2031 3,039,900
- --------------------------------------------------------------------------------------------------------------------------------
1,265,000 NM Hsg. Authority (Villa Del Oso Apartments) 7.500 01/01/2038 1,280,193
- --------------------------------------------------------------------------------------------------------------------------------
325,000 Santa Fe, NM Educational Facilities (College of Santa Fe) 5.875 10/01/2021 328,325
- --------------------------------------------------------------------------------------------------------------------------------
5,000 Santa Fe, NM Educational Facilities (St. John's College) 5.500 03/01/2024 5,048
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Sante Fe, NM Educational Facilities (St. John's College) 5.500 03/01/2024 101,822
--------------
18,302,573
- --------------------------------------------------------------------------------------------------------------------------------
NEW YORK--0.0%
50,000 NYC GO RIBS 8.072 1 08/27/2015 50,143
- --------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--0.3%
1,075,000 Kinston, NC Hsg. Authority (Kinston Towers) 6.750 12/01/2018 1,077,666
- --------------------------------------------------------------------------------------------------------------------------------
155,000 NC Eastern Municipal Power Agency, Series A 5.625 01/01/2024 159,162
- --------------------------------------------------------------------------------------------------------------------------------
165,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2017 165,211
- --------------------------------------------------------------------------------------------------------------------------------
730,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2021 733,898
- --------------------------------------------------------------------------------------------------------------------------------
500,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2021 500,625
- --------------------------------------------------------------------------------------------------------------------------------
20,000 NC Eastern Municipal Power Agency, Series B 6.250 01/01/2023 20,040
- --------------------------------------------------------------------------------------------------------------------------------
20,000 NC HFA 5.450 01/01/2011 20,586
- --------------------------------------------------------------------------------------------------------------------------------
30,000 NC HFA (Multifamily Hsg.) 5.450 09/01/2024 30,015
- --------------------------------------------------------------------------------------------------------------------------------
600,000 NC Medical Care Commission
(Glenaire/The Presbyterian Homes Obligated Group) 5.500 10/01/2031 608,346
- --------------------------------------------------------------------------------------------------------------------------------
400,000 NC Medical Care Commission
(Glenaire/The Presbyterian Homes Obligated Group) 5.600 10/01/2036 405,852
- --------------------------------------------------------------------------------------------------------------------------------
750,000 NC Medical Care Commission (United Methodist) 5.250 10/01/2024 760,238
- --------------------------------------------------------------------------------------------------------------------------------
200,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 204,126
- --------------------------------------------------------------------------------------------------------------------------------
25,000 NC Medical Care Commission Health Care
(Novant Health) 5.250 05/01/2026 25,130
--------------
4,710,895
- --------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--0.0%
10,000 Grand Forks, ND Sewer 5.850 12/01/2015 10,014
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Mercer County, ND Pollution Control
(Northwestern Public Service Company) 5.850 06/01/2023 25,162
--------------
35,176
46 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
OHIO--0.9%
$ 20,000 Brecksville-Broadview Heights, OH City School District 5.250% 12/01/2021 $ 20,475
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Clermont County, OH Hospital Facilities
(Mercy Health System) 5.625 09/01/2021 36,282
- --------------------------------------------------------------------------------------------------------------------------------
45,000 Cleveland, OH Airport System 5.000 01/01/2031 45,755
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Cleveland, OH COP (Cleveland Stadium) 5.250 11/15/2022 67,142
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Cleveland, OH Public Power System 5.000 11/15/2024 25,436
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Cleveland, OH Public Power System 5.250 11/15/2016 102,369
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Cleveland, OH Rock Glen Hsg. Assistance Corp.
(Ambleside Apartments) 7.000 06/01/2018 258,463
- --------------------------------------------------------------------------------------------------------------------------------
305,000 Cleveland-Cuyahoga County, OH Port Authority
(Myers University) 5.600 05/15/2025 312,588
- --------------------------------------------------------------------------------------------------------------------------------
115,000 Columbus, OH Municipal Airport Authority 4 5.000 01/01/2028 116,871
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Cuyahoga County, OH Hospital (Metro Health System) 5.500 02/15/2027 15,401
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Franklin County, OH Convention Facilities Authority 5.000 12/01/2027 10,177
- --------------------------------------------------------------------------------------------------------------------------------
30,000 Franklin County, OH Hospital (Children's Hospital) 5.875 11/01/2025 30,389
- --------------------------------------------------------------------------------------------------------------------------------
160,000 Garfield Heights, OH GO 6.625 11/01/2011 164,269
- --------------------------------------------------------------------------------------------------------------------------------
695,000 Glenwillow Village, OH GO 5.875 12/01/2024 742,079
- --------------------------------------------------------------------------------------------------------------------------------
35,000 Greene County, OH Economic Devel. (YMCA) 6.000 12/01/2023 34,925
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Greene County, OH University Hsg.
(Central State University) 5.625 09/01/2032 1,546,710
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Lorian County, OH Hospital (Catholic Healthcare Partners) 5.500 09/01/2027 15,500
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Lucas County, OH Health Care Facilities
(Sunset Retirement Communities) 6.625 08/15/2030 79,794
- --------------------------------------------------------------------------------------------------------------------------------
750,000 Miami County, OH Hospital Facilities
(Upper Valley Medical Center) 5.250 05/15/2026 776,355
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Muskingum County, OH Hospital Facilities (BHA/Careserve
/PP/SSNH/BHC/BCG/Carelife/BCC Obligated Group) 5.400 12/01/2016 10,240
- --------------------------------------------------------------------------------------------------------------------------------
350,000 OH Air Quality Devel. Authority
(Cincinnati Gas & Electric Company) 5.450 01/01/2024 350,424
- --------------------------------------------------------------------------------------------------------------------------------
85,000 OH Water Devel. Authority (Cincinnati Gas) 5.450 01/01/2024 85,513
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Port of Greater Cincinnati, OH Devel. Authority
(AHS/AOLM Obligated Group) 5.000 10/01/2025 1,016,440
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Port of Greater Cincinnati, OH Devel. Authority
(Public Parking Infrastructure) 6.300 02/15/2024 537,630
- --------------------------------------------------------------------------------------------------------------------------------
1,260,000 Port of Greater Cincinnati, OH Devel. Authority
(Public Parking Infrastructure) 6.400 02/15/2034 1,351,476
- --------------------------------------------------------------------------------------------------------------------------------
110,000 Ross County, OH Hospital (Medical Center Hospital) 5.600 12/01/2014 110,092
- --------------------------------------------------------------------------------------------------------------------------------
655,000 Summit County, OH Port Authority
(Twinsburg Township) 4 5.125 05/15/2025 655,910
- --------------------------------------------------------------------------------------------------------------------------------
110,000 Sylvania, OH Area Joint Recreational District 6.000 12/01/2020 112,384
- --------------------------------------------------------------------------------------------------------------------------------
8,000,000 Toledo-Lucas County, OH Port Authority (Crocker Park) 5.375 12/01/2035 8,382,080
--------------
17,013,169
47 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA--4.0%
$ 130,000 Claremore, OK Industrial & Redevel. Student Hsg.
(RSU Foundation) 5.750% 09/01/2034 $ 135,968
- --------------------------------------------------------------------------------------------------------------------------------
3,515,000 Comanche County, OK Hospital Authority 5.250 07/01/2020 3,708,044
- --------------------------------------------------------------------------------------------------------------------------------
3,040,000 Comanche County, OK Hospital Authority 5.250 07/01/2021 3,200,117
- --------------------------------------------------------------------------------------------------------------------------------
1,385,000 Eufaula, OK Public Works Authority 5.000 12/01/2030 1,407,118
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Grady County, OK Industrial Authority
(Correctional Facilities) 6.000 11/01/2029 15,379
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Grady County, OK Industrial Authority
(Correctional Facilities) 8 7.800 11/01/2014 350,000
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Haskell County, OK Public Facilities Authority 5.250 04/01/2026 1,048,210
- --------------------------------------------------------------------------------------------------------------------------------
655,000 Haskell County, OK Public Facilities Authority 5.250 04/01/2031 681,397
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Langston, OK EDA (Langston University) 5.000 05/01/2030 4,029,320
- --------------------------------------------------------------------------------------------------------------------------------
6,500,000 Langston, OK EDA (Langston University) 5.000 05/01/2035 6,510,920
- --------------------------------------------------------------------------------------------------------------------------------
1,870,000 Langston, OK EDA (Langston University) 5.250 05/01/2026 1,936,983
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Norman, OK Regional Hospital Authority 5.375 09/01/2036 2,049,660
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Rogers County, OK HFA (Multifamily Hsg.), Series A 7.750 08/01/2023 15,467
- --------------------------------------------------------------------------------------------------------------------------------
1,135,000 Tulsa, OK IDA Student Hsg. (University of Tulsa) 5.250 10/01/2026 1,178,868
- --------------------------------------------------------------------------------------------------------------------------------
37,430,000 Tulsa, OK Municipal Airport Trust (American Airlines) 6.250 06/01/2020 37,528,067
- --------------------------------------------------------------------------------------------------------------------------------
8,815,000 Tulsa, OK Municipal Airport Trust (American Airlines) 8 7.350 12/01/2011 8,813,678
--------------
72,609,196
- --------------------------------------------------------------------------------------------------------------------------------
OREGON--0.1%
1,250,000 Cow Creek Band, OR (Umpqua Tribe of Indians) 5.625 10/01/2026 1,241,850
- --------------------------------------------------------------------------------------------------------------------------------
30,000 OR Health & Science University, Series A 5.250 07/01/2028 30,557
- --------------------------------------------------------------------------------------------------------------------------------
30,000 OR Hsg. & Community Services Dept. (Single Family Mtg.) 6.400 07/01/2018 30,303
- --------------------------------------------------------------------------------------------------------------------------------
50,000 OR Hsg. (Elderly & Disabled Hsg.) 5.500 08/01/2026 50,027
--------------
1,352,737
- --------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--1.2%
300,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2015 356,568
- --------------------------------------------------------------------------------------------------------------------------------
8,200,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2030 9,700,436
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Blair County, PA IDA (The Village at Penn State
Retirement Community) 6.900 01/01/2022 78,164
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Chester County, PA H&EFA (Jenners Pond) 7.750 07/01/2034 1,547,115
- --------------------------------------------------------------------------------------------------------------------------------
1,655,000 Cumberland County, PA Municipal Authority
(Wesley Affiliated Services) 7.250 01/01/2035 1,798,786
- --------------------------------------------------------------------------------------------------------------------------------
3,905,000 Northumberland County, PA IDA (NHS Youth Services) 7.750 02/15/2029 4,077,952
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Philadelphia, PA H&HEFA
(Centralized Comprehensive Human Services) 7.250 01/01/2021 1,051,790
- --------------------------------------------------------------------------------------------------------------------------------
1,200,000 Philadelphia, PA H&HEFA
(Temple University Children's Medical Center) 5.625 06/15/2019 1,231,788
48 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,000,000 Philadelphia, PA Redevel. Authority
(Beech Student Hsg. Complex), Series A 5.625% 07/01/2023 $ 1,065,620
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Philadelphia, PA Redevel. Authority
(Beech Student Hsg. Complex), Series A 5.625 07/01/2028 1,573,095
--------------
22,481,314
- --------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--0.4%
5,000,000 Central Falls, RI Detention Facility 7.250 07/15/2035 5,518,500
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Providence, RI HDC (Barbara Jordan Apartments) 6.750 07/01/2025 50,070
- --------------------------------------------------------------------------------------------------------------------------------
40,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 6.500 04/01/2027 40,048
- --------------------------------------------------------------------------------------------------------------------------------
175,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 184,623
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Tiverton, RI Special Obligation Tax
(Mount Hope Bay Village) 6.875 05/01/2022 1,616,655
--------------
7,409,896
- --------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--2.7%
5,000,000 Dorchester County, SC School District 5.250 12/01/2029 5,161,350
- --------------------------------------------------------------------------------------------------------------------------------
10,000,000 Greenville County, SC School District 4.625 12/01/2020 10,114,600
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Lancaster County, SC (Edenmoor Improvement District) 5.375 12/01/2016 2,011,660
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Lancaster County, SC (Edenmoor Improvement District) 5.750 12/01/2037 1,516,260
- --------------------------------------------------------------------------------------------------------------------------------
2,200,000 Lancaster County, SC (Sun City Carolina Lakes) 5.450 12/01/2037 2,212,936
- --------------------------------------------------------------------------------------------------------------------------------
40,000 Marion County, SC Hospital District 5.375 11/01/2025 40,566
- --------------------------------------------------------------------------------------------------------------------------------
500,000 SC Connector 2000 Assoc. Toll Road, Series B 6.080 3 01/01/2021 224,495
- --------------------------------------------------------------------------------------------------------------------------------
10,355,000 SC Connector 2000 Assoc. Toll Road, Series B 6.780 3 01/01/2026 3,422,535
- --------------------------------------------------------------------------------------------------------------------------------
10,000,000 SC Educational Facilities Authority (Furman University) 5.000 10/01/2038 10,260,000
- --------------------------------------------------------------------------------------------------------------------------------
1,100,000 SC Educational Facilities Authority
(Southern Wesleyan University) 5.000 03/01/2020 1,095,127
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 SC Educational Facilities Authority
(Southern Wesleyan University) 5.750 03/01/2029 1,047,770
- --------------------------------------------------------------------------------------------------------------------------------
70,000 SC Jobs-Economic Devel. Authority
(Anderson Area Medical Center) 5.250 02/01/2015 71,098
- --------------------------------------------------------------------------------------------------------------------------------
10,660,000 SC Jobs-Economic Devel. Authority
(Coastal Hsg. Foundation) 5.000 04/01/2035 10,926,820
- --------------------------------------------------------------------------------------------------------------------------------
90,000 SC Public Service Authority 5.125 01/01/2032 91,941
- --------------------------------------------------------------------------------------------------------------------------------
120,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2028 128,653
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Spartanburg County, SC Health Services 5.300 04/15/2025 50,414
- --------------------------------------------------------------------------------------------------------------------------------
40,000 Spartanburg County, SC Health Services, Series A 5.500 04/15/2027 41,138
--------------
48,417,363
- --------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--1.1%
2,300,000 Lower Brule, SD Sioux Tribe (Farm Road Reconstruction) 4 6.500 02/01/2016 2,295,147
49 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA Continued
$ 8,200,000 SD Educational Enhancement Funding Corp.
Tobacco Settlement 6.500% 06/01/2032 $ 8,865,676
- --------------------------------------------------------------------------------------------------------------------------------
7,550,000 Sioux Falls, SD Health Facilities (Rummel Memorial Home) 6.750 11/15/2033 7,772,121
--------------
18,932,944
- --------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--1.7%
3,500,000 Bradley County, TN Industrial Devel. Board (Olin Corp.) 6.625 11/01/2017 3,819,340
- --------------------------------------------------------------------------------------------------------------------------------
7,710,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.000 10/01/2025 7,592,731
- --------------------------------------------------------------------------------------------------------------------------------
9,000,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.125 10/01/2035 8,845,470
- --------------------------------------------------------------------------------------------------------------------------------
335,000 Jackson, TN Hospital 5.625 04/01/2015 338,239
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 Johnson City, TN Health & Educational Facilities Board
(Mountain States Health Alliance) 5.500 07/01/2036 3,132,720
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Shelby County, TN HE&HF
(Cornerstone-Cameron & Stonegate) 7 6.000 07/01/2028 1,092,720
- --------------------------------------------------------------------------------------------------------------------------------
5,980,000 Smyrna, TN Hsg. Assoc. (Imperial Garden Apartments) 6.450 10/20/2035 6,551,568
--------------
31,372,788
- --------------------------------------------------------------------------------------------------------------------------------
TEXAS--8.7%
130,000 Alice, TX GO 5.200 02/01/2011 130,140
- --------------------------------------------------------------------------------------------------------------------------------
150,000 Anson, TX Education Facilities Corp. Student Hsg.
(Odessa Student Hsg.) 5.400 07/01/2034 154,518
- --------------------------------------------------------------------------------------------------------------------------------
1,205,000 Anson, TX Education Facilities Corp. Student Hsg.
(University of TX/Waterview Park) 5.100 01/01/2034 1,208,133
- --------------------------------------------------------------------------------------------------------------------------------
26,105,000 Austin, TX Convention Enterprises (Convention Center) 5.750 01/01/2032 26,885,540
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Austin, TX Convention Enterprises (Convention Center) 6.000 01/01/2023 211,330
- --------------------------------------------------------------------------------------------------------------------------------
95,000 Austin, TX Utility System, Series B 5.700 11/15/2021 95,495
- --------------------------------------------------------------------------------------------------------------------------------
9,885,000 Beasley, TX Higher Education Finance Corp., Series A 5.125 12/01/2034 9,986,519
- --------------------------------------------------------------------------------------------------------------------------------
10,765,000 Bexar County, TX HFC (American Opportunity Hsg.) 6.750 12/01/2037 11,298,083
- --------------------------------------------------------------------------------------------------------------------------------
3,090,000 Bexar County, TX HFC (American Opportunity
Hsg.-Nob Hill Apartments) 6.000 06/01/2021 3,130,232
- --------------------------------------------------------------------------------------------------------------------------------
6,625,000 Bexar County, TX HFC (American Opportunity
Hsg.-Nob Hill Apartments) 6.000 06/01/2031 6,670,448
- --------------------------------------------------------------------------------------------------------------------------------
5,765,000 Bexar County, TX HFC (American Opportunity
Hsg.-Waterford/Kingswood) 7.000 12/01/2036 6,072,678
- --------------------------------------------------------------------------------------------------------------------------------
400,000 Bexar County, TX HFC (Doral Club) 8.750 10/01/2036 399,032
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Bexar County, TX HFC
(The Army Retirement Residence Foundation) 6.300 07/01/2032 1,064,260
- --------------------------------------------------------------------------------------------------------------------------------
150,000 Chimney Hill, TX Municipal Utility District 5.500 10/01/2011 150,336
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Cypress Hill, TX Municipal Utility District No. 1 5.250 09/01/2025 10,118
- --------------------------------------------------------------------------------------------------------------------------------
860,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.000 11/01/2014 853,627
50 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 355,000 Danbury, TX Higher Education Authority
(AW Brown Fellowship Charter) 2 5.000% 08/15/2026 $ 354,326
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Danbury, TX Higher Education Authority
(AW Brown Fellowship Charter) 2 5.125 08/15/2036 249,613
- --------------------------------------------------------------------------------------------------------------------------------
265,000 El Paso County, TX HFC (American Village Communities),
Series A 6.250 12/01/2020 274,267
- --------------------------------------------------------------------------------------------------------------------------------
335,000 El Paso County, TX HFC
(El Paso American Hsg. Foundation), Series A 6.375 12/01/2032 343,452
- --------------------------------------------------------------------------------------------------------------------------------
2,470,000 Folk, TX Avenue South Transportation District 5.625 11/01/2031 2,482,844
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Fort Bend, TX Independent School District 5.375 02/15/2024 20,618
- --------------------------------------------------------------------------------------------------------------------------------
2,300,000 Garza County, TX Public Facility Corp. 5.750 10/01/2025 2,391,356
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Harris County, TX Health Facilities Devel. Authority
(Texas Children's Hospital) 5.250 10/01/2029 20,500
- --------------------------------------------------------------------------------------------------------------------------------
50,000 Harris County, TX Toll Road 5.000 08/01/2028 50,440
- --------------------------------------------------------------------------------------------------------------------------------
3,730,000 Harris County, TX Toll Road RITES 7.932 1 08/15/2024 4,705,395
- --------------------------------------------------------------------------------------------------------------------------------
105,000 Keller, TX Independent School District, Series A 5.400 08/15/2023 105,070
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Leander, TX Independent School District 5.460 3 08/15/2018 33,689
- --------------------------------------------------------------------------------------------------------------------------------
10,000 Leander, TX Independent School District 6.000 08/15/2018 10,009
- --------------------------------------------------------------------------------------------------------------------------------
650,000 Lewisville, TX Combination Contract 6.000 10/01/2015 699,608
- --------------------------------------------------------------------------------------------------------------------------------
1,325,000 Lewisville, TX Combination Contract 4 6.000 10/01/2025 1,446,317
- --------------------------------------------------------------------------------------------------------------------------------
5,510,000 Lewisville, TX Combination Contract 6.000 10/01/2034 5,978,240
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Lewisville, TX GO 5.700 09/01/2028 104,572
- --------------------------------------------------------------------------------------------------------------------------------
3,400,000 Lewisville, TX GO 6.125 09/01/2029 3,716,574
- --------------------------------------------------------------------------------------------------------------------------------
2,345,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2022 2,401,632
- --------------------------------------------------------------------------------------------------------------------------------
1,530,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2025 1,556,913
- --------------------------------------------------------------------------------------------------------------------------------
655,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 663,567
- --------------------------------------------------------------------------------------------------------------------------------
20,350,000 Matagorda County, TX Navigation District
(Centerpoint Energy) 8.000 05/01/2029 21,745,603
- --------------------------------------------------------------------------------------------------------------------------------
270,000 Metro, TX HFDC (Wilson N. Jones Memorial Hospital) 5.375 01/01/2023 270,278
- --------------------------------------------------------------------------------------------------------------------------------
535,000 Metro, TX HFDC (Wilson N. Jones Memorial Hospital) 5.600 01/01/2017 543,416
- --------------------------------------------------------------------------------------------------------------------------------
75,000 Mission, TX Economic Devel. Corp. 6.600 01/01/2020 75,189
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 North Central, TX HFDC (Northwest Senior Hsg. Corp.) 7.250 11/15/2019 2,223,220
- --------------------------------------------------------------------------------------------------------------------------------
3,000,000 North Central, TX HFDC (Northwest Senior Hsg. Corp.) 7.500 11/15/2029 3,357,660
- --------------------------------------------------------------------------------------------------------------------------------
1,910,000 Nueces County, TX HFC (Dolphins Landing Apartments) 6.750 07/01/2020 2,031,170
- --------------------------------------------------------------------------------------------------------------------------------
1,865,000 Nueces County, TX HFC (Dolphins Landing Apartments) 6.875 07/01/2030 1,981,245
- --------------------------------------------------------------------------------------------------------------------------------
60,000 Nueces County, TX HFC (Dolphins Landing Apartments) 8.000 07/01/2030 63,453
- --------------------------------------------------------------------------------------------------------------------------------
250,000 Pantego, TX Economic Devel. Corp. (Sales Tax) 5.850 02/15/2022 250,835
- --------------------------------------------------------------------------------------------------------------------------------
1,680,000 Retama, TX Devel. Corp. (Retama Racetrack) 10.000 12/15/2019 2,342,575
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Ridge Parc, TX Devel. Corp. (Multifamily) 6.100 06/20/2033 545,590
- --------------------------------------------------------------------------------------------------------------------------------
4,020,000 Sabine, TX River Authority Pollution Control
(TXU Electric Company) 6.150 08/01/2022 4,345,620
51 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 125,000 San Antonio, TX Hotel Occupancy Tax (Henry Gonzalez) 5.700% 08/15/2026 $ 127,665
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Tarrant County, TX Cultural Education Facilities
Finance Corp. (Northwest Senior Hsg.) 6.000 11/15/2036 1,560,345
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Temple, TX Junior College District 5.800 07/01/2014 100,790
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Tomball, TX Hospital Authority
(Tomball Regional Hospital) 6.000 07/01/2029 25,834
- --------------------------------------------------------------------------------------------------------------------------------
445,000 TX Affordable Hsg. Corp. (Ashton Place
& Woodstock Apartments) 6.300 08/01/2033 367,739
- --------------------------------------------------------------------------------------------------------------------------------
235,000 TX Affordable Hsg. Corp. (Worthing Oaks Apartments) 6.600 07/20/2037 253,116
- --------------------------------------------------------------------------------------------------------------------------------
50,000 TX Dormitory Finance Authority
(Temple Junior College Foundation) 5.750 09/01/2027 52,250
- --------------------------------------------------------------------------------------------------------------------------------
425,000 TX Dormitory Finance Authority
(Temple Junior College Foundation) 6.000 09/01/2033 449,204
- --------------------------------------------------------------------------------------------------------------------------------
545,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.625 03/01/2020 498,054
- --------------------------------------------------------------------------------------------------------------------------------
3,065,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.750 03/01/2031 2,728,708
- --------------------------------------------------------------------------------------------------------------------------------
250,000 TX Water Devel. Board 5.600 07/15/2011 250,358
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Upper Trinity, TX Regional Water District
(Treated Water Supply System) 5.000 08/01/2018 100,071
- --------------------------------------------------------------------------------------------------------------------------------
1,105,000 Van Alstyne, TX Independent School District 5.950 08/15/2029 1,129,520
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Van, TX Independent School District (School Building) 5.000 02/15/2036 1,543,950
- --------------------------------------------------------------------------------------------------------------------------------
1,625,000 Van, TX Independent School District (School Building) 5.125 02/15/2028 1,702,236
- --------------------------------------------------------------------------------------------------------------------------------
2,780,000 Van, TX Independent School District (School Building) 5.250 02/15/2031 2,949,802
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Westador, TX Municipal Utility District GO 6.875 03/01/2009 25,496
- --------------------------------------------------------------------------------------------------------------------------------
4,655,000 Wichita County, TX HFDC
(Wichita Falls Retirement Foundation) 6.250 01/01/2028 4,722,637
- --------------------------------------------------------------------------------------------------------------------------------
1,930,000 Winkler County, TX GO 5.250 02/15/2031 2,011,562
--------------
156,304,682
- --------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--1.4%
80,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 81,573
- --------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 5,041,950
- --------------------------------------------------------------------------------------------------------------------------------
240,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2043 242,587
- --------------------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2024 11,161,590
- --------------------------------------------------------------------------------------------------------------------------------
2,580,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 2,610,444
- --------------------------------------------------------------------------------------------------------------------------------
4,700,000 Puerto Rico IMEPCF (American Airlines) 4 6.450 12/01/2025 4,707,708
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Puerto Rico Infrastructure 5.000 07/01/2041 65,146
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Public Buildings Authority, Series D 5.250 07/01/2036 2,052,520
--------------
25,963,518
- --------------------------------------------------------------------------------------------------------------------------------
UTAH--0.7%
3,260,000 Eagle Mountain, UT Gas & Electric 5.000 06/01/2024 3,338,110
- --------------------------------------------------------------------------------------------------------------------------------
245,000 Emery County, UT Pollution Control (Pacificorp) 5.650 11/01/2023 245,350
52 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
UTAH Continued
$ 25,000 Intermountain, UT Power Agency 6.150% 07/01/2014 $ 25,524
- --------------------------------------------------------------------------------------------------------------------------------
8,000,000 Murray City, UT Hospital (IHC Health Services) 5.000 05/15/2022 8,042,480
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Sandy City, UT Industrial Devel. (King Properties) 6.125 08/01/2016 15,027
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Utah County, UT Hospital (IHC Health Services) 5.250 08/15/2021 1,024,390
--------------
12,690,881
- --------------------------------------------------------------------------------------------------------------------------------
VERMONT--0.1%
30,000 VT E&HBFA (Middlebury College) 5.375 11/01/2026 30,683
- --------------------------------------------------------------------------------------------------------------------------------
50,000 VT E&HBFA (Norwich University) 5.500 07/01/2021 51,333
- --------------------------------------------------------------------------------------------------------------------------------
55,000 VT E&HBFA (Southwestern VT Medical Center) 5.625 10/01/2025 56,015
- --------------------------------------------------------------------------------------------------------------------------------
600,000 VT EDA (Wake Robin Corp.) 5.250 05/01/2026 598,488
- --------------------------------------------------------------------------------------------------------------------------------
225,000 VT EDA (Wake Robin Corp.) 6.000 03/01/2022 237,202
- --------------------------------------------------------------------------------------------------------------------------------
135,000 VT EDA (Wake Robin Corp.) 6.300 03/01/2033 143,760
- --------------------------------------------------------------------------------------------------------------------------------
200,000 VT HFA (Multifamily Hsg.), Series A 6.150 02/15/2014 205,528
- --------------------------------------------------------------------------------------------------------------------------------
225,000 VT Student Assistance Corp. 5.000 03/01/2026 227,696
--------------
1,550,705
- --------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--1.0%
500,000 Bedford County, VA EDA 5.250 05/01/2031 531,940
- --------------------------------------------------------------------------------------------------------------------------------
2,300,000 Buena Vista, VA Public Recreational Facilities Authority
(Golf Course) 4 5.250 07/15/2025 2,378,798
- --------------------------------------------------------------------------------------------------------------------------------
825,000 Buena Vista, VA Public Recreational Facilities Authority
(Golf Course) 4 5.500 07/15/2035 856,573
- --------------------------------------------------------------------------------------------------------------------------------
3,700,000 Celebrate, VA South Community Devel. Authority
Special Assessment 6.250 03/01/2037 3,773,186
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Danville, VA IDA Educational Facilities (Averett University) 6.000 03/15/2016 103,493
- --------------------------------------------------------------------------------------------------------------------------------
2,845,000 Fairfax County, VA Redevel. & Hsg. Authority
(Burke Shire Commons) 7.600 10/01/2036 2,962,954
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Greensville County, VA IDA (Georgia-Pacific Corp.) 5.300 08/01/2014 24,847
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Henrico County, VA Water & Sewer 5.875 05/01/2014 25,014
- --------------------------------------------------------------------------------------------------------------------------------
575,000 Louisa, VA IDA Pollution Control
(Virginia Electric & Power Company) 5.450 01/01/2024 578,088
- --------------------------------------------------------------------------------------------------------------------------------
900,000 New Port, VA CDA 5.600 09/01/2036 910,107
- --------------------------------------------------------------------------------------------------------------------------------
4,000,000 Norfolk, VA Water 5.875 11/01/2020 4,086,280
- --------------------------------------------------------------------------------------------------------------------------------
65,000 Norton, VA IDA (Norton Community Hospital) 6.000 12/01/2022 69,242
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.000 08/15/2011 1,042,740
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.500 08/15/2028 26,312
- --------------------------------------------------------------------------------------------------------------------------------
725,000 Suffolk, VA IDA (Lake Prince Center) 2 5.150 09/01/2024 719,244
- --------------------------------------------------------------------------------------------------------------------------------
675,000 Suffolk, VA IDA (Lake Prince Center) 2 5.300 09/01/2031 668,682
- --------------------------------------------------------------------------------------------------------------------------------
10,000 VA College Building Authority
(Washington & Lee University) 5.750 01/01/2014 10,015
53 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
VIRGINIA Continued
$ 25,000 VA Hsg. Devel. Authority, Series B 5.950% 05/01/2016 $ 25,557
- --------------------------------------------------------------------------------------------------------------------------------
10,000 West Point, VA IDA Solid Waste (Chesapeake Corp.) 6.250 03/01/2019 10,000
--------------
18,803,072
- --------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--2.4%
10,000 Bothell, WA GO 5.300 12/01/2017 10,182
- --------------------------------------------------------------------------------------------------------------------------------
2,330,000 Bremerton, WA Hsg. Authority 5.300 06/01/2026 2,335,033
- --------------------------------------------------------------------------------------------------------------------------------
4,145,000 Bremerton, WA Hsg. Authority 5.500 06/01/2037 4,152,420
- --------------------------------------------------------------------------------------------------------------------------------
800,000 CDP-King County III, WA (King Street Center) 5.250 06/01/2026 815,080
- --------------------------------------------------------------------------------------------------------------------------------
2,500,000 King County, WA Sewer RITES 6.932 1 01/01/2024 2,950,450
- --------------------------------------------------------------------------------------------------------------------------------
200,000 Kitsap County, WA Consolidated Hsg. Authority 5.600 12/01/2028 202,882
- --------------------------------------------------------------------------------------------------------------------------------
100,000 Port Camas, WA Public Industrial Corp.
(James River Corp. of Virginia) 6.700 04/01/2023 100,083
- --------------------------------------------------------------------------------------------------------------------------------
20,000 Port of Seattle, WA, Series A 5.500 09/01/2021 20,230
- --------------------------------------------------------------------------------------------------------------------------------
110,000 Seattle, WA Drain & Wastewater Utility 5.250 12/01/2025 111,634
- --------------------------------------------------------------------------------------------------------------------------------
2,460,000 Seattle, WA Hsg. Authority (Gamelin House & Genesee) 5.700 11/01/2035 2,442,091
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Seattle, WA Special Obligation
(Chinatown International District) 5.900 08/01/2026 25,039
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Skagit County, WA Public Hospital District
(Skagit Valley Hospital) 5.375 12/01/2022 512,575
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Skagit County, WA Public Hospital District
(Skagit Valley Hospital) 5.500 12/01/2030 511,870
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Snohomish County, WA Hsg. Authority 6.400 04/01/2026 502,550
- --------------------------------------------------------------------------------------------------------------------------------
15,000 Tacoma, WA Electric System 5.500 01/01/2014 15,390
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 5.250 01/01/2028 509,040
- --------------------------------------------------------------------------------------------------------------------------------
3,200,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 5.250 01/01/2034 3,238,048
- --------------------------------------------------------------------------------------------------------------------------------
25,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 6.000 01/01/2028 26,941
- --------------------------------------------------------------------------------------------------------------------------------
3,260,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 6.000 01/01/2034 3,492,112
- --------------------------------------------------------------------------------------------------------------------------------
500,000 WA COP (Dept. of General Administration) 5.625 10/01/2020 501,415
- --------------------------------------------------------------------------------------------------------------------------------
2,600,000 WA Health Care Facilities Authority
(Grays Harbor Community Hospital) 5.900 07/01/2023 2,655,718
- --------------------------------------------------------------------------------------------------------------------------------
10,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2025 10,082
- --------------------------------------------------------------------------------------------------------------------------------
15,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2030 15,048
- --------------------------------------------------------------------------------------------------------------------------------
5,095,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2038 5,066,621
- --------------------------------------------------------------------------------------------------------------------------------
145,000 WA Health Care Facilities Authority
(Yakima Valley Memorial Hospital Assoc.) 5.375 12/01/2027 148,582
54 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
WASHINGTON Continued
$ 4,255,000 WA Health Care Facilities Authority ROLs 5 8.386% 1 07/01/2025 $ 4,394,394
- --------------------------------------------------------------------------------------------------------------------------------
1,835,000 WA Health Care Facilities Authority ROLs 5 8.386 1 07/01/2030 1,858,268
- --------------------------------------------------------------------------------------------------------------------------------
4,625,000 WA Health Care Facilities Authority ROLs 5 8.386 1 07/01/2038 4,522,140
- --------------------------------------------------------------------------------------------------------------------------------
1,350,000 WA HFC (Nickerson Area Properties) 5.300 01/01/2028 1,373,774
- --------------------------------------------------------------------------------------------------------------------------------
210,000 WA Tobacco Settlement Authority (TASC) 6.500 06/01/2026 228,978
--------------
42,748,670
- --------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.6%
15,000 Huntington, WV Sewer 5.375 11/01/2023 15,019
- --------------------------------------------------------------------------------------------------------------------------------
150,000 Monongalia County, WV Pollution Control
(Potomac Edison Company) 5.950 04/01/2013 150,494
- --------------------------------------------------------------------------------------------------------------------------------
4,635,000 Ohio County, WV Commission Tax (Fort Henry Centre) 5.625 06/01/2034 4,782,625
- --------------------------------------------------------------------------------------------------------------------------------
1,540,000 West Liberty State College, WV, Series A 6.000 06/01/2023 1,624,900
- --------------------------------------------------------------------------------------------------------------------------------
1,695,000 West Liberty State College, WV, Series A 6.125 06/01/2028 1,790,547
- --------------------------------------------------------------------------------------------------------------------------------
500,000 Wheeling, WV Tax Increment (Stone Building Renovation) 5.200 06/01/2025 501,415
- --------------------------------------------------------------------------------------------------------------------------------
1,500,000 Wheeling, WV Tax Increment (Stone Building Renovation) 5.500 06/01/2033 1,509,630
- --------------------------------------------------------------------------------------------------------------------------------
110,000 WV GO 5.750 11/01/2021 112,696
--------------
10,487,326
- --------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--1.0%
6,640,000 Badger, WI Tobacco Asset Securitization Corp. 6.375 06/01/2032 7,105,132
- --------------------------------------------------------------------------------------------------------------------------------
870,000 Janesville, WI Pollution Control (General Motors Corp.) 5.550 04/01/2009 861,039
- --------------------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,735,563
- --------------------------------------------------------------------------------------------------------------------------------
505,000 WI GO 6.000 05/01/2013 505,889
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 WI H&EFA (AHC/SLMC/HMH/AMCS Obligated Group) 5.875 08/15/2026 2,043,040
- --------------------------------------------------------------------------------------------------------------------------------
405,000 WI H&EFA (Aurora Medical Group) 5.750 11/15/2025 413,675
- --------------------------------------------------------------------------------------------------------------------------------
15,000 WI H&EFA (Froedert & Community) 5.375 10/01/2030 16,130
- --------------------------------------------------------------------------------------------------------------------------------
5,000 WI H&EFA (Froedert & Community) 5.375 10/01/2030 5,269
- --------------------------------------------------------------------------------------------------------------------------------
2,275,000 WI H&EFA (Hess Memorial Hospital Assoc.) 7.875 11/01/2022 2,325,892
- --------------------------------------------------------------------------------------------------------------------------------
90,000 WI H&EFA (Medical College of Wisconsin) 5.500 12/01/2026 92,203
- --------------------------------------------------------------------------------------------------------------------------------
50,000 WI H&EFA (Meriter Hospital) 6.000 12/01/2017 51,307
- --------------------------------------------------------------------------------------------------------------------------------
385,000 WI H&EFA (Meriter Hospital) 6.000 12/01/2017 394,459
- --------------------------------------------------------------------------------------------------------------------------------
870,000 WI H&EFA (Three Pillars Senior Living) 5.500 08/15/2034 876,264
- --------------------------------------------------------------------------------------------------------------------------------
1,075,000 WI H&EFA (WMA/MHCC/MVS Obligated Group) 5.600 08/15/2023 1,099,736
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (WMA/MHCC/MVS Obligated Group) 5.750 08/15/2026 1,025,786
- --------------------------------------------------------------------------------------------------------------------------------
130,000 WI Hsg. & Economic Devel. Authority, Series A 6.850 11/01/2012 130,192
--------------
18,681,576
- --------------------------------------------------------------------------------------------------------------------------------
WYOMING--0.7%
11,680,000 Sweetwater County, WY Pollution Control
(Idaho Power Company) 6.050 07/15/2026 11,930,069
55 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,756,819,156)--100.1% $ 1,806,242,268
- ------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1) (1,968,287)
----------------
NET ASSETS--100.0% $ 1,804,273,981
================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
2. When-issued security or forward commitment to be delivered and settled after
July 31, 2006. See Note 1 of accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
4. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
5. Security is subject to a shortfall and forbearance agreement. See Note 1 of
accompanying Notes.
6. Represents the current interest rate for a variable or increasing rate
security.
7. Issue is in default. Non-income producing. See Note 1 of accompanying Notes.
8. Illiquid security. The aggregate value of illiquid securities as of July 31,
2006 was $12,919,080, which represents 0.72% of the Fund's net assets. See Note
5 of accompanying Notes.
56 | OPPENHEIMER AMT-FREE MUNICIPALS
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ADA Atlanta Devel. Authority
AHC Aurora Healthcare
AHS Adventist Health System
AHSI Assumption High School, Inc.
AMCS Aurora Medical Center of Sheboygan
County
AOLM Academy of Our Lady of Mercy, Inc.
BCC Bethesda Company Care, Inc.
BCG Bethesda Care Givers
BHA Bethesda Hospital Assoc.
BHC Bethesda Home Care
BHM Baptist Hospital of Miami
BHSSF Baptist Health System of South Florida
CAU Clark Atlanta University
CDA Communities Devel. Authority
CFGH Central Florida Group Homes
COP Certificates of Participation
E&HBFA Educational Health Buildings Financing
Agency
EDA Economic Devel. Authority
EDC Economic Devel. Corp.
EDFA Economic Devel. Finance Authority
EF&CD Environmental Facilities and Community
Devel.
FHA Federal Housing Agency
FMC Flagstaff Medical Center
FRS Family Rehabilitation Services (Hancock
Manor)
GO General Obligation
H&EFA Health and Educational Facilities
Authority
H&HEFA Hospitals and Higher Education Facilities
Authority
HDA Hospital Devel. Authority
HDC Housing Devel. Corp.
HE&HF Higher Educational and Housing Facilities
HE&HFA Higher Education and Health Facilities
Authority
HEFA Higher Education Facilities Authority
HFA Housing Finance Agenty
HFC Housing Finance Corp.
HFDC Health Facilities Devel. Corp.
HHI Homestead Hospital
HMH Hartford Memorial Hospital
IDA Industrial Devel. Agency
IHC Intermountain Health Care
IMEPCF Industrial, Medical and Environmental
Pollution Control Facilities
MCAS Medlantic Center for Ambulatory Surgery
MEDE Medlantic Enterprises
MH Memorial Hospital
MHCC Masonic Health Care Center
MLTCC Medlantic Long Term Care Corp.
MRI Medlantic Research Institutes
MVS Masonic Village on the Square
NRH National Rehabilitation Hospital
NYC New York City
OHC Oakwood Hospital Corp.
OUH Oakwood United Hospitals
PP Professionals PRN, Inc.
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
RSU Rogers State University
S&EPF Sheppard & Enoch Pratt Foundation
SAVRS Select Auction Variable Rate Securities
SLMC St. Luke's Medical Center
SMC Sedona Medical Center
SMH South Miami Hospital
SMHS South Miami Health System
SPHS Sheppard Pratt Health System
SPI Sheppard Pratt Investments
SPPP Sheppard Pratt Physicians Pennsylvania
SSNH Sunny Slope Nursing Home
TASC Tobacco Settlement Asset-Backed Bonds
TC Travis Corp. (People Care)
UC United Care
VC VinFen Corp.
VCS VinFen Clinical Services
WMA Wisconsin Masonic Home
YMCA Young Men's Christian Assoc.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES July 31, 2006
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,756,819,156)--see accompanying statement of investments $ 1,806,242,268
- -------------------------------------------------------------------------------------------------------------
Cash 1,406,676
- -------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 21,915,394
Shares of beneficial interest sold 14,706,981
Investments sold 1,224,785
Other 36,653
-----------------
Total assets 1,845,532,757
- -------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased (including $18,638,322 purchased
on a when-issued basis or forward commitment) 25,355,528
Payable on borrowings (See Note 6) 7,900,000
Shares of beneficial interest redeemed 5,733,334
Dividends 1,485,606
Distribution and service plan fees 361,273
Trustees' compensation 157,944
Interest expense 67,810
Transfer and shareholder servicing agent fees 61,319
Shareholder communications 59,725
Other 76,237
----------------
Total liabilities 41,258,776
- -------------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,804,273,981
=================
- -------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 179,124
- -------------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,771,453,154
- -------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (1,386,626)
- -------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (15,394,783)
- -------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 49,423,112
-----------------
NET ASSETS $ 1,804,273,981
=================
58 | OPPENHEIMER AMT-FREE MUNICIPALS
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $1,494,775,281 and 148,301,646 shares of beneficial interest outstanding) $ 10.08
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $ 10.58
- -------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $58,569,860 and 5,832,144 shares
of beneficial interest outstanding) $ 10.04
- -------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $250,928,840 and 24,990,002 shares
of beneficial interest outstanding) $ 10.04
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF OPERATIONS For the Year Ended July 31, 2006
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------------------------------------------------
Interest $ 79,221,804
- -------------------------------------------------------------------------------------------------------------
Other income 5,154
-----------------
Total investment income 79,226,958
- -------------------------------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------------------------------
Management fees 6,111,595
- -------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,733,890
Class B 505,166
Class C 1,585,417
- -------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 471,068
Class B 36,454
Class C 76,268
- -------------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 112,299
Class B 8,572
Class C 17,001
- -------------------------------------------------------------------------------------------------------------
Interest expense 1,412,815
- -------------------------------------------------------------------------------------------------------------
Trustees' compensation 47,763
- -------------------------------------------------------------------------------------------------------------
Other 276,137
-----------------
Total expenses 13,394,445
- -------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 65,832,513
- -------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------------------------
Net realized gain on investments 842,951
- -------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (2,564,830)
- -------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 64,110,634
=================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2006 2005
- -------------------------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------------------------
Net investment income $ 65,832,513 $ 39,521,397
- -------------------------------------------------------------------------------------------------------
Net realized gain 842,951 3,876,042
- -------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (2,564,830) 40,816,767
----------------------------------
Net increase in net assets resulting from operations 64,110,634 84,214,206
- -------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (62,366,257) (35,574,265)
Class B (2,369,416) (2,106,289)
Class C (7,405,225) (1,913,538)
- -------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from beneficial interest transactions:
Class A 721,093,725 172,919,909
Class B 17,072,054 (8,015,276)
Class C 180,893,706 40,746,553
- -------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------
Total increase 911,029,221 250,271,300
- -------------------------------------------------------------------------------------------------------
Beginning of period 893,244,760 642,973,460
----------------------------------
End of period (including accumulated net investment income (loss)
of $(1,386,626) and $4,921,759, respectively) $ 1,804,273,981 $ 893,244,760
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
61 | OPPENHEIMER AMT-FREE MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2006 2005 2004 2003 2002
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.16 $ 9.53 $ 9.19 $ 9.48 $ 9.57
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .50 1 .55 1 .59 .57 .50
Net realized and unrealized gain (loss) (.03) .63 .28 (.32) (.10)
------------------------------------------------------------------------------
Total from investment operations .47 1.18 .87 .25 .40
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.55) (.55) (.53) (.54) (.49)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.08 $ 10.16 $ 9.53 $ 9.19 $ 9.48
==============================================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.78% 12.69% 9.60% 2.46% 4.39%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,494,775 $ 780,571 $ 568,156 $ 553,344 $ 568,935
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,147,353 $ 639,474 $ 567,291 $ 569,881 $ 568,951
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.97% 5.56% 6.18% 5.82% 5.35%
Total expenses 0.87% 0.92% 0.92% 0.93% 0.88%
Expenses after payments and waivers
and reduction to custodian expenses 0.87% 0.92% 0.92% 0.88% 0.85% 4
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 33% 31% 33% 99% 31%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not annualized for periods of
less than one full year. Returns do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62 | OPPENHEIMER AMT-FREE MUNICIPALS
CLASS B YEAR ENDED JULY 31, 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.13 $ 9.50 $ 9.17 $ 9.45 $ 9.55
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .42 1 .48 1 .52 .49 .43
Net realized and unrealized gain (loss) (.04) .63 .27 (.31) (.11)
-----------------------------------------------------------------------
Total from investment operations .38 1.11 .79 .18 .32
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.47) (.48) (.46) (.46) (.42)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 10.13 $ 9.50 $ 9.17 $ 9.45
=======================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.87% 11.87% 8.68% 1.80% 3.50%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 58,570 $ 41,867 $ 47,024 $ 63,104 $ 72,241
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 50,695 $ 43,648 $ 55,864 $ 67,721 $ 73,571
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.19% 4.83% 5.42% 5.04% 4.58%
Total expenses 1.68% 1.69% 1.69% 1.69% 1.65%
Expenses after payments and waivers
and reduction to custodian expenses 1.68% 1.69% 1.69% 1.64% 1.62% 4
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 33% 31% 33% 99% 31%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not annualized for periods of
less than one full year. Returns do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63 | OPPENHEIMER AMT-FREE MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED JULY 31, 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.13 $ 9.50 $ 9.16 $ 9.45 $ 9.55
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .42 1 .47 1 .51 .49 .43
Net realized and unrealized gain (loss) (.04) .64 .29 (.32) (.11)
----------------------------------------------------------------------------
Total from investment operations .38 1.11 .80 .17 .32
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.47) (.48) (.46) (.46) (.42)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 10.13 $ 9.50 $ 9.16 $ 9.45
============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.89% 11.87% 8.79% 1.67% 3.50%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 250,929 $ 70,807 $ 27,793 $ 23,511 $ 20,491
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 159,084 $ 40,236 $ 25,810 $ 22,345 $ 17,776
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.17% 4.70% 5.39% 5.04% 4.57%
Total expenses 1.62% 1.69% 1.70% 1.71% 1.65%
Expenses after payments and waivers
and reduction to custodian expenses 1.62% 1.69% 1.70% 1.66% 1.62% 4
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 33% 31% 33% 99% 31%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional
shares on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not annualized for periods of
less than one full year. Returns do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer AMT-Free Municipals (the Fund) is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company.
The Fund's investment objective is to seek as high a level of current interest
income exempt from federal income taxes as is available from investing in
municipal securities, while attempting to preserve capital. The Fund's
investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge (CDSC). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares six years after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges are valued based on the last sale
price of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Securities (including restricted securities)
for which market quotations are not readily available are valued at their fair
value. Foreign and domestic securities whose
65 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS 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 July 31, 2006, the Fund had purchased $18,638,322
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 $127,681,338 as of July 31, 2006, which represents
6.92% of the Fund's total assets.
The Fund enters into shortfall and forbearance agreements with the
sponsors of certain inverse floaters held by the Fund. These agreements commit
the Fund to pay the sponsor of the inverse floater, in certain circumstances,
the difference between the liquidation value of the underlying security (which
is the basis of the inverse floater) and the principal amount due to the holders
of the floating rate security issued in conjunction with the inverse floater
(the "shortfall"). At July 31, 2006, the Fund's maximum aggregate exposure under
such agreements is estimated at approximately $78,000,000. This exposure is
diversified across underlying securities that have various credit qualities,
interest rates and maturity dates. Under the terms of these agreements, the Fund
maintains the right to collapse the trust issuing the inverse floater by paying
the shortfall, if any, and exchanging the inverse floater for the underlying
fixed rate security upon which the
66 | OPPENHEIMER AMT-FREE MUNICIPALS
inverse floater is based, thereby terminating its investment in the inverse
floater. The Manager monitors the Fund's potential exposure with respect to
these agreements on a daily basis and intends to take action to terminate the
Fund's investment in the inverse floaters, as it deems appropriate. As of July
31, 2006, the Fund has not made any payments related to such agreements and it
expects the risk of material future payments required under these agreements to
be remote.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and may be more sensitive to economic conditions than
lower-yielding, higher-rated fixed-income securities. The Fund may acquire
securities in default, and is not obligated to dispose of securities whose
issuers subsequently default. As of July 31, 2006, securities with an aggregate
market value of $1,746,075, representing 0.10% of the Fund's net assets, were in
default.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
67 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES
------------------------------------------------------------------------
$388,134 $-- $ 15,208,993 $49,237,322
1. As of July 31, 2006, the Fund had $15,208,993 of net capital loss
carryforwards available to offset future realized capital gains, if any, and
thereby reduce future taxable gain distributions. As of July 31, 2006, details
of the capital loss carryforward was as follows:
EXPIRING
-----------------------------
2010 $15,208,993
2. During the fiscal year ended July 31, 2006, the Fund utilized $1,028,741 of
capital loss carryforward to offset capital gains realized in that fiscal year.
3. During the fiscal year ended July 31, 2005, the Fund utilized $3,857,110 of
capital loss carryforward to offset capital gains realized in that fiscal year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
The tax character of distributions paid during the years ended July 31, 2006 and
July 31, 2005 was as follows:
YEAR ENDED YEAR ENDED
JULY 31, 2006 JULY 31, 2005
-----------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $72,140,898 $39,594,092
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of July 31, 2006 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $1,757,004,946
==============
Gross unrealized appreciation $ 56,079,263
Gross unrealized depreciation (6,841,941)
--------------
Net unrealized appreciation $ 49,237,322
==============
- --------------------------------------------------------------------------------
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
68 | OPPENHEIMER AMT-FREE MUNICIPALS
trustee during the years of service. During the year ended July 31, 2006, the
Fund's projected benefit obligations were increased by $20,751 and payments of
$10,288 were made to retired trustees, resulting in an accumulated liability of
$124,103 as of July 31, 2006.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income distributions, if any, are declared
daily and paid monthly. Capital gain distributions, if any, are declared and
paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
69 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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:
YEAR ENDED JULY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------
CLASS A
Sold 88,693,790 $ 894,341,222 22,462,562 $ 225,450,851
Dividends and/or
distributions reinvested 3,754,817 37,866,989 2,353,091 23,430,233
Redeemed (20,937,412) (211,114,486) (7,639,925) (75,961,175)
---------------------------------------------------------------
Net increase 71,511,195 $ 721,093,725 17,175,728 $ 172,919,909
===============================================================
- --------------------------------------------------------------------------------------------
CLASS B
Sold 2,980,673 $ 29,961,366 907,824 $ 9,033,823
Dividends and/or
distributions reinvested 134,792 1,354,805 126,314 1,251,676
Redeemed (1,415,873) (14,244,117) (1,851,835) (18,300,775)
---------------------------------------------------------------
Net increase (decrease) 1,699,592 $ 17,072,054 (817,697) $ (8,015,276)
===============================================================
- --------------------------------------------------------------------------------------------
CLASS C
Sold 19,979,688 $ 200,765,872 4,627,986 $ 46,321,787
Dividends and/or
distributions reinvested 385,370 3,869,283 125,410 1,246,348
Redeemed (2,365,535) (23,741,449) (688,957) (6,821,582)
---------------------------------------------------------------
Net increase 17,999,523 $ 180,893,706 4,064,439 $ 40,746,553
===============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended July 31, 2006, were as follows:
PURCHASES SALES
----------------------------------------------------------------
Investment securities $1,060,197,929 $381,227,679
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
investment advisory agreement with the Fund which provides for a fee at an
average annual rate as shown in the following table:
70 | OPPENHEIMER AMT-FREE MUNICIPALS
FEE SCHEDULE
---------------------------------------------
Up to $200 million of net assets 0.60%
Next $100 million of net assets 0.55
Next $200 million of net assets 0.50
Next $250 million of net assets 0.45
Next $250 million of net assets 0.40
Over $1 billion of net assets 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended July 31, 2006, the Fund paid $561,506
to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.25% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
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 July 31, 2006
for Class B and Class C shares were $2,086,214 and $3,091,941, 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
71 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- -------------------------------------------------------------------------------
July 31, 2006 $ 1,322,955 $ 35,524 $ 91,019 $ 61,957
- -------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of July 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 $900 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 (5.3126% as of July 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 $900
million facility size.
For the year ended July 31, 2006, the average daily loan balance was
$34,280,000 at an average daily interest rate of 4.306%. The Fund had borrowings
outstanding of $7,900,000 at July 31, 2006 at an interest rate of 5.3126%. The
Fund had gross borrowings and gross
72 | OPPENHEIMER AMT-FREE MUNICIPALS
loan repayments of $616,700,000 and $664,000,000, respectively, during the year
ended July 31, 2006. The maximum amount of borrowings outstanding at any
month-end during the year ended July 31, 2006 was $81,900,000. The Fund paid
$157,043 in fees and $1,459,066 in interest during the year ended July 31, 2006.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
Accounting for Income Taxes. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
July 31, 2006, the Manager is evaluating the implications of FIN 48. Its impact
in the Fund's financial statements has not yet been determined.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) 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
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
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 the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, 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.
73 | OPPENHEIMER AMT-FREE MUNICIPALS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER AMT-FREE MUNICIPALS:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer AMT-Free Municipals, including the statement of investments, as of
July 31, 2006, and the related statement of operations for the year then ended,
the statements of changes in net assets for each of the years in the two-year
period then ended, and the financial highlights for each of the years in the
five-year period then ended. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 31, 2006, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer AMT-Free Municipals as of July 31, 2006, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the five-year period then ended, in conformity with U.S.
generally accepted accounting principles.
KPMG LLP
Denver, Colorado
September 14, 2006
74 | OPPENHEIMER AMT-FREE MUNICIPALS
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2007, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2006. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended July
31, 2006 are eligible for the corporate dividend-received deduction. The
dividends were derived from interest on municipal bonds and are not subject to
federal income taxes. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
75 | OPPENHEIMER AMT-FREE 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.
76 | OPPENHEIMER AMT-FREE MUNICIPALS
TRUSTEES AND OFFICERS Unaudited
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NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL,
TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
CLAYTON K. YEUTTER, Director of American Commercial Lines (barge company) (since January 2005); Attorney
Chairman of the Board at Hogan & Hartson (law firm) (since June 1993); Director of Covanta Holding Corp.
of Trustees (since 2003), (waste-to-energy company) (since 2002); Director of Weyerhaeuser Corp. (1999-April
Trustee (since 1993) 2004); Director of Caterpillar, Inc. (1993-December 2002); Director of ConAgra Foods
Age: 75 (1993-2001); Director of Texas Instruments (1993- 2001); Director of FMC Corporation
(1993-2001). Oversees 43 portfolios in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation)
Trustee (since 2005) (since 2005); Director of ICI Education Foundation (education foundation) (since
Age: 65 October 1991); President of the Investment Company Institute (trade association)
(October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance
company) (October 1991-June 2004). Oversees 43 portfolios in the OppenheimerFunds
complex.
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 53 portfolios in the
Trustee (since 1993) OppenheimerFunds complex.
Age: 73
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member
Trustee (since 1999) (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since
Age: 67 2002); Director of GSI Lumonics Inc. (precision medical equipment supplier) (since
2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of
Science Initiative Group (since 1999); Member of the American Philosophical Society
(since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third
World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004);
Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University
(1983-1991). Oversees 43 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and
Trustee (since 2004) Senior Vice President and General Auditor of American Express Company (financial
Age: 63 services company) (July 1998-February 2003). Oversees 43 portfolios in the
OppenheimerFunds complex.
JOEL W. MOTLEY, Director of Columbia Equity Financial Corp. (privately-held financial adviser) (since
Trustee (since 2002) 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser)
Age: 54 (since January 2002); Managing Director of Carmona Motley Hoffman Inc. (privately
-held financial adviser) (January 1998-December 2001); Member of the Finance and
Budget Committee of the Council on Foreign Relations, the Investment Committee of
the Episcopal Church of America, the Investment Committee and Board of Human Rights
Watch and the Investment Committee of Historic Hudson Valley. Oversees 43 portfolios
in the OppenheimerFunds complex.
KENNETH A. RANDALL, Director of Dominion Resources, Inc. (electric utility holding company) (February
Trustee (since 1987) 1972-October 2005); Former Director of Prime Retail, Inc. (real estate investment
Age: 79 trust), Dominion Energy Inc. (electric power and oil & gas producer), Lumberman's
Mutual Casualty Company, American Motorists Insurance Company and American
Manufacturers Mutual Insurance Company; Former President and Chief
77 | OPPENHEIMER AMT-FREE MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
KENNETH A. RANDALL, Executive Officer of The Conference Board, Inc. (international economic and business
Continued research). Oversees 43 portfolios in the OppenheimerFunds complex.
RUSSELL S. REYNOLDS, JR., Chairman of The Directorship Search Group, Inc. (corporate governance consulting and
Trustee (since 1989) executive recruiting) (since 1993); Life Trustee of International House (non-profit
Age: 74 educational organization); Founder, Chairman and Chief Executive Officer of Russell
Reynolds Associates, Inc. (1969-1993); Banker at J.P. Morgan & Co. (1958-1966); 1st
Lt. Strategic Air Command, U.S. Air Force (1954-1958). Oversees 43 portfolios in the
OppenheimerFunds complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco
Trustee (since 2005) (since 1996); Director of Lakes Environmental Association (since 1996); Member of the
Age: 65 Investment Committee of the Associated Jewish Charities of Baltimore (since 1994);
Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 43 portfolios
in the OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production
Trustee (since 2005) company) (since 1994); Vice President, Secretary and Treasurer of Wold Trona Company,
Age: 58 Inc. (soda ash processing and production) (since 1996); Vice President of Wold Talc
Company, Inc. (talc mining) (since 1999); Managing Member of Hole-in-the-Wall Ranch
(cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the
Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric
utility) (1995-1999). Oversees 43 portfolios in the OppenheimerFunds complex.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995);
Trustee (since 2005) Director of Special Value Opportunities Fund, LLC (registered investment company)
Age: 63 (since September 2004); Member of Zurich Financial Investment Advisory Board
(insurance) (since October 2004); Board of Governing Trustees of The Jackson
Laboratory (non-profit) (since August 1990); Trustee of the Institute for Advanced
Study (non-profit educational institute) (since May 1992); Special Limited Partner of
Odyssey Investment Partners, LLC (private equity investment) (January 1999-September
2004); Trustee of Research Foundation of AIMR (2000-2002) (investment research,
non-profit); Governor, Jerome Levy Economics Institute of Bard College (August
1990-September 2001) (economics research); Director of Ray & Berendtson, Inc. (May
2000-April 2002) (executive search firm). Oversees 53 portfolios in the
OppenheimerFunds complex.
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH
AND OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE
TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN
INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS
AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS
AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President (since
Trustee, President and September 2000) of the Manager; President and a director or trustee of other
Principal Executive Officer Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC")
(since 2001) (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc.
Age: 57 (holding company subsidiary of the Manager) (since July 2001); Director of
OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November 2001);
Chairman and Director of Shareholder
78 | OPPENHEIMER AMT-FREE MUNICIPALS
JOHN V. MURPHY, Continued Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent
subsidiaries of the Manager) (since July 2001); President and Director of
OppenheimerFunds Legacy Program (charitable trust program established by the Manager)
(since July 2001); Director of the following investment advisory subsidiaries of the
Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management
Corporation, Trinity Investment Management Corporation and Tremont Capital Management,
Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private
Investments, Inc. (since July 2001); President (since November 1, 2001) and Director
(since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President
of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February
1997); Director of DLB Acquisition Corporation (holding company parent of Babson
Capital Management LLC) (since June 1995); Member of the Investment Company
Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the
Manager (September 2000-June 2001); President and Trustee of MML Series Investment
Fund and MassMutual Select Funds (open-end investment companies) (November
1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August
2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance
Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia
Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998).
Oversees 91 portfolios in the OppenheimerFunds complex.
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OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MR. ZACK, TWO
THE FUND WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS.
VANDEHEY AND WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112- 3924 AND FOR
MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NY 14625.
EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager since January 1996; Chairman of the Rochester
Vice President (since 2002) Division of the Manager since January 1996; an officer of 14 portfolios in the
Age: 57 OppenheimerFunds complex.
DANIEL G. LOUGHRAN, Vice President of the Manager since April 2001. An officer of 14 portfolios in the
Vice President and Portfolio OppenheimerFunds complex.
Manager (since 2005)
Age: 42
SCOTT S. COTTIER, Vice President of the Manager since 2002; portfolio manager and trader at Victory
Vice President and Portfolio Capital Management (1999-2002); an officer of 14 portfolios in the OppenheimerFunds
Manager (since 2005) complex.
Age: 34
TROY E. WILLIS, Assistant Vice President of the Manager since 2005; Associate Portfolio Manager of the
Vice President and Portfolio Manager since 2003; corporate attorney for Southern Resource Group (1999-2003). An
Manager (since 2005) officer of 14 portfolios in the OppenheimerFunds complex.
Age: 33
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March 2004);
Vice President and Chief Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management
Compliance Officer Corporation and Shareholder Services, Inc. (since June 1983). Former Vice President
(since 2004) and Director of Internal Audit of the Manager (1997-February 2004). An officer of 91
Age: 56 portfolios in the OppenheimerFunds complex.
79 | OPPENHEIMER AMT-FREE MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
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BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of
Treasurer and Principal the following: HarbourView Asset Management Corporation, Shareholder Financial
Financial and Accounting Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management
Officer (since 1999) Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI
Age: 46 Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd.
(since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset
Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program
(charitable trust program established by the Manager) (since June 2003); Treasurer and
Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager)
(since May 2000); Assistant Treasurer of the following: OAC (since March
1999),Centennial Asset Management Corporation (March 1999-October 2003) and
OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating
Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March
1999). An officer of 91 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002)
Secretary (since 2001) of the Manager; General Counsel and Director of the Distributor (since December 2001);
Age: 58 General Counsel of Centennial Asset Management Corporation (since December 2001);
Senior Vice President and General Counsel of HarbourView Asset Management Corporation
(since December 2001); Secretary and General Counsel of OAC (since November 2001);
Assistant Secretary (since September 1997) and Director (since November 2001) of
OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and
Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of
Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President,
General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder
Services, Inc. (since December 2001); Senior Vice President, General Counsel and
Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001);
Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice
President and General Counsel of OFI Institutional Asset Management, Inc. (since
November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003);
Senior Vice President (May 1985-December 2003), Acting General Counsel (November
2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the
Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May
1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November
2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An
officer of 91 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON
REQUEST, BY CALLING 1.800.525.7048.
80 | OPPENHEIMER AMT-FREE MUNICIPALS
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that the registrant does
not have an audit committee financial expert serving on its Audit Committee. In
this regard, no member of the Audit Committee was identified as having all of
the technical attributes identified in Instruction 2(b) to Item 3 of Form N-CSR
to qualify as an "audit committee
financial expert," whether through the type of specialized education or
experience described in that Instruction. The Board has concluded that while the
members of the Audit Committee collectively have the necessary attributes and
experience required to serve effectively as an Audit Committee, no single member
possesses all of the required technical attributes through the particular
methods of education or experience set forth in the Instructions to be
designated as an audit committee financial expert.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $27,500 in fiscal 2006 and $25,000 in fiscal 2005.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed $87,615 in fiscal 2006 and $142,059 in fiscal 2005 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: internal control reviews.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees in fiscal 2006 and $5,000 in fiscal 2005 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: Preparing form 5500
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $831 in fiscal 2006 and no such fees in fiscal 2005.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser
or any entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $13,446 in fiscal 2006 and $147,059 in fiscal
2005 to the registrant and the registrant's investment adviser or any
entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant related to
non-audit fees. Those billings did not include any prohibited non-audit
services as defined by the Securities Exchange Act of 1934.
(h)
No such services were rendered.
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 07/31/2006, 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) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer AMT-Free Municipals
By: /S/ JOHN V. MURPHY
----------------------------
John V. Murphy
Principal Executive Officer
Date: 09/14/2006
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: 09/14/2006
By: /S/ BRIAN W. WIXTED
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: 09/14/2006